The panel discussion will be led by Eric Lucas, former U.S. Treasury Department official and a key architect of the Repair Regulations.  Mr. Lucas, who recently joined KPMG's Washington National Tax practice, will be joined by leading capitalization experts from KPMG's Washington National Tax practice: Lynn Afeman, James Atkinson, and Carol Conjura.

During the webcast, panelists will discuss the new regulations in detail, including:

• Background, intended scope, and application of the new Repair Regulations
• New capitalization standards, including special safe harbors and de minimis rules
• Industry specific guidance
• Effective dates, transition rules, and potential change in accounting method procedures
• The practical impact of these changes and their potential effect  on pending IRS audits
• Next steps

This TaxWatch webcast is part of the ongoing series of events highlighting the tax considerations inherent in providing or consuming cloud services as part of your business. Professionals from KPMG’s Accounting Methods and Credits Services practice will provide an overview of how cloud computing is changing the business model and highlight the key domestic tax opportunity areas and considerations for companies developing business models in the cloud including:

• Revenue and expense recognition
• Operating vs. capital expenditures
• Domestic Production Activities Deduction (DPAD/§199)
• R&D incentives
• Sustainability incentives

The act contains a number of important changes to tax rates affecting high income individuals, the estate tax, and provides permanent alternative minimum tax relief. It also retroactively reinstates and extends through 2013 a number of important business tax provisions that expired at the end of 2011 as well as a number of expired energy tax provisions.

This discussion will cover:

• Bonus depreciation
• Estate tax exemption and rate
• Marginal tax rate increase for taxpayers with incomes greater than $450,000/$400,000 (joint filers/single filers)
• Personal exemption phase out and the itemized deduction limitation
• Capital gains and dividends
• Alternative minimum tax
• Business, individual and energy tax extenders
• Expansion of Roth IRA transfers
• Expiration of the 2 percent payroll tax holiday

• The APMA’s 2012 results: what does this tell us, and what are the goals in terms of APAs and Competent Authority cases
  • Duration of cases
  • Trends and issues
• Experience with arbitration
• Putting the “advance” back into Advance Pricing Agreements
• The impending revised Revenue Procedures for APAs and Competent Authority
  • Self-initiated adjustments
  • Other developments

In addition, many under-capitalized banks have considered recapitalizing through the public markets. Industry watchers anticipate the trend of acquisitions and recapitalizations will continue in the coming years. The tax posture and associated tax assets of a target bank are important considerations in assessing value and pricing of an acquisition/recapitalization.

KPMG LLP is pleased to invite you to a one-hour webcast that examines several Internal Revenue Code provisions affecting the utilization of a target bank’s tax assets post-acquisition/recapitalization. Professionals from KPMG’s Mergers & Acquisitions group and Washington National Tax practice discuss considerations for analyzing a target bank’s tax assets, including:

• Valuing tax assets and quantifying pricing impacts
• Identifying transactions with restricted tax assets
• Structuring transactions to reduce restrictions and increase value
• Considering special rules related to financial institutions

Senior-level professionals with extensive experience advising financial services organizations will discuss:

• Final FATCA regulations
• Basel III
• Select state and local tax developments

The agenda topics, which will focus on impacts to banks, include:

• An update on the outlook for tax reform — Hank Gutman
• Effective use of tax department staff, efficient use of technology, and processes and controls — Richard Cimino.

The webcast will be moderated by Liz L'Hommedieu.

CBP clarified that, under certain circumstances, transfer price adjustments are compatible with the customs “transaction value” method, and modified its policy to now allow duty refunds for downward transfer price adjustments.

Professionals from KPMG LLP’s U.S. Washington National Tax Trade and Customs and Transfer Pricing practices invite you to a one-hour webcast to learn about these developments, including observations and considerations addressing transfer price adjustments from a customs perspective.

Through this time of flux, the need for companies to be proactive with their related party issues has never been greater or more likely to result in enhanced compliance efficiencies and potential customs duty benefits. This discussion will also address ways for companies’ representative customs and tax departments to work more effectively together on transfer pricing matters.

• Background on IRS and CBP transfer pricing rules
• CBP’s new transfer pricing adjustments policy
• Understanding the announced “five factors”
• Implications for both customs and tax professionals
• Potential impact on how new rules affect operational transfer pricing
• Ways to enhance compliance efficiencies inter-department: tax and customs

KPMG LLP invites you to attend a one-hour webcast on the latest developments and future trends in customs audits in China. Senior-level Trade & Customs professionals from KPMG International's member firms in China and the United States cover the following topics:

• Overview of the customs audit regime in China
• Growing significance of customs audits in China
• Key risk areas in a customs audit
• How to cope proactively with a customs audit
• Increased relevance of customs audits to the development of an Authorized Economic Operator system in China
• Projected changes to the current customs audit regime in the near future
• Understanding the difference between the customs auditors and the anti-smuggling police
• Preventing audit matters from deteriorating into policy matters.

Taxation in China Series

Understanding the complex tax system in China is an important element to successful investment there. KPMG LLP is pleased to present a TaxWatch webcast series, Taxation in China, in conjunction with KPMG's High Growth Markets practice, for tax executives whose companies currently have or plan to have operations in China.

Previous and upcoming topics include value-added tax reform, corporate restructuring tax considerations, China business trusts and transfer pricing, taxation of intellectual property, repatriation of profits, individual income taxes for international assignees, and loss utilization, and more.

