AGENDA

Thursday, December 19, 2019

Wifi sponsored by

  

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

7:15 am - 8:00 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.

 

8:00 am - 8:15 am

Welcome and Introductions

 

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

 

Peter H. Blessing, Associate Chief Counsel (International), Internal Revenue Service,
Washington, DC

 

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

 

8:15 am - 10:00 am

Reshaping Taxing Rights and Profit Allocation – OECD Considers New Nexus and Minimum Tax Rules


Co-Chairs

Arlene S. Fitzpatrick,
Principal, National Tax - International Tax Services, Ernst & Young LLP, Washington, DC

 

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

Panelists
Samuel M. Maruca, Partner, Covington & Burling LLP, Washington, DC
 

Timothy M. McDonald, Vice President, Global Taxes, Proctor & Gamble Company, Cincinnati, OH
 

Pamela Olson, U.S. Deputy Tax Leader & WNTS Leader, PricewaterhouseCoopers LLP,Washington, DC
 

Grace Perez-Navarro, Deputy Director, CTPA, Organization for Economic Co-operation
and Development (OECD), Paris, France
 

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

Jennifer L. Best, Director, Treaty & Transfer Pricing Operations, (LBI), Internal Revenue Service, Washington, DC
 

Quyen Huynh, ITC, Deputy International Tax Counsel for Treaty Affairs,
U.S. Department of Treasury, Washington, DC

Work is well under way at the OECD to address the tax challenges raised by the digitalization of the economy. Among the paradigm-shifting issues under consideration are new nexus rules and the design features for a minimum tax. This panel will explore the progress made to date, the changes contemplated with respect to the international tax framework, including current transfer pricing principles, and the challenges that await taxpayers and tax administrations alike in the interest of ensuring tax certainty and avoiding double taxation.

10:00 am - 10:15 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.
 

10:15 am - 11:15 am FDII

Chair
Michael A. DiFronzo
, Partner, Washington National Tax Services, PricewaterhouseCoopers LLP, Washington, DC

Panelists
John D. Bates, Partner, Deloitte Tax LLP, Washington, DC

Karen B. Brown
, Theodore Rinehart Professor of Business Law, The George
Washington University, Washington, DC

Jeffrey M. Tebbs
, International Tax Counsel – Tax Department, Lockheed Martin
Corporation, Washington, DC

Kenneth A. Jeruchim
, ACCI, Attorney-Advisor, Internal Revenue Service, Washington, DC

Brigid Kelly, ITC, Attorney-Advisor, U.S. Department of Treasury, Washington, DC

The panel will explore a range of issues raised by the new FDII regime and accompanying regulations. The panel will focus on common and unique issues related to the sale of goods, license of IP and the provision of services. Specific topics explored will include:

  • Sale of Movable Property.
  • Effects of Contracts and Use on IP Income.
  • Provision of Mobile Services.
  • Determination of FDII and Allocation of Deductions.
  • Industry Specific Issues.
  • Documentation for FDII Benefits.
11:15 am -12:15 pm GILTI

Chair
Lori A. Hellkamp
, Partner, Jones Day, Washington, DC

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

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

Agnieszka E. Samoc, Vice President, Tax Counsel, Danaher Corporation, Washington, DC

John J. Merrick, ACCI, Senior Level Counsel, Internal Revenue Service, Washington, DC

Wade Sutton, ITC, Senior Counsel to the International Tax Counsel, U.S. Department
of Treasury, Washington, DC

This panel will explore a range of issues raised by the GILTI regime,
including the final GILTI regulations, the GILTI high-tax exception, and
GILTI considerations in structuring and M&A.
 

12:15 pm - 1:45 pm

Luncheon with Address by Michael J. Desmond, Chief Counsel of the IRS and Assistant General Counsel in the Department of the Treasury

MICHAEL J. DESMOND is the 48th Chief Counsel of the Internal Revenue Service, where he oversees a staff of more than 2,000 employees, including approximately 1,500 attorneys. Mr. Desmond began serving as Chief Counsel on March 4, 2019, following his confirmation by the U.S. Senate on February 27, 2019. As Chief Counsel, he is also an Assistant General Counsel in the Department of the Treasury. After serving as a law clerk for the Hon. Ronald S.W. Lew in the federal district court in Los Angeles, Mr. Desmond began his legal career with the Attorney General’s Honors Program at the Tax Division of the U.S. Department of Justice. After serving in the Tax Division, he joined McKee Nelson, LLP, where he was elected partner in 2004. In early 2005, Mr. Desmond joined the Office of Tax Policy at the Department of the Treasury, where he served as Tax Legislative Counsel through 2008. Following his tenure at the Treasury Department, he spent several years as a partner at Bingham McCutchen LLP in Washington, D.C. and Los Angeles, California. In January 2012, Mr. Desmond started his own boutique tax firm in Santa Barbara, California, where he practiced until his nomination as Chief Counsel in 2018. Mr. Desmond has held several offices with the Section of Taxation of the American Bar Association and served as a Regent for the American College of Tax Counsel. He also served as an adjunct professor at Georgetown University School of Law. Mr. Desmond was born in Santa Monica, California and is a graduate of the University of California, Santa Barbara and the Catholic University of America Columbus School of Law.
 

