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Tag Archive for Tax Provision

06 Jan 2014

Written by Steven Potts | Posted in Tax Provision/Tax Reporting

Tax Provisions Not Extended

Is it real this time? –

In one of the most visible expressions of confusion in tax policy out of Washington D.C. is the treatment of a short list of tax laws that have been repeatedly extended only to expire only to be extended once again. These laws expire on midnight December 31st, 2013 unless… once again… the laws are extended.

• Teacher $250 deduction for qualified classroom expenses

• Deduction for state and local general sales taxes (in place of state income tax deduction)

• Deductibility of home mortgage insurance premiums Read more

No comments | Tags: ask tax questions, Charitable Contributions, Depreciation, find a tax professional, Tax Blog, Tax Policy, Tax Provision, Tuition Deduction

30 Dec 2013

Written by Daniel Erasmus | Posted in Tax Risk Management

7 Habitual Mistakes Companies Make – Chapter 4 (11)

What Should Taxpayers Do When the IRS Queries Their Tax Affairs? –

FIRSTLY, IT IS recommended that any request for information or documentation be reduced to writing as this will help set the parameters of the audit going forward.

The taxpayer should also check which tax years are involved and which taxes.

Where the IRS requests information beyond a typical three-year period, a defense may lie under the appropriate tax provision that a statutory limitation period may apply where a taxpayer may successfully argue that it does not have to provide any information or documentation, as the period for raising any additional assessments may have prescribed in that the original tax assessment has become final and conclusive. Obviously, the taxpayer Read more

No comments | Tags: 7 Habitual Mistakes Companies Make, ask tax questions, audit, Daniel Erasmus, find a tax professional, Professor Daniel Erasmus, Tax Blog, Tax Provision, Tax Risk Management

26 Nov 2013

Written by Peter J. Scalise | Posted in Tax Provision/Tax Reporting

A Practical Guide To Identifying, Gathering, And Documenting A Sustainable Research Tax Credit Claim

Introduction

The Research and Experimentation Tax Credit (hereinafter “RTC”) was added to the Internal Revenue Code (hereinafter “the Code”) in 1981 as a temporary provision of the Code at a time when research and development based jobs were significantly declining in the United States due to these jobs being moved overseas where labor rates and overall operating costs were considerably less. For this very reason, the RTC was introduced into the Code in 1981 to motivate business entity taxpayers to incur significant and qualifying research and development expenditures with the high expectations that such an advantageous tax incentive would facilitate in stimulating job growth and investment in the United States and Read more

No comments | Tags: Find Tax Attorney, Find Tax Lawyer, find tax professional, Peter J. Scalise, Research and Experimentation Tax Credit, Tax articles, Tax Blog, Tax Blogosphere, tax blogs, tax credit, Tax Directory, tax help, Tax Provision, Tax Reading, Tax Research, Tax Resource, Tax Site, TaxBlogosphere, TaxConnections, TaxConnections Worldwide Directory Of Tax Professionals, Worldwide Directory Of Tax Professionals, worldwide tax blogs

16 Sep 2013

Written by Yvette Kwong | Posted in Asia • Corporate • Tax Provision/Tax Reporting • Transfer Pricing

China Relaxes Procedures To Send Cash Out Of Country

According to a recent Deloitte webcast China is simplifying its procedures for outbound payments.

Bulletin [2013] No. 40 and Huifu [2013] No. 30 removes the requirements of tax clearance certificates for outbound payments.

Also, SAFE is allowing cross-border cash pooling for pilot multinational companies and state-owned enterprises. This allows for cross-border intercompany borrowing, lending and netting or cash pooling (within limits). Tax considerations include deductibility of intercompany interest expense, withholding tax on interest payments, and transfer pricing issues concerning intercompany charges.

Further, excess cash from the China operations of an MNC could be used to finance overseas cash needs of sister companies via equity or debt. Read more

No comments | Tags: China, cross-border intercompany borrowing, deductibility of intercompany interest expense, Find Tax Attorney, Find Tax Lawyer, find tax professional, multinational corporations, Tax articles, Tax Blog, Tax Blogosphere, tax blogs, Tax Directory, tax help, Tax Provision, Tax Reading, Tax Reporting, Tax Research, Tax Resource, Tax Site, TaxBlogosphere, TaxConnections, TaxConnections Worldwide Directory Of Tax Professionals, transfer pricing, Worldwide Directory Of Tax Professionals, worldwide tax blogs

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Tag Archive for Tax Provision

Tax Provisions Not Extended

Is it real this time? –

7 Habitual Mistakes Companies Make – Chapter 4 (11)

What Should Taxpayers Do When the IRS Queries Their Tax Affairs? –

A Practical Guide To Identifying, Gathering, And Documenting A Sustainable Research Tax Credit Claim

Introduction

China Relaxes Procedures To Send Cash Out Of Country

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