Bloomberg BNA Offers Comprehensive Update on International Tax Reporting for U.S. Companies with Foreign Activities

ARLINGTON, Va., Feb. 28, 2012 /PRNewswire-USNewswire/ -- In today's global business environment, U.S. and foreign-based multinational companies are expanding overseas and increasing their cross-border business activities. Bloomberg BNA | CITE will host a two-day conference, U.S .International Tax Reporting and Compliance, March 26-27 in Dallas, which will feature live group instruction on practical U.S. tax issues in documenting and reporting the tax and accounting results for foreign entities and operations.

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"The U.S. Internal Revenue Service has implemented extensive tax reporting requirements for monitoring foreign activities of U.S. companies," notes Diane Pastore, Executive Director at Bloomberg BNA | CITE. "As a result, tax departments at multinational companies must constantly review their global operations and filing responsibilities to stay in compliance with the U.S. tax laws."

Designed for tax practitioners new to the international tax area or looking to update their knowledge of the latest U.S. international tax legislation and compliance requirements, this conference will provide a look at the latest IRS disclosure rules for U.S. companies with foreign operations.

Attendees will examine the latest forms and best practices for IRS international tax compliance, including tracking earnings & profits on Form 5471 for foreign dividend and gross-up calculations, understanding the latest U.S. tax consequences of making a check-the-box (CTB) election on Form 8832, and reviewing the data of Form 5471.

Special sessions will address calculating the amount of a Subpart F dividend, documenting intercompany transactions and expense apportionment methodologies, and determining if IRS disclosure requirements have been satisfied in cross-border merger and reorganization activities. Our Corporate International Tax Compliance Workshop will examine the latest Foreign Asset Tax Compliance Act (FATCA) guidelines and foreign bank account reporting requirements for 2011 and 2012.

By attending the two-day conference, attendees will:

• Find out how companies obtain foreign tax data from affiliates overseas for preparing Form 5471
• Discover how to report the results of check-the-box and other foreign disregarded entities on new Form 8858
• Ascertain how to satisfy the tax reporting requirements under Secs. 367 and 1248 for foreign mergers and reorganizations
• Learn how to compute the amount of tainted Subpart F earnings and file an election to exclude Subpart F amounts
• Review the preparation of Form 1118 and learn how to prepare worksheets for computing earnings and profits (E&P) and the amount of indirect credit (Sec. 78) gross-up
• Understand how the expense apportionment rules under Reg. Sec. 1.861-8 affect foreign tax credit benefits
• Find out recent trends in transfer pricing planning and managing cross-border audits in multiple tax jurisdictions

The U.S .International Tax Reporting and Compliance will take place at The Westin Galleria in Dallas, TX. To register, go to www.bna.com or call (914) 328.5656 for further information on special rates.

About Bloomberg BNA 

Bloomberg BNA, a wholly-owned subsidiary of Bloomberg, is a leading source of legal, regulatory, and business information for professionals. Its network of more than 2,500 reporters, correspondents, and leading practitioners delivers expert analysis, news, practice tools, and guidance - the information that matters most to professionals. Bloomberg BNA's authoritative coverage spans the full range of legal practice areas, including tax & accounting, labor & employment, intellectual property, banking & securities, employee benefits, health care, privacy & data security, human resources, and environment, health & safety. www.bna.com

SOURCE Bloomberg BNA