Kathy Castillo, TEI Detroit Chapter
The change in Administrations brings a dramatic shift in fiscal priorities which many believe will be accompanied by higher effective tax rates for U.S.-based businesses. Whether your company is forecasting unexpected losses or increased revenues, now is the time to revisit your tax accounting methods to consider new opportunities and ensure your company’s methods and elections are in line with short and long-term projections. In this session, leading income tax accounting and technology practitioners come together to provide an end-to-end view of tax accounting method planning. The technical discussion will focus on method planning for legislative developments, including NOL carrybacks, potential tax rate increases, and the impending change to section 174; regulatory developments, including the new section 451 and UNICAP regulations; and controlled foreign corporations, including planning to reduce GILTI, complexities in method change rules and planning for potential tax rate increases. The technology discussion will address the corporate data life cycle and best practices for collecting and using data in financial projections and modelling.
Participants will gain insights into and leave the session with an understanding of: (1) Tax accounting method planning for NOL carrybacks, potential tax rate increases, and impending changes to section 174; (2) Tax accounting method planning for the new section 451 and UNICAP regulations; (3) Tax accounting method planning to reduce GILTI and other aspects of controlled foreign corporations; and (4) The data life cycle and best practices for financial projections and modeling.