AGENDA

Thursday, December 13, 2018

7:30 am - 8:30 am

Breakfast

         

 

*The Internal Revenue and the U.S. Department of Treasury are not sponsoring the
breakfast and their participation in the breakfast is not intended as an endorsement
of the sponsors.

 

8:15 am - 8:30 am

Welcome and Introductions

 

Blake D. Morant, Dean and Robert Kramer Research Professor of Law, The George Washington University Law School, Washington, DC

 

Hal Hicks, Partner, Skadden, Arps, Slate, Meagher & Flom LLC, Washington, DC

 

Robert J. Peroni, The Fondren Foundation Centennial Chair for Faculty Excellence and Professor of Law, The University of Texas School of Law, Austin, TX

 

Marjorie A. Rollinson, Associate Chief Counsel (International), Internal Revenue Service, Washington, DC

 

Theodore D. Setzer, Assistant Deputy Commissioner (International), LB&I, Internal Revenue Service, Washington, DC

 

8:30 am - 9:45 am

Global Disputes/Competent Authority

 

Chair
Philip R. West,
Partner and Chairman, Steptoe & Johnson LLP, Washington, DC

Panelists
Alexandra MacLean, Director, Canada Revenue Agency, Ottawa, Canada

Achim Pross, Head, International Co-operation and Tax Administration Division, Centre for Tax Policy and Administration, OECD, France

Graeme A. Wood, Director, Taxes, The Proctor & Gamble Company, Cincinnati, OH

Jennifer L. Best, Executive Officer, (LBI), Internal Revenue Service, Washington, DC

Theodore D. Setzer, Assistant Deputy Commissioner International, (LBI), Internal Revenue Service, Washington, DC

What’s the best way to win a cross-border tax dispute? Avoid it in the first place. That’s the idea behind the International Compliance Assurance Program (ICAP), a pilot in which multiple jurisdictions conduct joint risk assessments in a live case setting. The benefits of early agreement in multiple jurisdictions are obvious, but how practical is it? Can taxpayers and governments get adequate assurance that their interests are protected? What sorts of return positions could impact a taxpayer’s risk profile? What are the tangible outcomes that can be expected, and how might those outcomes interact with the APA program? What are expectations for expanding the ICAP pilot to include more taxpayers and more jurisdictions in the future? Hear the IRS, the Canada Revenue Agency, the OECD, and the taxpayer perspectives on these issues, as well as other issues affecting the resolution of cross-border disputes.

9:45 am - 10:45 am Global Trends

 

Chair
Manal S. Corwin,
Principal and National Tax Leader, International Taxation, KPMG LLP, Washington, DC

 

Panelists
Steve Edge, Partner, Slaughter & May, London, England

Tadd Fowler, Vice President - Global Tax, The Proctor & Gamble Company, Cincinnati, OH

Robert B. Stack, Managing Director, Washington National and International Tax, Deloitte Tax LLP, Washington, DC

Brian H. Jenn, Deputy International Tax Counsel, (ITC), US Department of Treasury, Washington, DC

This panel will review global tax reform trends and consider their impact on business and tax administrations. Areas of focus will include:

• Status of OECD and EU proposals for reform.

      • Domestic adoption of prior OECD and EU proposals.

      •  Status of implementation of MLI.

 

The unravelling consensus and potential clash with US tax reform

 

 Developments on taxation of the digital economy.

10:45 am - 11:00 am Break


  
 

*The Internal Revenue and the U.S. Department of Treasury are not sponsoring the break and their participation in the break is not intended as an endorsement of the sponsors.
 

