Tax Planning for Businesses #049

Businesses and their owners have a lot on their wish lists this tax planning season thanks to the Tax Cuts and Jobs Act (TCJA). Just in time for “TCJA-mas,” host Damien Martin calls in some help from guests Ed Karl, Jesse Palmer and Justin Stenberg to respond to a few TCJA-related wishes from businesses, their owners and their advisors. They’ll explore guidance, accounting methods and considerations for multinational companies after the TCJA. Here’s a list of questions covered:

Guest Ed Karl

[ 01:26 ] Will we have answers and guidance before filing season? [ 03:31 ] How can a CPA add value to businesses and their owners? [ 04:09 ] What’s the employer credit for paid family and medical leave?

Guest Jesse Palmer

[ 06:50 ] Can a cash basis small business taxpayer deduct inventory after the TCJA? [ 12:38 ] How does Section 451(b) change the recognition of income?

Guest Justin Stenberg

[ 19:00 ] What action should U.S. CFC shareholders consider before year-end? [ 27:44 ] Why do you need to consider a basis election under the §965 guidance? [ 32:06 ] How has foreign reporting changed under the TCJA? [ 35:48 ] What could changes to the foreign tax credit under the TCJA mean for credit carryovers? [ 40:08 ] What are some international considerations for choice of entity? [ 47:48 ] Is it true multinational companies aren’t subject to tax on their foreign earnings with the 100 percent dividend received deduction? [ 51:31 ] Why are E&P studies important right now?

BIOS FOR GUESTS

Justin Stenberg is a member of BKD’s International Tax Services division and has more than 11 years of experience providing tax services to clients in the manufacturing, distribution, software and service industries. He has worked closely with privately held and publicly traded corporations.

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Jesse Palmer is a tax partner at BKD and serves as director of tax quality control in the firm’s National Office Tax Department. His responsibilities include quality control, risk management and day-to-day administration of the firm’s national tax practice. Jesse works closely with the national tax director on firmwide tax quality control projects and support-related tasks.

Connect with Jesse on LinkedIn

Ed Karl is vice president of taxation at the AICPA. He’s responsible for the review, formulation and submission of technical and policy recommendations for improvement of the federal tax process to Congress, the U.S. Department of the Treasury and the IRS. Ed also serves as a principal liaison for the AICPA with the IRS and is responsible for tax ethical issues, which includes managing the AICPA’s Statements on Standards for Tax Services. Finally, Ed oversees the tax division’s delivery of services to members, focusing on helping AICPA members provide the highest quality professional tax services.

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ADDITIONAL RESOURCES

“Released Guidance Sheds Light on Employment Provisions” by Katie Patton

“GILTI Year-End Restructuring Considerations for U.S. CFC Shareholders” by Chris Clifton

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