The 2020 US M&A/Private Equity Forum: Preparing for the Best, Expecting the Worst: The Implication of New Taxes and Tariffs on Middle Market Deals

The Thomson Reuters Institute is pleased to present a five-part exploration of the US middle-market deals environment in the shadow of COVID-19. Our diverse and experienced faculty offers important guidance on emerging opportunities and regulatory considerations for M&A professionals across the nation. Our fifth and final installment examines the wide-ranging implications of the new US tax code on current deals.

Starting with major tax code changes passed in 2017, the middle market continues to see new tax and tariff implications for entities nationwide. Under the new legislation, greater rate transparency, predictability, and corporate profitability helped fuel strong deal activity under the Trump administration. Yet, on the eve of a US presidential election, and with the fluid and clearly debilitating impact of the COVID-19 pandemic still unfolding, tax and deals professionals are quick to project significant transformation ahead. This session highlights important tax reform developments in the COVID-19 era, including the CARES act, Section 163(j), and Global Intangible Low Tax Income (GILTI) and carried interest regulations. Our expert panel will opine on what changes dealmakers can expect with respect to taxes and tariffs under a Republican or Democratic administration.

Moderators:
Brice Bostian, Partner, International Tax and Transaction Services, Ernst & Young LLP
Aaron S. Topel, Partner, International Tax and Transaction Services, Ernst & Young LLP

Panelists:
Sheldon Elefant, Director of Tax Insurance, M&A Practice, Willis Towers Watson
Brian D. Harvel, Partner, Alston & Bird LLP
Amanda Simpson, Associate Attorney, Winston & Strawn LLP