11:00 am - 12:30 pm GILTI/FDII

Chair
Moshe Spinowitz, Partner, Skadden, Arps, Slate, Meagher & Flom LLP, Boston, MA

Panelists
Patrick J. Brown, Vice President, Tax, GE Power & Renewables, Director of Tax Policy, Schenectady, NY

Michael A. DiFronzo, Partner, PricewaterhouseCoopers LLP, Washington, DC

Danielle Rolfes, Partner, KPMG LLP, Washington, DC

Lowell D. Yoder, Partner, McDermott Will & Emery LLP, Chicago, IL

Marissa Rensen, Special Counsel, (ACCI), Internal Revenue Service, Washington, DC

Gary Scanlon, Attorney-Adviser, (ITC), US Department of Treasury, Washington, DC

Carol Tan, Special Counsel, (ACCI), Internal Revenue Service, Washington, DC

The panel will explore a range of issues raised by the new GILTI and FDII regimes that were at the center of the international tax reform enacted at the end of 2017.  Among the topics to be explored are:

  • The impact of GILTI and FDII on acquisition and disposition structuring.
  • Determination of FDII income and allocation of deductions.
  • FDII considerations in connection with services income.
  • Efficient use of GILTI losses and foreign tax credits.
  • Intersection of the GILTI, Subpart F and BEAT regimes.
12:30 pm - 2:00 pm

Luncheon with Address - Charles P. Rettig

Charles P. Rettig is the 49th Commissioner of the IRS.

In leading the IRS, Mr. Rettig is focused on improving service to the nation's taxpayers, balancing appropriate enforcement of the nation's tax laws while respecting taxpayer rights.

Previously, Mr. Rettig was with the law firm of Hochman, Salkin, Rettig, Toscher & Perez, P.C., for more than 36 years. In his practice, Mr. Rettig represented thousands of individuals, businesses and corporate taxpayers before the IRS, the Department of Justice Tax Division, federal and state courts and state taxing authorities. These cases involved civil examinations and appeals, criminal investigations and tax collection matters.

 

2:15 pm - 3:15 pm Foreign Tax Credits

Chair
Gretchen T. Sierra,
Principal, International Tax, Deloitte Tax LLP, Washington, DC

Panelists
Doug Bailey, Senior Vice President, Corporate Tax Group, Bank of America, Charlotte, NC

David G. Noren, Partner, McDermott Will & Emery LLP, Washington, DC

Carol P. Tello, Partner, Eversheds Sutherland LLP, Washington, DC

Barbara Felker, Branch Chief, (ACCI), Internal Revenue Service, Washington, DC

Jason Yen, Attorney Adviser, (ITC), US Department of Treasury, Washington, DC

  • Foreign tax credits in the age of reform: Whether it be in the context of the transition tax or GILTI, the foreign tax credit system has taken on greater importance in the age of reform. This panel will discuss the many issues regarding the foreign tax credit system raised by tax reform.
3:15 pm - 3:30 pm Break

 

  


 

*The Internal Revenue and the U.S. Department of Treasury are not sponsoring the
break and their participation in the break is not intended as an endorsement of the
sponsors.
 

3:30 pm - 4:45 pm Previously Taxed Income (PTI)


Chair

Michael J. Caballero, Partner, Covington & Burling LLP, Washington, DC

 

Panelists
Nicholas J. DeNovio, Partner, Latham & Watkins LLP, Washington, DC

Rachel D. Kleinberg, Partner, Davis Polk & Wardwell LLP, Menlo Park, CA

Jose E. Murillo, Partner, Director of NTD ITS, National Tax Department, Ernst & Young LLP, Washington, DC

Peg O'Connor, Acting Deputy Associate Chief Counsel, (Operations and International Programs), Internal Revenue Service, Washington, DC

Brenda L. Zent, Special Advisor to the International Tax Counsel, (ITC), US Department of Treasury, Washington, DC

Pre-TCJA, most multinationals had small amounts of previously taxed income (PTI) that were easily repatriated.  Post-TCJA, the GILTI rules and mandatory repatriation mean that most or all of a multinational's historic and future foreign income creates PTI.  And now that PTI is everywhere, it is critical to repatriate it and yet harder than ever to do (even though distributions of PTI are excluded from gross income).  Further, the historical uncertainties about the operation of the PTI rules have renewed significance in a post-TCJA world.