2:00 pm - 3:00 pm Foreign Tax Credits

Chair
Eric B. Sensenbrenner, Partner, Skadden, Arps, Slate, Meagher & Flom LLP, Washington, DC

Panelists
Layla J. Asali, Member, Miller & Chevalier Chartered, Washington, DC

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

Glen Pfeiffer, International Tax Counsel, GE Treasury, Norwalk, CT

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

Jason Yen, ITC, Attorney-Adviser, U.S. Department of Treasury, Washington, DC

The foreign tax credit system has taken on greater importance in the age of tax reform, particularly as a result of the GILTI regime. This panel will discuss recently-issued guidance addressing the application of the foreign tax credit in light of the GILTI provisions, the impact of interest and other expense allocation, and other issues regarding the foreign tax credit system that are raised by tax reform.

 

3:00 pm - 4:00 pm Repatriation (PTI/245A)

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

Panelists
Amie Colwell, Breslow Of Counsel, Jones Day, Washington, DC

Jose E. Murillo, Partner, Ernst & Young LLP, Washington, DC

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

Melinda E. Harvey, ACCI, Branch Chief, Internal Revenue Service, Washington, DC

Brenda Zent, ITC, Special Advisor to the International Tax Counsel, U.S.
Department of Treasury, Washington, DC

  • How has the repatriation issue evolved from the pre-TCJA era?
  • Qualification under section 245A, including restrictions under recent regulations.
  • Calculation and treatment of Previously Taxed Earnings & Profits (PTEP) accounts, including special issues such as Partnerships.
  • Basis Adjustments under section 961.
  • The challenges for bringing home PTEP, including the special rules that apply to PTEP created under section 965.
4:00 pm - 4:15 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.
 

4:15 pm -5:00 pm Cross-Border Individual Matters

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

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

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

Natalie Punchak, ACCI, General Attorney, Internal Revenue Service, Washington, DC

James Wang, ITC, Attorney-Advisor, U.S. Department of Treasury, Washington, DC
 

This panel will discuss recent developments impacting the taxation of outbound and inbound cross-border investments by individuals.Specific topics covered may include:

  • GILTI and other outbound planning issues for individual U.S.
    shareholders, including how the proposed GILTI high-tax
    exception may impact an individual’s decision to make a section
    962 election.
  • Implications of section 958 on U.S. individual ownership of
    foreign corporations through domestic partnerships, including
    the effect on PFICs.
  • Lingering section 965 issues for individuals.
  • Practical issues raised by the proposed section 1446(f) regulations.
  • Tax treaty application to individuals.
  • FIRPTA and other international tax issues for foreign investors in
    qualified opportunity zones.
5:00 pm - 6:00 pm Other Current Developments


Chair

Mary C. Bennett
, Senior Counsel, Baker & McKenzie LLP, Washington, DC

 

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

Brian Davis, Partner, BakerHostetler, Washington, DC

Kimberly Tan Majure, Partner, KPMG LLP, Washington, DC

Kamela Nelan, ITC, Attorney-Advisor, U.S. Department of Treasury, Washington, DC

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

 

This panel will address current topics not covered in other sessions.While selection of the final content will depend on issues that arehot at the time of the conference, potential topics will include:

  • Current treaty issues.
  • Inbound developments.
  • PFIC regulations.
  • Identifying foreign income taxes properly attributable to PTI.
  • Significant court decisions.
 

 

 

6:00 pm -7:00 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 20, 2019

Wifi sponsored by

  

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

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
Danielle Rolfes
, Partner, KPMG LLP, Washington, DC

Panelists
Rafic H. Barrage, Partner, Baker & McKenzie LLP, Washington, DC

Rocco V. Femia, Member, Miller & Chevalier Chartered, Washington, DC

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

Azeka J. Abramoff, ACCI, General Attorney, Internal Revenue Service, Washington, DC

Kevin Nichols, ITC, Senior Counsel to the International Tax Counsel, U.S.Department of Treasury, Washington, DC

This panel will discuss the Base Erosion and Anti-avoidance Tax (BEAT) and its impact on business operations, including:

  • Interaction with transfer pricing and the ownership of tangible property.

  • Scope of exception for services.

  • Impact on common business models and restructurings.

  • The scope of the anti-abuse rules.

 

9:30 am - 10:30 am

Cross-Border Financing

 

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

 

Panelists
Michael T. Mollerus, Partner, Davis Polk & Wardwell LLP, New York, NY

Caroline H. Ngo
, Partner, McDermott Will & Emery, Washington, DC

Elena Romanova
, Partner, Lathan & Watkins LLP, New York, NY

Shane M. McCarrick
, ACCI, Senior Counsel, Internal Revenue Service, Washington, DC

Brett York
, ITC, Associate International Tax Counsel, U.S. Department of Treasury,
Washington, DC

The panel will explore the key threshold questions of where should U.S.- and foreign-based multinationals locate their external and internal debt within their organizations, and how should their debt be structured, in light of the many complicated, and often intersecting, rules that either limit the tax benefits of using debt or increase exposure under various regimes by virtue of using debt. Topics to be discussed include:

  • Impact of interest expense apportionment regulations on GILTI, and potential worldwide allocation rule.

  • Coordination of section 163(j) limitations with hybrid rules and BEAT exposure.

  • Under what circumstances do section 385 regulations still matter?

  • How best to structure cash pooling arrangements.

 

10:45 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

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

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

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

Paul Manning, ACCI, Special Counsel, 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 Address by David J. Kautter, 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 Views from the Government

 

Moderator
Peter H. Blessing
, 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, ITC, 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, New York, NY

 

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