August 4, 2022
Thursday, August 11 | Potential implications of the Inflation Reduction Act of 2022 and recent regulatory developments (1 pm ET)
Join us for an update on the Inflation Reduction Act of 2022 and an in-depth discussion of the potential international tax implications of its corporate alternative minimum tax (CAMT) proposal. We'll also discuss the potential business implications of recent technical corrections to the foreign tax credit (FTC) regulations.
Our panel will include members of EY's Washington Council Ernst & Young legislative team, who will discuss the latest updates relating to the bill. Members of EY's National Tax Department will analyze the international elements of the CAMT proposal. The proposal, a minimum tax based on profits computed for accounting (instead of tax) purposes, raises unique challenges for multinational companies. One particular area we'll examine in detail is how CAMT is factored into the computation of Pillar Two minimum taxes that may be imposed by foreign countries on US companies.
In addition to updating you on this legislation, we'll also discuss recent technical corrections made to the final FTC regulations. These corrections appear to relax the "cost recovery" requirement, while also raising new questions as to how broadly the requirement should be interpreted. Panelists will also discuss what additional FTC guidance or regulatory proposals Treasury and the IRS may issue in the future.
Date: Thursday, August 11, 2022
Time: 1:00-2:15 p.m. ET New York; 10:00-11:15 a.m. PT Los Angeles
Registration: View archive here.
Jeff Levey, Executive Director, Washington Council Ernst & Young, Ernst & Young LLP
Jason Yen, Principal, International Tax and Transaction Services, Ernst & Young LLP
Ray Stahl, Principal, International Tax and Transaction Services, Ernst & Young LLP
Anna Voortman, Principal, International Tax and Transaction Services, Ernst & Young LLP
Craig Hillier, EY Americas International Tax and Transaction Services Leader
CPE credit offered: up to 1.4 depending on duration. Recommended field of study: Taxes. Learning objectives: Identify the latest tax legislative developments; recognize the potential international tax implications of the CAMT proposal in the Inflation Reduction Act of 2022; identify changes to the cost recovery requirement in the technical corrections to the final FTC regulations. This intermediate level, group internet-based course has no prerequisites or advanced preparation. Final CPE award to be based on content, polling and length of participation. See CPE FAQ for more information.
EY webcast managed and produced by the NTD Tax Knowledge Services Group, Washington, DC: Lynn Fairfax | email@example.com and Barbara Kirchheimer | Barbara.Kirchheimer@ey.com
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