Private Conversations With Tax Professionals: What They Have Shared With Me About Working In This New Environment

A recently retired Tax Partner of an international law firm, a former CPA with a national accounting firm, and a Head of Tax of a multinational corporation, who never lost an IRS transfer pricing controversy, shared with me recently what he believes the biggest exposure is for multinationals today. Multinational companies transfer pricing methodologies will now be exposed for shifting profits and claiming certain functions are performed in countries they are not. Maybe they were in that country a few years ago but not now. He said many corporate tax executives are likely unaware of their transfer pricing exposure.  As you know, transfer pricing requires highly technical skills, knowledge and expertise.

The G7 Agreement to a 15% minimum corporate tax is an advance tax payment against future taxes. It is not an add to tax but in essence an advanced tax payment. The G7 countries are about to have a picnic at your company expense adding billions of dollars in tax revenue to their coffers through transfer pricing advance tax payments.

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Kat Jennings, CEO TaxConnections

There is something about to happen that most companies are totally unprepared for with tax reform. How do I know? I was right in the middle of the impact of tax reform on corporations during President Reagan’s TRA (Tax Reform Act) of 1986. There is no doubt many of today’s CFOs and corporate tax executives are totally unprepared for what is to come under President Trump’s tax plan. President Trump’s tax reform is guaranteed to create many new jobs in corporate tax just like it did in 1986. Here is why…

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