Posts Tagged ‘Tax Reform’
The OECD’s Two-Pillar Solution Poses Big Tax Changes for International Businesses. Will You Be Affected?
At a glance The main takeaway: The Organisation for Economic Cooperation and Development’s (OECD) Two-Pillar Solution is intended to address tax challenges presented by increased digitalization in the global marketplace. Impact on your business: Many multinational businesses will be affected by the Pillar Two Model Rules, specifically the Global Anti-Base Erosion (GLoBE) rules, which impose…
Read MoreDigital Asset Staking: Your Top Tax Questions, Answered
At a glance The main takeaway: A U.S. District Court case out of Tennessee calls into question the taxability of staking rewards — specifically, whether those rewards generate taxable income. Impact on your business: Taxpayers who engage in staking, mining or similar activities currently operate in a tax “limbo,” but that may change with the development of…
Read MoreNew Guidance from the IRS Makes Claiming R&D Credits More Complex
At a glance The main takeaway: Taxpayers wishing to claim research and development (R&D) credits for expenditures made in previous years are now required to provide very specific, detailed supporting documentation to retroactively claim those credits on amended tax returns. Impact on your business: While the new guidance aims to create more efficient tax administration, taxpayers who…
Read MoreThe Good News About Build Back Better Act (BBBA) Not Moving Forward
The Full Story The BBBA eliminates a permitted exclusion in the Net Investment Income tax provisions by subjecting all trade or business income of individuals with earnings over $400,000 (individual) or $500,000 (married couples) to the 3.8% net investment income tax—except to the extent already subject to self-employment tax. This is an unfavorable change for…
Read MoreThe Bad News Not Being Reported on the Demise of the Build Back Better Act
At a glance The main takeaway: With the demise of the Build Back Better Act (BBBA), a clause from a 2017 tax legislation is resurfacing that will heavily impact any company who performs or invests in research and development. Impact on your business: The 2017 tax act will force many companies to now budget or use working…
Read More1031 Exchanges –Navigating Related Party Exchanges
At a glance: The main takeaway: With careful tax planning, 1031 exchanges offer taxpayers an opportunity for big savings on income taxes. Know the risks: Few good things ever come easy, and 1031 exchanges are no different. One of the biggest risks is structuring a transaction with a related party. Next Steps: Taxpayers can often mitigate the risks…
Read MoreThe DOL Delivers Final Ruling on Reinstated 80/20 Rule
At a glance The main takeaway: The Department of Labor reinstated the 80/20 Rule on “dual jobs” as well as introduced the 30-minute rule, which is set to impact business owners who employ tipped employees. Impact on your business: While tip-generating work is done for specific customers, employers will need to determine a method to track a…
Read MoreCatch Them if You Can: Fraud in the Film Industry
At a glance: The main takeaway: The film industry creates an environment that is uniquely vulnerable to fraud – especially tax-related fraud schemes like tax evasion and payroll fraud. Be aware: Know the signs of fraud in the film industry so you can protect yourself. Knowing what to look for means you can implement controls that stop…
Read MoreBuilding a Better AML Program for Money Services Businesses
At a glance: The main takeaway: Businesses that provide any kind of financial services are subject to strict anti-money laundering (AML) regulations, including Money Service Businesses, or MSBs. Impact on your business: If your business qualifies as an MSB, failure to build an effective and compliant AML program could result in steep legal and financial repercussions. Next…
Read MoreDouble Edged Sword – International Taxation Proposals Under The Recent Build Back Better Act May Result in Increased Tax and Compliance Challenges
At a glance The main takeaway: The latest version of the Build Back Better Act (BBBA), if passed, will modify the cross-border provisions enacted with the Tax Cuts and Jobs Act in 2017 (TCJA). Some of these changes may benefit certain taxpayers with cross-border income and activities, while others will see tax increases resulting from fewer…
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