On May 17th, I had the privilege of meeting with my PrimeGlobal international tax colleagues in Chicago to discuss various issues important to our clients. The PrimeGlobal association of independent accounting firms is a worldwide organization with technical depth and geographic reach far beyond that of one firm alone. Our firm’s membership in PrimeGlobal gives us access to additional resources and expertise, enabling us to provide the very best service to our clients.
Over 30 international tax specialists attended the Chicago meeting, including representatives from the U.K., Germany, Mexico, and Canada. The topics ranged from planning and compliance issues to brainstorming ways in which the group can improve collaboration to better meet the needs of our collective clients. Hot topics of discussion were the new Global Intangible Low Taxed Income (GILTI) inclusion and Foreign Derived Intangible Income (FDII) deduction, the increased complexity of calculating foreign tax credits, transfer pricing issues, withholding rules for income of nonresident aliens, and the expatriation process.
In attendance was Stephanie Chapman who serves on the AICPA’s Technical Resource Panel for International Tax. This panel is in the process of gathering comments to present to the IRS on areas where international tax compliance is unnecessarily complex or where guidance is lacking. I’m hopeful that Stephanie’s panel’s work will result in more streamlined reporting of foreign assets and transactions, and additional clarification on applying the Tax Cut and Jobs Act’s 128 pages of new international tax rules, including calculating and reporting the GILTI inclusion and FDII deduction.
Although the PrimeGlobal International Special Interest Group meets quarterly via telephone, the Chicago meeting allowed me to match names and faces to voices and to foster relationships. After a challenging tax filing season, it was motivating to be in the presence of such a great group of people who share my passion for helping clients navigate the increasingly complex U.S. tax rules that apply to cross-border activities.
I want to give a “shout-out” to everyone at PrimeGlobal who helped plan and organize this event. These roundtables promote the sharing of valuable knowledge, insight, and resources, and I look forward to applying these takeaways in servicing our Sciarabba Walker clients.
Photo Credit: PrimeGlobal