Annual Institute on Current Issues in International Taxation

Annual Institute Program Details

Thursday, December 12, 2024

7:15 am – 8:00 am Breakfast

8:00 am – 8:15 am Welcome and Introductions

8:15 am – 9:30 am Global Trends

Session Co-Chairs: Nicole Welch, Director, Treaty and Transfer Pricing Operations, IRS
Tadd Fowler, Senior Vice President, Treasurer and Global Taxes, Procter & Gamble
Panelists:

  • Carlos E. Gonzalez Gamero, General Administrator, SAT
  • Michael Jennings, Director, Competent Authority Services Division, CRA

This panel will discuss

  • Dispute prevention and resolution
  • Tax certainty tools (MAP, APA, ICAP, Amount B, standardized benchmarking)

9:35 am – 10:35 am Transfer Pricing

Session Chair: Rocco V. Femia, Member, Miller & Chevalier, Chartered
Panelists:

  • Jenny A. Austin, Partner, Mayer Brown
  • J. Clark Armitage, Member, Caplin & Drysdale, Chartered
  • Christopher J. Bello, Senior Counsel, Treasury Department
  • Brad McCormack, Senior Technical Reviewer, Branch 6, IRS Office of Associate Chief Counsel (International)

This panel will discuss

  • U.S. transfer pricing litigation
  • Enforcement trends, including assertions of transfer pricing penalties
  • Transfer pricing and minimum taxes

10:35 am – 10:50 am Break

10:50 am – 12:00 pm Source and Character in International Tax

Session Chair: Gary D. Sprague, Partner, Baker & McKenzie LLP
Panelists:

  • Michael J. Caballero, Partner, Covington
  • Danielle Rolfes, Partner, KPMG LLP
  • Gretchen Sierra, Principal, Deloitte Tax LLP
  • Jim Wang, Deputy International Tax Counsel, Treasury Department
  • Michelle Ng, Senior Technical Reviewer, Branch 6, IRS Office of Associate Chief Counsel (International)

This panel will discuss

  • Character and source of digitally delivered products and services, including AI and data transactions
  • Source in subcontracted service arrangements
  • Place of use of intangible property as royalty source rule
  • Foreign law developments

12:10 pm – 1:20 pm Luncheon with Interview with IRS Commissioner Danny Werfel (with Deputy Commissioner Doug O’Donnell)

1:30 pm – 2:30 pm Cross-Border M&A

Session Chair: Rachel D. Kleinberg, Partner, Sidley Austin LLP
Panelists:

  • Joseph Calianno, Managing Director, Andersen Tax
  • Mark Dundon, Partner, Kirkland & Ellis LLP
  • Moshe Spinowitz, Partner, Skadden, Arps, Slate, Meagher & Flom LLP
  • Paul J Crispino, Attorney-Advisor, Treasury Department
  • Brady Plastaras, Attorney, Branch 4, IRS Office of Associate Chief Counsel (International)

This panel will discuss

  • Pillar 2 and CAMT considerations in cross-border M&A
  • Impact of Section 338 elections
  • Other developments in taxable and tax-free acquisitions
  • Restructurings and post-acquisition integration

2:35 pm – 3:35 pm Partnerships in International Tax

Session Chair: Daniel Luchsinger, Senior Counsel, Covington & Burling LLP
Panelists:

  • Morgan W. Holtman, Partner, BakerHostetler
  • Morgan Klinzing, Partner, Troutman Pepper
  • Jason Smyczek, Principal, Deloitte Tax LLP
  • Sarah Ritchey Haradon, Attorney-Advisor, Treasury Department
  • Huzefa Mun, Attorney-Advisor, Treasury Department
  • Chadwick Rowland, Senior Technical Reviewer, Branch 4, IRS Office of Associate Chief Counsel (International)

This panel will discuss

  • Proposed basis shifting regulations
  • Domestic controlled REIT regulations
  • Domestic controlled REIT regulations
  • Partnerships and Pillar 2