This panel will discuss:

  • The challenges for repatriating PTI, including the special rules that apply to PTI created under Section 965.
  • Treatment of PTI in tax-free and taxable transactions.
  • Allocating PTI in strategic transactions such as divestitures and spin-offs.
  • Identifying foreign income taxes properly attributable to PTI.
  • Measuring foreign currency gain and loss recognized on distributions of PTI.
4:45 pm -5:45 pm Cross-Border Individual Matters

Chair
Summer Ayers LePree,
Partner, Bilzin Sumberg Baena Price & Axelrod LLP, Miami, FL

Panelists
Kirsten Burmester,
Member, Caplin & Drysdale, Chartered, Washington, DC

Amanda P. Varma, Partner, Steptoe & Johnson LLP, Washington, DC

Jeffery G. Mitchell, Branch Chief, (ACCI), Internal Revenue Service, Washington, DC

Douglas Poms
, International Tax Counsel, (ITC), US Department of Treasury, Washington, DC

This panel will discuss the impact of tax reform on individual US shareholders and their closely held businesses, with a particular focus on potential traps and on planning to minimize the adverse consequences of those traps where possible.  Specific topics covered may include:

  • Structuring for ownership and operation of CFCs by US individuals after reform.
  • GILTI issues for individual US shareholders, including the potential benefits and drawbacks of Section 962 elections.
  • Issues on exit, including Sections 338(g), 1248(b), and 964(e)(4).
  • Select Section 965 issues for US individual shareholders, including
    Section 96(i).
  • Relevant implications of Section 958(b)(4) repeal, particularly for inbound financing structures.
  • Remaining issues under Section 864(c)(8).
 

 

 

6:00 pm -7:30 pm

 

 

 

 

 

 

 

   

*The Internal Revenue and the U.S. Department of Treasury are not sponsoring the
reception and their participation in the reception is not intended as an endorsement of
the sponsors.
 

 

Friday, December 14, 2018

7:30 am - 8:30 am

Breakfast

 

 

 

 

*The Internal Revenue and the U.S. Department of Treasury are not sponsoring the breakfast and their participation in the breakfast is not intended as an endorsement of the sponsors.
 

   
8:30 am - 9:30 am

BEAT

Chair
Joshua D. Odintz,
Member, Baker & McKenzie LLP, Washington, DC

Panelists
Rocco Femia,
Partner, Miller & Chevalier Chartered, Washington, DC

Saren Goldner, Partner, Eversheds Sutherland LLP, New York, NY

Mark A. Prater, Managing Director, PricewaterhouseCoopers LLP, Washington, DC

D. Peter Merkel, Acting Branch Chief, (ACCI), Internal Revenue Service, Washington, DC

Kevin Nichols, Senior Counsel, (ITC), US Department of Treasury, Washington, DC

This panel will discuss the mechanics of the base erosion and anti-avoidance tax
(BEAT) and its impact on business operations, including:

  • Interaction with transfer pricing and other regimes.

  • Scope of exception for services.

  • Impact on various industries and common business models

 

9:30 am - 10:30 am

Inbound Developments

 

Chair
Joan C. Arnold, Partner, Pepper Hamilton LLP, Philadelphia, PA

 

Panelists
Lori Hellkamp, Partner, Jones Day, Washington, DC

Michael Natal, Senior Vice President, Head Tax Americas & Global Tax Risk, Swiss Re-Management (US) Corporation, Armonk, NY

Julia M. Tonkonvich, Principal, International Tax Services, Ernst & Young, LLP, Washington, DC

Raymond J. Stahl, Special Counsel, (ACCI), Internal Revenue Service, Washington, DC

Daniel Winnick, Attorney Adviser, (ITC), US Department of Treasury, Washington, DC

The panel will cover examples of the application of the newly enacted tax and withholding rules for foreign persons investing in partnerships that have effectively connected income, the BEAT from the perspective of a foreign parented company, the new hybrid rules, changes in sourcing of inventory gain, and how tax treaties are impacted by TCJA for inbound investments.
 

10:30 am - 10:45 am Break

 

 

*The Internal Revenue and the U.S. Department of Treasury are not sponsoring the break and their participation in the break is not intended as an endorsement of the sponsors.
 

