Hot Issues in U.S. International Taxation
May 22 - 23, 2017 - Houston, TX

Registration: $1295 - Group discounts are available- call 877-500-1510

Networking Seminars is proud to announce our intermediate to advanced tax planning seminar at Baker & McKenzie in Houston, TX. This is for law, tax and accounting professionals who are involved in 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.

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, not to mention the new Trump administrations ideas and plans for international tax reform.

The 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.  Field of Study: Taxes

Earn Up to 13.5 CPE/11.5CLE Credits

Monday, May 22, 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

Alexander Hanhan, Tax Managing Director, KPMG LLP,  Houston, TX
Eric Tyan, Senior International Tax Manager, KPMG LLP, Houston, TX
Sean Majied, Senior International Tax Manager, KPMG LLP,  Houston, TX

10:30 am Break for Refreshments

10:45 am 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

John Woodruff, Shareholder, Polsinelli LLP , Houston, TX

    12:15 pm Luncheon

    1:00 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

    Amanda Swartz, Tax Associate, Baker & McKenzie LLP, Houston, TX

    2:45 pm Break for Refreshments

    3:00 pm
    Transfer Pricing & BEPS 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

    Kristin Yoshida, Principal, Tax, Economic & Valuation Services, KPMG LLP, Houston, TX

    4:45 pm Meeting Adjourns for the Day

    Tuesday, May 23, 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

    Mia Bertagnolli, International Tax Manager, Ernst & Young LLP, Houston, TX
    Matt Zimmer, International Tax Senior Manager, Ernst & Young LLP, Houston, TX

    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.

    Michael Masciangelo, Tax Partner, Ernst & Young LLP, Houston, TX

    12:00 pm Luncheon

    1:00 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

    Matt Mauney, Tax Associate, Baker & McKenzie LLP, Houston, TX

    2:45 pm Conference Concludes

    Conference Location

    Baker & McKenzie LLP, 700 Louisiana St., Suite 3000, Houston, TX 77002 Phone: (713) 427-5000

    Hotel: The Lancaster Hotel, 701 Texas Ave, Houston, TX 77002  Phone: (713) 228-9500

    Alexander Hanhan is a Tax Managing Director with the International Corporate Services group in KPMG’s Houston office.  Alexander works with many multinational clients, primarily oil field services and manufacturing industries, on international tax-related projects. He consults on cross-border reorganizations, acquisitions, dispositions and other debt-financed transactions.  Alexander provides tax advice on efficient business structures for U.S. based businesses expanding into global markets and foreign-based businesses expanding into the U.S. He assists with the international aspects of U.S. tax and financial reporting, earnings and profits calculations, foreign tax credit calculations, U.S. GAAP and IFRS, and other compliance projects.  Alexander speaks on international tax matters for organizations such as the Tax Executives Institute, the Council for International Tax Education and Networking Seminars.  Alexander earned his Masters of Laws in Taxation from New York University; his JD from Brooklyn Law School and his BA in Business Economics from University of Texas.

    Mike Masciangelo is a partner in and member of Ernst & Young LLP’s International Tax Services practice in Houston. Michael is responsible for leading Ernst & Young’s global resources in designing and implementing a variety of strategies for our clients. Michael has worked with several Ernst & Young offices since joining the firm in 1995 and has over 17 years of experience in corporate and international (inbound and outbound) tax.  Michael has concentrated on both outbound and inbound clients across a broad range of industries.   In addition to his specific client serving role, he serves as the firm’s International Tax Think Tank Leader for the Southwest Sub Area and performs a similar role for other international tax technical initiatives within the firm.  Michael has been actively involved in advising our clients on opportunities to reduce their global tax burdens and minimization of risk.  His work includes advising on internal and external restructurings, financing/repatriation, acquisitions, joint ventures, foreign tax credit matters, and tax implications of global supply chain initiatives. He has also been involved with complex tax provision reviews, research of and advising on tax accounting issues and has extensive experience in advising on matters of foreign source income and expense allocation and apportionment. Michael has B.B.A in accounting from Kent State University and Master of Taxation from the University of Denver. He is a certified public accountant licensed in the states of Ohio, Illinois, and Texas.  He has instructed at internal seminars and many US and European client and educational seminars.