Senior-level Tax professionals from KPMG International's member firms in China and the United States, who are experienced in advising multinationals on doing business in China, discuss:

China Business Trusts

• Objectives of the CBT structure
• What is a CBT?
• Typical formation process
• Taxation of CBTs in China and the United States
• Potential risks and precautions

Transfer Pricing

• Step up in transfer pricing enforcement in China, including recent developments and targeted industries and issues
• CBT-related transfer pricing challenges by China's tax authorities

Taxation in China Series

Understanding the complex tax system in China is an important element to successful investment there. KPMG LLP is pleased to present a TaxWatch webcast series, Taxation in China, in conjunction with KPMG's High Growth Markets practice, for tax executives whose companies currently have or plan to have operations in China.

Previous and upcoming topics include value added tax reform, corporate restructuring, repatriation of profits, intellectual property rights and more.

This series will cover topics of interest—such as transfer pricing, China Business Trusts, repatriation of profits and more—to tax executives who currently have or plan to have operations in China.

This Taxation in China webcast focuses on corporate restructuring. Speakers discuss what constitutes ordinary and special restructurings and then focus on considerations for U.S. multinationals surrounding:

• Mergers
• Demergers
• Asset acquisitions
• Equity acquisitions
• Cross-border considerations

Speakers on this webcast include Abe Zhao, Tax partner from KPMG in China; Pat Jackman, International Corporate Services partner from KPMG LLP's Washington National Tax practice; and Penny Chen, International Corporate Services senior manager from KPMG LLP's China practice.

About KPMG's High Growth Markets

KPMG's High Growth Markets (HGM) practice provides audit, tax and advisory services to U.S.-based companies in their pursuit of outbound investment in high growth and emerging markets, such as China, India, Brazil, Russia, Mexico and Vietnam. In addition, HGM provides services to high growth market-based companies with inbound investment interest in the United States. For more information, please contact the HGM Practice.

In this one-hour webcast, professionals from KPMG International member firms in China and the United States take another look at several major 2012 tax developments through case studies, including:

• VAT reform – What unexpected implications have arisen for production and operations departments?
• Nonresident taxation – What practical problems have resulted from Announcement 30, which provided guidance on how to qualify as a "beneficial owner" under income tax treaties?
• Tax refunds for exports – How can companies comply with the new regulations under Notice 39 and Announcement 24 effectively and efficiently?
• Equity contributions – What are the implications of the regulations on capital contribution with equity involving foreign-invested enterprises for companies considering or undergoing restructuring?

Taxation in China Series

Understanding the complex tax system in China is an important element to successful investment there. KPMG LLP is pleased to present a TaxWatch webcast series, Taxation in China, in conjunction with KPMG’s High Growth Markets practice, for tax executives whose companies currently have or plan to have operations in China.

Two senior tax professionals from KPMG in China -Tax Partner Abe Zhao and Global Transfer Pricing Services Director Leonard Zhang - will provide an update on tax developments in China in the context of topics and types of issues they have been discussing with U.S. companies over the last several weeks, during a coast-to-coast tour of many U.S. cities. Zhao and Zhang will be joined on the webcast by KPMG LLP's Linda Zhang, partner in charge of the U.S. China practice, and Rod Lawrence, U.S. principal in charge of International Corporate Tax, for their insights on the following areas:

• China's tax restructuring rules
• Nonresident taxation - impact of Circular 601 and Circular 698
• Transfer pricing in China - updates, recent developments, and key trends

Under China's Corporate Income Tax reform in 2008, tax incentives have also shifted from manufacturing and regional focus to other industries and national focus. For example, encouraging and strengthening high-tech, innovation and service outsourcing has become a national policy and is a key priority under the government's 12th Five-Year Plan.

In addition, preferential policies related to the Qianhai Shenzhen-Hong Kong Modern Service Industry Cooperation Zone (the "Qianhai Cooperation Zone") - a 15-square-kilometer area located in western Shenzhen on the east coast of the Pearl River Delta adjacent to Hong Kong and Macau — were released in June 2012 by the State Council to facilitate the development vision for the zone.

A good understanding of tax incentives in these areas can lead to tax savings and potentially influence an enterprise’s China business strategy.

KPMG LLP invites you to attend a one-hour webcast on tax incentives currently available in China and how your company can effectively plan and use them. Senior-level professionals from KPMG International member firms in China and the United States cover:

• Tax incentives under the new Corporate Income Tax Law
• Government subsidies and practical considerations
• Preferential policies for Qianhai Cooperation Zone

Taxation in China Series

Understanding the complex tax system in China is an important element to successful investment there. KPMG LLP is pleased to present a TaxWatch webcast series, Taxation in China, in conjunction with KPMG's High Growth Markets practice, for tax executives whose companies currently have or plan to have operations in China.

Previous and upcoming topics include value-added tax reform, corporate restructuring tax considerations, China business trusts and transfer pricing, taxation of intellectual property, repatriation of profits, customs audits, tax incentives and more.

KPMG LLP invites you to attend a one-hour webcast that provides an overview of the taxation of IP in China and related tax planning considerations for multinationals with operations in China. Senior-level Tax professionals from KPMG International’s member firms in China and the United States, who are experienced in advising multinationals on doing business in China, discuss:

• China’s tax treatment of cross-border royalty payments
• China’s tax incentives related to IP development and ownership
• Customs valuation of cross-border royalty payments and related case studies
• Registration of IP rights with China Customs
• Transfer pricing implications of cross-border royalty payments

Taxation in China Series

Understanding the complex tax system in China is an important element to successful investment there. KPMG LLP is pleased to present a TaxWatch webcast series, Taxation in China, in conjunction with KPMG’s High Growth Markets practice, for tax executives whose companies currently have or plan to have operations in China. Previous and upcoming topics include value added tax reform, corporate restructuring, China business trusts and transfer pricing, repatriation of profits, loss utilization and more.

