Tax Update: May 2018

Tax Reform
Tax reform provides incentive for S corps to reexamine owner comp
Increasing wages to maximize 20 percent pass-through deduction must be reconciled with reasonable compensation rules. Under the Tax Cuts and Jobs Act (TCJA) enacted in December of 2017, a new deduction emerged for owners of pass-through businesses (such as S corporations) engaged in activities other than certain prohibited services.
Real estate investors: The impact of tax reform
What the new U.S. tax plan will mean for your bottom line and how it will affect investors. In this Privcap Q&A, RSM tax partner Don Susswein and senior manager Andrew Cohen discuss U.S. tax reform and how it will affect real estate investors.
Meals and entertainment expenses after tax reform
The deduction for meals and entertainment (M&E) expenses has been one of the most broadly applicable opportunities for significant tax savings; however, after tax reform, there are some misconceptions regarding how to apply the rules and what opportunities remain. Companies should review the tax treatment of their M&E expenses to comply with the changes of expenses to 0, 50 and 100 percent deductible.
Trending In Tax
U.S. Supreme Court hears arguments on Quill challenge
U.S. Supreme Court hears oral arguments on challenge to Quill’s sales tax physical presence nexus standard; decision expected in June.

Capitol Hill

Source: RSM US LLP
Used with permission as a member of the RSM US Alliance
http://rsmus.com/our-insights/newsletters/tax-digest.html

Disclaimer

At Insero, we make it our business to stay abreast of the latest trends and technical updates in accounting, tax, and audit; and we understand how important timely updates are to our clients. As a member of the RSM US Alliance, we also have the benefit of access to the resources and subject matter experts of RSM US LLP (formerly known as McGladrey LLP). This includes regular updates on the latest federal, state, and international tax news. We hope that you find these informative and useful, and invite you to reach out to us if you have any questions.

Tax Update: April 2018

Tax Reform
Re-evaluating your choice of entity after tax reform
This recorded webcast explores how tax reform impacts your entity structure from a federal, international, and state and local perspective.
Trending In Tax
South Dakota v. Wayfair: What to know and how to prepare
South Dakota v. Wayfair could have significant implications for the sales and use taxability and compliance of remote transactions.
Full expensing of stepped-up tax basis? It depends
Availability of full expensing for stepped-up basis in assets after an M&A transaction may depend on acquisition structure.
Tax Court rules family office activities as trade or business services
Lender Management, LLC versus Commissioner court case coupled with the 2017 Tax Act have family offices revisiting how they are structured.

Capitol Hill

Source: RSM US LLP
Used with permission as a member of the RSM US Alliance
http://rsmus.com/our-insights/newsletters/tax-digest.html

Disclaimer

At Insero, we make it our business to stay abreast of the latest trends and technical updates in accounting, tax, and audit; and we understand how important timely updates are to our clients. As a member of the RSM US Alliance, we also have the benefit of access to the resources and subject matter experts of RSM US LLP (formerly known as McGladrey LLP). This includes regular updates on the latest federal, state, and international tax news. We hope that you find these informative and useful, and invite you to reach out to us if you have any questions.

Tax Update: March 2018

What does the Tax Cuts and Jobs Act mean for pass-through entities?
Listen to our recorded webcast on the impact on pass-through entities.

Tax reform impact on executives of alternative investment funds
Learn how the recent tax reform affects executives, founders and general partners of alternative investment fund structures.

Meals and entertainment expenses after tax reform
Employers must change their systems and processes for the new rules.

Wealth transfer planning after TCJA: If not now, when?
The stars are aligned for wealth transfer, but the sooner the better.

Use stat sampling to increase meals and entertainment deductions
Statistical sampling eases the burden of identifying eligible M&E expenses through three-year extrapolation of expenses.

Navigating multistate unemployment tax reporting and remittance
Businesses with multistate employees should understand the reporting and remittance nuances of a complex unemployment taxing regime.

India proposes draft Master File and CbC reporting rules

Now is the time to know what an ESOP is

Bobbleheads spring into Ohio sales and use tax

Capitol Hill

Source: RSM US LLP
Used with permission as a member of the RSM US Alliance
http://rsmus.com/our-insights/newsletters/tax-digest.html

Disclaimer

At Insero, we make it our business to stay abreast of the latest trends and technical updates in accounting, tax, and audit; and we understand how important timely updates are to our clients. As a member of the RSM US Alliance, we also have the benefit of access to the resources and subject matter experts of RSM US LLP (formerly known as McGladrey LLP). This includes regular updates on the latest federal, state, and international tax news. We hope that you find these informative and useful, and invite you to reach out to us if you have any questions.

