You Know What They Say About Death and Taxes

Transcription

1 and You Know What They Say About Death and Taxes CHICAGO: JANUARY 22, 2015 PRESENTED BY: ROBERT N. DEITZ JAMES DILLER GERALYN M. FALLON GINAM. STAUDACHER Vice President - Tax Vice President - Tax Tax Director Member Aramark Biomet, Inc. JBT Corporation Howard & Howard Attorneys, PLLC Disclaimer: This presentation does not constitute legal advice or a legal opinion on any matter discussed. This presentation is for educational purposes only. If you have a specific legal question, please consult with an attorney of your own choice.

2 Taxes are inevitable 2

3 SPEAKERS 3

4 Robert N. Deitz, VP-Tax 4 Aramark, Philadelphia, PA Mr. Deitz is responsible for global tax planning and compliance for direct and indirect taxes at Aramark, the provider of innovative services in food, facilities management and uniforms serving health care institutions, universities, school districts, stadiums, arenas and businesses in 22 countries around the world. Mr. Deitz has also served as a tax and compliance executive with Sunoco, PharmaNet, General Motors and GMAC Commercial Mortgage, where he managed tax and treasury matters, compliance and worked with management to execute a number of corporate restructurings, including divestitures. He began his career in the Office of Chief Counsel of the IRS.

5 James Diller, Vice President - Tax 5 Biomet, Inc., Warsaw, IN Mr. Diller is responsible for global tax planning, compliance, and controversy at Biomet, where he has had a lead role in tax-efficient supply-chain restructuring, legal entity restructuring, and repatriation planning. Biomet is a private equity-owned company which designs, manufactures, and markets orthopedic implants, biomaterials, and related medical devices in over 90 countries. Prior to joining Biomet, Mr. Diller was a tax executive at General Motors Corporation where he managed international and domestic tax planning initiatives, as well as key tax controversy matters.

6 Geralyn M. Fallon, Tax Director 6 JBT Corporation, Chicago, IL Ms. Fallon leads a team of tax professionals whose responsibilities include global tax planning, compliance, and advising and guiding senior management regarding JBT s tax opportunities and strategies. Her team consistently generates significant tax savings through aligning tax functions and policies with business goals by building close, collaborative relationships with business units. She has a strong background in international tax planning, strategic transfer pricing, and effective audit defense. During her career she has worked both in-house and as a consultant, most recently as VP of International Tax at RR Donnelley and as a transfer pricing consultant at Wright Economics, before joining JBT.

7 7 Gina Staudacher, Member Corporate Practice Group Howard & Howard Attorneys PLLC, Royal Oak, MI Ms. Staudacher concentrates her practice in the area of corporate taxation with an emphasis in international incentives, global research tax credits, IRS controversy, accounting methods, and fixed assets. Ms. Staudacher formerly served as Domestic Tax Counsel for General Motors Corporation and Delphi Automotive. She has worked in private practice for more than 10 years advising private and public companies in the automotive, aerospace, transportation, logistics, financial and information technology sectors on tax planning strategies and efficient tax management techniques, including the monetization of valuable tax credits and incentives in the United States and around the world.

8 Role of Tax in the Organization 8 Legal Tax Finance & Accounting

9 Integration within the Organization 9 Educate Communicate TAX Plan Execute

10 Tax and Legal Perspectives 10 Legal focus tends to be outward manage risk of Organization to third parties Tax particular focus on the internal marketplace Organization s gatekeeper

11 Attorney-Client Privilege 11 A. In-house Counsel: Legal Advisor or Business Counselor? B. Continuum of Sensitivity Tax Compliance Regulatory Tax Strategy and Planning Tax Audit Litigation C. Treatment varies widely among jurisdictions, within U.S. and world-wide (See Annex A, excerpted from Dentons (2014) Global Protections for Tax Advice,

12 Create and Implement Strategic Solutions 12 Advocate a broader vision Executive buy-in Complex versus simple Organizational infrastructure Jurisdictional considerations

13 13 Why does it have to be so complex?

14 The BEPS Project 14 Base Erosion and Profit Sharing Organisation for Economic Co-operation and Development and G20 countries BEPS Action Plan sets out 15 elements to be addressed by (See OECD (2013), Action Plan on Base Erosion and Profit Shifting, OECD Publishing. September, 2014, OECD released the first set of recommendations. (See OECD (2014), Explanatory Statement, OECD/G20 Base Erosion and Profit Shifting Project, OECD,

15 QUESTIONS 15

16 COMPANY PROFILES 16

17 Aramark 17 Aramark (NYSE: ARMK) is a leading global provider of a broad range of managed services to business, education, healthcare and government institutions and sports, entertainment and recreational facilities. Since 1998, Aramark has been consistently ranked as one of the top three most admired companies in its industry as evaluated by peers and analysts. Headquartered in Philadelphia, Aramark is comprised of 270,000 service stars in 22 countries around the world. For more information, please visit

18 Biomet, Inc. 18 Biomet, Inc. and its subsidiaries design, manufacture, and market products used primarily by musculoskeletal medical specialists in both surgical and non-surgical therapy. Biomet s product portfolio encompasses reconstructive products, fixation products, spinal products, and other products, such as arthroscopy products and softgoods and bracing products. Headquartered in Warsaw, Indiana, Biomet and its subsidiaries currently distribute products in approximately 90 countries. For more information, please visit

19 JBT Corporation 19 JBT Corporation (NYSE: JBT) is a leading global technology solutions provider to the food processing and air transportation industries. JBT Corporation designs, manufactures, tests and services technologically sophisticated systems and products for regional and multi-national industrial food processing customers through its JBT FoodTech segment and for domestic and international air transportation customers through its JBT AeroTech segment. JBT Corporation employs approximately 3,400 people worldwide and operates sales, service, manufacturing and sourcing operations located in over 25 countries. For more information, please visit

20 20 Howard & Howard Attorneys PLLC Built on a legacy that spans over 145 years, Howard & Howard provides specialized legal services to businesses and business owners. We take the time to understand your goals and we do what it takes to help you reach them. With over 135 attorneys in 5 offices, our results-oriented approach is a beacon for business owners in search of intelligent counsel they can trust. More than one-third of our lawyers had business careers before choosing to become lawyers, which means we have more lawyers with first-hand business experience than other firms our size. In fact, we operate our firm as a business. That perspective is valuable to our clients--coming from business makes working for business second nature to us. This is what sets Howard & Howard apart from a generalist law firm, and what elevates us to the level of trusted legal and business advisor for each client. We understand what you need for your business: responsive, results-oriented advisors.

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