    Sean S. Majied is a Senior Manager in the International Tax practice of KPMG LLP in Houston.  He has over nine years of tax planning and consulting experience working with domestic and cross-border mergers, acquisitions, divestitures, restructurings, financing and repatriation transactions.  Prior to joining KPMG, Sean served more than two years as Manager of Tax Planning, Mergers and Acquisitions at Weatherford International in Houston, and as Manager in PwC’s Mergers and Acquisitions Tax practice in New York City.  Sean has provided a wide array of strategic planning and transactional tax consulting services, including tax-efficient structuring, due diligence, transaction implementation, and post-acquisition integration services.  He regularly advises clients on subpart F, withholding tax, tax treaty, debt-equity, interest deductibility, foreign tax credit, tax basis, earnings and profits, and tax attribute preservation matters.  Sean has advised inbound and outbound clients in various industries, including oil and gas, industrial goods and services, infrastructure, transportation, telecommunications, and financial services.  Sean received his LL.M. in Taxation from Boston University, J.D. from University of Cincinnati College of Law, and B.S. from the University of California, Los Angeles.

    Matthew Mauney joined Baker McKenzie in April 2011 as an associate in the Houston office’s Tax group. He focuses his practice on international tax planning. Prior to Baker McKenzie, Mr. Mauney worked at PricewaterhouseCoopers LLP where he handled a mixture of federal corporate and international tax work. Mr. Mauney represents multinational clients on a variety of federal income tax law matters, with emphasis on international tax planning, mergers and acquisitions, redomestications, transfer pricing and global restructuring.

    Amanda Swartz joined Baker McKenzie in September 2012 as an associate in the Houston office's Tax group. Prior to Baker McKenzie, Ms. Swartz practiced in New York and Washington, DC, primarily handling M&A-related transactions, fund formations and restructurings, and a mixture of other tax work, including real estate and debt issues.  Ms. Swartz’s practice focuses on international tax planning and providing transactional tax advice in cross-border mergers, acquisitions and restructurings, fund formations and restructurings, federal, state and local tax planning and offerings. Ms. Swartz attended New York University School of Law; Georgetown University Law Center; Louisiana State University. 

    Eric Tyan is an international tax senior manager at KPMG LLP. Eric works with multinational clients of various industries on US international tax‑related issues.  He provides clients with US and foreign inbound investment consulting and compliance services.  Eric consults on cross border reorganizations with respect to company structure realignment, cash repatriation, foreign source income planning, etc.  In addition, Eric assists clients with managing tax attributes such as earnings and profits computations, foreign tax credit computations, subpart F income computations, etc.  Further, he performs tax provision review in accordance with US GAAP and effective tax rate analysis.

     John T. Woodruff strives to provide practical and efficient solutions to complex tax matters. John provides advice on all aspects of international tax, transfer pricing, and tax issues related to cross-border mergers, acquisitions, and restructurings. He regularly counsels clients on issues related to the U.S. foreign tax credit, subpart F, U.S. trade or business/permanent establishment determinations, treaty-based positions, transfer pricing strategies, and strategic tax-related planning for international investments and financings. Drawing on his many years of experience in private practice and in major accounting firms, John structures acquisitions, dispositions, public offerings, reorganizations, restructurings, repatriations, and insolvency transactions in ways that best protect each client's interests. John also represents multi-national clients operating in a broad range of industries, with a particular focus on energy companies. John is admitted to practice in Texas and Virginia. John received his LL.M. from Georgetown University Law Center, 1997, Tax and his J.D. from University of Tulsa College of Law, 1994, Phi Delta Phi.

    Kristin Yoshida is a Principal of KPMG Global Transfer Pricing Services in Houston, Texas and the Global ENR Leader for GTPS. Specialize in implementing Transfer Pricing Best Practices within large Multinational Organizations which includes setting policies, procedures and teams. Projects include transfer pricing planning for a multinational retail company, providing operational Transfer Pricing advice to clients implementing new /updating ERP systems, delivery of global transfer pricing compliance programs to multinationals covering multiple tax jurisdictions and improving relationships between taxpayers and tax authorities around the world. Additionally provide Transfer Pricing Supply Chain Optimization advice regarding renewables, chemicals, transport, trading and supply, LNG and natural gas distribution.  Ms. Yoshida has over 15 years of experience providing global transfer pricing advice, both as an advisor and in-house specialist, to many multinationals in the retail, oil & gas, pharmaceutical, IT, insurance and FMCG industries. Services have ranged from strategic planning advice to audit defense, and dispute resolution to implementing operational transfer pricing programs within multinationals.   Prior to joining a Big 4 firm, served as the Global Transfer Pricing Manager for an Oil Major for over 6 years. Implemented a Global Transfer Pricing Policy and Process to manage Transfer Pricing exposures throughout the organization, covering more than 110 countries. Also provided advice to new business development opportunities and supply chain optimization initiatives within the company.