The Knowledge Group
The Knowledge Group

Steven P. Hannes, Partner of McDermott Will & Emery LLP to Speak at KC’s Event on Understanding New IRS Rules That Restrict Profits Sent Overseas on 06/18/2009

Jersey City, NJ, June 06, 2009 --( The Knowledge Group/Knowledge Congress Live Webcast Series, the leading producer of regulatory focused webcast announced today that Steven P. Hannes, Partner, of McDermott Will & Emery LLP will speak at the Knowledge Congress’ upcoming webcast entitled: “Understanding New IRS Rules That Restrict Profits Sent Overseas”. This 2-hour event is scheduled on June 18, 2009, Thursday, at 3:00 PM - 5:00 PM ET. (For further details of the event and an updated list of panelists, please visit:

Multinational corporations are subject to transfer pricing regulations under Section 482 of the tax code that are intended to ensure that companies do business with their related foreign entities at “arm’s length,” and that taxes paid in each country are commensurate with the income the company realizes in that jurisdiction. The IRS issued new rules for cost sharing arrangements in December 2008, and companies now are faced with interpreting the new requirements to make sure they are reporting the correct proportion of their profits on their U.S. tax returns. Their decisions are particularly important considering a provision of the new rules that allows the IRS to invalidate a cost sharing arrangement if it doesn’t agree.

The Knowledge Group/Knowledge Congress Live Webcast Series is assembling a panel of distinguished professionals and key regulators to help companies understand the new regulations. The speakers will share their expert opinions in a two-hour Live Webcast.

About Steven P. Hannes

Steven P. Hannes is a partner in the law firm of McDermott Will & Emery LLP based in the Washington, D.C. office. Mr. Hannes was named “Best of the Best” tax advisors for transfer pricing in surveys by Euromoney in 2001and 2008. He is also in Woodward/White's The Best Lawyers in America (2006-2008), in the specialty of tax law.

As a member of the McDermott Tax Department, Mr. Hannes focuses on advising U.S. and foreign based multinational corporations on structuring their cross-border transactions, as well as representing multinationals in tax controversies. Mr. Hannes has dealt with companies in diverse industries, including automotive; heavy machinery; pharmaceuticals and chemicals; computer and electronics; research, technical and other services; and consumer goods. He represents clients at IRS Audit, Appeals, Competent Authority and the Advance Pricing Agreement office, as well as in the IRS regulatory process and in OECD Consultations.

Mr. Hannes started and chairs the Transfer Pricing Discussion Group, which consists of U.S. and foreign-based multinationals who meet regularly to discuss transfer pricing and related matters.

Mr. Hannes was president of the U.S.A. Branch of the International Fiscal Association (IFA) from 2006 until March 2008. He is now president emeritus of the IFA USA Branch and a member of its Executive Committee.

A frequent speaker at conferences on international taxation matters, Mr. Hannes has also authored many articles on international tax topics. Mr. Hannes prepared the USA National Report on the subject of attributing profits to permanent establishments for the 2006 Amsterdam Congress of IFA.

Prior to entering private practice in 1982, Mr. Hannes was the Associate International Tax Counsel in the Office of the Assistant Secretary (Tax Policy) of the U.S. Department of the Treasury. Before joining the Treasury, he was chief of the international rulings group in what was then called the Office of the Assistant Commissioner (technical) of the IRS.

About McDermott Will & Emery LLP

McDermott Will & Emery is a premier international law firm with a diversified business practice. Numbering more than 1,100 lawyers, they have offices in Boston, Brussels, Chicago, Düsseldorf, Houston, London, Los Angeles, Miami, Munich, New York, Orange County, Rome, San Diego, Silicon Valley and Washington, D.C. Extending their reach to Asia, they have a strategic alliance with MWE China Law Offices in Shanghai.

Their Firm has 70 years of experience serving a broad range of client interests. They understand the issues faced by corporate decision makers because many of their lawyers have held key government and in-house positions. They understand how economic, social and political issues affect operations because their lawyers have navigated the complex business and regulatory environment themselves.

For more information about Steven P. Hannes and McDermott Will & Emery LLP, please visit:

About The Knowledge Congress

The Knowledge Group/Knowledge Congress Live Webcast Series is an organization that produces webinars that examine regulatory changes across a variety of industries. “We bring together the world's leading authorities and industry participants through informative two-hour Live webinars to study the impact of changing regulations.” To contact or to register for an event, please visit:

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