International accounting expert Dr. Barry Jay Epstein participated in a panel discussion on the topic, “Corporate Tax Evasion or Tax Avoidance? Understanding the Changing Global Tax Landscape and its Investment Implications.”

CFA Society Chicago sponsored the Wednesday, December 16, 2015 event, which was also hosted by Education Advisory Group.

Dr. Epstein has published several articles on multinational tax strategies recently, including a November 9th article titled, “Criticism of Pfizer Tax Accounting Unwarranted.”

In the article he notes:

There has been a great deal of public debate regarding the U.S. corporate tax rate and the impact it has on tax compliance, so-called tax inversions, and economic policy, and inevitably some of this has had strong political coloration. Unfortunately, there appears to still be much confusion, and even misinformation, regarding provisions of tax law, particularly when compounded by lack of understanding of financial reporting rules governing public company annual and quarterly reporting.

A recent Wall Street Journal article (“Pfizer Piles Profits Abroad,” by Richard Rubin, 9 November, page B1) may be adding to the confusion by perhaps inadvertently suggesting that Pfizer engaged in accounting maneuvers to increase its effective tax rate in the U.S., thereby implicating the veracity of Pfizer’s financial reporting.

He also co-authored an article titled “Tax Heavens: Methods and Tactics for Corporate Profit Shifting,” with Mark Holtzblatt and Eva K. Jermakowicz which was published in the International Tax Journal, January-February, 2015 issue. In this article the authors write,

It is time that the United States had, in the words of former Treasury Secretary William Simon, a tax code that looked as if it were designed on purpose. Such a tax code would be focused on maximizing economic growth, reflecting the reality that growth is not only the best way to create jobs for all Americans, but also the best and only way for us to afford to help those who are left out of the economy. To that end, such a tax code would have relatively low tax rates on capital to encourage investment, and it would not put U.S. operations abroad at a competitive disadvantage by applying higher taxes on them than on the non-American companies operating in the same market.

In materials for the December event, CFA Society Chicago notes: “The USA, UK, European Union, and OECD have all announced plans to investigate and potentially modify the tax strategies used by US multinationals to shift profits to countries with low tax rates. 2016 will be an important year as more details, potential fines, and new rules will be released.”

In the CFA session, attendees will get a closer look at the tax strategies at-risk to reforms such as transfer pricing, inversions and other loopholes utilized by US Multinationals to minimize their tax payments.

Program Details
Wednesday, December 16, 2015
4:00pm – 6:00pm
Residence Inn, 11 S LaSalle St, Chicago, IL 60603