Transfer Pricing Audits in the Realm of Regulatory Tsunamis: How Prepared Are You?
Taxpayers should expect IRS examiners to give more focus on cases involving new regulations in the next coming years. These new regulations include those regarding intangible assets, services, and procedural audit changes. One of the troubling transfer pricing dispute trends is when the Internal Revenue Service (IRS) implemented views of the transactions' substance differently from those of the taxpayer as illustrated in Abbott Laboratories v. Commissioner, Medtronic Inc. v. Commissioner, and Guidant LLC, formerly Guidant Corporation v. Commissioner.
The ever-changing transfer pricing landscape creates the need for businesses to be prudent and understand transfer pricing audit risks to be able to mitigate them. Companies should start by keeping themselves updated on the imminent regulatory changes.
In a two-hour LIVE Webcast, a panel of thought leaders and professionals assembled by The Knowledge Group will help the audience in understanding Transfer Pricing Audits in the Realm of Regulatory Tsunamis. The panel will also provide the audience with best practices to ensure compliance with regulations and to minimize the risk of auditing.
Key topics include:
- Transfer Pricing Audit Trends
- Significant Transfer Pricing Disputes
- Regulatory Changes
- Compliance Challenges
- Regulatory Outlook
- Best Compliance Practices
Scott D. Davis - CPA, JD,, Partner
- Pre-Audit Preparation of TP General Documentation
- Receipt of the Audit Announcements and Steps To Take Internally.
- Handling of the Actual Audit Period
- Post Audit Period
Jason Evans, Partner, KPMG Canada, Tax - Global Transfer Pricing Services
- Be ready for both multiple sources of information and lack of information
- Know your blind spots
- Understand the approach of the tax authorities and dispute resolution options
- Consider proactive dispute avoidance options
Michael I. Cragg, Principal & Chairman
The Brattle Group
- Understand the issues attracting attention
- Understand the types of issues that lead to controversy
- Understand the types of shortcomings that lead to failure in the dispute resolution and legal process
Who Should Attend:
- Transfer Pricing Attorneys
- Transfer Pricing Specialists & Practitioners
- Pricing Analysts
- Tax Auditors
- Tax Professionals
- Tax Practitioners
- Multinational Companies
- Other related/interested Professionals and Organizations
Jason is an economist and partner within the Global Transfer Pricing Services practice in Calgary. He has over ten years of experience providing transfer pricing advice related to policy design, documentation, and tax authority audits. He has worked in both Canada and the UK. His technical expertise includes transfer pricing for financial transactions, managing dispute resolution options, and the risks and opportunities related to business changes and restructuring.
He works with both public and private companies and tailors his advice to fit the needs of all types of businesses with varying size and complexity, including new companies expanding into international markets, or well established multinational enterprises. Jason has advised clients during CRA audits involving substantial adjustments, including multiple country Mutual Agreement Procedures. He also leads negotiations with CRA on Advance Pricing Arrangements.
Jason has published articles in technical journals and has been invited to a couple of speaking engagements. In 2015 he was recognized as a leader in the International Tax Review’s Tax Controversy Leaders Guide.
Jason is an economist and partner within the Global Transfer Pricing Services practice in Calgary. He has over ten years …
Dr. Michael Cragg is a Principal and Chairman of The Brattle Group. He has been an expert witness in finance, tax matters, antitrust and complex damages matters.
Dr. Cragg has testified extensively in tax matters for taxpayers and the Government in IRS Audit, Appeals, Tax Court and District Court. He has testified on various valuation, capital structure and economic substance matters and in a number of transfer pricing matters. These include a majority of the recent high profile transfer pricing matters including Eaton, Tyco, Chevron, Boston Scientific, Amazon and a number of matters soon to go to trial. Other high profile matters where he testified include the STARS cases, AIG, Principal Life, Long Term Capital Management, Ambac, Lehman and a variety of complex structured finance cases.
