Entity classification election: Check the Box Regulations 1 Credit 1 Credit
The so-called
U.S. “Check-the-Box” regulations (Reg. §§ 301.7701–1 through –4) have made the
difficult choice of business entity classification elective for taxpayers.
Taxpayers may elect to have an entity treated as a corporation, a partnership,
or a disregarded entity (if the entity has only one member) by checking a box
on a prescribed form. This entity classification election is made by filing IRS
Form 8832.
In December
1996, the Internal Revenue Service issued final regulations that allowed
unincorporated entities to choose whether to be taxed as partnerships or as
corporations. Prior to 1996, the classification of domestic or foreign entities
as corporations was based on a complicated six-factor test which, in practice,
was easily manipulated. The regulations permit “eligible entities” to choose
among various business classifications. Both domestic and foreign businesses
may be eligible entities if they meet the requirements of the regulations. For
example, an eligible entity with at least two members can choose to be
classified as either (1) an association taxable as a corporation or (2) a
partnership. An eligible entity with a single member can choose to be (1)
classified as an association taxable as a corporation or (2) disregarded as an
entity separate from its owner.
The U.S.
check–the-box regulations create the possibility of a hybrid mismatch. Hybrid
mismatches occur when the tax treatment of an entity or financial instrument
differs between two taxing jurisdictions.
A common
example of a hybrid entity mismatch occurs when a U.S. taxpayer makes a
check-the-box election on its foreign subsidiary. This results in corporate treatment in the
local country and disregarded or “transparent” status for U.S. tax purposes.
This is a common structure for U.S. partnerships and S
corporations,
allowing for the use of foreign tax credits.
However, the
possibility of such deliberately planned mismatches enables aggressive
cross-border tax arbitrage. Unlike the
rather benign foreign subsidiary election described above, more sophisticated
mismatches create planning opportunities for “double non-taxation” where income
may be exempt from tax in multiple jurisdictions. In 2015 when the 15 Base Erosion Profit Shifting (“BEPS”) Articles were finalized by the OECD, BEPS Article 2
dealt with hybrid mismatches. Article 2 set out recommended tax policy guidance
aimed at counteracting the aggressive planning surrounding hybrid mismatch
arrangements.
While BEPS addresses
several abusive hybrid mismatches, there is uncertainty regarding how these
guidelines will impact global structures of U.S.-based multinationals.
Concerning to tax professionals are the restrictions against “deduction-without-inclusion” and
“double-deduction” outcomes. Further complications may arise under the U.S.
dual consolidated loss rules.
While Congress did not override the check-the-box regulations in the 2017 Tax Cuts and Jobs Act (“TCJA”), it imposed other constraints on the use hybrid entities. Given BEPS Article 2, anti-hybrid legislation will continue to spread internationally among OECD member countries. Only time will tell if practical guidance emerges regarding the application of these rules to non-abusive check-the-box structures.
Major topics covered in this online CE/CPE webinar:
| License details | Credits | Status |
|---|---|---|
| Taxes for Certified Public Accountants (CPA-US) | 1 CPE | Approved |
| Taxes for Enrolled Agents (EA) (Approval No. GEHNZ-T-00712-21-O) | 1 CE | Approved |
| Taxes for Annual Filing Season Program (AFSP) | 1 CE | Approved |
| Federal Tax Related Matters for California Registered Tax Preparers (CRTP) (Approval No. 6273-CE-00667) | 1 CE | Approved |
| Federal Tax Related Matters for Oregon Registered Tax Preparers (ORTP) (Approval No. GEHNZ-T-00712-21-O) | 1 CE | Approved |
| Certified Wealth Strategist (CWS) | 1 CE | Eligible |
| Certified Fiduciary and Investment Risk Specialist (CFIRS) | 1 CE | Eligible |
| Federal Tax Related Matters for Maryland Tax Preparer (MRTP) (Approval No. GEHNZ-T-00712-21-O) | 1 CE | Approved |
| License details | Credits | Status |
|---|---|---|
| Taxes for Certified Public Accountants (CPA-US) | 1 CPE | Approved |
| Taxes for Enrolled Agents (EA) (Approval No. GEHNZ-T-00712-21-O) | 1 CE | Approved |
| Taxes for Annual Filing Season Program (AFSP) | 1 CE | Approved |
| Federal Tax Related Matters for California Registered Tax Preparers (CRTP) (Approval No. 6273-CE-00667) | 1 CE | Approved |
| Federal Tax Related Matters for Oregon Registered Tax Preparers (ORTP) (Approval No. GEHNZ-T-00712-21-O) | 1 CE | Approved |
| Certified Wealth Strategist (CWS) | 1 CE | Eligible |
| Certified Fiduciary and Investment Risk Specialist (CFIRS) | 1 CE | Eligible |
| Federal Tax Related Matters for Maryland Tax Preparer (MRTP) (Approval No. GEHNZ-T-00712-21-O) | 1 CE | Approved |
Credit
1
Course Level
Basic
Instructional Method
QAS Self Study
Group Internet Based
Pre-requisites
None
Advance Preparation
None
MY-CPE LLC, 1600 Highway 6 south, suite 250, sugar land, TX, 77478
MY-CPE LLC (Sponsor Id#: GEHNZ) has entered into an agreement with the Internal Revenue Service, to meet the requirements of 31 Code of Federal Regulations, section 10.6(g), covering aintenance of attendance records, retention of program outlines, qualifications of instructors, and length of class hours. This agreement does not constitute an endorsement by the IRS as to the quality of the program or its contribution to the professional competence of the enrolled individual. Credit earned by attendees with a PTIN will be reported directly to the IRS as required of all providers. To ensure your CPE hours are reported, update your profile in My Account to include your PTIN number. Please note: IRS CE is only mandatory for EAs and ERPAs. For all other tax return preparers, CE is voluntary.
