Moore v. U.S. and Section 965 Transition Tax: Filing Protective Federal and State Refund Claims Now

Course Details
- smart_display Format
On-Demand
- signal_cellular_alt Difficulty Level
Intermediate
- work Practice Area
Corporate Tax
- event Date
Tuesday, January 30, 2024
- schedule Time
1:00 p.m. ET./10:00 a.m. PT
- timer Program Length
110 minutes
-
BARBRI is a NASBA CPE sponsor and this 110-minute webinar is accredited for 2.0 CPE credits.
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BARBRI is an IRS-approved continuing education provider offering certified courses for Enrolled Agents (EA) and Tax Return Preparers (RTRP).
This webinar will discuss the possible impact of Moore v. United States on taxpayers who paid and are paying the Section 965 transition tax or tax on other perhaps unrealized income. Our panel of astute tax advisers will explain how this case affects certain international taxpayers and provide actionable steps these businesses and individuals should take before relative statutes of limitations expire.
Faculty

Mr. Dill is Partner in charge of international tax. With over 20 years of experience he has extensive experience in forming and leading multi-jurisdictional teams from various disciplines on projects involving complex global tax issues, which have included global M&A, tax structuring, transfer pricing, withholding taxes/FATCA, VAT, tax attribute preservation and utilization, boycott operations, and foreign currency.

Mr. Froelich represents clients in audit and litigation on all Federal tax issues. He is a former trial attorney of the Department of Justice Tax Division. In private practice he continues to litigate cases and represents clients in administrative controversies at both the audit and appeals level before the IRS. He represents large public companies, privately-held companies, partnerships, trusts, and individuals, successfully dealing with a variety of issues including international tax, transfer pricing, income tax accounting, research credit, and accounting method issues. He also advises on related procedural issues including obligation to file information returns such as those relating to employment taxes or to payment card transactions.
Description
IRC Code Section 965 imposed a transition tax on the earnings of certain specified foreign corporations, although these earnings have not been distributed or repatriated to the U.S. Many taxpayers elected to pay the 2017 assessment over eight years. The Moores have challenged the constitutionality of this tax, stating it is a tax on deemed, and not realized, income. In June 2023, the Supreme Court granted certiorari in Moore v. United States. A taxpayer-favorable ruling would have profound federal and state consequences for individual and business taxpayers.
Taxpayers and tax practitioners should carefully consider whether to file protective federal and state refund claims to preserve their right to refunds for years subject to expiring statutes of limitations. States generally treat the taxation of Section 965 income differently for individuals and businesses. Some states allow a full or partial subtraction of Section 965 income for businesses. For individuals, many states conform to federal treatment while others do not. California, for example, conforms as of 2015, which means it does not conform to IRS’ Section 965 treatment. For multistate taxpayers, there could be a reason to file a protective claim in as many as 33 states. The ramifications of a ruling that the Section 965 tax is unconstitutional would be extensive and extend beyond a simple repayment of previous transition tax paid.
Listen as our panel of income tax experts reviews the potential ramifications of Moore v. United States, including proactive steps for taxpayers to take now to ensure their rights to refunds are preserved.
Outline
- Moore v. U.S. and Section 965 Tax: introduction
- Filing federal protective refund claims
- Filing state protective refund claims
- Considerations beyond refund claims
- Best practices
Benefits
The panel will cover these and other critical issues:
- Which individuals and entities should file federal protective claims?
- Which states should tax practitioners consider filing protective refund claims for businesses?
- To what extent would a taxpayer-favorable ruling affect other areas of tax?
- What specific criteria must be met when filing a valid federal protective refund claim?
NASBA Details
Learning Objectives
After completing this course, you will be able to:
- Identify criteria that must be met when filing a protective federal refund claim
- Determine specific state and federal statutes of limitations
- Decide which taxpayers could be impacted by Moore v. U.S.
- Ascertain specific state differences in taxation of Section 965 income
- Field of Study: Taxes
- Level of Knowledge: Intermediate
- Advance Preparation: None
- Teaching Method: Seminar/Lecture
- Delivery Method: Group-Internet (via computer)
- Attendance Monitoring Method: Attendance is monitored electronically via a participant's PIN and through a series of attendance verification prompts displayed throughout the program
- Prerequisite: Three years+ business or public firm experience preparing complex tax forms and schedules, supervising other preparers or accountants. Specific knowledge and understanding of SALT taxation, nexus and apportionment as it applies to multi-state businesses.

Strafford Publications, Inc. is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of Accountancy have final authority on the acceptance of individual courses for CPE Credits. Complaints regarding registered sponsons may be submitted to NASBA through its website: www.nasbaregistry.org.

Strafford is an IRS-approved continuing education provider offering certified courses for Enrolled Agents (EA) and Tax Return Preparers (RTRP).
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