Tax Accounting for International Operations – Dusting Off the Old and Mastering the New

Moderator:

Li Mei, Microsoft

Speakers:

• David Sites, Grant Thornton LLP
• George Wong, Ernst & Young LLP
• Eric Williams, CSC Corptax

Session Description: This session will identify the U.S. federal income tax issues that commonly arise in international operations and explore the ASC 740 accounting and reporting implications of such issues for U.S.-based multinationals. Panelists will discuss the sweeping tax law and regulatory changes arising from the Tax Cuts and Jobs Act of 2017, including the GILTI, FDII, and BEAT regimes and rules for coordinating Code sections that limit the availability of deductions; changes to foreign tax credit computations; issues that arise when reporting the financial statement implications of such tax items under ASC 740; how businesses have altered their internal processes and procedures in response to the TCJA; and technology tools that can help address the resulting challenges. Through these discussions, panelists will provide an end-to-end view of challenges in-house tax professionals face in applying the new TCJA rules to their unique businesses, processes and procedures that businesses have implemented to accommodate the accounting of TCJA items, and how technology tools can be used to improve the efficiency and effectiveness of tax reporting processes.

Learning Objectives:

After this session, participants will be able to:

• Identify and understand common U.S. federal income tax issues arising from international operations;
• Identify and understand the accounting and reporting implications of such tax issues;
• Identify and understand internal processes and procedures that businesses have implemented in response to the resulting challenges;
• Gain insights into how technology can be used to improve the efficiency and effectiveness of tax reporting processes.