Dr. Cragg also leads case teams in complex litigation in the financial sector. For instance, he recently testified for the shareholders of AIG (led by Hank Greenberg) regarding their mistreatment during the Financial Crisis. This involved rebutting the testimony of Hank Paulson, Ben Bernanke and Tim Geithner. He has also testified about CDS contracts in the Ambac bankruptcy, the causes of the bankruptcy of Land America, the various financing activities in the Lehman bankruptcy and the failure of the Irish banking sector and the legality of various activities undertaken by the Irish government.
Dr. Michael Cragg is a Principal and Chairman of The Brattle Group. He has been an expert witness in finance, …
A member of the firm’s National Tax Services Group, Scott has over 25 years of experience in both public accounting and private industry. He has a thorough knowledge of real and personal property statutes on a national basis preparing returns in the states that require annual filing, real and personal property tax appeal and audit defense work. In addition, Scott specializes in coordinating cost segregation studies and property tax reclamations.
Internationally, Scott has strong experience in the preparation for both US and foreign entities in the area of transfer pricing to ensure compliance with Internal Revenue Section 482. Scott has also performed capital allowance studies in the United Kingdom to ensure compliance with Sections 198 and 199 of the HM Revenue and Customs (HMRC). He has appeared before the HMRC on audit defense of capital allowance studies. Scott also has been involved with tax strategy on the due diligence of M&A involving foreign investors looking to open operations in the United States.
Scott received his masters of science in taxation from Seton Hall University and juris doctorate (JD) from Seton Hall University School of Law. A graduate of the University of Bridgeport, he also received his BS degree in accounting and AS degree in economics. As a tax specialist, Scott has worked for both large, national firms and local firms and has repeatedly developed and grown nationwide tax practices. In addition, he has presented and written articles on numerous tax topics. Scott is a member of the American Institute of Certified Public Accountants (AICPA) and also served as indirect chair for the Geneva Group International (GGI) of the Americas. He resides in Union County, NJ.
- More than 25 years of professional experience in both public accounting and private industry.
- Thorough knowledge and the conducting of Transfer Pricing Studies worldwide.
- Specializes in the conducting of cost segregation studies in the United States.
- With thorough knowledge of real and personal property statutes on a national basis preparing returns in the states that require annual filing, real and personal property tax appeal and audit defense work.
- Specializes in coordinating and conducting capital allowance studies in the United Kingdom.
A member of the firm’s National Tax Services Group, Scott has over 25 years of experience in both public accounting …
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About KPMG LLP
KPMG provides Audit, Tax, and Advisory services. We work closely with our clients, helping them to mitigate risks and grasp opportunities.
KPMG LLP is the Canadian member firm of KPMG International. KPMG International's member firms have 155,000 employees working in 155 countries/territories around the world.
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About The Brattle Group
The Brattle Group provides consulting and expert testimony in economics, finance, and regulation to corporations, law firms, and governments around the world. We are distinguished by our credibility and the clarity of our insights, which arise from the stature of our experts, affiliations with leading international academics and industry specialists, and thoughtful, timely, and transparent work. Our clients value our commitment to providing clear, independent results that withstand critical review.
Brattle experts have provided expert testimony and/or consulting services around the world on a wide range of industries such as pharmaceutical and biotech, commodities, e-commerce, energy, financial services, manufacturing, and consumer products. Our work not only includes the standard transfer pricing questions like the proper application of the best method but also economic analyses of the industry, its value drivers (technology, marketing, manufacturing, etc.) and entry barriers, and system profits. We have been involved in some of the most high-profile litigation cases in the last decade. We have also worked behind the scenes in resolutions and presentations with appeals, competent authority, and audit. In addition to litigation, our transfer pricing services also span transaction planning, M&A, valuation, and bankruptcies.
At WithumSmith+Brown, PC (Withum), our foundation was built on the principle of world-class client service. The partners and principals of Withum have been putting clients in positions of strength for over 40 years. A large Mid-Atlantic Firm, one of the Top 10 in New Jersey and one of the top 28 accounting firms in the U.S., Withum brings clients the benefits of a larger organization without sacrificing the attention and personal service that one expects from a local business. Our clients represent a broad spectrum of industries and range in size from small, entrepreneurial startups to billion-dollar, publicly-held companies. As a member of HLB International, we can provide a wide range of inbound and outbound international services to our multi-national client base.