KPMG LLP invites you to attend a one-hour webcast on tax planning considerations when repatriating profits from China. Senior-level Tax professionals from KPMG International member firms in China and the United States, who are experienced in advising multinationals on doing business in China, discuss:

• The general anti-avoidance rule (GAAR) in China and its application in cross-border investment in China
• The recent development in China's beneficial ownership rules—the SAT Announcement 30
• China's indirect transfer rules, notably the upcoming circular to supplement Circular 698

Taxation in China Series

Understanding the complex tax system in China is an important element to successful investment there. KPMG LLP is pleased to present a TaxWatch webcast series, Taxation in China, in conjunction with KPMG's High Growth Markets practice, for tax executives whose companies currently have or plan to have operations in China.

Previous and upcoming topics include value-added tax reform, corporate restructuring tax considerations, China business trusts and transfer pricing, taxation of intellectual property, loss utilization and more.

New Responsibilities for Brokers

• The basis reporting rules for debt require brokers to make important distinctions between less complex debt (for which there is a 2014 effective date) and more complex debt (for which there is a 2016 effective date).
• Brokers must support five customer elections, and compute and report interest, discount, premium, and basis consistent with these elections.
• The broker reporting rules require brokers to make important distinctions between options subject to section 1256 and those that are not to comply with option reporting that commences in 2014.
• Brokers will be responsible for capturing issuer reports of organizational actions affecting basis.
• Brokers are required to provide transfer statements when debt, options, or securities futures contracts are transferred out of an account with the broker beginning in 2015.

What Should You Do Now?

Implementing systems capable of making the requisite determinations, computing discount, premium, and interest properly, and computing basis for debt, options and securities futures contracts will be challenging in light of the 2014 and 2015 effective dates. To achieve these implementation deadlines, brokers must understand what is required of them and how these requirements depart from what they are doing currently. Brokers also should consider the impact of the cost basis reporting regime on their customers, internal staff, and services provided or to be provided by third-party service providers.

KPMG LLP is pleased to invite you to a one-hour webcast that will discuss the recently issued cost basis reporting regulations applicable to debt, options, and securities futures contracts. Professionals from KPMG’s Washington National Tax practice will discuss the regulations and share their perspectives and industry insights regarding what companies should expect and what steps they should consider taking to address the upcoming implementation deadlines.

In the first, U.S. banking regulators proposed a comprehensive set of provisions to deal with the risk-based capital and leverage requirements in the DFA. A significant part of this proposal sets out rules regarding the credit to be given to deferred tax assets (DTAs) in a bank's regulatory capital calculations.

In the second, the Commodity Futures Trading Commission proposed a detailed set of regulations dealing with the cross-border application of the swaps provisions of Title VII of the DFA. These rules should be read in the contact of the related "push out" provisions and ban against proprietary trading. The tax aspects of both sets of proposed regulations may have a significant impact on banking institutions.

KPMG LLP is pleased to invite you to a one-hour webcast that provides an overview of the two sets of proposal regulations and examines their tax aspects. Senior-level professionals from KPMG's Banking, Tax and Financial Services Regulatory practices discuss:

• How the Title VII proposed regulations are intended to work
• How U.S. and foreign tax laws may affect banks in applying the de minimis exception to the Title VII rules and in reorganizing their trading operations to satisfy them
• How the proposed regulations dealing with DTAs are designed to apply
• How the DTA provisions can be applied in practice and what areas may need further clarification.

These reforms are expected to accelerate the shift away from direct taxes towards indirect taxes, like VAT, presenting many new risks, challenges and opportunities for businesses operating globally. 

On this TaxWatch Webcast, partners and professionals from KPMG's Global Indirect Tax practice discuss issues outlined in the whitepaper and such steps as: 

• Modeling techniques to assess the impact of local VAT changes
• Using emerging technologies to increase automation of the indirect tax process
• Deciding whether to outsource new compliance obligations
• Understanding the audit environment in new jurisdictions

Specifically, FATCA may change how asset managers:

• Interact with investors, clients, and counter-parties
• Structure their products and services (offshore and onshore)
• Engage with distributors, administrators, and other intermediaries and service providers, as well as with regulators.

KPMG LLP is pleased to invite you to attend a webcast that focuses on the complex business issues specific to the asset management industry. David Seymour, KPMG’s Global Head of Investment Management, are joined by Robert Broughton, Deanna Flores, and David Richardson of KPMG’s national FATCA practice. We share insights on FATCA’s business and operational impact on major sectors of the asset management industry and provide perspectives on how to manage FATCA’s challenges in a fluid regulatory environment.

This webcast is intended to be of value to executives and other professionals responsible for hedge funds, real estate funds, private equity funds, fund of funds, infrastructure funds, venture capital funds, mutual funds, and more.

On July 26, 2012, the Treasury released a Model Intergovernmental Agreement (Model IGA) for foreign governments interested in adopting this alternative FATCA regime for the foreign financial institutions operating within their jurisdictions. FFIs complying with the Model IGA’s provisions will not be subject to the punitive 30-percent withholding rate under Code section 1471.

KPMG LLP invites you to a one-hour webcast presented by our Global FATCA Network that examines the recently released Model IGA and what this development may mean to your business and your FATCA readiness plans. David Neuenhaus, Global FATCA Network leader, moderates the discussion with Laurie Hatten-Boyd, Global Tax lead for FATCA services, Laurence Birnbaum-Sarcy, Global Advisory lead for FATCA services, and Erin Kragh, member of the Global FATCA Network and KPMG LLP's Information Reporting Practice. The speakers:

• Provide an overview of the IGA framework
• Compare this framework to the one set forth in the proposed regulations
• Discuss whether certain changes may be a precursor to what we can expect in the final rules
• Consider specific implications for banks, insurers, and investment managers
• Discuss options for multinational financial institutions located within, and/or outside of, FATCA partner jurisdictions

Audience polling results from this webcast will be available shortly.

