ProfNet Experts Available on Tax Reform, Dodd-Frank, AHCA, More

NEW YORK, May 10, 2017 /PRNewswire/ -- Below are experts from the ProfNet network who are available to discuss timely issues in your coverage area.

You can also submit a query to the hundreds of thousands of experts in our network – it's easy and free! Just fill out the query form to get started: http://prn.to/queryform

EXPERT ALERTS

• The ACA and AHCA: Repeal, Replace, and Impact on Employer-Based Health Plans
• Immigration and the Trump Administration
• GOP Reform/Repeal of Dodd-Frank Act

EXPERT ROUNDUP

• Trump's Tax Reform Plan (14 experts)

MEDIA JOBS

• Deputy Bureau Chief, Bankruptcy – Wall Street Journal
• U.S. Correspondent – South China Morning Post
• Features Editor – Modern Healthcare

OTHER NEWS & RESOURCES

• Journalist Spotlight: Anthony Zangrillo, Fordham IPLJ
• How to Become a Stand-out Photographer in Four Steps
• Blog Profiles: Travel and Wanderlust Blogs

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EXPERT ALERTS:

The ACA and AHCA: Repeal, Replace, and Impact on Employer-Based Health PlansRon E. PeckSenior Vice President and General Counsel
The Phia Group, Braintree, Mass.
Healthcare reform continues to be a hot topic, though what that means varies from person to person. Regardless of your view on healthcare, it cannot be denied that the majority of Americans have, and continue to receive, healthcare through their employer. How the cost of healthcare, existing and new laws, and other innovative methodologies impact employer based health plans, and the evolving nature of these plans -- today and in the future -- are topics Peck is available to discuss: "In the United States of America, our lawmakers have and continue to focus entirely on 'who' pays for healthcare. Ensuring every American has health insurance has not, and will not, solve the problem. The issue is that healthcare costs too much in this country. The only solution will come from a combination of consumerism on the part of patients -- who must care about the cost of care they receive -- creative processes implemented by payers, and more efficient, cost-effective providers. The industry must solve the problem of cost, as lawmakers seem unable or unwilling to challenge those who game the system, and dip deeply into what is perceived to be the bottomless pocket that is insurance."
ProfNet Profile: http://www.profnetconnect.com/ronpeck
Website: www.phiagroup.com
Contact: Matthew Painten, [email protected]

Immigration and the Trump Administration
Juan Carlos Gómez
Director of Clinical Programs; Director of the Carlos A. Costa Immigration and Human Rights Clinic
Florida International University, Miami
Gómez was recently quoted on NBC 6 in Florida regarding Trump's executive order on immigration (article: http://tinyurl.com/l4dwyrt): "I think the community, while worried, should not panic. They should go get the correct information, understanding that this is only the beginning of a new policy but due process still exists in the United States."
Gómez has been defending the rights of individuals in immigration matters for the last 20 years. During this time, he has represented persons before the United States Court of Appeals for the Eleventh Circuit, the United States Departments of Justice and Homeland Security in complex immigration matters. Within the field of immigration law, he has helped thousands of individuals in situations including removal and deportation proceedings, family immigration, and the transfer of professionals and executives to the United States. Gómez counsels international and national corporations on compliance with immigration laws. He also has coordinated teams of attorneys in multi-forum conflicts to effectively resolve clients' problems. As an attorney for a Central American Refugee Project, he coordinated the representation of thousands of individuals in the Southeastern United States in a national class action. He has represented refugees from every part of the world where there have been conflicts over the last two decades. As director of East Little Havana Legal Services, he led a team of attorneys to resolve the series of problems faced by clients in a holistic manner. Gómez is a highly sought-out attorney by other immigration attorneys for consultation on complex matters. In addition to having taught at a law school, he frequently lectures on immigration matters before professional organizations. He recently participated in a roundtable discussion on this topic: Part 1: http://tinyurl.com/mfeqezz, Part 2: http://tinyurl.com/lcfb53s, Part 3: http://tinyurl.com/mvv7tof
Contact: Jessica Drouet, [email protected]

