Media Tax Summit

When: December 12  Rescheduled for August 10, 2020 ... details to follow very soon!
Where: TBA

Registration Rates:

  • Members - $495
  • Non-members - $745

Registration

Registration limited to senior tax/financial executives in media companies only.  MFM reserves the right to refuse registration requests that do not meet registration criteria. 

Agenda (Tentative and subject to change)

8:15 AM-9:00 AM
Continental Breakfast & Registration

9:00 AM-9:10 AM
Welcome and Introductions
MFM: Mary M. Collins, President & CEO, MFM/BCCA 
Co-Chairs: Paul Nesterovsky, VP Tax, Sinclair Broadcast Group, Inc.
Sean Hetzler, Senior Director, Tax, TEGNA

9:10 AM-10:00 AM
Revenue Recognition and Film Amortization – Considerations Post Tax Reform
Speakers: Brett Beveridge, Managing Director, National Tax Department Accounting Periods, Methods & Credits, EY; Donald Reiris, Partner and Member, National Tax Department Accounting Methods Practice, EY

Significant changes to the recognition of revenue for book and tax occurred in 2018. US tax reform provided a new Section 451 statutory provision which substantially modified longstanding revenue recognition rules. Similarly, ASC 606 and IFRS 15 (the “New Standards”) made significant changes to the way in which revenue is recognized on GAAP and IFRS financial statements. These changes, when considered collectively, have the potential to dramatically impact the way in which taxpayers compute federal taxable income. Additionally, the unique nature of filmed content and its cost recovery raises many federal income tax issues for media and entertainment companies. This is especially true as the industry moves to an OTT model. This presentation will consider the federal income tax issues and challenges related to the historical depreciation methods for content, and the implications for content depreciation as M&E companies transition and move to OTT.
(T/1 CPE/A)

10:00 AM-10:50 AM
State Conformity to Federal Tax Reform
Speakers: Kenneth R. Levine, Partner and Member State Tax Group, Reed Smith; Sebastian C. Watt, Associate, State Tax Group, Reed Smith

This session will look at the ways federal tax reform impacts state income taxes—and why you should care. Specifically: What are the top changes impacting media companies; what are the laws, guidance, and positions you shouldn’t miss—e.g., testing the interest expense limitation on a separate company/combined group basis, excluding foreign income, preserving tax attributes; and what are the considerations to weigh in taking return positions, filing refund claims, and appealing to court.
(T/1 CPE/A)

10:50 AM-11:10: AM
Refreshment Break

11:10 AM-12:00 PM
Media-specific Look at M&A and Transaction Costs

12:00-1:00 PM
Lunch

1:00 PM-1: 50 PM
State Income Tax Apportionment and Sales Sourcin
Speakers:  Kristen Cove, Partner, Deloitte Tax LLP; Valerie Dickerson, Partner, Deloitte Tax LLP

The methods by which states allocate income are evolving. This session will provide attendees with a look at the latest trends in media sales factor sourcing. The presentation will include alternative apportionment opportunities and state negotiations and will provide an update on apportionment controversies in apportionment. Finally, speakers will address tax reform impacts on apportionment.
(T/1 CPE/A)

1:50 PM-2:40 PM
Accounting Methods
Speaker: Louis Lazar, Partner, PwC; George Manousos, Partner – Federal Tax Services, PwC

Today, tax accounting methods have never been more relevant. The tax environment is quickly evolving, with new regulations, court interpretations and legislation.  The pace of release of detailed and complex regulations under tax reform adds to the potential pitfalls.  In addition, tax accounting methods must now be coordinated with new areas, such as BEAT and GILTI.  This session will focus on accounting methods planning, the recent bonus depreciation regulations, section 163(j), E&P/GILTI planning, and BEAT hot topics, with a focus on media companies.
(T/1 CPE/A) 

2:40 PM-3:00 PM
Refreshment Break

3:00-3:50 PM
Roundtable Discussion – Federal, and State Issues and Audits
Moderators: Paul Nesterovsky, VP Tax, Sinclair Broadcast Group, Inc.; Sean Hetzler, Senior Director, Tax, TEGNA

This roundtable will give senior media tax professionals the opportunity to share recent audit and litigation experiences involving all types if both federal and state income tax matters.
(T/1 CPE/A)

3:50-4:40 PM
Ethics

5:00-6:00 PM
Reception
Location TBA

7:00 PM
Dinner on own

Note: this is a working agenda and may change prior to the summit

 

CPE Information for CPAs

PROGRAM PREREQUISITES/ADVANCE PREPARATION: Session prerequisites required for sessions are indicated in the learning objectives grid (below). 

INSTRUCTIONAL METHOD: Group – Live

 

Code

Area – Maximum Number of CPE Credits

AC

Accounting -TBA

SKA

Specialized Knowledge and Applications - TBA

T

Taxes - TBA

 

CPE: 1 CPE credit available for minimum of 50 minutes participation. In accordance with the standards of the National Registry of CPE Sponsors, CPE credits are granted based on 50-minute hour.  Attendance at all Media Tax Summit sessions qualifies each CPA, or other person entitled to earn Continuing Professional Education (CPE) hours, for up to 7 CPE credits.

Those eligible for CPE credits will be asked to sign in to receive a CPE certificate.  They will also receive a program evaluation form which they are encouraged to complete.  Attendance forms are kept on file for six (6) years.

Complaint resolution policy: For further explanation or clarification regarding administrative policies such as cancellations and grievances, please call the MFM office at 847/716-7000. For further information regarding Continuing Professional Education (CPE) credits, contact Mandy Aoieong, Administrative & Marketing Coordinator, at 847/716-7000 or [email protected].

Media Financial Management Association 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 course for CPE credit.  Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website:  www.nasbaregistry.org.