Thursday, May 4, 2023

ABA Tax Section May Meeting Begins Today in Washington, D.C.

This week ABA Tax Section May 2023 Tax Meeting (program) starts today. The Taxation Education program on Friday in tax the metaverse:

The buzz surrounding the Metaverse, a digital space featuring virtual reality, augmented reality, and other advanced internet technologies, has been growing steadily for the past two years, but the tax implications of this new ecosystem remain unclear to most. of tax scholars. Such uncertainty is worrisome, given the potential and momentum of this emerging technology. Although the Metaverse evolved from online video games focused solely on user consumption, it now allows users to generate income and accumulate wealth entirely within the Metaverse. Current law appears to defer taxation of such until a realization or retirement event. This panel will examine the tax implications of various economic activities in the Metaverse, such as self-created virtual assets (such as NFTs), loot, intra-Metaverse trading, intra-Metaverse trading, and cash-for-virtual goods trading. Additionally, this panel will discuss whether Metaverse taxes should be deferred until cash withdrawal is possible or immediate taxes, such as market value. Finally, the panel will explore potential compliance issues raised by Metaverse activity.

  • Young Ran (Christine) Kim (Cardozo; Academic google) (moderator)
  • Eric Chason (William and Maria)
  • David Gamage (Indiana-Maurer; Academic google)
  • Omri Marian (UC-Irvine; Academic google)
  • Caitlin Tharp (Steptoe & Johnson, Washington, DC)

Other tax professionals with speaking roles include:

  • Artificial intelligence and tax administration: where do we go from here?: Abdi Aidid (Toronto), Joshua Blank (UC-Irvine; Academic google)
  • It is registered? Don’t fall for the log rule trap: Bryan Camp (Texas Tech; Academic google), Christine Speidel (Villanova; Academic google)
  • Breakdown of the tax gap to identify the necessary solutions: Roberta Mann (Oregon)
  • ChatGPT and taxes: Abdi Aidid (Toronto), Mindy Herzfeld (Florida)
  • ITIN Challenges: Effective Advocacy in a Changing Terrain: Samantha Galvin (Loyola-Chicago), Jacqueline Lainez-Flanagan (District of Columbia)
  • Navigating the Income Tax Consequences of Gambling: Bryan Camp (Texas Tech; Academic google)
  • Prisoner’s Tax Dilemma: Amy Spivey (UC-San Francisco)
  • Rise of the Tax Machines: Evaluating the IRS’s AI Program and Data Analytics in Light of the Stanford Study: Abdi Aidid (Toronto), Jeremy Bearer-Friend (George Washington; Academic google)
  • Toward a Racially Neutral Tax System: Alice Thomas (Howard)
  • Who gets what, when and how? Specific allocations, accrued interest, recoveries and fee waivers in private funds: Brant Hellwig (NYU)

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