GOP Reform/Repeal of Dodd-Frank ActMichael ImermanAssistant Professor of Finance
Lehigh UniversityDr. Imerman is available to discuss proposals to reform or repeal the Dodd-Frank Act, passed in 2010 to provide financial regulation: "Both Dodd-Frank and the proposed replacement, the Financial CHOICE Act, seek to end Too-Big-To-Fail, reduce systemic risk, hold Wall Street accountable, improve transparency of complex markets, and protect the American taxpayer from government bailouts. I absolutely do not think that the Dodd-Frank Act needs to be repealed and replaced, and these attempts to do so are purely a matter of partisan politics. Is the Dodd-Frank Act perfect? Certainly not. But the answer would be to refine those areas that are not holding up so well, not eliminate the whole thing. Too-Big-To-Fail still is a real problem. In a soon-to-be-released paper, I show one of the most effective ways to combat TBTF is to require the largest banks to hold more capital. If banks find this to be too expensive, they can sell off assets and scale down their size; otherwise, they should be required to hold disproportionately more capital to reduce the risk of a taxpayer-sponsored bailout."Dr. Imerman's research focuses on credit risk modeling, banking and financial institutions, risk management, and derivatives.
Bio: http://cbe.lehigh.edu/faculty/finance/michael-b-imerman
Contact: Amy White, [email protected]

EXPERT ROUNDUP: Trump's Tax Reform Plan (14 experts)

Following are experts from the ProfNet network who are available for interviews regarding Trump's tax reform plan:

Trump's Tax PlanRebecca KysarProfessor of Law
Brooklyn Law School
Kysar is available for comment on Trump's tax plan. Here is an excerpt from a January op-ed she wrote for Slate: "It is not realistic to expect the tax code to be set in stone. But the pillars of tax reform should be stable enough to form the basis of long-term investment and growth. Radical, partisan tax reform will prove short-lived and ineffective. Reform that gives the lion's share of its benefits to the wealthy and adds trillions to the debt runs the risk of exacerbating inequality within and between generations, perhaps alienating Trump voters who elevated him to the White House based on his populist rhetoric."
Kysar teaches and researches in the areas of federal income tax, international tax, and the federal budget and tax legislative processes. Her recent scholarship examines tax treaties, as well as the tax legislative process. Her articles have appeared in the Cornell Law Review, the Iowa Law Review, the Notre Dame Law Review, the University of Pennsylvania Law Review, the Washington University Law Review, and the Yale Journal of International Law, among others.
Bio: https://www.brooklaw.edu/faculty/directory/facultymember/biography?id=rebecca.kysar
Contact: John Mackin, [email protected]

President Trump's Tax Reform ProposalRobert DuquetteProfessor of Practice in Accounting
Lehigh University
Duquette is available to discuss President Trump's tax reform proposal, as well as the House proposal and the need for tax reform. He can comment on who benefits from these proposals, their projected impact on economic growth and national debt, whether they will pass, and why true tax reform is needed: "President Trump's plan consists of three individual tax brackets: 10 percent, 25 percent and 35 percent; and a doubling of the standard deduction. That would mean, for example, the first $24,000 of a couple's taxable income would be exempt from taxes. The House's version also provides for new, higher combined exemption deductions of $12,000 for singles ($18,000 with children), and $24,000 for couples filing jointly, and consists of three tax rates: 12 percent, 25 percent and 33 percent. Who benefits the most from these plans? The Tax Foundation projects that taxpayers would see an average increase in their after-tax income of between 1 percent and 10 percent in total over 10 years. However, the top 1 percent would benefit the most, with the wealthiest taxpayers seeing an increase in their after-tax income of 5 percent to 20 percent. What is the impact on economic growth and the national debt? A significant part of the cost would be offset by broadening the tax base through elimination of many deductions and credit, loss of business interest deductibility, loss of the domestic manufacturing deduction, and possibly a tax on some type of imports. All independent analyses of the proposals indicate there would probably be trillions of dollars added to the federal debt over the next 10 years. I'm not optimistic of passage of this tax reform in Congress. Even if it does pass, no reputable study has yet suggested it can help mitigate the growth in the national debt from the present $20 million to $30 trillion over the next 10 years."
In addition to teaching taxation and accounting, Duquette is a CPA and has worked in tax and audit advising for three decades.
Blog: http://cbe.lehigh.edu/blog
Bio: http://cbe.lehigh.edu/faculty/accounting/robert-duquette
Contact: Amy White, [email protected]

Corporate, Trust and Estate Planning-Related QuestionsMichael KosnitzkyPartner
Pillsbury Winthrop Shaw Pittman LLP
"The Trump tax proposal to reduce rates on business income from flow through entities like S corporations and domestic limited liability companies has the potential to cause tax inequities. However, the Treasury and the IRS have ample tools under existing law to police this unfairness. Taxpayers should look to IRS policy on 'reasonable compensation' and the existing tax regimes under the so-called passive activity rules and net investment income tax rules for guidance on how the government will deal with aggressive taxpayers in similar situations."
Bio: https://www.pillsburylaw.com/en/lawyers/michael-kosnitzky.html
Contact: Matt Hyams, [email protected]