This TaxWatch webcast provides an overview of the FATCA withholding regime, review the framework and implementation guidance provided in the recent notice (in comparison with the prior 2010 guidance), and highlights what can be done to prepare for the January 1, 2013, effective date. Among the specific topics discussed include:

• Procedures that participating foreign financial institutions (FFIs) are to follow in identifying U.S. accounts among their pre-existing individual accounts
• Definition of "passthru payment" and the obligation of FFIs to withhold on passthru payments
• Obligation of FFIs to report with respect to U.S. accounts
• Rules for the treatment of qualified intermediaries under section 1471
• Application of section 1471 to expanded affiliated groups of FFIs
• Effective date of FFI Agreements

Please join us for this TaxWatch webcast, during which Tax Principal Laurie Hatten-Boyd will be joined by KPMG colleagues Carl Cooper, Mark Naretti, and Melinda Schmidt to discuss highlights of the proposed rules, and what they may mean for potentially impacted entities. Carl, Mark and Melinda all have extensive information-reporting and FATCA-related experience.

In addition, KPMG Advisory Director Robert Alpert will join the discussion to provide a framework of the potential business implications that financial institutions may face as they implement the regulations.

On this TaxWatch webcast, KPMG professionals, including Laurie Hatten-Boyd, Emma Preston, and Philip Cleary, discuss the U.S. withholding requirement outlined in the FATCA proposed regulations as well as the registration process for foreign financial institutions (FFIs). Tara Ferris and John Sweeney, attorneys from IRS Chief Counsel's Offices, members of the IRS FATCA Working Team, and participating drafters of the proposed regulations, then join the webcast to answer questions about FATCA provisions.

This decision found that certain severance-related payments made to former employees should not be considered taxable compensation for FICA purposes, and thus not subject to FICA taxes. The decision is in conflict with a 2008 Federal Circuit Court decision inCSX v United States, which found that such payments, except under very specific circumstances, are taxable for FICA purposes.

This webcast discusses the impact of the Quality Stores decision on taxpayers paying involuntary severance, and addresses potential opportunities for both taxpayers in the Sixth Circuit as well as those outside of the Sixth Circuit.

Discussion topics will include:

• The potential tax-technical and business ramifications of the decision
• The potential immediate and long range tax impact on the treatment of involuntary severance payments made in the event of reductions in force
• Key dates regarding possible additional developments, including an analysis of taxpayer action items
• Steps that should be taken immediately by taxpayers both within and outside the Sixth CircuitThe

KPMG LLP is pleased to invite you to a one-hour TaxWatch webcast with John Sweeney, Senior Technical Reviewer, IRS Office of Associate Chief Counsel (International), and Tara Ferris, Attorney-Advisor, IRS Office of Associate Chief Counsel (International), as well as KPMG professionals Laurie Hatten-Boyd, Global FATCA Tax Lead, Mark Naretti, FATCA Banking Lead, and Erin Kragh, FATCA subject matter professional, for their insights on the final regulations and what they mean for your compliance efforts. Some of the issues they address include:

• Harmonization between the final regulations and the intergovernmental agreements (IGAs)
• Account identification and due diligence
• Changes to withholding and reporting requirements

KPMG LLP invites you to attend this one-hour live Webcast which will cover ways in which international assignment programs may be affected by U.S. health care legislation, the Affordable Care Act, much of which becomes effective in 2013. KPMG professionals with experience in global mobility, international tax, and compensation and benefits will address:

• Medicare tax on high wage earners
• Medicare tax on unearned income
• Other individual tax provisions of the Affordable Care Act
• Employer "pay or play" rules on providing minimum essential health coverage
• Prohibition on "discriminatory" health plans
• Employer reporting requirements
• International assignment policy and implementation issues

There will be a Q&A session at the end of the program.

These challenges are compounded when a U.S. multi-national company employs a cloud computing solution on a global basis.  In such situations, one of the biggest tax challenges involves the identification of how the use of the cloud (or partnering with cloud service providers) impacts a company’s (U.S. and local country) compliance requirements.  Further, a tax department’s ability to obtain the relevant data to comply with such filing requirements is often difficult, if not impossible to obtain, without  undertaking steps to ensure that the systems employed by the company and/or the cloud service provider disseminate the information required by the tax function. 

This TaxWatch webcast is part three of a four part series of events highlighting the tax considerations inherent in adopting cloud for your business.  Professionals from KPMG’s International Corporate Services practice provide an overview of selected cloud user side issues while highlighting some of the key international tax considerations for companies utilizing cloud computing including:

• Identifying relevant data necessary to support cross border payments
• Character and source of income determinations
• Withholding tax considerations
• Indirect tax implications

For companies caught in this audit net, there has not been any recourse available to get out and obtain certainty on a go-forward basis. The India APA program is poised for takeoff, following the announcement of the guidelines by the India Revenue Authorities.

Pursuant to these guidelines, taxpayers will be able to seek unilateral, bilateral or even multilateral APAs for existing or new intercompany transactions. This webcast will cover how the APA program is expected to usher in a new dimension to the transfer pricing landscape and help taxpayers to achieve transfer pricing certainty with respect to their inter-company transactions.

