Section 965 Foreign Deemed Repatriation Transition Tax: Final Regulations
Identifying Cash Positions, Treatment of Consolidated Entities, Loss Treatments, Correcting Underpayments, Anti-Avoidance Rules
Recording of a 110-minute CPE webinar with Q&A
This course will provide corporate tax advisers with a detailed and practical guide to the repatriation provisions of the Section 965 transition tax in the wake of the most recent IRS final regulatory guidance. The panel will discuss E&P and basis adjustments, foreign tax credit calculations, and special rules governing affiliated groups and consolidated returns.
Outline
- Shareholders subject to new foreign provisions
- Definition of "specified foreign corporations"
- Identifying and calculating accumulated E&P subject to deemed repatriation transition tax
- Netting provisions
- Calculating tax
- Section 965(h) elections
- IRS guidance finalized in January 2019 and adjustments to prior proposed regulations
- Consolidated return provisions
- Exemptions to cash positions
- Anti-avoidance rule application
- Fiscal year taxpayers with initial payments due in 2019
Benefits
The panel will review these and other key issues:
- Determining the applicability of Section 965 to specific U.S. shareholders
- Identifying what is cash vs. non-cash for purposes of foreign-source income and applicable tax rates
- The use of NOLs and determining taxable foreign-source income
- New guidance governing consolidated returns and loss allocations
- Application of anti-avoidance rules to E&P reducing transactions
Faculty
Andre Benayoun, J.D., BBA
Managing Director
CBIZ Advisors
Mr. Benayoun is a Managing Director who specializes in consulting around international taxation for inbound and... | Read More
Mr. Benayoun is a Managing Director who specializes in consulting around international taxation for inbound and outbound multinational corporations, S corporations, partnerships, and individuals and families. He has more than 10 years of business consulting experience in international taxation with Big Four firms. Mr. Benayoun's experience includes consulting around international tax reform issues from the Tax Cuts and Jobs Act as well as structuring mergers and acquisitions as well as liquidations. He has worked extensively with clients on repatriation planning; foreign-derived intangible income (FDII) planning; treaty analysis; and foreign currency issues; and U.S. CFC and anti-deferral regimes, such as Subpart F/§956/GILTI. Mr. Benayoun is well versed tax provision work (FIN 48/FAS 109), OFL/ODL analysis, debt vs. equity analysis, FTC limitation analysis and planning, tax efficient debt financing, Permanent Establishment (“PE”) risk assessment, entity rationalization planning, and inbound work including ECI, FDAP income, withholding, treaty analysis (e.g., LOB Article, PE Article, etc.), and branch profits tax issues.
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Patrick J. McCormick, J.D., LL.M.
Partner
Culhane Meadows Haughian & Walsh
Mr. McCormick specializes in the areas of international taxation, tax compliance, and offshore reporting... | Read More
Mr. McCormick specializes in the areas of international taxation, tax compliance, and offshore reporting obligations. He published national articles and given numerous national and local presentations on assorted areas of tax and estate planning law, including international tax and offshore compliance issues. His latest article on PFICs is titled Tax Reporting Implications of Foreign Mutual Funds. He is licensed to practice in the States of New Jersey, Florida, and Georgia, and the Commonwealth of Pennsylvania.
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