Tax Rates for BusinessesLarry Elkin, CFP, CPA
President
Palisades Hudson Financial Group, Fort Lauderdale, Fla.
"President Trump thinks income generated by privately held Palisades Hudson Financial Group should be taxed at the same rate as income generated by Alphabet Inc., Google's publicly traded parent company. And he thinks the rate for both businesses should be an attractively low 15 percent. You might expect me to be delighted by this news. I am a Republican, and we Republicans generally believe tax rates should be as low as possible. I also happen to be the owner of Palisades Hudson Financial Group. And I would be delighted with Trump's proposal, except for one thing: It's a phenomenally bad idea. Trump's proposal that all business income be taxed at the same (low) rate makes rhetorical sense, but not logical sense. To see why, consider the two companies I just mentioned. Alphabet is what tax nerds call a C corporation. It pays its own income taxes and then, when it distributes remaining income to shareholders in the form of dividends, that income is taxed again at the shareholders' rate. This means that by the time a single dollar of Alphabet's pretax income reaches a shareholder, federal taxes have reduced it to as little as 52 cents. But Palisades Hudson is not taxed that way. Like nearly all owner-operated businesses, it does not pay its own taxes as a separate entity. Instead, its net income is included on the owner's tax return and is only taxed once. This is what is meant by a 'pass-through' entity. Cutting my taxes on Palisades Hudson's net income to 15 percent would mean my income would be taxed at half the rate of the wages I pay many of my employees, or even less. And this would be the case for many firms nationwide under the proposed rules, including some much larger than mine."
Website: www.palisadeshudson.com
Contact: Henry Stimpson, [email protected]

'Pass-Through Rate' and 'One-Time Repatriation Tax'Michael FaulkenderProfessor of Finance and Associate Dean of Master's Programs
University of Maryland's Robert H. Smith School of Business
On the pass-through rate: "President Trump's 'pass-through' proposal asks for abuse. Small-business owners could easily reclassify expenses to be net income and vice versa. If one mechanism has a lower tax rate than the other, the reclassifications will take place. Ideally, all income is subject to the same rate at the personal level, thus eliminating the incentive to reclassify the income."
On the one-time repatriation tax: "A one-time tax on accumulated foreign earnings rewards corporations that have moved operations to foreign jurisdictions for gaming the tax system. Firms in position to move profits abroad (by transfer pricing of intellectual capital), and that anticipated being subject to the tax on the differential, would see that tax liability fall from as high as 35 percent to perhaps 5-8 percent."
Faulkender's "Taxes and Leverage at Multinational Corporations" is published in the Journal of Financial Economics (summarized here: http://tinyurl.com/n3bgpkt).
Bio: https://www.rhsmith.umd.edu/directory/michael-faulkender
Contact: Greg Muraski, [email protected]

Eliminating State-Local Deductions
Albert "Pete" Kyle
Professor of Finance
University of Maryland's Robert H. Smith School of Business
"Eliminating the tax deductibility of state income taxes, while preserving the tax deductibility of property taxes, would encourage states like California and New York to lower income taxes and increase property taxes. In particular, I would expect property tax caps in California to be phased out over time if these changes are made."
Kyle has served as an economic advisor to NASDAQ, the Financial Industry Regulatory Authority and the Commodity Futures Trading Commission.
Bio: https://www.rhsmith.umd.edu/directory/albert-pete-kyle
Contact: Greg Muraski, [email protected]

Trump's Tax Reform Proposals and the GOP BlueprintStephen M. BreitstonePartner and Vice Chairman
Meltzer, Lippe, Goldstein & Breitstone, Mineola, N.Y.
A tax attorney, Breitstone can readily discuss how Trump's tax reform proposals and the GOP blueprint could affect business in general, and especially the real estate industry, from commercial, office and rental owners and investors to individuals. Among other issues, Breitstone can discuss the implications of: standard and itemized deductions; repeal of the deductions for state and local taxes and the Alternative Minimum Tax (AMT); tax on business; Immediate expensing of capital expenditures and elimination of interest deduction; estate and gift taxes.
Says Breitstone: "It is likely that any tax reform would also include 'immediate expensing.' The GOP blueprint proposes 'immediate expensing' of capital expenditures, including machinery and buildings, but not land. This is coupled with the elimination of the deduction for interest (all interest, except interest on personal mortgages, which hardly anyone would claim due to the increased standard deduction). For businesses that make investments in buildings and machinery (and probably for the owners of pass-through entities as well), the tax rate of 15% is mostly for show. The actual tax rate, at least for the next few years, will be zero. Immediate expensing will wipe out all income tax liabilities, at least in the short run. This may result in an increased flow of liquidity to these businesses to invest and to grow. But this will be short-lived. After the deduction for immediate expensing is used up, there will be no depreciation deduction and no interest deduction on the debt incurred to fund these investments. That means the effective tax rate on these businesses will soar."
Breitstone further questions immediate expensing as proposed, as it doesn't target growth in areas where we really need it, such as education, technology and infrastructure. If you throw money at dying industries, it may only accelerate the further layoff of employees by encouraging increased automation.
Bio: http://www.meltzerlippe.com/attorneys/stephen-breitstone/
Website: http://www.meltzerlippe.com
Contact: Peggy Kalia, [email protected]