10:45 am - 11:45 am Ethics


Chair

Diane Ring,
Professor of Law and The Dr. Thomas F. Carney Distinguished Scholar, Boston College Law School, Boston, MA

 

Panelists
Linda Galler, Professor, Maurice A. Deane School of Law at Hofstra University, Hempstead, NY

Christopher Rizek, Member and General Counsel, Caplin & Drysdale, Chartered, Washington, DC

Paul Manning, Special Counsel, (ACCI), Internal Revenue Service, Washington, DC

Through interactive discussion of case studies, this panel explores the range of ethical issues confronting government and private sector tax professionals in international tax practice, and considers those issues under the applicable ethical rules (including ABA Model Rules, AICPA Code and Statements, Circular 230, and Standards of Ethical Conduct for Employees of the Executive Branch). Topics may include ethical issues arising in:

  • Taking tax positions and giving tax advice in an age of uncertainty

  • International tax controversies.

  • International tax planning and transactions, including duties regarding foreign law and to foreign tax authorities.

  • IRS and Treasury international tax rulemaking and policymaking.

12:00 pm - 1:30 pm

Luncheon with Address - David J. Kautter


David J. Kautter is the U.S. Department of the Treasury’s Assistant Secretary for Tax Policy.

As the Assistant Secretary for Tax Policy, Mr. Kautter is responsible for developing and implementing federal tax policies and programs, reviewing regulations and rulings to administer the Internal Revenue Code, negotiating tax treaties, and providing economic and legal policy analysis for domestic and international tax policy decisions. He is also responsible for providing revenue estimates for the President's budget, fiscal policy decisions, and cash management decisions.

 

1:30 pm - 1:45 pm Break

 

 

*The Internal Revenue and the U.S. Department of Treasury are not sponsoring the break and their participation in the break is not intended as an endorsement of the sponsors.
 

1:45 pm - 2:45 pm Cross-Border Financing
 

Chair
Kimberly S. Blanchard,
Partner, Weil, Gotshal & Manges LLP, New York, NY

 

Panelists
Brian Krause, Partner, Skadden, Arps, Slate, Meagher & Flom LLP, New York, NY

Bruce Lassman, Vice-President - International Tax, IBM Corporation, Armonk, NY

Gary B. Wilcox, Partner, Mayer Brown, Washington, DC

John J. Merrick, Senior Level Counsel (International), Internal Revenue Service, Washington, DC

Brett York, Associate International Tax Counsel, US Department of Treasury, Washington, DC

Brenda L. Zent, Special Advisor to the International Tax Counsel, (ITC), US Department of Treasury, Washington, DC

This panel will review financing structures used in cross-border transactions with a view to asking what has changed – and perhaps what has not – following US tax reform, and where to put leverage going forward.  We will discuss financing strategies used by US- and foreign-based multinationals as well as strategies used by financial sponsors.  Among the specific topics we will address are new Section 163(j) and the BEAT, the new anti-hybrid rules of Sections 267A and 245A as well as similar rules in other countries, the use of preferred equity as an alternative to mezzanine debt, ideas for dealing with local restrictions on extracting cash out of foreign subsidiaries, dealing with problems under Section 385, use of guaranteed third party debt, and the continuing relevance of Section 956.
 

2:45 pm - 3:45 pm Views from the Government

 

Moderator
Marjorie A. Rollinson,
Associate Chief Counsel (International), Internal Revenue Service, Washington, DC

 

Panelists
Robin Greenhouse,
Acting Division Counsel (LBI Counsel), Internal Revenue Service, Washington, DC

L.G. “Chip” Harter, Deputy Assistant Secretary for International Tax Policy, US Department of Treasury, Washington, DC

John E. Hinding, Director, Cross Border Activities, LB&I, Internal Revenue Service, Washington, DC

Theodore D. Setzer, Assistant Deputy Commissioner (International), LB&I, Internal Revenue Service, Washington, DC

  • Roundtable discussions of key substantive and policy issues
    from senior international tax officials of Treasury, the IRS, and
    Chief Counsel.

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