Tax Update: February 2018

At Insero, we make it our business to stay abreast of the latest trends and technical updates in accounting, tax, and audit; and we understand how important timely updates are to our clients. As a member of the RSM US Alliance, we also have the benefit of access to the resources and subject matter experts of RSM US LLP (formerly known as McGladrey LLP). This includes regular updates on the latest federal, state, and international tax news. We hope that you find these informative and useful, and invite you to reach out to us if you have any questions.

TAX REFORM

The Tax Cuts and Jobs Act: Corporate tax considerations
Listen to our recorded webcast on the impact on corporate entities.

What does the Tax Cuts and Jobs Act mean for pass-through entities?
Join RSM on Feb. 14 as our presenters review key provisions of the Act and their potential impact on pass-through entities.

TRENDING IN TAX

Business planning: Why conduct a multiyear strategic financial plan
Learn how a comprehensive business plan helps company leaders define long-term objectives and the steps to take to achieve them.

Foreign indirect tax resource center
Managing indirect tax for electronically supplied services.

Meals and entertainment expenses after tax reform
Employers must change their systems and processes for the new rules.

Top 6 considerations for successful employee repatriation
Successfully repatriating employees needs thorough planning to ensure ongoing satisfaction for organizations as well as their expatriates.

New pass-through rules cut taxes for entrepreneurs large and small
Thousands of small and middle market businesses may see unexpectedly large tax cuts as a result of the Tax Cuts and Jobs Act.

 

Capitol Hill

Source: RSM US LLP
Used with permission as a member of the RSM US Alliance
http://rsmus.com/our-insights/newsletters/tax-digest.html

Disclaimer

As always, we hope you enjoy this edition of our newsletter and we look forward to receiving your feedback. Should you have any questions regarding the information contained in the attached materials or our service offerings, please contact us directly.

Tax Update: January 2018

At Insero, we make it our business to stay abreast of the latest trends and technical updates in accounting, tax, and audit; and we understand how important timely updates are to our clients. As a member of the RSM US Alliance, we also have the benefit of access to the resources and subject matter experts of RSM US LLP (formerly known as McGladrey LLP). This includes regular updates on the latest federal, state, and international tax news. We hope that you find these informative and useful, and invite you to reach out to us if you have any questions.

TAX REFORM

Tax reform: Key provisions of the Tax Cuts and Jobs Act
Listen to our recorded webcast for highlights on tax reform.

The Tax Cuts and Jobs Act: Corporate tax considerations
New corporate tax rules provide benefits, take away significant deductions and generally adds complexity to the corporate tax system.

TRENDING IN TAX

Indiana-based online participant revenue properly sourced out of state
State erred by sourcing an online university’s revenue based on market sourcing rather than the location of its income-producing activities.

Key tax issues for real estate investors under new tax legislation
For real estate investors and businesses, the final tax reform bill makes several significant changes compared to prior law.

OEMs and suppliers may have unknown state tax exposure
Auto manufacturers and their suppliers may be unaware of state and local tax exposures created by their business activities.

DowDuPont receives IRS approval on spin-off issue
Analysis of shareholders’ ownership overlap with “net decrease” methodology avoids gain under section 355(e) for three spin-offs.

Capitol Hill

Source: RSM US LLP
Used with permission as a member of the RSM US Alliance
http://rsmus.com/our-insights/newsletters/tax-digest.html

Disclaimer

As always, we hope you enjoy this edition of our newsletter and we look forward to receiving your feedback. Should you have any questions regarding the information contained in the attached materials or our service offerings, please contact us directly.

Tax Update: December 2017

At Insero, we make it our business to stay abreast of the latest trends and technical updates in accounting, tax, and audit; and we understand how important timely updates are to our clients. As a member of the RSM US Alliance, we also have the benefit of access to the resources and subject matter experts of RSM US LLP (formerly known as McGladrey LLP). This includes regular updates on the latest federal, state, and international tax news. We hope that you find these informative and useful, and invite you to reach out to us if you have any questions.