Impact of Trump's PlanAdnan MahmudFounder
LiveStories
LiveStories is a civic data intelligence platform used by local, state, and federal governments to make massive data stores easier to understand for the general public. The company released a report called, "Five Facts: State Taxes and Spending" that includes findings on state and local expenditures based on the most recent U.S. Census. Mahmud is available to explain what this data can tell us about how Trump's tax reform plan will impact Americans. He can use these findings to illuminate opportunities and challenges that need to be considered in light of these policy changes.
Contact: Rosie Gillam, [email protected]

How Reform Will Impact Citizens at Different Tax LevelsJinette Chiappetta, CPA
Wealth Manager
Equity Concepts
Chiappetta can discuss how reform will impact citizens at different tax levels, as well as the overall economy. She is a wealth manager at Equity Concepts, a Richmond, Va.-based wealth management firm that serves more than 2,000 households and oversees approximately $875+ million in assets. Prior to joining Equity Concepts, Chiappetta spent 20 years in the tax field, with 15 years of public accounting experience and five years of corporate tax experiences. As a CPA, she places an emphasis on analyzing the impact of investment strategies on tax situations.
Website: http://www.equity-concepts.com
Contact: Kelly Holcombe, [email protected]

Impacts on Individuals and Business OwnersBill SmithManaging Director, National Tax Office
CBIZ MHM
Smith is available to address the impacts of the plan on both individuals and business owners, the feasibility of the plan, and how it may evolve over time. He has more than 30 years of experience in both the public and private sectors, including five years in the office of General Counsel at Deloitte & Touche LLP, where he was responsible for all aspects of the firm's tax practice; five years as a tax lawyer for the Department of Justice in Washington, D.C.; and 12 years in private practice in San Francisco, representing businesses of all sizes and high-wealth individuals in developing and implementing tax strategies or negotiating with the IRS in Tax Court or administratively. Smith assumed his current position more than 15 years ago and is based in Bethesda, Md. In this role, he consults nationally on a broad range of tax services, including foreign and domestic transactional tax planning for corporations, partnerships, LLCs and individuals, such as mergers and acquisitions, domestic and international restructuring of businesses and investments, and negotiating partnership and other transactions. He is a frequent speaker at national conferences, and serves as a testifying expert in the area of accountants' professional duties and ethical obligations.
Smith is well-versed on Trump's tax plan, having authored the following blog posts/columns: "Key takeaways of Trump's tax plan for business owners" (http://tinyurl.com/le365om), "The votes are in: Introducing the new president's tax plan" (http://tinyurl.com/nxja73y), "Comparing presidential candidates' tax reform plans" (http://tinyurl.com/k2tytgu), and "Trump's tax plan could help businesses, but questions remain (https://www.entrepreneur.com/article/293576).
Contact: Lauren Davis, [email protected]

Retirement PlanningEd Slott, CPA
Founder, Ed Slott & Company
Creator, IRAhelp.com
Slott is a New York-based nationally recognized IRA expert, television personality, and best-selling author who has dedicated his life to educating Americans on saving for retirement and the intricacies of IRAs. He was named "The Best Source for IRA Advice" by The Wall Street Journal, and USA Today wrote, "It would be tough to find anyone who knows more about IRAs than CPA Slott." He is the author of "The Retirement Savings Time Bomb … And How to Defuse It" and "Parlay Your IRA into a Family Fortune." His most recent books include "Fund Your Future: A Tax-Smart Savings Plan in Your 20s and 30s" and "The Retirement Decisions Guide: 125 Ways to Save and Stretch Your Wealth." He is the host of the 2015 public television show "Ed Slott's Retirement Road Map," which airs in markets nationwide. He is a frequent columnist and resource for national media and has hosted many best-selling public television specials. Through his firm, Slott provides the highest level of IRA training to financial professionals, CPAs and attorneys; and through his website, he offers free resources to consumers.
Website: http://irahelp.com
Contact: Mindy Eras, [email protected]

