24 th Annual Health Sciences Tax Conference
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1 24 th Annual Health Sciences Tax Conference Quantitative services amid corporate tax reform and heightened Internal Revenue Service controversy December 8, 2014
2 Disclaimer EY refers to the global organization, and may refer to one or more, of the member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young LLP is a clientserving member firm of Ernst & Young Global Limited operating in the U.S. This presentation is 2014 Ernst & Young LLP. All rights reserved. No part of this document may be reproduced, transmitted or otherwise distributed in any form or by any means, electronic or mechanical, including by photocopying, facsimile transmission, recording, rekeying, or using any information storage and retrieval system, without written permission from Ernst & Young LLP. Any reproduction, transmission or distribution of this form or any of the material herein is prohibited and is in violation of U.S. and international law. Ernst & Young LLP expressly disclaims any liability in connection with use of this presentation or its contents by any third party. Views expressed in this presentation are those of the speakers and do not necessarily represent the views of Ernst & Young LLP. This presentation is provided solely for the purpose of enhancing knowledge on tax matters. It does not provide tax advice to any taxpayer because it does not take into account any specific taxpayer s facts and circumstances. These slides are for educational purposes only and are not intended, and should not be relied upon, as accounting advice. Page 2
3 Presenters David Helmer Ernst & Young LLP London, UK +44 (0) Erica Goldberg Ernst & Young LLP New York, NY Brendan Cox Ernst & Young LLP Philadelphia, PA Scott Mackay Ernst & Young LLP Washington, DC Page 3
4 Agenda Current environment Tax policy update Tax departments doing more with less Intellectual property (IP) migration Revenue recognition Global and domestic quantitative services Capitalization Tangible property regulations update Fixed assets Income and expense recognition Other quantitative services ideas IRS controversy and risk mitigation Page 4
5 Current environment Page 5 EY
6 Tax policy update Page 6 EY
7 Headline rate of taxation changes Corporate income tax rate Corporate income tax (CIT) rate Globally, Finland had the largest decrease (24.5% to 20%, an 18.4% decrease), while Israel had the largest increase (25% to 26.5%, a 6.0% increase) in the CIT rate. 48 countries reported no change 10. reported :g decrease a..e QJ ttl :e.g g_g.><:m 'iii -a::qj;:::e '-U E >Ill... 1 E 0 c: -g QJ c m s;r ""' '0 - ttl QJ c m c E nl... t Q) QJ 0,_ ::I ttl 0 0- c - OOLL.<..:l}ZO.Vl:::>> Denmark fdi ' ',.. Norway 0 om1n1can Slovak Republic Republic 34% 38% 26.5% 24.5% 28% 27% 22% 35.6% 23% 21% 28% 22% 20% 25% 25% 29% 28% 23% 38% 25% 23% 31% 25% 24.5% India France Israel Finland Page 7 E.Y
8 Comparison: corporate tax rates in the top 30 economies 40 Tax rate (%) GDP-weighted average (excluding US) 28.1% 25 Simple average (excluding US) 26.1% Note: The top 30 economies are based on gross domestic product (GDP) 2013 figures and include both national and sub-national statutory corporate tax rates. Sources: EY; International Monetary Fund; Organisation for Economic Co-operation and Development (OECD). Page 8 controversy
9 Revenue recognition Page 9 controversy EY
10 Overview: revenue recognition Accounting Standards Update (ASU) , Revenue from Contracts with Customers (Financial Accounting Standards Board (FASB) Topic 606 and International Financial Reporting Standards (IFRS) 15) issued May 28, 2014 The model addresses revenue arising from contracts with customers The FASB and International Accounting Standards Board (IASB) created one comprehensive revenue recognition model for all contracts across virtually all entities and sectors New standard replaces virtually all existing US Generally Accepted Accounting Principles (GAAP) and IFRS guidance on revenue recognition The new revenue model requires companies to make more estimates and use more judgment than under current practice and make more disclosures about these judgments and estimates Virtually all entities deriving revenue under contractual agreements with customers must evaluate the impact of the new model Page 10
11 Effective date: ASU Effective for annual periods beginning after: December 15, 2016, for public US GAAP entities and IFRS filers December 15, 2017, for non-public US GAAP entities Early adoption Standard includes an expanded definition of a public entity Prohibited for public US GAAP entities Permitted for US GAAP non-public entities Permitted for IFRS preparers With over two years until the effective date, it may appear that companies have ample time to prepare; however, the potential changes to revenue recognition for some companies may be significant, especially those that follow current industry guidance. It is prudent for these companies to use the extended lead time to assess the impact and prepare. Page 11
