ARLINGTON, Va., June 3 /PRNewswire-USNewswire/ -- Accounting firms, law firms, business groups, and professional associations are sharply criticizing the IRS's proposal to require disclosure of uncertain tax positions—in many cases recommending withdrawal or suggesting other options. Stakeholders say that although they support IRS's intent to improve tax administration, the plan would create significant new burdens on taxpayers, could endanger relationships between taxpayers and their tax advisers, and threatens existing legal protections.
BNA Tax & Accounting, June 9, from 2:00 – 3:00 pm ET, is hosting a webinar, Disclosing Uncertain Tax Positions: Q&A for Practical Implications on International Tax Issues, with IRS Chief Counsel William Wilkins. Joining Williams to speak about taxpayers' views are Janice Lucchesi of AkzoNobel, Frank Ng, former commissioner of the IRS's Large and Midsized Business Division now with Ernst & Young LLP, Neil Traubenberg of Tax Executives Institute, and moderator Brian Trauman of KPMG LLP.
"It will be interesting to hear the IRS's latest thinking on the UTP proposal now that taxpayers' have submitted formal comments," said Rita McWilliams, Managing Editor of BNA Tax Management's Transfer Pricing Report. "It is unclear whether the IRS understood the controversy that would arise because of the proposal, and the question now is how the Service might modify, clarify, or postpone requirements for the new Schedule UTP, especially the proposed requirement to report the maximum amount of potential federal tax liability attributable to each uncertain position."
Registrants (only) may submit their questions for the panelists at any time up to and during the webinar.
The 60-90 minute webinar will cover:
- What is a "concise description" of an uncertain tax position and what level of detail is required when describing "the rationale for the position and the reasons for determining the position is uncertain"
- Discrepancies between FIN 48 and other generally accepted accounting standards including IFRS (and their impact on US subsidiaries of foreign parents)
- Calculation of maximum tax adjustments and ranking of transfer pricing and valuation adjustments
- How the "estimated adjustment" for ranking transfer pricing positions differs from the reserve amount
- Isolating the US-only tax exposure in FIN 48 analyses, and the relevance of uncertainty regarding foreign taxes
- What to do when one expects that a foreign government would relieve double taxation
- What to do when one expects that the US would relieve double taxation (reducing US taxes)
- The impact on transfer pricing policies, intercompany agreements, and Section 6662 documentation
- Issue management, including the Compliance Assurance Process and other programs
- Multiple-year effects: reporting related to transactions spanning or affecting multiple years, including years prior to the disclosure requirement's effective date
- Attorney-client privilege, tax practitioner privilege, and attorney work product doctrine
To join the webinar, register now at: http://www.bnatax.com/uncertain-tax-positions-webinar/?open&cmpid=tmtxac2010, or call 800.372.1033.
William J. Wilkins was sworn in as Chief Counsel of the Internal Revenue Service on August 3, 2009, following Senate confirmation by unanimous consent on July 24, 2009. As Chief Counsel, he is also an Assistant General Counsel in the Department of the Treasury. Before becoming Chief Counsel, Mr. Wilkins was a partner in the Tax Practice Group of Wilmer Cutler Pickering Hale and Dorr LLP (also known as WilmerHale), based in WilmerHale's office in Washington, DC. Mr. Wilkins joined Wilmer, Cutler & Pickering, a predecessor of WilmerHale, in 1988. His practice at WilmerHale included counseling nonprofits, businesses, and investment funds on tax compliance, business transactions, and government investigations. Before joining WilmerHale, he was Staff Director and Chief Counsel of the United States Senate Committee on Finance. Mr. Wilkins joined the Democratic staff of the Committee in 1981 and served as Tax Counsel before becoming Staff Director and Chief Counsel in 1987. Before joining the Finance Committee staff, Mr. Wilkins was an associate with King & Spalding in Atlanta, GA.
Janice Lucchesi, Vice President of Tax, North American Businesses, Akzo Nobel Inc., has over 25 years experience in tax including 12 years in public accounting and her current position with AkzoNobel in its U.S. headquarters in Chicago.