Tax PlanningGreg HammerTax and Wealth Advisor
Hammer Financial Group, Inc.
Hammer specializes in coordinated, holistic financial planning for Lake County, Ind., and Chicago-area residents who are approaching retirement or currently retired. Bringing tax preparation and planning, Medicare supplements, estate planning, insurance and investments all under one roof, he aims to provide complete and convenient financial solutions for the best interest of the clients he serves. Hammer trains and coaches independent financial advisors nationwide on how to build their business to better serve the holistic financial needs of American families. In particular, he has helped develop and refine processes to integrate tax preparation and Medicare supplement services into a financial advisory practice -- a unique addition within the financial industry designed for the ultimate convenience and benefit of clients at and near retirement. He earned a B.A. in Applied Mathematics with a focus in economics from Yale University and has more than 23 years of experience in the financial services industry. In addition to his series 6, 63, 65 and 26 and life and health licenses, Hammer maintains Master Elite Membership with Ed Slott's Elite IRA Advisor Group for continued study and mastery of IRAs and applicable tax laws.
Contact: Mindy Eras, [email protected]

Retirement PlanningJeff Warnkin, CPA and CFP
The JL Smith Group
Warnkin specializes in holistic financial planning for the pre-retired and retired residents of Ohio. As a holistic planner, he incorporates investments, insurance, taxes and estate planning when building financial plans in order create an optimal solution for the retirement years. Warnkin has more than 25 years of experience in the financial services industry, Series 7 and 24 securities licensed, has a Master of Taxation (MT) degree, and is life and health insurance licensed. He has also been personally trained by nationally acclaimed IRA expert Ed Slott, CPA, as a member of the exclusive Ed Slott's Elite IRA Advisor Group.
Website: www.JLSmithGroup.com
Contact: Mindy Eras, [email protected]

Impact on Families and InvestorsBijan GolkarCEO, Senior Advisor
FPC Investment Advisory
Golkar is a Northern California investment advisor that has been a licensed tax preparer since 2007 and earned the Certified Financial Planner (CFP) certification in 2013. He is frequently quoted in national media as an expert on investing and financial planning topics. In addition to his duties as the firm's CEO, Golkar provides comprehensive advice to high-net-worth individuals and families. He often creates and leads teams of legal, accounting and insurance experts to help these clients meet their goals. He also consults with small businesses on buyouts, employee benefits and other matters.
ProfNet Profile: http://www.profnetconnect.com/bijan_golkar
LinkedIn: https://www.linkedin.com/in/bgolkar/
Expert Contact: [email protected]

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• Deputy Bureau Chief, Bankruptcy – Wall Street Journal
• U.S. Correspondent – South China Morning Post
• Features Editor – Modern Healthcare

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OTHER NEWS & RESOURCES:

Following are links to other news and resources we think you might find useful. If you have an item you think other reporters would be interested in and would like us to include in a future alert, please drop us a line.

• JOURNALIST SPOTLIGHT: ANTHONY ZANGRILLO, FORDHAM IPLJ. In our Journalist Spotlight Q&A series, PR Newswire for Journalists and ProfNet users share their insight and advice on how PR professionals and experts can improve communications and increase their chances of being featured in their publications. In this edition, we catch up with Anthony Zangrillo, online editor of Fordham Intellectual Property, Media & Entertainment Law Journal (Fordham IPLJ). Anthony, a third-year student at Fordham University School of Law, maintains the digital presence of the journal, including the journal's website and podcast: http://prn.to/anthonyzangrillo
• HOW TO BECOME A STAND-OUT PHOTOGRAPHER IN FOUR STEPS. In the competitive field of photography, it can be a struggle to separate yourself from the pack. A journalist's role has expanded as well, and assignments that traditionally were assigned to a reporter and photographer now are assigned to one person. Advancements in technology allow journalists to take spectacular photographs and videos on their smartphone. Whether you're shooting with a phone or a digital SLR, producing unique images can be challenging. Here are some tips to help your pictures stand out: http://bit.ly/2r1VdRc
• BLOG PROFILES: TRAVEL AND WANDERLUST BLOGS. Each week, PR Newswire's Audience Relations team selects an industry/subject and profiles a handful of sites that do a good job with promoting and contributing to the conversation. This week, they look at travel and wanderlust blogs: http://bit.ly/2qKleY3

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