3:35 pm – 3:50 pm Break

3:50 pm – 4:50 pm Breakout Sessions (I)

1. International Tax Issues for Individual Taxpayers
Session Chair: Kirsten Burmester, Member, Caplin & Drysdale, Chartered
Panelists:

  • Diana S. Doyle, Partner, Latham & Watkins LLP
  • Rosy L. Lor, Managing Director, BDO USA LLP
  • Natalie Punchak, Attorney-Advisor, Treasury Department
  • Sarah Stein, Senior Technical Reviewer, IRS Office of Associate Chief Counsel (International)

This panel will discuss

  • PFICs: update, traps for the unwary, and issues of coordination with Subchapter J/trust issues
  • Proposed trust reporting regulations
  • Section 2801 regulations
  • Aroeste case

2. Pillar 2: Interaction and Impact of U.S. Tax Rules

Session Chair: Patrick Brown, Partner, PricewaterhouseCoopers LLP
Panelists:

  • Enrica Ma, Principal, Ernst & Young LLP
  • Amanda Pedvin Varma, Partner, Steptoe LLP
  • Isaac Wood, Attorney-Advisor, Treasury Department
  • John Merrick, Senior Level Counsel, IRS Office of Associate Chief Counsel (International)

This panel will discuss recent and pending developments in the ongoing implementation of the OECD’s Pillar 2, particularly the interaction of the Pillar 2 rules with the U.S. tax system. Topics to be discussed will include:

Interaction of Pillar 2 with US credits and incentives, including the U.S. R&D credit, FDII, and US cost recovery rules

The anti-arbitrage rules of Pillar 2 and their interaction with the U.S. tax rules (including the approach of the proposed dual consolidated loss regulations to Pillar 2 taxes)

Issues and challenges arising as a result of the concurrent application of U.S. GILTI and Subpart F rules with Pillar 2 taxes.

4:55 pm – 5:55 pm Breakout Sessions (II)

  1. Tax Treaty Issues–Implications for Cross-Border Trade and Investment
    Session Chair: Arlene Fitzpatrick, Principal, Ernst & Young LLP
    Panelists:
  • J. Brian Davis, Partner, BakerHostetler
  • Lori Hellkamp, Partner, Jones Day
  • Elena Virgadamo, Deputy International Tax Counsel for Treaty Affairs, Treasury Department
  • Greg Texley, Senior Technical Reviewer, Branch 1, IRS Office of Associate Chief Counsel (International)

Tax treaties have significant implications for cross-border trade and investment. This panel will discuss the latest updates with respect to navigating the tax treaty landscape including the direction of tax treaty policy in the U.S. and a discussion of the:
-Status of current tax treaty negotiations
-U.S. Model Treaty
-Treaty related guidance
-Proposals regarding Taiwan

2. Cross-Border Financing
Session Chair: Lucas Giardelli, Partner, Mayer Brown LLP
Panelists:

  • Rafic H. Barrage, Partner, Baker & McKenzie LLP
  • Rebecca Lee, Partner, PricewaterhouseCoopers LLP
  • Elena Romanova, Partner, Latham & Watkins LLP
  • Erika W. Nijenhuis, Senior Counsel, Treasury Department
  • Peter Merkel, Branch Chief, Branch 5, IRS Office of Associate Chief Counsel (International)

This panel will discuss

  • External financing structures and U.S. tax considerations relating to guarantees, pledges, and co-obligor arrangements
  • Intragroup debt restructurings and distressed scenarios, including COD income and withholding tax, Section 988, and Pillar 2 considerations
  • Disregarded financing structures, including Section 987 and proposed “disregarded payment loss” regulations
  • Stock buyback excise tax and application of proposed funding rule to intragroup financings

6:00 pm – 7:00 pm Reception

Friday, December 13, 2024

7:30 am – 8:00 am Breakfast

8:00 am – 8:30 am Interview with IRS Chief Counsel Marjorie A. Rollinson (with Associate Chief Counsel (International) Peter Blessing)

