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MNCPA Tax Conference

A Sessions

Monday, November 16,
8 - 8:50 a.m.

A1. What to Expect When We're Expecting: A Look at How Federal Taxes Might Change in 2021

Speaker(s): Samuel Donaldson
NASBA field of study: Taxes - Technical (1)

When the Tax Conference kicks off, the 2020 election will be less than two weeks behind us -- and it’ll be time to think about how the federal income, estate and gift tax laws might change in 2021. Peer into the future at short-term and long-term predictions and planning strategies related to the election results and tax landscape. Explore potential changes to federal wealth transfer tax exclusions, federal income tax rate changes and more. Look down the road at guidance on whether your existing strategies still make sense and how you may need to rethink them.

A2. International Tax: FDII and GILTI

Speaker(s): Aaron Boyer
NASBA field of study: Taxes - Technical (1)

The Tax Cuts and Jobs Act changed how the U.S. taxes foreign earnings of controlled foreign corporations and provided a tax incentive for C Corporations who export from the U.S. These changes have complicated the structuring of foreign operations and compliance with U.S. tax disclosures. The U.S. Treasury Department has issued final regulations which affect how U.S. pass-through entities report global intangible low-taxed income (GILTI), as well as taxation options available for U.S. shareholders. Find out when GILTI applies under Section 951A. See how it's calculated, its compliance requirements and tax planning options. Learn how the foreign-derived intangible income (FDII) deduction works under Section 250, which transactions qualify, how to calculate it and how to comply with it.