This session will cover the proposed beneficial ownership information reporting requirements under section 6403 of the Corporate Transparency Act, which was enacted as part of the National Defense Authorization Act for Fiscal Year 2021. Proposed Treasury regulations issued in December 2021 would describe who must file a report, what information must be provided, and when a report is due. Once finalized, these proposed regulations will affect a large number of entities doing business in the United States—hence their relevant to in-house tax professionals.
After this session, participants will understand the following aspects of the proposed beneficial ownership information reporting requirements: (1) who must report; (2) what must be reported; (3) the timing of reporting; (4) penalties; (5) use of information; and (6) data security.Moderator(s):
Enactment of the TCJA in 2017 and the subsequent adoption of various COVID-related measures resulted in states responding with a seemingly endless parade of changes. The result was an extremely diverse patchwork of state responses that made compliance inordinately complex, while at the same time created opportunities and audit risks. This session will explore the maze, opportunities, and emerging controversies.
This session will assess the primary issues that arise when advising a company's in-house charitable foundation, as well as other non-profit issues that may arise.Learning Objectives:
State budgets reacted differently during the pandemic. This session will provide a comprehensive review of state budget scenarios and legislative trends.
This session will include a detailed walk-through of the final foreign tax credit regulations issued in late 2021, with an emphasis on the regulations' new attribution requirementLearning Objectives:
Conducting business in today’s global environment has become increasingly complex, and financial accounting standards have, for the most part, followed suit. We have assembled an expert team of ASC 740 specialists to separate the wheat from the chaff and convey what in-house tax professionals need to know about recent FASB accounting standards updates and significant financial accounting impacts of recently enacted tax legislation, regulatory updates, and proposed legislation that has a reasonable likelihood of being enacted in the near term. Panelists will engage in an interactive dialog, covering the new accounting standards for reporting government assistance; new FASB guidance for contract assets and liabilities acquired in a business combination; impacts of the new law limiting deductibility of section 174 R&E expenditures; and potential impacts and compliance challenges of technical changes in the foreign tax credit regulations and legislative proposals involving GILTI and implementation of the OECD Pillar 2 minimum tax and Pillar 1 tax base determinations.
At the conclusion of this course, participants should:
Cheers to TEI’s Midyear Conference attendees! Swing by Thomson Reuters’ booth on Monday from 6:00-6:30 pm for a chilled glass of champagne and a delicious spread of treats as we raise our glass to celebrate TEI's Midyear Conference and our customers.