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Loper Bright's Impact on Foreign Taxation: Challenges to Existing IRS and Treasury Regulations

Note: CLE credit is not offered on this program

A live 110-minute CPE webinar with interactive Q&A

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Thursday, December 19, 2024

1:00pm-2:50pm EST, 10:00am-11:50am PST

Early Registration Discount Deadline, Friday, November 22, 2024

or call 1-800-926-7926

This webinar will review the potential impact of the Supreme Court's decision in Loper Bright Enters. v. Raimondo, 144 S. Ct. 2244, 2273 (2024) on global taxpayers. Our panel of international tax advisers will examine the decision and the history of courts' deference to agency interpretations and suggest appropriate strategies for taxpayers as they consider how the new standard may impact existing rules and regulations. They will point out regulations that are most likely to be challenged under the new standard.

Description

In Loper Bright, the Supreme Court overturned the long-held Chevron doctrine. The Chevron doctrine permitted agencies deference in interpreting and applying laws in ambiguous situations. Stating that "Chevron has proved to be fundamentally misguided" and "experience has also shown that Chevron is unworkable," the Court stated that it is a court's duty to resolve ambiguous rules and that agencies' interpretations are not binding.

Although the degree of the ruling's impact remains to be seen, its effect on the state of international tax could be particularly severe. The Tax Cuts and Jobs Act of 2017 rewrote tenets of global taxation and left many questions regarding its application unresolved. In the first decided tax case post Loper Bright, Varian Medical Systems Inc. and Subsidiaries v. Commissioner, 163 T.C. No. 4 (2024), Varian was allowed to take a Section 245A dividends received deduction (DRD) with respect to its Section 78 “gross up” amount. The Tax Court determined conflicting effective dates in separate IRC code sections allowed the deduction. This ruling opens the door for international taxpayers with fiscal year end CFCs and possible DRD refunds. Global tax advisers and multinational entities need to understand the reach of the Loper Bright ruling.

Listen as our panel of international tax planning experts reviews the SCOTUS decision in Loper Bright and its implications for international taxpayers.

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Outline

  1. Introduction
  2. Background
  3. The Loper Bright decision
  4. Implications
    1. IRS: impact on IRS and Treasury regulations
    2. Taxpayers: strategies and challenges
  5. Future drafting of law
  6. Examples of regulations that might be challenged

Benefits

The webinar will cover these and other critical issues:

  • Actions international taxpayers should consider after the SCOTUS Loper Bright decision
  • Examples of regulations that might be challenged
  • Possible changes in IRS settlement approaches
  • Effect on litigation and refund claims

Faculty

Bordia, Surbhi
Surbhi Bordia

Partner
Armanino

Ms. Bordia has over 10 years of public accounting experience. She addresses complex tax issues that impact...  |  Read More

Gbegnon, Kodj
Kodj Gbegnon

Principal
PwC

Mr. Gbegnon is a partner in the International Tax Services practice at PwC’s Silicon Valley office (San...  |  Read More

Zemil, Nick
Nick Zemil

Director
PwC

Mr. Zemil focuses his practice on assisting taxpayers with large-scale international tax issues, with an emphasis on...  |  Read More

Attend on December 19

Early Discount (through 11/22/24)

CPE credit processing is available for an additional fee of $39.
CPE processing must be ordered prior to the event. See NASBA details.

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Early Discount (through 11/22/24)

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CPE On-Demand

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