The discussion will cover:

• Recent transfer pricing audits and adjustments and the challenges that are being faced in resolving controversies through the domestic administrative and judicial processes and the competent authority route.
• Managing controversy in India: The new APA program – what you need to know
• Navigating the APA landscape – from pre-filing to agreement
• Who should consider entering into the APA program with India?
• What APA option to pursue – bilateral or unilateral?

This TaxWatch webcast features partners and professionals from KPMG's Indirect Tax practice discussing how a company can minimize indirect tax exposure as well as improve indirect tax compliance.

The program includes:

• A general overview of indirect tax
• The growing complexities of indirect tax compliance
• Effective processes for managing the indirect tax function in a rapidly changing environment
• Q&A 

At the end of the one-hour CPE portion of the program, you are invited to stay on for an optional 15-minute presentation on KPMG's suite of services that support indirect tax compliance.

Over the last few months, there have been many indirect tax legislative developments and rate changes across the globe. Join partners from KPMG LLP (KPMG) in the United States as they discuss indirect tax news from Latin America, Europe and Asia.

A partner from KPMG's member firm in Canada will also be on the webcast to discuss several legislative developments in Canada, including:

• Quebec's further harmonization of QST rules with GST rules
• British Columbia's transition back to a two-tier GST/PST system

There will be time at the end of the program for a Q&A session.

KPMG LLP is pleased to invite you to a one-hour webcast that addresses transfer pricing planning and implementation considerations for insurance companies. Senior-level tax, transfer pricing and actuarial professionals with extensive insurance industry experience will lead a dynamic discussion covering the following topics:

• Transfer pricing implications of insurance group restructurings
• Reinsurance transactions and capital management
• Provision and pricing of intercompany services

Sheryl Flum, chief, Branch 4, IRS Office of Associate Chief Counsel (Financial Institutions and Products) and senior professionals from KPMG LLP who focus on the taxation of insurance companies discuss the following topics:

• Upcoming insurance-related guidance
• Property and casualty loss reserve issues
• Life insurance company reserve issues

KPMG LLP is pleased to invite you to a one-hour webcast discussion that addresses the critical issues faced by tax directors generally and insurance company departments in particular. Tax professionals with extensive insurance industry experience will lead a dynamic discussion covering the following topics affecting tax departments:

• Staffing
• Efficient use of technology
• Processes and controls

These developments include the merger of the former U.S. Competent Authority (CA) and Advance Pricing Agreement (APA) Programs into a single Advance Pricing and Mutual Agreement (APMA) Program, and the addition of more staff, including experienced economists, dedicated to Transfer pricing related matters.

This webcast focuses on these developments and what they reflect in terms of the IRS’ direction in transfer pricing audits and cross-border controversies, such as CA and APA matters. Through this time of flux, the need for taxpayers and their representatives to be proactive with their cases and issues has never been greater or more likely to result in enhanced efficiencies.

The discussion will also address ways to try to work more effectively with the IRS on transfer pricing matters.

Establishment of APMA

• Objectives of APMA in terms of efficiencies and standardizations of processes
• Increases in staffing and offices and assignment of cases
• Impact of the merger on APA processes—cases will be developed differently
• Update of Procedural Guidance—Rev. Procs. are being updated and input will be sought from practitioners
• Ways to enhance efficiencies in the CA and APA arenas (and “tips” from the new APMA Director)

IRS Transfer Pricing Operations

• Impact in audit of LB&I Division’s hiring of technical transfer pricing experts at the senior and junior levels and how they will be deployed
• Transfer pricing technical experts’ role: “shoulder to shoulder” with local examination teams or advisory
• IRS goal of producing transfer pricing “winners” and what this may mean for companies
• How to work with these new transfer pricing specialists

TaxWatch Webcast Recap 

Click here to download a recap of the webcast.  

Read more about transfer pricing and other tax disputes issues

Tax Dispute Resolution Quarterly aggregates hot topics and trends to offer value-added insight. Read Tax Dispute Resolution Quarterly - Issue No. 03/July 2012 Newsletter

Recent tax legislation, including the American Taxpayer Relief Act of 2012 and the Affordable Care Act, can have a significant impact on international assignment programs.  This one-hour Webcast will focus on key individual income tax provisions that become effective in 2013 and what the possible financial and administrative impacts could be on your company's international assignment program.

Partners and professionals from KPMG's International Executive Services practice will engage in a discussion of this recent legislation which will include:

• Effect of tax rates on program costs
• Extended tax provisions
• Additional taxes
• Healthcare tax update
• Payroll tax changes
• Q&A

Have you been tracking these latest developments in unclaimed property and think that some states may be becoming too aggressive in their unclaimed property compliance enforcement efforts? Are you interested in finding out what effects recent unclaimed property legislative developments may have on your organization?

Professionals from KPMG’s Unclaimed Property practice, along with unclaimed property counsel from the law firm of Alston & Bird LLP, will give a snapshot of recent legislative developments in unclaimed property, primarily in the states of Delaware and New Jersey, and how this legislation can affect holders of unclaimed property.

This webcast will feature:

• Delaware’s new Voluntary Disclosure Program offered by the secretary of state, a program that offers holders a better opportunity to comply with Delaware’s unclaimed property laws than what has been available in the past
• Insights on New Jersey’s newly enacted regulation regarding gift cards
• Additional legislative developments in other prominent states

Click here to read KPMG's recent  TaxNewsFlash on the Delaware and New Jersey legislation. 

Key items to be addressed include:

- An overview of the final regulations.
- The interim rules related to constructive sale price.
- The interim rules related to covenience kits.
- The transition relief for certain lease and installment sale contracts.
- The transition relief from the failure to deposit penalty.
- Other federal excise taxes that may affect medical device manufacturers.

