New IRS Foreign Tax Credit Regulations: Allocating Expenses, Assigning Foreign Taxes to Income Groups, GILTI, NOLs

A live 90-minute premium CLE/CPE webinar with interactive Q&A


Thursday, April 16, 2020

1:00pm-2:30pm EDT, 10:00am-11:30am PDT

Early Registration Discount Deadline, Friday, March 20, 2020

or call 1-800-926-7926

This CLE/CPE webinar will provide tax practitioners a critical analysis of the new IRS final and proposed regulations on foreign tax credits. The panel will discuss the impact of the final rules on tax planning for foreign income, the allocation of expenses, GILTI, NOLs, and assigning foreign taxes on baskets and income groups. The panel will also discuss proposed Sections 1.861-20 and 1.1502-4 in regards to assigning foreign taxes to different Section 904 income groups and potential pitfalls to avoid.

Description

On Dec. 2, 2019, the IRS issued final regulations concerning determining the amount of allowable foreign tax credits and allocating those tax credits. These regulations are critical to foreign tax planning and compliance, requiring tax practitioners to align any planning methods with the new rules.

The new regulations guide practitioners on many technical issues for applying the foreign tax credit. However, the new final rules failed to extend Section 904(d)(3) look-thru treatment to the GILTI basket or Section 960(b) treatment to foreign taxes imposed on disregarded distributions of previously taxed earnings and profits.

Also, the IRS issued: 1. final regulations related to the allocation and recapture of overall foreign losses and total domestic losses, 2. final and new proposed regs related to foreign tax redeterminations under Section 905(c), and 3. new rules for the allocation and apportionment of R&E and stewardship expenses, and for assigning foreign income taxes to different income groups for various purposes.

These final and new proposed regulations are critical to U.S. companies in applying the foreign tax credit and resolving foreign tax audits.

Listen as our panel discusses the final and new proposed regulations for the foreign tax credit, tax planning for foreign income, the allocation of expenses, GILTI, NOLs, and assigning foreign taxes to baskets and income groups.

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Outline

  1. Key provisions of the new IRS final FTC regulations
  2. Challenges in allocating and assigning foreign taxes to baskets and income groups
  3. Pitfalls to avoid and effective tax planning tactics in light of final regulations
  4. Additional proposed regulations
    1. Section 905(c); foreign tax redetermination
    2. Proposed Section 1.861-20; allocating and apportioning foreign income taxes
    3. Proposed Section 1.1502-4; consolidated foreign tax credit rules

Benefits

The panel will review these and other key issues:

  • What are the critical provisions of the IRS final regulations impacting foreign tax planning?
  • What issues do the final regulations leave unresolved?
  • What are the challenges of allocating and assigning foreign taxes to baskets and income groups?
  • What are the issues associated with foreign tax redeterminations and methods to overcome them?
  • What is the impact of proposed Sections 1.861-20 and 1.1502-4?

Faculty

Horton, Melody
Melody C. Horton, CPA

Shareholder
Elliott Davis

Ms. Horton has more than nine years of experience in public accounting. She provides comprehensive planning and...  |  Read More

Skinner, William
William R. Skinner

Partner
Fenwick & West

Mr. Skinner focuses his practice on U.S. international taxation, with a particular emphasis on tax planning and...  |  Read More

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