TAX REFORM

Tax Reform update
Visit our resource center to get the latest updates on tax reform.

How pass-through tax reform proposals differ in House and Senate
House and Senate proposals to reduce taxes on pass-through income differ dramatically. Here are some illustrations.

TRENDING IN TAX

Considering global expansion? It helps to have the right partner
Global expansion can be the right answer for many companies looking to grow. (Video).

Reimagine your corporate tax function
This e-book explores the resource management challenges facing tax directors and how to establish a successful co-sourcing approach.

Economic sales and use tax nexus laws
Economic sales and use tax nexus laws are gaining momentum as states make a direct challenge to traditional physical presence standards.

Dutch propose sweeping business tax changes
The Dutch government has proposed reducing its corporate and withholding taxes along with other significant changes.

Capitol Hill

Source: RSM US LLP
Used with permission as a member of the RSM US Alliance
http://rsmus.com/our-insights/newsletters/tax-digest.html

Disclaimer

As always, we hope you enjoy this edition of our newsletter and we look forward to receiving your feedback. Should you have any questions regarding the information contained in the attached materials or our service offerings, please contact us directly.

Tax Update: November 2017

At Insero, we make it our business to stay abreast of the latest trends and technical updates in accounting, tax, and audit; and we understand how important timely updates are to our clients. As a member of the RSM US Alliance, we also have the benefit of access to the resources and subject matter experts of RSM US LLP (formerly known as McGladrey LLP). This includes regular updates on the latest federal, state, and international tax news. We hope that you find these informative and useful, and invite you to reach out to us if you have any questions.

TAX REFORM

House Ways and Means Committee unveils long awaited tax bill
House Republicans have released their much anticipated tax bill, providing key insights into the details of their tax reform plan.

States push forward as Congress considers tax reform
How and when Federal tax reform is enacted could dictate state responses.

Trump administration, Congress publish framework for tax reform
Can a divided D.C. enact sweeping tax reform?

TRENDING IN TAX

Five considerations when offering nonqualified compensation plans
How can you design a plan that attracts and retains highly compensated employees? There are several opportunities in nonqualified plans.

Global value added tax for electronically supplied services (Audiocast)
Providing services electronically can trigger significant VAT collection and reporting in multiple jurisdictions.

IRS allows leave-based donation programs for Hurricane Maria relief
Employer leave-based donation programs let employees forgo personal leave in exchange for cash payments to charities for hurricane relief.

The big challenges for global real estate investors (Video)
In this Privcap video, specialists discuss the challenges of structuring investment deals with offshore investors.

Proposed bill would expand casualty loss expensing for citrus growers
H.R. 112 would expand the ability of joint or minority citrus plant owners to expense replacement crops damaged in hurricanes.

Ohio Supreme Court rules on supplemental executive retirement plans
Ohio decision is reminder to understand tax implications of supplemental executive retirement plan income at the local jurisdiction level.

Capitol Hill

Source: RSM US LLP
Used with permission as a member of the RSM US Alliance
http://rsmus.com/our-insights/newsletters/tax-digest.html

Disclaimer

As always, we hope you enjoy this edition of our newsletter and we look forward to receiving your feedback. Should you have any questions regarding the information contained in the attached materials or our service offerings, please contact us directly.

Tax Update: October 2017

At Insero, we make it our business to stay abreast of the latest trends and technical updates in accounting, tax, and audit; and we understand how important timely updates are to our clients. As a member of the RSM US Alliance, we also have the benefit of access to the resources and subject matter experts of RSM US LLP (formerly known as McGladrey LLP). This includes regular updates on the latest federal, state, and international tax news. We hope that you find these informative and useful, and invite you to reach out to us if you have any questions.

New tax reform plan from Trump and Congressional Republicans
A new tax reform plan was announced by the White House and House Republicans, including rate cuts and limitations on deductions.

How could tax reform affect your business?
An online estimator tool to evaluate the impact from tax reform.

Disaster relief and recovery
Controlling your business when circumstances are beyond your control.

Global value added tax – Gulf Cooperation Council
Learn more about the introduction of VAT in middle east and practical next steps you can take to ensure your organization is ready.

IRS Audit Survival Guide
What to do when faced with an IRS notice? Keep calm and call your tax advisor. But first, download our guide to the IRS exam process.