8:30 am – 9:30 am Current Issues in Tax Litigation

Session Chair: Anne Devereaux, Gibson Dunn & Crutcher LLP
Panelists:

  • Richard A. Husseini, Partner, Kirkland & Ellis LLP
  • Nathan P. Wacker, Partner, Skadden, Arps, Slate, Meagher & Flom LLP
  • James Kelly, Deputy Associate Chief Counsel (International), Controversy and Litigation, IRS

This panel will discuss

  • Discussion and assessment of the current international tax litigation landscape
  • Regulation validity challenges post-Loper Bright and Corner Post – how much has really changed?
  • Codified economic substance doctrine and other judicial doctrines

9:35 am – 10:35 am Ethics

Session Chair: Linda Galler, Max Schmertz Distinguished Professor of Law, Maurice A. Deane School of Law at Hofstra University
Panelists:

  • Diane M. Ring, Professor of Law and Dr. Thomas F. Carney Distinguished Scholar, Boston College Law School
  • Christopher S. Rizek, Partner, Holland & Knight LLP
  • James Kostura, Attorney, Branch 2, IRS Office of Associate Chief Counsel (International)

Through interactive discussion of case studies, this panel explores the range of ethical issues confronting government and private sector tax professionals in international tax practice and considers them against the ethical rules (including ABA Model Rules, AICPA Code and Statements, Circular 230 and Standards of Ethical Conduct for Employees of the Executive Branch).

Topics may include ethical issues arising in:

  • International tax controversies
  • International tax planning and transactions, including duties regarding foreign law and to foreign tax authorities
  • IRS and Treasury international tax rulemaking and policymaking

10:50 am – 12:05 pm Current Developments

Session Chair: Joan C. Arnold, Partner, Troutman Pepper
Panelists:

  • Brian H. Jenn, Partner, McDermott Will & Emery
  • Mary E. Monahan, Partner, Eversheds Sutherland
  • Karen B. Brown, Theodore Rinehart Professor of Business Law, The George Washington University Law School
  • Deborah Tarwasokono, Attorney-Advisor, Treasury Department
  • Azeka Abramoff, Senior Level Counsel, IRS Office of Associate Chief Counsel (International)

This panel will discuss

  • Update from Treasury and Chief Counsel on work streams of interest
  • Overview of the international aspects of CAMT regulations
  • Review of the proposed dual consolidated loss/disregarded payment loss regulations
  • Hybridity – GE Financial Investments vs. HMRC; The Revenue Commissioners v. Susquehanna International Securities Ltd
  • Update from last year – OECD and mobile workers; Rawat; Liberty Global (OFL), BPT and hybrids
  • Late breaking news

12:15 pm – 1:30 pm Luncheon with Address by Scott M. Levine, Acting Deputy Assistant Secretary for Tax Policy (International Tax Affairs), US Department of the Treasury

1:40 pm – 2:40 pm Repatriation

Session Chair: Ronald A. Dabrowski, Principal, KPMG LLP
Panelists:

  • Amie Colwell Breslow, of Counsel, Jones Day
  • Timothy S. Shuman, Partner, McDermott Will & Emery
  • Jeffrey M. Tebbs, Member, Miller & Chevalier Chartered
  • Brenda L. Zent, Special Advisor to the International Tax Counsel, Treasury Department
  • Karen Li, Senior Counsel, Branch 4, IRS Office of Associate Chief Counsel (International)

This panel will discuss

  • Cash management, including PTEP, FTCs, and section 245A DRD
  • Onshoring considerations, including repatriation of intangible property

2:45 pm – 3:30 pm Views from the Government

Session Chair: Peter Blessing, Associate Chief Counsel (International), IRS

Panelists:

  • Jennifer Best, LB&I Deputy Commissioner, IRS
  • Robin Greenhouse, Division Counsel, Litigation & Advisory, IRS
  • Lindsay Kitzinger, International Tax Counsel, Treasury Department