The NBA and NBPA began their meeting shortly after 1:00 PM on Wednesday.

The tax penalties and other rules for tax-paying teams, one source told ESPN The Magazine's Ric Bucher, are where the two sides remain at complete odds.

The meeting is comprised of a small group, with Billy Hunter, Derek Fisher, Mo Evans, Kevin Murphy, Ron Klempner and Jeffrey Kessler representing the players and David Stern, Adam Silver, Peter Holt, Dan Rube and possibly Rick Buchanan negotiating for the owners, according to CBS Sports' Ken Berger.

Berger reported at 8:30 PM that there had been no blowups.