Hot Issues in U.S. International Tax Planning & Compliance

March 27 - 28, 2017 in New York, NY

Early Registration: $1295 (before March 1st) Regular Registration: $1495. Groups of 2 or more Save $200 off each registrant

As more U.S. corporations look for tax advantages overseas, the U.S. international tax laws and proposed new regulations will have a greater impact on U.S. businesses and transactions.  These international tax rules affect not only large U.S. and foreign-based multinationals, but also increasingly affect mid-sized and smaller firms, financing transactions, mergers and acquisitions, currency translations and other commercial activity.  As a result, a working knowledge of these international tax rules is importance to a wide variety of tax professionals.  This seminar is designed for those with experience in U.S. tax law and transactions at companies who we have significant cross-border activities.

This intermediate tax planning session is for law and accounting firm professionals who advise clients on structuring cross border transactions, and on international tax planning and controversy matters; in-house tax professionals involved in cross-border and internal planning and in IRS audits and appeals of international issues; and tax attorneys who want to stay on top of what’s happening in the international tax arena. Field of Study: Taxes
Earn Up to 13 CPE/CLE Credits (We will be applying for CLE accreditation of this course in New York)

Monday, March 27, 2017

8:30 am Registration and Continental Breakfast

9:00 am Expense Apportionment Practice Update

  • How expense apportionment affects credits foreign taxes and deduction of U.S. expenses
  • Selecting the best apportionment method - gross-to-gross v. factual apportionment
  • Understanding the rules for interest apportionment – effect of exchange rates on foreign asset bases
  • Strategies for minimizing the apportionment of research, state tax and S,G&A expenses to foreign source income

Daniel Read, Managing Director, KPMG LLP, New York
Yuwon Pak, Senior Manager, KPMG LLP, New York

10:30 am Break for Refreshments

10:45 am
Transfer Pricing Developments

  • Impact of IRS administrative changes on transfer pricing, APAs and Competent Authority cases
  • Developments in cost-sharing, intellectual property and regulatory developments
  • Update on BEPS and transfer pricing
  • Proposed country by country reporting regulations, changes to Section 482 aggregation rules and the treatment to outbound transfer under sections 367 and 721

Justin Donatello, Senior Manager, KPMG LLP, New York

12:15 pm Luncheon

1:00 pm Computing Direct and Indirect Foreign Tax Credit Benefits

  • Obtaining foreign tax credit benefits for foreign withholding taxes – what constitutes a creditable income tax
  • Applying the gross-up formula for foreign taxes
  • Computing the separate foreign tax credit basket limitations - separate limitation loss recapture
  • Applying the related party look-through rules for dividend and interest payments between related CFCs and 10/50 entities
  • How FTC limitations increase the US tax on dividends under Subpart F and Sec. 956

Marc Casale, Associate, Baker & McKenzie LLP, New York
Amir-Kia Waxman, Tax Associate, Baker & McKenzie LLP, New York

2:45 pm Break for Refreshments

3:00 pm How the Subpart F Anti-Tax Deferral Rules Operate

  • Identifying CFCs and “U.S. Shareholders”
  • Definition of U.S. shareholder - vote or value ownership
  • Understanding the regulations involving Subpart F FPHC income
  • Working with the branch rules for foreign sales and manufacturing activities
  • Exceptions and limitations on application of the Subpart F rules
  • Affirmative use of Subpart F
  • Avoiding investments in U.S. property by first or lower-tier CFCs

Lucas Giardelli, Associate, Mayer & Brown LLP, New York

4:45 pm Meeting Adjourns for the Day

Tuesday, March 28, 2017

8:00 am Continental Breakfast

8:30 am
Final Regulations under Section 987

On 7 December, the Treasury and IRS issued the long-awaited final, temporary and proposed regulations under Section 987. The final regulations outline how owners of a qualified business unit (QBU) subject to Section 987 must determine the QBU’s taxable income or loss, as well as the timing, amount, character, and source of any Section 987 gain or loss.  Both the final and temporary regulations are generally effective for tax years beginning in 2018, but taxpayers may apply the new rules starting in 2017.  The presentation will address the key provisions of the final, temporary and proposed regulations and address transitional considerations as taxpayers look to adopt the final regulations

Colleen Zeller, Senior Manager, Ernst & Young LLP, New York

10:00 am Refreshment Break

10:30 am International Tax Reform & the New Section 385

·         On 13 October 2016, the US Treasury Department (the Treasury) and the Internal Revenue Service (the IRS) released final and temporary regulations under Internal Revenue Code Section 385 (TD 9790, the Final Regulations), which follow the release of extremely controversial proposed regulations by just six months (REG-108060-15, the Proposed Regulations). In response to comments, the Final Regulations significantly narrow the scope of the Proposed Regulations.

·         Like the Proposed Regulations, the Final Regulations target instruments issued to a member of the issuer’s “expanded group” that would otherwise constitute indebtedness for US federal tax purposes under common law principles. The Final Regulations establish extensive documentation requirements that must be satisfied for a debt instrument to constitute indebtedness for US federal tax purposes (the Documentation Rule) and recharacterize a debt instrument issued after 4 April 2016, as stock if the instrument is: (i) issued in one of a number of specified transactions (tainted transactions), or (ii) funds a tainted transaction (the Recharacterization Rule).

·         The presentation will also provide a general update on current proposals of U.S. tax reform by the House of Representatives.

Benjamin Flament, Senior Manager, Ernst & Young LLP, New York

12:00 pm Luncheon

12:45 pm
Tax-Free International Mergers and Acquisitions under Sec. 367

  • Working with the new rules for the transfer of foreign tangible and intangible assets - Secs 367(a) and 367(d)
  • Using cash offshore to fund an acquisition of a U.S. target
  • International stock transfers and inversions under Sections 367(a) and/or 7874
  • Application of Sec. 367(b) to inbound and foreign-to-foreign stock transfers – deferral of negotiation of Sec. 1248 E&P
  • Application of Section 385 Regulations to intercompany debts

Sarah Kaiser, Manager, Deloitte Tax LLP, New York
Jason Kaplan, Principal, Deloitte Tax LLP, New York

2:30 pm Conference Concludes

Conference Location:

AMA Executive Conference Center
1601 Broadway, 8th Floor (at the corner of 48th Street)
New York, NY 10019

Hotel accommodations are at your discretion, we suggest: 
Crowne Plaza Times Square, 1605 Broadway, New York, NY 10019 Phone (212) 977-4000