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New Law Includes A Mixed Bag Of Benefits And Limits To Tax Breaks For Businesses

Steven Schechter, Tax Advisor, Santa Clara, CA,TaxConnections

The Tax Cuts and Jobs Act (TCJA), which was signed into law on December 22, will broadly impact businesses of all sizes.

The bill significantly reduces the income tax rate for corporations and eliminates the corporate alternative minimum tax (AMT). It also provides a large new tax deduction for most owners of pass-through entities and significantly increases individual AMT and estate tax exemptions. And it makes major changes related to the taxation of foreign income.

You may even be able to utilize some enhancements on your 2017 tax return. Read more

Top 3 Priorities For A Start Up Business

Michael Garrone, Tax Advisors, Brisbane, AU, TaxConnections

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Australian Tax- The HECS, HELP, and TLS Shirt Tail Effect

Shane Macfarlane, Tax Advisor, Ho Chi Min City, Viet Nam, TaxConnections

Many overseas destinations welcome young Australians to live and work. For the best and brightest of Australia’s young, the expat experience is a rite of passage.

However, the best and brightest young Australians often have a HELP debt or Trade Support Loan (TSL). A visit to the Australian Taxation website shows your HELP and TSL debts are a trailing shirt tail that forever ties you to your home until they’re paid off.

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Planning For The New Business Interest Expense Deduction Limitation

Ron Wainwright, Tax Advisor, Raleigh, NC, TaxConnections

As part of the Tax Cuts and Jobs Act (“TCJA”) signed into law on December 22, 2017, some important changes have been made with respect to the deductibility of business interest expense for tax years beginning after December 31, 2017. Under prior law, business interest expense was generally deductible in the year in which the interest was paid or accrued, except that corporations were subject to certain limitations under IRC Section 163(j) (“the earnings stripping rules”). TCJA created a new limitation, which replaces the “earnings stripping rules” and applies to all businesses, regardless of form, on the deductibility of net business interest expense that exceeds 30% of a taxpayer’s “adjusted taxable income.” Read more

Reduce Risk By Segregating Assets In A New Entity

Brett Thompson, Tax Advisor, Katy, TX, TaxConnections

The Problem: Often business owners want to segregate valuable assets from potential adverse liabilities generated in the operation of a business.

For example, a bakery will likely own: (1) equipment used in its operations; (2) the factory building and (3) a fleet of delivery trucks and vehicles. If all of these are owned by the same company, then liabilities arising from an accident involving the trucks could result in the loss of the factory building to satisfy a judgment. Read more

Tax Alert (Italy) – Budget Law For 2018 Introduces Major Developments To Domestic Tax System

Elio Palmitessa, Tax Advisor, TaxConnections

This is the third of a series of posts on the major developments introduced by Law No. 205 (enacting the Italian Budget Law for 2018),

Corporate taxation – Partial exemption of dividends distributed by CFCs.

According to current Italian rules, profits realized by non-resident subsidiaries are deemed to exist under the CFC legislation (article 167(4) of the ITA) if the relevant nominal rate in the foreign jurisdiction (other than EU and EEA countries) is lower than 50% of the combined IRES tax (rate 24%) and IRAP tax (rate 3,9%). Read more

Renegotiating NAFTA: Are We There Yet?

Dan McGeown, Tax Advisor, Toronto, Canada, TaxConnections

Canadians could be forgiven for experiencing at least some NAFTA fatigue. The talks that began back in August have moved along in fits and starts — with little to show in tangible outcomes. Meanwhile, U.S. President Donald Trump has threatened to abandon NAFTA, yet negotiations-watchers have struggled to read his true intentions. Read more

The Battle Of Ohio Municipal Tax Is Here: Will Common Sense Prevail?

Thomas Zaino, Tax Advisor, Columbus, OH, TaxConnecitons

Am. Sub. H.B. 49 (the “Bill”), Ohio’s biennial budget bill, enacted significant new features to assist taxpayers in complying with Ohio’s onerous municipal income tax system.  As we discussed in a previous SALT Buzz, Major Changes for Ohio Municipal Income Tax in 2018: Centralization and Elimination of Throwback, for taxable years beginning on or after January 1, 2018, the Bill created an elective method of centralized collection and administration for certain net profit taxpayers.  Read more

The SCIN-GRAT Technique- Especially Appropriate For Older Grantors

Brett Thompson, Tax Connections

This SCIN-GRAT uses two well-known and documented techniques used to co-ordinate family gifting and tax efficiency.

The first is known as a Self-Cancelling Installment Note, or “SCIN” for reference. It is an installment note with a provision stating that if the Seller dies before the end of the note, then the note is deemed paid in full and the buyer need no longer make payments.  The buyer pays a premium for this feature, a result of a “bargained for consideration” negotiation. Read more

Current State Tax Amnesty Programs

Tram Le, Tax Advisor, Golden, CO, TaxConnections

Do you owe tax in Connecticut, Ohio, Rhode Island or Texas? If so, you should consider participating in an available amnesty program. Amnesty programs are occasionally offered by states and generally offer reduced or waived penalties and other reductions.

Please review the chart below and contact your Eide Bailly professional or a member of our state and local tax team to determine if you are eligible and to discuss if the amnesty program is right for you. Read more

Looking For A Tax Job ? – TaxConnections Community Provides More Opportunities

Kat Jennings, CEO, TaxConnections

By popular demand, many companies are requesting to advertise their tax jobs on TaxConnections.  Smart companies understand it makes sense to advertise tax jobs on the leading tax community for tax professionals. If you have an open tax role in a corporation, law firm, public accounting firm or independent tax practices, we highly recommend you post with us.

As the world of tax changes, the best way to connect with the tax community is on www.taxconnections.com.

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Head of Tax (South San Francisco)

Tax Connections has been retained by a very successful high technology company in the South San Francisco area. The Head of Tax will work closely with C – Suite Executives in managing and reviewing global corporate tax compliance, the global tax provision, transfer pricing and treasury strategy. Responsibilities include managing global outside tax consultants and reviewing processes and procedures. The Head of Tax will partner with internal business leaders to effectively manage exposure. Read more

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