This event features KPMG professionals from our Washington National Tax office. The program is designed for tax professionals involved with the preparation of federal income tax and returns, international-related information returns, and Forms 1099 and 1042-S, and focuses on areas where filing errors occur.

This webcast will also cover:

• Penalty Relief for Information Reporting Failures under FAQs 17 & 18 of the IRS Offshore Voluntary Disclosure Program
• Relief for Missed Gain Recognition Agreements and Dual Consolidated Loss Statements
• Curing Missed Elections
• Resolving Form 1042 and 1099 Reporting Failures

On this webcast, partners Frank Sangster (KPMG LLP) and Lachlan Wolfers (KPMG in China) from KPMG's global indirect practice discuss the current indirect tax reforms currently being piloted in Shanghai and their impact on businesses located in China, with a focus on U.S. businesses with operations in China.

The Shanghai VAT pilot scheme was launched on Jan. 1, 2012, to replace Business Tax with a VAT in the transportation sector and in certain "modern services industries." While the pilot program is currently limited to Shanghai and certain industries, the implementation and transitional rules are likely to serve as a roadmap to the way the reforms ultimately will be implemented across the whole of China. It is widely anticipated and expected that the pilot program will be extended to other parts of China as early as July 2012.

The discussion topics include:

• How the VAT reform pilot program in Shanghai operates
• How have businesses coped with the changes, two months into the reforms
• What actions businesses need to take to deal with the reforms
• What are the opportunities the reforms present for businesses
• What are the major risk areas that businesses need to be aware of
• What is the likelihood and timing of the VAT reforms spreading across China

About KPMG's High Growth Markets

KPMG's High Growth Markets (HGM) practice provides audit, tax and advisory services to U.S.-based companies in their pursuit of outbound investment in high growth and emerging markets, such as China, India, Brazil, Russia, Mexico and Vietnam. In addition, HGM provides services to high growth market-based companies with inbound investment interest in the United States. For more information, please contact the HGM Practice.

The draft document contains a proposed revision of the provisions of Chapter VI of the OECD Transfer Pricing Guidelines and a proposed revision of the Annex to Chapter VI containing examples that illustrate the application of the revised provisions.

The OECD is considering comments before finalizing the document. The discussion draft is significant because, when final, it will provide detailed guidance concerning many important transfer pricing issues involving intangible assets that is expected to be followed by OECD member countries.

KPMG LLP is pleased to invite you to a one-hour webcast that examines the draft revised provisions and their potential implications for multinational companies. Professionals from KPMG's Global Transfer Pricing Services and Washington National Tax consider various aspects of the discussion draft, including:

• Defining what is an intangible asset
• Methods for valuing intangible assets
• Identifying the group member(s) entitled to returns from intangibles
• Relationship to OECD Chapter IX on business restructurings
• Post-transfer adjustments to consideration paid for an intangible asset

Webcast Polling Result: Has your company transferred intangibles from an OECD high tax jurisdiction to a low tax jurisdiction? During the live webcast, more than one-third (36 percent) of the informed participants—237 participants answered either Yes or No to the question—replied that their company had done so.

As a result, companies that do not rigorously implement and adhere to their transfer pricing policies governing intercompany transactions face growing risks.  Risks that can include materially misstated financial statements, increased audits, and multi-million-dollar tax adjustments and related penalties.

Please join Jerry Klopfer, a tax principal in KPMG's Economic and Valuation Services practice, Tony Bevacqua, an advisory principal in KPMG's Financial Management practice, and Doreen Liu, a senior manager in KPMG's Economic & Valuation Services practice as they discuss the risks inherent in implementing transfer pricing policies and how integrating transfer pricing into day-to-day operations and aligning implementation with strategy, can help improve the integrity of intercompany accounts.

In recent months it has become clear that the discussion has moved beyond technology itself and cloud has become a key priority for business leaders. For tax professionals, the interest in cloud may be associated with identifying and understanding the tax risks and recognizing the tax savings opportunities for their business. Technology specialists, while understanding and acting upon the information relevant to their area of expertise, have likely not factored in the potential tax issues for providers and subscribers of cloud services.

This TaxWatch webcast serves as the opening of a series of events highlighting the tax considerations inherent in adopting cloud for your business. A cross-functional team of Tax and Advisory leaders explain the various cloud models, while shedding light on the possible tax issues embedded.

The discussion also includes specific examples of how businesses are utilizing the cloud and taking advantage of the tax benefits, while avoiding the pitfalls. Through the course of the summer-long series, we will take a deeper look at the various state, local and international tax issues that companies need to focus on.

The R&D Tax Credit - It's back!  And so is the opportunity for your organization to benefit from permanent cash tax savings and increased returns on R&D investments.

Now is the time to focus - The federal R&D tax credit was recently reinstated (as part of the "fiscal cliff" legislation) for 2012 and 2013 - you can now consider the credit for quarterly estimates and tax projections.  Much has happened in the R&D tax credit area - don't miss this important update that will help you and your team revisit the methodology you are using to identify qualifying activity, capture R&D expenditures, and organize supporting documentation.

Please join partners and professionals from KPMG's R&D Tax Credit Services practice as they help tackle the complexities of the R&D tax credit.  The team will provide not only technical updates but practical advice on meeting the substantiation requirements for the R&D tax credit.

