Will TEI ever run out of things to do? Inconceivable!

One of my family's favorite movies is "The Princess Bride." The film by Rob Reiner, from the novel and screenplay by William Goldman, is wonderfully witty and more than a little ironic. (Any movie that features Andre the Giant and Wallace Shawn, to say nothing of Billy Crystal and Carol Kane, in supporting roles may not appeal to Ivory Merchant fans but deserves the popular appeal that "The Princess Bride" enjoys.) For readers who have been so distracted by the tax law for the past decade and a half that they have missed this gem, "The Princess Bride" tells the story of efforts to stop the evil Prince Humperdinck to compel the beautiful Princess Buttercup to marry him on the occasion of his country's 500th anniversary, murder her, and then blame a neighboring country, as a pretense to war. Oh, and of the Princess Bride's quest to find true love.

The movie is replete is good scenes and memorable lines. What prompted it to come to mind as I was thinking about this column is a comment made by Prince Humperdinck when he is invited by one of his aides to watch him torture Westley, Buttercup's paramour and the hero of the story:</p> <pre> You know how much I love watching you work. But

I've got my country's 500th anniversary to plan, my wedding to arrange, my wife to murder, and Guilder to frame for it. I'm swamped. </pre> <p>The TEI Tsunami

While our activities don't rise to the level of Prince Humperdinck's (and our motives are clearly much more laudatory), we too have been swamped here at TEI. The tsunami that has wrecked the most havoc with the Institute's deadlines and priorities has been our new website, which was successfully launched on the last Monday of August. (My thanks to Tax Counsel Jeff Rasmussen, who has ably served as Project Manager, and the other members of the Institute's staff for their efforts.) Even without the tidal wave of tasks associated with the "go live" decision (and the surfeit of post-launch aftershocks), we would have had a momentous, if not tortuous, summer.

For example, our technical committees and legal staff engaged in a full complement of advocacy activities, including the new Schedule M-3, the section 482 services regulations, and the on-again, off-again tax law. Several TEI members also stepped in front of the camera to participate in an IRS training video on the effects of the Sarbanes-Oxley Act on tax compliance and administration. The program, sponsored by LMSB and Deloitte & Touche, featured a panel discussion in which Roger Wheeler, Neil Traubenberg, Nanci Palmintere, and John Mann participated. I was pleased to also participate in the program, and believe it is worth noting that a former TEI member--Kurt Meier who is now with LMSB--acted the host for the entire program. (Until he was selected to the IRS's Executive Development program, Kurt was an LMSB senior industry adviser.)

Speaking of former TEI members who have left industry for government, I want to single out the efforts of Bob Adams in respect of the new Schedule M-3. Bob chaired TEI's IRS Administrative Affairs Committee during his tenure as a member, and as the LMSB senior industry adviser charged with managing the Schedule M-3 project, he brought both credibility and practicality to the IRS's efforts to enhance tax return transparency. Bob will be making a presentation on Schedule M-3 at the 2003 Annual Conference. Finally, apropos the Schedule M-project, special thanks are owing to Neil Traubenberg, who headed up TEI's project, plus Gary Hickman, Lynn Jordan, Ned Kelly, Steve Lopez, Joe Robinson, Craig Sigworth, and Mitch Trager.

Advocacy is only one of the things that keeps the Institute busy. Education is another. This summer saw the normal array of Institute programs (including the State and Local Tax Course and the Federal Tax Course--Level II), plus strong programs from the chapters and regions. I was pleased to travel to UCLA to participate in the State and Local Tax Course, teaching a session with Tax Counsel Greg Matson on tax ethics, and trying to keep up with the peripatetic, ever-enthusiastic Barb Barton, who effectively presided over the course (and its moot court session) in her role as chair of the State and Local Tax Committee. Ray Rossi (who completed his term as TEI president in August) also participated in the course, reprising his well-received presentation on the tax legislative process, and long-time State and Local Tax Committee member Gerry Steltenkamp returned to provide an overview of property taxes.

Our advanced Federal Tax Course, which was held in Indianapolis in August, also benefitted from the presence of a member--Jocelyn Krabbenschmidt whose keen observations will enable our planning committee to make next year's course even better.

Two other educational events merit attention here.

First, during the month of July, TEI hosted its first-ever webconference. The combination of a compelling subject (tax return disclosures) and easy-to-use technology prompted more than 1,200 people to log on to the program--success no matter how you define it. Thanks to John Brennan for moderating the call.

Second, toward the end of July, I had the pleasure of travelling to very hot Kiawah Island, South Carolina, for the Region VII Conference, which proved once again that the best competition for the Institute's educational programs are the conferences and meetings hosted by our chapters and regions. Hats off to Mitch Trager and the other planners for their outstanding efforts. Speaking of hats, one evening the TEI group donned their baseball caps and took in a minor league game between the Charleston Riverdogs and the Savannah Sand Gnats. While the game was enjoyable, what I remember most about the evening was discovering that comedian Bill Murray is a part owner of the Riverdogs and their "Director of Fun." Ah, should not we all aspire to such a lofty post?

Staffing Changes

TEI has experienced two staffing changes of note--one coming and one going. The addition to our staff is Lars DeSalvio, who in July became TEI's Technology/Database Administrator. Given the launch of our new website, Lars has already been put to the test in helping TEI optimize its use of technology. Lars came to TEI from another association, but he previously worked in the Global Tax Technology Department of PricewaterhouseCoopers, which hosted TEI Online from 1996 until this summer. A certified public accountant, Lars received his B.S. degree in Accounting from York College of Pennsylvania.

Just about the time we said hello to Lars, we said goodbye to Fred Murray, who resigned in August as TEI's General Counsel and Director of Tax Affairs, a position he assumed in January 2002. TEI has accomplished much during the past two-and-a-half years, and the Institute appreciates all of Fred's efforts to enhance the organization's advocacy, education, and networking objectives. We wish him well in his endeavors and are confident our paths will continue to cross. Pending the selection of a new leader for TEI's advocacy efforts, Mary Lou Fahey has been appointed acting General Counsel and Director of Tax Affairs.

One Last Reference

... to "The Princess Bride." While Prince Humperdinck's line about being swamped is a favorite in my family, it is probably a distant second to a single word uttered several times by Wallace Shawn in his role of Vizzini, an evil Sicilian who regards himself as a genius. Whenever faced with something unexpected--specifically, Westley's ability to surmount several challenges--Vizzini exclaims, "Inconceivable!" At one point, another character protests, "You keep using that word. I do not think it means what you think it means."

Vizzini's failure to understand the meaning of "inconceivable" contributes to his sad (but well-deserved) end, and it has no relevance here except to underscore that without the help of the members mentioned in this column (and all the others who contribute to our efforts), it would be inconceivable to think we could accomplish all that we do. You can help even more TEI activity be conceivable by logging on to the website, attending a committee meeting, or otherwise volunteering.

Timothy McCormally, Executive Director