12 Summary of the model Core principle Recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services Step 1 Identify the contract(s) with a customer Step 2 Identify the performance obligations in the contract(s) Step 3 Determine the transaction price Step 4 Allocate the transaction price to the performance obligations Step 5 Recognize revenue when (or as) each performance obligation is satisfied Page 12
13 Big picture: book v. tax US tax rules rely heavily on book, at least as a starting point in determining taxable income, and this reliance may continue. All methods of accounting must clearly reflect income; tax methods that comport with book methods are far more likely to clearly reflect income. Tax methods must be consistently applied; thus, once a method is adopted, permission from the Internal Revenue Service (IRS) is required to change. Page 13
14 Big picture: book v. tax In general, if a change to comply with new financial accounting guidance alters a taxpayer s determination of taxable income, the IRS will expect taxpayers to either modify Schedule Ms or request method changes. For tax methods that are explicitly linked to financial accounting rules, changes in financial accounting treatment may impact certain tax methods. Changes in financial accounting rules that have the effect of eliminating long-standing practices may indirectly influence tax accounting methods, as certain historic practices may no longer clearly reflect income. Page 14
15 The relevance to tax Examination Accounting methods Tax technology services Tax process Compliance and reporting Tax State and local Tax accounting Compensation and benefits Transfer pricing Transaction tax Page 15
16 Life sciences landscape Why this may be more challenging Customers Products Contract types and terms Geography Licenses Patient Wholesalers Direct to consumer Physician Specialty distributors Portfolio of products Return rights Variable consideration Rebates Hospital Supermarkets Outcome based Group purchasing organization Government agency Cost sharing Milestones Pharmacists Competitors Products Contract research organization agreements Page 16
17 Global and domestic quantitative services Page 17 EY
18 Capitalization Page 18 EY
19 Final Tangible Property Regulations (TPRs) Final TPR released September 2013 Procedural guidance (Revenue Procedure (Rev. Proc.) ) released January 2014 Procedural guidance (Rev. Proc ) released September 2014 Regulations affect all taxpayers with tangible property Effective for tax years beginning on or after January 1, 2014 (optional early adoption for 2012 and/or 2013 years) Will require changes to accounting methods, computation of Section 481(a) adjustments, process changes and tax compliance efforts clients will need to perform more assessments, calculations and complete more filings In near term, assess policies and processes and consider financial statement implications Page 19
20 Timeline Typical time frame for calendar-year taxpayers J F M A M J J A S O N D J F M A M J J A S Release of transition guidance for Temp and Final Tangible Property Regulations (Rev. Proc ) January 24, amended return deadline for certain provisions of the Final Regulations Release of transition guidance for Re- Proposed Tangible Property Regulations for depreciation and dispositions (Rev. Proc ); also release of internal Revenue Bulletin with clarifications to Rev. Proc Implementation deadline for 2013 September 15, 2014, extended due date for 2013 tax return Release Final Depreciation and Disposition Regulations and transition guidance for Final Depreciation and Disposition Regulations Implementation deadline for 2014 September 15, 2015, extended due date for 2014 tax return Must apply final rules for the 2014 tax year. Note that for 2012 and 2013 tax years: May continue to use current methods May implement temporary rules (section by section) May early adopt final rules (section by section) Tax department available to work on implementation Tax department busy tax provision, tax returns, holidays and vacation Page 20
