New BEPS Country-by-Country Reporting Requirements: International Tax Reform Planning and Compliance Challenges

Critical Steps for Multinational Companies to Take NOW to Prepare for New Transparency Standards

Recording of a 110-minute CPE webinar with Q&A


Conducted on Thursday, June 2, 2016

Recorded event now available

or call 1-800-926-7926
Program Materials

This webinar will provide a practical overview of the planning required as U.S. based multinationals transition to the new country-by-country reporting requirements and the increasing likelihood of international tax reform. The panel will identify entities impacted by the new reporting mandate, outline information to be reported, and detail areas for increased audit risk arising from the new reporting regime. The panel will offer usable guidance on specific actions advisers should take for clients to prepare for changes while making the most of immediate tax savings opportunities.

Description

The new OECD Base-Erosion and Profit-Shifting (BEPS) initiatives specifically require multinationals to report business activities on a country-by-country basis using a uniform template.

The U.S. Treasury has announced that impacted companies will be subject to additional filing requirements, including comprehensive reporting of country-by-country activities, beginning in tax years after the regulations are finalized. The new global reporting will almost certainly increase IRS audits and international tax controversy of U.S. multinational activities.

The practical implications of the new requirements cannot be overstated. The new standards will require companies to report revenues, pre-tax profits, income taxes (both accrued and paid), and other essential information for each tax jurisdiction in which the company conducts business activities. These new requirements will impose significant new burdens on tax departments.

Affected companies must prepare not just for the reporting requirements but also for the planning opportunities and consequences of the new standards.

Listen as our experienced panel of expert advisers provides detailed and practical guidance on preparing for the new country-by-country reporting requirements, as well as other key components of the new OECD reporting initiatives, from both planning and compliance standpoints.

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Outline

  1. Country-by-country reporting standards and requirements
  2. The new standards and increased likelihood and depth of IRS audits
  3. Pre-implementation transactions and structures
  4. Leveraging existing tax attributes

Benefits

The panel will discuss these and other important items:

  • What kinds of information will companies have to report on a country-by-country basis?
  • How can companies play a role in designing reporting templates?
  • How do country-by-country standards impact financial statement reporting?
  • What other critical steps must advisers take in preparing for the new reporting requirements?

Faculty

Susan Fickling-Munge
Susan Fickling-Munge

Managing Director
Duff & Phelps

Ms. Fickling-Munge is a member of the Transfer Pricing practice, leveraging more than 15 years of transfer pricing and...  |  Read More

Gasbarra, Mark
Mark C. Gasbarra, CPA

National Managing Director
Forte International Tax

Mr. Gasbarra has more than thirty-five years of international tax experience serving a wide array of companies across...  |  Read More

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