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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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Overview

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.

Agenda

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

Sponsorship Overview

For over 80 years, CFA Society New York—formerly known as New York Society of Security Analysts (NYSSA)—has been a leading forum for the exchange of information among investment professionals. Our mission is to raise standards of practice in the industry for the ultimate benefit of society. Towards that goal, CFA Society New York content is curated by volunteer practitioner interest groups that strive to shape the future of the industry. A bold line exists between the financial support by organizations to maintain the quality of our programming and the selection of speakers who contribute to dialogue in our community. To that end, a ceaseless commitment to transparency is something we consider foundational to our cause.

Please be advised of the following information related to Society sponsorship and support:

Through financial support and other means of in-kind support, each event sponsor, event partner, event co-host and organizational partner of CFA Society New York plays a valuable role in the furtherance of the range of forward-thinking initiatives that underpin the Society’s values, and toward our mission to deliver Society content and programming of the highest quality and standard.

CFA Society New York thanks all of its sponsors, event-related affiliates and organizational partners for helping us continue to shape the conversation of the investment community.

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Inclement weather

CFANY reserves the right to cancel or reschedule all in-person events within 48 hours when inclement weather has been forecasted and travel is restricted by city officials.  The program may also be produced solely via livestream in such circumstances.  Please note the cancellation policy regarding refunds and substitutions.

Refunds, Cancellations, and Substitutions

  • 72 HOURS ADVANCED NOTICE OR MORE:
    • Full refund issued
  • WITHIN 48 HOURS OR AFTER EVENT HAS STARTED:
    • No refund

All requests for cancellation or refunds must be sent to cfanyevents@cfany.org.

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CFA Society New York, Inc. (“CFA NY”) is not a Registered Investment Advisor, Broker/Dealer, Financial Analyst, Financial Bank, Securities Broker, or Financial Planner. While CFA NY seeks to present accurate and reliable information, CFA Society New York does not endorse, approve, or certify such information, nor does it warrant or guarantee the accuracy, completeness, efficacy, timeliness, or fitness of such information for any particular purpose. Information presented may or may not be current as of the date of the presentation, and CFA Society New York has no duty to update and maintain the information, reports, or statements made during events.

The information presented is provided for information purposes only, and is not intended to be and does not constitute financial advice, investment advice, trading advice, or any other advice, is general in nature, and is not specific to you.

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