21 Final Tangible Property Regulations Materials and supplies (M&S) Acquisitions Improvements General Asset Accounts (GAAs) and dispositions Definition of M&S A unit of property $200 Used or consumed in 12 months or less Replacement parts Fuel, lubricants, etc. Identified as M&S in other IRS guidance M&S types and timing Incidentals (no record of consumption or physical inventory) when acquired Non-incidentals (including emergency spare parts) when consumed Rotable and temporary spare part when disposed Limited annual election to capitalize M&S Interaction with de minimis safe harbor De minimis safe harbor - annual election to follow book expense policy If have applicable financial statement (AFS), no more than $5,000 per invoice or item If no AFS, no more than $500 per invoice or item If written book policy in place at beginning of year Capitalize costs that facilitate acquisitions 11 inherently facilitative costs Safe harbor annual election to expense Employee compensation and overhead Investigatory costs for real property Unit of Property (UOP) definition - functional interdependence property except for: Buildings Plant property Leased property Improvement defined Betterment Restoration New or different use Safe harbor to expense routine maintenance Buildings if more than once over 10-year period Non-buildings if more than once over class life Annual election to follow book by capitalizing repairs General Asset Accounts Establish GAAs with assets of similar depreciation methods Qualifying dispositions do not include partial dispositions (e.g., structural components of a building) Dispositions (not in GAAs) Optional annual election to recognize partial dispositions (e.g., building structural components) Reasonable valuation method to determine disposition gain or loss Coordination of dispositions with IRS examination of repairs The regulations affect all taxpayers with tangible property and require compliance via Form 3115 or annual elections Effective for tax years beginning on or after January 1, 2014 (optional early adoption for 2012 and/or 2013 years) Page 21
22 Income and expense recognition Page 22 controversy EY
23 Income and expense recognition Income recognition Chargebacks to third-party warehouses (TPWs) Advance payments (e.g., up-front milestone payments) Prompt pay discounts Expense recognition Medicaid rebates Product returns Prepaid expenses Incurred but not reported (IBNR) Software development costs Consider methods used for earnings and profits of controlled foreign corporations (CFCs) as well as domestic companies Page 23
24 Global quantitative services opportunities Expense analysis Income, expense and inventory for tax purposes only Capital assets and incentives Research incentives Other areas Legal and transaction fees Advertising Meals and entertainment Travel and subsistence Revenue deferral Expense acceleration Inventory valuations Capitalization vs. Expensing Accelerated depreciation Asset classification Cost segregation Base cost data and rollover relief Credits Enhanced deductions and expensing Refundable credit incentives Patent box Location specific opportunities Industry based provisions Employment taxes Real estate Page 24
25 IRS controversy and risk mitigation Page 25 controversy EY
26 IRS controversy and areas where tax uncertainty may be mitigated Current IRS exam environment File Form 3115 to request change in accounting method Form 3115 filing window period(s) Filing of form may provide audit protection Examples of common accounting method exposures that offer opportunities to change methods: Improper deduction of accrued employee bonuses Improper revenue recognition methods Improper expensing methods Improper inventory methods Page 26
27 IRS controversy and areas where tax uncertainty may be mitigated Consider methods used for earnings and profits of CFCs as well as domestic companies Obtain IRS consent, where necessary, for unauthorized or improperly implemented accounting method changes Page 27
28 Areas where tax uncertainty may be mitigated: Tax credits and Section 199 deduction Foreign tax credits Review process around foreign tax accrual for foreign tax credit purposes Research tax credit Enter into a pre-filing agreement or a recordkeeping agreement Consider using alternative simplified credit to avoid base period issues Exclude from credit projects with highest uncertainty Use statistical sampling rather than judgmental sampling Section 199 Enter into a pre-filing agreement Use statistical sampling rather than judgmental sampling Page 28
29 Questions? Page 29 controversy E.Y
30 EY Assurance Tax Transactions Advisory About EY EY is a global leader in assurance, tax, transaction and advisory services. The insights and quality services we deliver help build trust and confidence in the capital markets and in economies the world over. We develop outstanding leaders who team to deliver on our promises to all of our stakeholders. In so doing, we play a critical role in building a better working world for our people, for our clients and for our communities. EY refers to the global organization, and may refer to one or more, of the member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients. For more information about our organization, please visit ey.com. Ernst & Young LLP is a client-serving member firm of Ernst & Young Global Limited operating in the US Ernst & Young LLP. All Rights Reserved
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