New York, NY, May 27, 2011 --(PR.com
)-- The Knowledge Group/The Knowledge Congress Live Webcast Series, the leading producer of regulatory focused webcasts, has announced today that Michael J. McGoldrick, Director, KPMG LLP will speak at the Knowledge Congress’ webcast entitled: “The Impact of the Final UTP Disclosure Requirement on Tax Planning, Reporting, and Compliance LIVE Webcast.” This event is scheduled on June 17, 2011 from 12:00 PM to 2:00 PM ET. (For further details, please visit: http://www.knowledgecongress.org/event_2011_UTP_Disclosure.html)
The IRS issued Uncertain Tax Position (UTP) disclosure requirements in an effort to increase certainty, consistency, and efficiency in tax administration. This guidance affects corporate taxpayers, whose assets exceed $100 million, to report UTPs as part of their tax return starting from tax year 2010.
Compliance with the new reporting requirements will be a significant undertaking for many organizations, not to mention the challenges of identifying key tax positions and how they are disclosed. How it affects tax planning and financial reporting are also key issues that need to be paid attention to.
Affected companies will need to understand the implications of this new standard so as to make the necessary measures to address both compliance and corporate issues. They will, in many cases, need to rethink their disclosure and reporting models.
About Michael J. McGoldrick
Mike is a Director in KPMG’s Federal Tax Practice. Prior to joining KPMG, Mike worked for 32 years for Sunoco Inc. and was Vice President-Tax at the time of his retirement.
During his time at Sunoco Mike oversaw a department of tax professionals who were responsible for Sunoco’s worldwide income, property, excise, privilege, payroll and VAT taxes. Prior to working for Sunoco, Mike spent four years on active duty as a Captain, JAGC, in the U.S. Army serving primarily as a federal prosecutor. Over the last thirty years, Mike has been very active in numerous industry groups including the Tax Executive Institute (TEI), the National Manufacturer’s Association (NAM), the American Chemical Council (ACC), the Manufacturers Alliance (MAPI), the American Petroleum Institute (API), and the International Fiscal Association (IFA).
Mike has spoken at numerous tax and financial conferences including those held by the Federal Reserve, the Tax Executive Institute, the American Bar Association, the University of Texas, the University of Pennsylvania, the American Petroleum Institute, the American Chemistry Council, and NYU Tax Institute.
Mike has authored numerous tax papers and several law review articles as well as a treatise on the “Windfall Profit Tax Act of 1980.”
Since 1987 Mike has served as an adjunct professor-of-law at Villanova University Law School teaching domestic and international corporate tax planning and consolidated tax return courses.
About KPMG LLP
KPMG LLP, the audit, tax and advisory firm (www.us.kpmg.com), is the U.S. member firm of KPMG International Cooperative (“KPMG International”). KPMG International’s member firms have 138,000 professionals, including more than 7,900 partners, in 150 countries.
About The Knowledge Group, LLC/The Knowledge Congress Live Webcast Series
The Knowledge Congress was established with the mission to produce unbiased, objective, and educational live webinars that examine industry trends and regulatory changes from a variety of different perspectives. The goal is to deliver a unique multilevel analysis of an important issue affecting business in a highly focused format.
To contact or register to an event, please visit: www.knowledgecongress.org.