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Impact of 2017 Tax Reform Act

Impact of 2017 Tax Reform Act

Thursday, September 27 
6:00 – 8:00 PM

Followed by a Catered Networking Reception

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Financial Reporting and Analysis

REGISTRATION & FEES

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Members: $30 Nonmembers: $70

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The 2017 Tax Reform Act introduces substantial changes to many areas of the U.S. tax system, including the taxation of individuals, businesses in all industries, multinational enterprises, and other areas. Our panel experts will provide a summary of the key features of the new law and focus on the financial reporting and investment implications of the changes. Our expert panelists will discuss how the corporations and taxpayers can plan or prepare prior to year-end:

  • A permanent reduction in the statutory C corporation tax rate to 21%, repeal of the corporate alternative minimum tax (AMT), and a broad limitation of the deduction for interest expense
  • Fundamental changes to the taxation of multinational entities
  • Changes to the taxation of executive compensation and employee benefits
  • A temporary “expensing” provision that allows taxpayers to immediately write-off the cost of qualifying a new property
  • A temporary new deduction for certain kinds of domestic income from partnerships, S corporations, and sole proprietorships
  • Significant changes relevant to the taxation of tax-exempt organizations, insurance businesses, financial institutions, regulated investment companies (RICs), and real estate investment trusts (REITs)
  • Temporary reductions in the individual income tax rates, accompanied by new limits on itemized deductions.

Our panel experts will also discuss the potential impacts in public company tax footnote disclosure and financial impacts.

Learning Outcomes

This program will provide a concise guidance on the following for corporations and other business entities:
  • SAB 118
  • Key changes to the taxation of business taxpayers
  • Considerations related to accounting methods, deductible items, and other items, such as the 100% bonus depreciation rule applies through 2022 and then ratably phases down over the succeeding five years, etc.
  • Compensation-related considerations?
  • Considerations for passthrough entities – Temporary deduction against business income earned by pass-through entities
  • Considerations for multinational businesses:
  • A minimum tax on “global intangible low-taxed income” (GILTI)
  • Additional anti-base erosion measures -a base erosion anti-abuse tax (BEAT)
  • State and local tax considerations
Key changes to the taxation of individuals:
  • lower tax rate
  • deductions & credits, etc. 
  • what individual taxpayers should do to prepare the year-end filing

Continuing Education Credits – Sponsored by Kaplan Schweser

CFA: 1.5 CE Credits

As part of our commitment to raising professional standards in the industry, CFA Society New York is dedicated to facilitating the continued education of our membership base and the financial community at-large through an expanding variety of Continued Education (CE) programs and offerings. CFANY thanks Kaplan Schweser for sponsoring the administration of our CE platform, thereby better enabling us to provide our community with high-quality content and opportunities.

5:30 PM | REGISTRATION


6:00 PM | OPENING REMARKS

Arthur Fliegelman, CFA


6:05 PM – 6:30 PM | KEYNOTE PRESENTATION

Gary R. Buesser, CFA, Board member, Financial Accounting Standards Board


6:30 PM – 7:10 PM | PANEL DISCUSSION

FINANCIAL REPORTING BY CORPORATIONS

  • Overview of SEC Staff Accounting Bulletin Number 118
  • Overview of how the act impacts corporations and pass-through entities

CORPORATE TAXPAYERS

  • A permanent reduction in the statutory C corporation tax rate to 21%, repeal of the corporate alternative minimum tax (AMT), and a broad limitation on the deduction of interest expenses
  • Fundamental changes to the taxation of multinational entities
  • Changes to the taxation of executive compensation and employee benefits
  • A temporary “expensing” provision that allows taxpayers to immediately write- off the cost of a qualifying new property
  • A temporary new deduction for certain kinds of domestic income from partnerships, S corporations, and sole proprietorships
  • What corporations should do to prepare their year-end filing

INDIVIDUAL TAXPAYERS

  •  Lower tax rate, deductions & credits, etc.
  • Significant changes relevant to the taxation of tax-exempt organizations, insurance businesses, financial institutions, regulated investment companies (RICs), and real estate investment trusts (REITs)
  • Temporary reductions in the individual income tax rates, accompanied by new limits on itemized deductions
  • What individual taxpayers should do to prepare the year-end filing

FINANCIAL IMPACTS FORECASTS – INVESTMENT ANALYSIS

  • Announcements and assessments by public companies in 2018 SEC filings
  • Industry impacts

7:10 PM | Q&A

7:30 PM | CLOSING REMARKS

7:35 PM | NETWORKING & CATERED RECEPTION

All requests for Withdrawals must be submitted in writing and dated. The date of the request will be the date it is received by CFANY. Requests may be faxed to (212) 541-4677, or emailed to seminars@cfany.org.

Withdrawals from events, live or streaming, are subject to the following policy:

  • 24 HOURS ADVANCED NOTICE OR MORE: Credit to be issued (to be used within 6 months)
  • LESS THAN 24 HOURS OR AFTER EVENT HAS STARTED: No refund

For more information: Policies and Procedures