Key items to be addressed include:

• The R&D tax credit extension and technical modifications
• Leading practices for substantiating R&D tax credits
• New opportunities to engage with the IRS
• Update on the R&D tax credit in the courts
• New Global R&D Tax incentive opportunities

As state legislatures begin to move into full swing, it looks as if 2013 could become "The Year of State Tax Reform."  Recently, a number of governors have proposed major structural tax changes, many of which focus on eliminating personal and/or corporate income taxes and on expanding the sales and use tax base to include a wide variety of services, including certain business to business services.  In addition, a number of recently-introduced bills are aimed at compelling internet and other remote sellers to collect and remit sales tax and preparing states for the possibility of federal sales tax collection legislation.

Please join SALT professionals from KPMG's State and Local Tax Washington National Tax practice as they discuss 2013 legislative proposals and trends -- both corporate income tax and sales and use tax.

The 2013 state legislative sessions are winding down and there are a number of law changes that are of importance to corporate taxpayers. In addition, there are significant pending tax proposals in a number of states. But, the biggest development so far in 2013 is a federal bill, the Marketplace Fairness Act of 2013, which recently passed the Senate and has moved to the House of Representatives for consideration. If enacted, this bill would allow certain states that undertake specified simplifications of their sales tax system to require sellers without physical presence to collect tax­­—thus creating a sweeping change in the U.S. sales and use tax landscape.

Please join SALT Professionals from KPMG’s State and Local Tax Washington National Tax practice as they discuss recently-enacted 2013 legislative proposals — both corporate income tax and sales and use tax— and discuss the details of the Marketplace Fairness Act and how it could affect multistate sellers of goods and services.  

This TaxWatch webcast is part two of a four-part series of events highlighting the tax considerations inherent in providing or consuming cloud services as part of your business. Professionals from KPMG’s State and Local Tax practice provide an overview of how cloud computing is changing the business model and highlight the key state tax considerations for companies developing business models in the cloud, including:

• How are tax authorities addressing the taxability and sourcing of these services?
• What are companies struggling with as they become cloud service providers or consumers?
• What incentives are available for data center investment?
• When do you need to be concerned about telecommunications tax issues?
• What can tax professionals do now to prepare for the future?

On May 10, the Court of Justice of the European Union (CJEU)—the highest court in Europe—delivered its decision in the Santander Case, the first time that the CJEU has ruled on whether or not a non-European fund is actually entitled to recover tax by applying European law. One of the claimants was a U.S. mutual fund. The decision’s impact may extend to U.S. insurance companies, pensions, other institutional investors and certain types of alternative funds.

KPMG LLP, the U.S. member firm of KPMG International, invites you to attend a 75-minute webcast that will consider some of the possible implications of the CJEU decision on potentially affected U.S. investors, including mutual funds, insurance companies, pensions, other institutional investors and certain types of alternative funds.

Senior-level professionals with extensive funds, foreign tax credit and international taxation experience, including Principal Deanna Flores and Managing Directors Caren Shein and David Richardson from KPMG LLP (the U.S. member firm), Partner Chris Morgan from KPMG LLP (the U.K. member firm), and Partner Laurent Leclercq from Fidal International* in France, discuss:

• Could there be a temporal limitation, meaning no new claims can be made after May 10, or could the case open the floodgates to new claims?
• For U.S. funds that currently pass through foreign withholding taxes to shareholders, how might the IRS treat those taxes now or in the future as noncreditable to the extent that the taxpayer may be entitled to file a claim to avoid the tax based on EU law but no such claim is made?
• For U.S. funds that have elected to flow tax credits through to their investors, how should the repayment of foreign tax be dealt with?

Polling results! During this webcast, audience members were polled about their views on the CJEU decision and their plans to to file claims to recover withholding taxes. A summary of the polling results appears here.

* Fidal is an independent legal entity that is separate from KPMG International and KPMG International member firms.

This KPMG TaxWatch webcast will highlight the implications of section 336(e) for tax planning, including:

• background of section 336(e),
• comparison of section 336(e) and section 338(h)(10) elections,
• relevant factors for making the section 336(e) election (or a protective election),  and
• section 336(e) election filing requirements.

The discussion will be led by Joe Pari, a leading corporate tax adviser who recently joined KPMG as Principal in Charge – Elect of the Washington National Tax office. Joining Joe are Mark Hoffenberg, Principal in Charge of the Washington National Tax Corporate group, and John Geracimos, a Tax Managing Director in the Washington National Tax M&A Tax group.

Senior tax dispute resolution professionals from both countries will discuss issues of interest to any taxpayer doing business in or facing the revenue authorities in those jurisdictions. Topics covered will include:

• What you need to know about the administrative process in Brazil and Russia
• How does a tax dispute unfold in those countries? How can you work with the revenue authorities to resolve your issues?
• What are the key issues being raised by the revenue authorities, and how can you best address their inquiries?
• What are the key tax trends unfolding in these jurisdictions?
• What should you be prepared for as you do business in Brazil and/or Russia?

The new Social Insurance Law, which took effect July 1, 2011, expanded China’s social insurance program to include expatriate employees. On September 6, 2011, the government subsequently released the Interim Measures for the Participation in Social Insurance by Foreigners working in China, which took effect October 15,  2011. However, a lack of local implementation rules has led to enforcement lagging behind the law and local practice varying from one city to another.

To help clarify the matter, China's Ministry of Human Resources and Social Security released Renshetingfa[2011] No.113 (the 'Circular') on December 6, 2011, urging foreigners working in China to participate in the program.  The Circular provides insight into what expatriate employees and their employers should expect in terms of implementation, which is likely to take place in the near future.

On this Webcast, professionals from KPMG's U.S. International Executive Services practice and KPMG in China provide an overview of the new rules and discuss:

• Registration requirements
• Practical advice on complying with the new rules
• Refund of contributions
• Chinese social security totalization agreements currently in effect as well as those under consideration and how they impact the new rules
• U.S. income and social security tax implications of employer and employee contributions
• Tax equalization policy issues

With 2012 nearly over, the state legislative sessions will begin in a few short months. As such, it is the perfect time to assess the current state tax landscape and start considering where things might be headed.