Ms. Lucchesi is a member of the Executive Committee of the Organization for International Investment, the International Fiscal Association, and the Tax Executive Institute. She is the Treasurer of the Chicago Finance Exchange, and member of the IRS Advisory Council, Advisory Board of the George Washington Law School/IRS Annual Institute on Current Issues in International Taxation.
Frank Y. Ng, is a member of Ernst & Young LLP's Tax Controversy and Risk Management Services group in Washington, DC. Frank assists global and domestic corporations focused on working effectively with the Internal Revenue Service and regulators around the world to address tax risk issues and increase tax certainty.
Frank most recently served as Commissioner of the Large and Mid-size Business (LMSB) Division at the Internal Revenue Service with tax administration responsibility for 235,000 corporate and large business taxpayers. Prior to his appointment as LMSB Commissioner, Frank was appointed as the first Deputy Commissioner (International) in LMSB, serving as the United States Competent Authority administering U.S. tax treaties and oversight of the IRS' international compliance strategies and programs. He also has served as, acting Deputy Commissioner (LMSB), Industry Director for Communications, Technology and Media, Director of Pre-filing and Technical Guidance and IRS Attaché in Tokyo responsible for IRS matters in the Far East. During his career at the IRS, Frank was instrumental in leading the Compliance Assurance Process development as well as spearheading the development of other pre-filing and alternative dispute resolution processes. He represented the United States at the OECD Forum on Tax Administration working close with foreign tax executives to enhance global tax administration.
Neil Traubenberg, International President, Tax Executives Institute, is a native of Cleveland, Ohio. Neil earned his Accounting and Law degrees from Case Western Reserve University. Starting his career in public accounting, Neil moved into the corporate world with Diamond Shamrock Corporation. In 1980, Neil joined Sundstrand Corporation, eventually moving into the top tax position, which he held for 16 years until the sale of Sundstrand in June of 1999. Neil then joined Storage Technology Corporation in Louisville, Colorado, where he served as Vice President, Corporate Tax. After the acquisition of StorageTek by Sun Microsystems, Neil took over the leadership of that combined tax group.
Mr. Traubenberg now serves as International President of Tax Executives Institute and a member of the Executive Committee. Neil had moved through the officer ranks of the Chicago Chapter, and has served as Vice Chair of the IRS Administrative Affairs Committee and as Chair of the Federal Tax Committee and the Financial Accounting Task Force.
Brian Trauman is KPMG's U.S. East region leader for transfer pricing controversy services. Based in New York City, Brian helps clients manage and resolve disputes and respond to the challenges that come with transfer pricing controversies, whether related to intercompany pricing between the U.S. and other countries or between U.S. states.
Brian currently serves as secretary of the Tax Section of the American Bar Association and previously chaired the Transfer Pricing Committee's Compliance and Controversy Subcommittee.
To register for Disclosing Uncertain Tax Positions: Q&A for Practical Implications on International Tax Issues, and obtain further information about CLE and CPE credits, go to http://www.bnatax.com/uncertain-tax-positions-webinar/?open&cmpid=tmtxac2010 or call 1-800-372-1033, menu Option 6, then Option 1. The fee is $249 for BNA subscribers, $299 for nonsubscribers. To receive automatic, email notification of upcoming BNA webinars that may be of interest to you, go to: http://www.bna.com/emailsignup.htm
About BNA Tax & Accounting Webinars
BNA Tax & Accounting is the foremost source of tax and accounting research, news, practice tools, and guidance for tax attorneys, CPAs, corporate tax managers, estate planners, and financial accountants. Designed for today's busy practitioners, our webinars offer the same expertise and relevance that are the hallmark of all BNA Tax & Accounting resources. In just 60-90 minutes, practitioners gain in-depth knowledge on a current tax or accounting topic from experts in that area — and benefit from practical applications that can be put to work immediately. Conference attendees have the opportunity to ask the speakers questions, and may be eligible to earn CLE or CPE credits — all from the convenience of their own office or conference room.
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