Videocasts

2018.04.09 – Tools of Engagement – best practices to maximize certainty and minimize controversy  – The tax reform bill passed at the end of 2017, but Congress continues to propose and make changes to the Internal Revenue Code. Many provisions provided welcome relief; others created uncertainty. This Bottom Line videocast discusses: administrative controversy processes and procedures available to taxpayers and the certainty achievable in an otherwise uncertain climate.

2018.04.05 – Tax Reform and the Insurance Industry – The tax reform bill passed at the end of 2017 includes a number of changes specific to the insurance industry. These provisions, in conjunction with other changes brought about by the new law, can create strategic opportunities or pitfalls for the unwary, depending on the circumstances. In this videocast, Kristan Rizzolo and Susan Seabrook discuss the new provisions affecting tax reserve calculations, changes to proration and to the DAC provisions, and revisions to net operating loss provisions.

• 2018.04.02 – Implications of Tax Reform on Income Recognition – The changes made to the Internal Revenue Code by the Tax Cuts and Jobs Act (TCJA) included a number of modifications to the rules associated with income recognition. Although the TCJA codified certain taxpayer-favorable methods (i.e., the Deferral Method under Rev. Proc. 2004-34), the revised Section 451(b) likely will result in an acceleration of taxpayers’ historic recognition of income. In light of these changes and the changes, made under ASC 606 regarding revenue recognition for financial accounting purposes, taxpayers now more than ever should be reviewing and evaluating their treatment of items of income and expense to ensure they are complying with the new law, while also utilizing the most advantageous methods. This Bottom Line videocast discusses: 1) the new income recognition standard provided under Section 451(b); 2) the codification of Rev. Proc. 2004-34’s Deferral Method under Section 451(c); and 3) implications of the explicit, and implicit, repeal of other income deferral opportunities.

• 2018.03.27 – State Tax Implications of Federal Tax Reform – The state and local tax (SALT) implications of federal tax reform are numerous, yet still often unclear. With states releasing new law and guidance about federal tax reform, taxpayers must stay abreast of this very dynamic area of law. This Bottom Line videocast discusses: 1) the gating question to the SALT implications of federal tax reform—state conformity to the IRC; 2) the major international tax provisions of federal tax reform and relevant SALT considerations; and 3) the major general/domestic tax provisions of federal tax reform and relevant SALT considerations.

• 2018.03.06 – Tax Planning in the Age of Tax Reform: Procedural Options Under Review – Best Practices for Avoiding or Minimizing Controversy  – In light of the major changes to the Internal Revenue Code (the Code) resulting from the recent enactment of the Tax Cuts and Jobs Act (TCJA), now more than ever, companies have the opportunity to revisit their treatment of income and expenses to ensure they are properly applying the Code and taking advantage of the many opportunities available to them as a result of the TCJA. This Bottom Line videocast discusses: 1) four procedural tools that companies should consider as they begin planning for the 2017 federal income tax return; 2) three steps to provide support for positions that may be taken with respect to the TCJA notwithstanding limited administrative guidance; and 3) best tax controversy practices to minimize implementation risks.

• 2018.02.13 –  Federal Tax Reform: Certain Provisions Affecting Pass-through Entities and Their Owners  – The tax reform bill passed at the end of 2017 includes numerous provisions affecting pass-through entities and their owners. These provisions are complex and create both strategic opportunities and pitfalls for the unwary.  This Bottom Line videocast discusses: 1) the 20% deduction for qualified business income; and 2) the limitation on excess business losses.

• 2018.02.12 – The Interest Deduction Limitation under Section 163(j) –  The Internal Revenue Code has historically limited the ability of corporations to deduct certain interest paid to related parties. The recent Tax Cuts and Jobs Act modified this limitation and expanded its application, such that the current limitation applies to all taxpayers and to all business interest, whether or not paid to related parties. This Bottom Line videocast discusses: 1) differences between the historic and current versions of this limitation on interest expense; 2) application of the current limitation on interest expense; and 3) exceptions to the current limitation on interest expense.

• 2018.02.09 – Global Intangible Low-Taxed Income (GILTI) –  The recent Tax Cuts and Jobs Act adopted a provision subjecting certain US shareholders of controlled foreign corporations (CFCs) to tax on their global intangible low-taxed income (GILTI). GILTI is effectively a new worldwide minimum tax on the earnings of a US shareholder’s CFCs.  This Bottom Line videocast discusses:  1) what is GILTI?; 2) Deductions and credits taken into account in determining the US tax on GILTI; and 3) How GILTI is calculated, including a simple example.

• 2018.02.08 – Tax Reform: Base Erosion and Anti-Abuse Tax (BEAT) – The new base erosion and anti-abuse tax (BEAT) generally imposes a 10% minimum tax (5% in 2018) on a taxpayer’s income determined without regard to tax deductions arising from base erosion payments (including the portion of a taxpayer’s NOL treated as related to base erosion payments) which generally cannot be reduced by credits other than, until 2025, the R&D credit and 80% of certain other credits. This Bottom Line videocast discusses: 1) a brief overview of BEAT and 2) a simplified example of the BEAT calculation.

• 2018.02.07 – Introduction to International Tax Provisions – The new Tax Act made significant international tax changes that affect both US and foreign-parented multinational corporations.  This Bottom Line videocast provides an overview of the provisions, including: 1) the impact of the reduced corporate tax rate; 2) the shift to a hybrid territorial/worldwide system; and 3) base erosion provisions, including BEAT and hybrid transactions.