Please join professionals from KPMG’s State and Local Tax Washington National Tax practice as they discuss some of the most significant developments and trends of 2012—many of which could continue into 2013. In addition, we will also cover the recent ballot initiatives, the states’ current fiscal health and potential tax changes in the new year.

The discussion draft includes a very significant addition to the rules governing the taxation of derivatives and several changes to the taxation of debt instruments. KPMG professionals who focus on financial products will cover the proposals in the discussion draft, including the proposals to:

• Provide uniform tax treatment of financial products
• Simplify business hedging tax rules
• Eliminate “phantom” tax resulting from debt restructurings
• Harmonize the tax treatment of bonds traded at a discount or premium on the secondary market
• Increase the accuracy of determining gains and losses on sales of securities
• Prevent the harvesting of tax losses on securities

The panelists will provide listeners with a detailed discussion of the provisions, the current state of the law that these provisions are meant to amend or replace, as well as potential issues that might arise if the proposals are enacted in their current form.

Listeners who viewed the Feb. 7, 2013, Tax Governance Institute webcast will find this discussion to be a good technical supplement to the previous webcast, which focused on various policy considerations related to the proposals.

Additionally, the webcast will provide some practical recommendations for HR and finance personnel for working through tax audits conducted by the China tax authorities.

Senior level professionals from KPMG International's member firms in China and the United States, who are experienced in advising multinationals on doing business in China, provide an overview of the new rules and discuss:

• Equity incentive plan-related tax and foreign exchange implications
• IIT rules for Hong Kong and Macao individuals
• Social security contribution requirements for non-resident employees
• Strategies and methods of investigation of tax audits
• China tax issues related to cross-border assignments and possible PE issues

Taxation in China Series

Understanding the complex tax system in China is an important element to successful investment there. KPMG LLP is pleased to present a TaxWatch webcast series, Taxation in China, in conjunction with KPMG's High Growth Markets practice, for tax executives whose companies currently have or plan to have operations in China.

Previous and upcoming topics include value-added tax reform, corporate restructuring, China business trusts and transfer pricing, intellectual property, repatriation of profits, loss utilization and more.

For many banks, a review of transfer pricing policies now makes sense - especially as these policies may have considerable importance when implementing changes in bank operations brought about by these recent events.

This webcast examines the impact of Dodd-Frank in the United States and similar legislation in other countries, Basel III and general business environment changes brought about by the financial crisis on banks' transfer pricing policies. Senior-level professionals from KPMG’s Banking Tax, Transfer Pricing and Financial Services Regulatory practices will discuss:

• Why banks should consider reexamining their transfer pricing policies
• How Dodd-Frank and Basel III have affected transfer pricing
• What key metrics may have changed as a result of the financial crisis
• How an operational transfer pricing review may make sense

This TaxWatch webcast is part of the continuing series of events highlighting the tax considerations inherent in adopting cloud computing for your business. During the webcast, members of KPMG's Economic and Valuation Services practice explore how the evolving environment of cloud computing fits with transfer pricing policy and practice. The discussion highlights the characterization of typical cloud intercompany transactions, transfer pricing methods, and potential transfer pricing risks and planning opportunities of the cloud.

KPMG professionals focusing in the relevant areas will address the following topics:

• What is “net investment income?”
• What’s included and what’s excluded?
• What are “substitute interest,” “substitute dividends” and “financial instruments?”
• Which individuals, trusts and estates are impacted?
• How the passive loss rules affect “net investment income” and what the “fresh start” for grouping passive activities could mean
• How do the rules affect partners and S-corp owners?
• Are compensation payments subject to this tax?
• Which income from foreign investment vehicles is included in “net investment income?”
• What are the special situations that you should understand?
• How the reporting requirements and elections available may affect you in 2013 and beyond
• Are there any exceptions to what is subject to the tax?

Cloud computing has created a new borderless business environment in which taxing authorities are doing their best to keep up with changes in technology.

In the U.S., individual states have yet to develop consistent rules and policies in response to cloud computing. As U.S. companies conduct business cross-border, the issues become increasingly complex as tax legislation is country specific and can even be region specific.

This TaxWatch webcast is part of the continuing series of events highlighting the tax considerations inherent in adopting cloud for your business. During the webcast, members of KPMG’s U.S. based value-added tax (VAT) team explore how the evolving environment of cloud computing fits with indirect tax legislation around the world, which is far from uniform, harmonized or borderless.

The discussion highlights the key VAT considerations for U.S.-based companies and will include specific examples of businesses successfully managing VAT within the global cloud environment. There is also a focus on VAT efficient supply chains, contracting models, and high risk jurisdictions.

Professionals from KPMG LLP's Financial Institutions and Products group within Washington National Tax as well as professionals from our U.S. and European VAT practices provide the discussion on potential implications of the adoption of a VAT and the experiences of insurers in Europe.

This one-hour webcast discusses how the proposed Foreign Account Tax Compliance Act (FATCA) regulations affect U.S. and non-U.S. insurance companies, and the steps companies can take to prepare for full implementation of FATCA.

Topics to be discussed include:

• Brief overview of key provisions of the proposed regulations
• Areas to focus on for U.S. insurers, non-U.S. insurers and U.S. insurers with foreign branches
• Issues specific to property and casualty, life, and reinsurance business and products
• How processes and personnel will be affected
• How to move forward and implement necessary changes