Changes to Form 1120 and Form 1065: Best Practices and Strategies for Corporate Tax Executives and Advisors
The IRS is going to require substantial ownership documentation on Forms 1120 and 1065 filed in 2009. Additionally, for Form 1065, the IRS issued revisions to Schedules B, C, and K-1. Under this new guidance, companies will be required to provide enhanced transparency with respect to their positions in affiliated companies, and how they manage transfer pricing and other related accounting issues. The new guidance also steps up the reporting requirements of partnerships requiring them to provide much more detail with respect to how much each party owns and how they report certain kinds of debt.
During this live webcast, our team of tax experts will walk you through each form helping you to understand what’s new and what’s important. To keep you on track, we’ll also walk you through some of the most significant compliance issues. Corporate tax executives and advisors need to understand how to address the challenges that come with these revisions and how to plan compliance. The Knowledge Group is assembling a panel of distinguished professionals and key regulators to help companies understand these new changes. The speakers will share their expert opinions in a two-hour LIVE Webcast.
SEGMENT 1: Rick Olson, C.P.A., Tax Principal, Manufacturing and Distribution, LarsonAllen LLP - Ownership Reporting, Form 1120, Schedule K - - Learning objectives - Understand the: - Reporting requirements - Definition of constructive ownership - Identify compliance issues - Agenda - Why? - When are the requirements applicable? - What is to be reported? - By the numbers (line numbers) - Constructive Ownership Defined / Examples - Between the Lines – Issues SEGMENT 2: Glenn E. Dance, National Tax – Joint Venture & Partnership Tax Services, Ernst & Young LLP ** Speaker Talking Points to be added soon.. ** SEGMENT 3: Colleen McHugh, Manager, Passthroughs, National Tax Office, Deloitte Tax LLP Form 1065 Schedule K-1 Item J - Determination of partner’s shares of profits, losses, and capital - IRS FAQ - Inconsistency between instructions and IRS FAQ – instructions state that total percentage in each category must equal 100% and IRS FAQ state that the total percentage can equal 0% - IRS had indicated the use of section 704(b) capital accounts is “gold standard” but they acknowledge that other basis (i.e., GAAP) may be appropriate - What if there is a change in ownership during the year? - Cannot show “various” - What if there is a change in the reasonable method used to calculate the ownership percentages? SEGMENT 4: Andrew W. Ratts, Partner, Winston & Strawn LLP - Changes to Schedule B — uses of additional information requested - New Schedule C — uses of additional required disclosure
Who Should Attend:
- CPAs - Accountants - Corporate tax Executives - Tax Adivsors / Consultants - Tax Attorneys - Senior Corporate Executives - Tax Compliance Officers
Rick is a principal in LarsonAllen's tax practice responsible for directing the firm's tax outsourcing practice. He has prior corporate tax experience as tax director at Land O'Lakes, Inc. and Secure Computing Corporation and also has extensive industry experience in both federal and state taxation of technology oriented businesses. Rick provides tax consulting and tax compliance services to his clients and specializes in income tax provision consulting. He is the author of Corporate Income Tax Provision Checklists, published by WG&L Financial Reporting and Management Publications, a division of Thomson Reuters.
As a member of Tax Executives Institute ("TEI") and past president of their Minnesota Chapter, he chaired TEI's Advanced Technology Committee at both the National and the local chapter level. In this capacity, he provided leadership in identifying technology solutions for implementing tax best practices.
Rick received his BSB-Accounting degree with High Distinction from the University of Minnesota. He is a member of the American Institute of Certified Public Accountants, the Minnesota Society of Certified Public Accountants, the National Society of Accountants for Cooperatives, and the Association for Computers and Taxation. Rick has been a frequent speaker at both local and national professional group conferences on a variety of tax, business and technology topics.
Rick is a principal in LarsonAllen's tax practice responsible for directing the firm's tax outsourcing practice. He has prior corporate …
Glenn E. Dance is a member of Ernst & Young LLP’s Joint Venture and Partnership Tax Services group. Glenn is based in Washington, D.C. He focuses on the taxation of partnerships, joint ventures, limited liability companies and publicly traded partnerships.
Prior to joining Ernst & Young, Glenn was Director of Arthur Andersen’s Pass-Thru Entities Tax Specialty Team in their National Tax office in Washington, D.C.
Glenn is a former Chair of the American Institute of Certified Public Accountants’ Partnership Tax Committee and Partnership Tax Resource Panel. He has also served on multiple occasions as Chairman of the Regulatory Committee of the Coalition of Publicly-Traded Partnerships. A frequent speaker and author of numerous articles on partnership tax issues, Glenn has taught at Golden Gate University and the University of Southern California.
Glenn received a B.B.A., magna cum laude, from Temple University School of Business Administration, and a J.D., cum laude, from The Temple University School of Law. He is a certified public accountant licensed in the state of Texas and in the District of Columbia.
Glenn E. Dance is a member of Ernst & Young LLP’s Joint Venture and Partnership Tax Services group. Glenn is …
Colleen McHugh is a manager in the Passthroughs Group of Washington National Tax at Deloitte Tax LLP and specializes in partnership taxation. During her career, she has provided tax compliance and consulting services to a variety of clients, including private equities, investment partnerships, and high net worth individuals. Colleen is a member of the AICPA and NYSSPCA and is a licensed Certified Public Accountant in the State of New York. She holds a Masters of Science in Taxation as well as a Bachelors of Business Administration, both from Pace University.
Colleen McHugh is a manager in the Passthroughs Group of Washington National Tax at Deloitte Tax LLP and specializes in …
Since joining Winston & Strawn LLP in 1987, Andy Ratts has practiced in the area of federal income taxation, advising various clients on tax issues relating to business formations, acquisitions, divestitures, debt reorganizations, executive compensation, investments, financings, operating joint ventures, leasing, public and private debt/equity offerings, and derivatives. Mr. Ratts is frequently involved with tax-advantaged direct investments, private equity and hedge funds, investment funds, real estate and energy credit syndications, project finance, leveraged leasing, mergers, lending, and sales and exchanges. He has particular experience with the federal income taxation of pass-through entities, such as partnerships, limited liability companies, S corporations and grantor trusts, and of financial instruments and derivatives.
Since joining Winston & Strawn LLP in 1987, Andy Ratts has practiced in the area of federal income taxation, advising …
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