MY-CPE LLC, 1600 Highway 6 south, suite 250, sugar land, TX, 77478
MY-CPE LLC (Sponsor Id#: 143597) 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 credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors.
Dr. Seeger is currently a Clinical Professor of Economics at the University of Texas at Arlington, College of Business Administration, and President of Quantecon Consulting, an Economic consulting firm. The focus of his academic research is Transfer Pricing and International Tax issues. Upon his retirement in October 2014, Dr. Seeger was a Principal in KPMG’s Global Transfer Pricing Services practice. He was practice leader, Economic and Valuation Services, for the Dallas, Houston and Denver Business Units and a senior economist and Southwest area lead for KPMG’s Economic Consulting Practice. Dr. Seeger has twenty years of experience in public accounting and three years’ experience with the Internal Revenue Service as an Industry Economist in the Comprehensive Examination Program.
In his public accounting career, Dr Seeger specialized in economic and tax issues related to tax efficient structuring of the operations of multinational organizations. He has advised clients on the Transfer Pricing economics related to intercompany financing, deferral, intangible planning, services, shared cost allocations, and operational price setting. While at KPMG, Dr. Seeger led Transfer Pricing teams as part of KPMG's financial statement audits of clients related to Fin 48 matters, assisted in Transfer Pricing Dispute Resolution, helped clients with negotiating and establishing their Advance Pricing Agreements, worked with KPMG's Mergers and Acquisitions teams on Transfer Pricing exposures of potential target acquisitions, and served as part of KPMG's Quality review team finalizing TP reports for release to clients.
As the market leader for KPMG in the Dallas/Denver Business unit, Dr. Seeger had oversight in the areas of Oil and Gas, Engineering and Construction, Consumer and Industrial Business, and Financial Services. He was the Southwest area practice leader for Transfer Pricing services and Economic Consulting Services, the Global market leader for Energy and Natural Resources in the areas of oil and gas, chemicals, utilities, engineering and construction, and mining and forestry, and the National Transfer Pricing leader for the Engineering, Construction, and Procurement industry market segment.
Dr. Seeger has a PhD and MA in Political Economy from the University of Texas at Dallas, with specializations in Industrial Regulation and Econometrics, and a BA in Economics from the University of Notre Dame, with a concentration in Quantitative Economics. He is currently a candidate for a Master’s degree in Jurisprudence in International Taxation from the Texas A&M University Law School.
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Self Study QAS (Quality Assurance Service) is a NASBA and other regulatory bodies approved program designed for Professionals to complete their Continuing Professional Education credits through self-paced, interactive courses that meet the highest standards of quality and compliance. We are approved by NASBA, IRS, CFP Board, HRCI, SHRM, Payroll Org, FP Canada, and 25+ other regulatory bodies.
How do I earn CPE credits through self-study?
To earn CPE credits, you must complete the self-study course, pass the required assessments, and submit the necessary documentation. Credits are awarded based on the completion of course hours and successfully passing the assessments.
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Yes, all our self-study courses are approved by NASBA, IRS, CFP Board, HRCI, SHRM, Payroll Org, FP Canada, and 25+ other regulatory bodies, ensuring they meet the rigorous standards for quality and educational content set by these organizations.
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To maintain compliance, you must follow the guidelines set by NASBA and other regulatory bodies, which include completing the course within the specified timeframe, passing the assessments, and keeping accurate records of your learning activities.
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A Live Webinar Group Internet-Based Credit is an interactive, real-time online seminar where professionals can earn Continuing Education credits by participating in live sessions led by experts in various fields. These sessions meet the standards set by NASBA, IRS, CFP Board, HRCI, SHRM, Payroll Org, FP Canada, and 25+ other regulatory bodies.
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To earn credits, you must attend the entire live webinar, actively participate in any polls or questions, and complete any required evaluations or assessments. Credits are awarded based on your attendance and participation in the live session.
Are the live webinars approved by NASBA and other regulatory bodies?
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What are the requirements to maintain compliance with live webinar courses?
To maintain compliance, you must adhere to the guidelines set by NASBA and other regulatory bodies, which include attending the full duration of the webinar, participating in interactive elements, and completing any post-webinar evaluations or assessments.
How can I access my webinar completion certificates?
After successfully attending a live webinar and fulfilling all participation requirements, you can access and download your completion certificates from your account dashboard on our platform. These certificates are recognized by NASBA, IRS, CFP Board, HRCI, SHRM, Payroll Org, FP Canada, and 25+ other regulatory bodies for compliance and reporting purposes.
How are credits reported to governing bodies?
We issue instant credit certificates, ensuring they are valid for presentation to governing bodies. Typically, we report IRS, CTEC, CFP, IDFP, IWI, VBOA Ethics credits within 7 days – the fastest in the industry.
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We issue instant credit certificates, ensuring they are valid for presentation to governing bodies. Typically, we report IRS, CTEC, CFP, IDFP, IWI, VBOA Ethics credits within 7 days - fastest in the industry.
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