Manifest injustice: More than a moldy old doctrine
New Jersey has highlighted and extended a doctrine that may benefit taxpayers when states retroactively apply new laws.

Virginia issues tax amnesty program guidance
Department of Taxation provides details on amnesty-eligible taxes, periods and disqualifications; explains payment procedures.

Capitol Hill

Source: RSM US LLP
Used with permission as a member of the RSM US Alliance
http://rsmus.com/our-insights/newsletters/tax-digest.html

Disclaimer

As always, we hope you enjoy this edition of our newsletter and we look forward to receiving your feedback. Should you have any questions regarding the information contained in the attached materials or our service offerings, please contact us directly.

Tax Update: September 2017

At Insero, we make it our business to stay abreast of the latest trends and technical updates in accounting, tax, and audit; and we understand how important timely updates are to our clients. As a member of the RSM US Alliance, we also have the benefit of access to the resources and subject matter experts of RSM US LLP (formerly known as McGladrey LLP). This includes regular updates on the latest federal, state, and international tax news. We hope that you find these informative and useful, and invite you to reach out to us if you have any questions.

2017-18 Tax Planning Guide
With the possibility of significant tax reform legislation this year, tax planning is more complicated yet more important than ever. Refer to this resource for up-to-date tax information pertaining to individual taxpayers, business owners and executives.

MTC nexus program offers limited-time amnesty for Amazon retailers
Retailers using “fulfilled by Amazon” distribution channel should be aware of the limited-time amnesty program.

Aligning executive plans with traditional employee plans
Anne Bushman and Mary Draayer address audience questions from the latest episode of our retirement plan issues webcast series.

New German bill combats harmful use of preferential IP regimes
As part of Germany’s efforts to implement the OECD’s BEPS Action Plan, expense deductions will be limited for payments after Dec. 31, 2017.

IRS issues updated return due dates and extended due dates
Regulations, effective July 20, 2017, reflect statutory requirements set by the Surface Transportation Act and the PATH Act.

Rhode Island enacts tax amnesty program
Amnesty period begins this winter, benefits include complete waiver of penalties, and partial waiver of interest.

IRS appeals Tax Court decision in Medtronic
IRS arguments on appeal provide useful insight for taxpayers into IRS consideration of transfer pricing cases.

Capitol Hill

Source: RSM US LLP
Used with permission as a member of the RSM US Alliance
http://rsmus.com/our-insights/newsletters/tax-digest.html

Disclaimer

As always, we hope you enjoy this edition of our newsletter and we look forward to receiving your feedback. Should you have any questions regarding the information contained in the attached materials or our service offerings, please contact us directly.

Tax Update: August 2017

At Insero, we make it our business to stay abreast of the latest trends and technical updates in accounting, tax, and audit; and we understand how important timely updates are to our clients. As a member of the RSM US Alliance, we also have the benefit of access to the resources and subject matter experts of RSM US LLP (formerly known as McGladrey LLP). This includes regular updates on the latest federal, state, and international tax news. We hope that you find these informative and useful, and invite you to reach out to us if you have any questions.

Failure to obtain true ownership led to huge tax on sale-leaseback
Exelon’s power plant sale-leasebacks treated as loans, not as ownership of the property, so the tax deferral Exelon sought was denied.

Are you taking full advantage of the tooling R&D tax credit?
Automotive manufacturers and suppliers have opportunities to increase their R&D credit thanks to some misunderstood R&D credit provisions.

More improvement categories bring more confusion and more opportunity
Confusion around the specific treatment of qualified improvement property could lead to lost opportunities for tax savings.

IRS Partnership Audit Rules
Listen to Don Susswein and tax law specialist Fred Witt discuss why the private capital industry should expect major changes to the way the IRS audits.

North Carolina General Assembly overrides veto of two-year budget bill
Budget bill provides rate reductions for both the corporate income tax and personal income tax, increases the personal deduction.

California guidance on the Other State Tax Credit and deductions
Analyzing recent FTB guidance on determining whether a taxpayer can take a credit or deduction for taxes “paid” to another state.

Capitol Hill

Source: RSM US LLP
Used with permission as a member of the RSM US Alliance
http://rsmus.com/our-insights/newsletters/tax-digest.html

Disclaimer

As always, we hope you enjoy this edition of our newsletter and we look forward to receiving your feedback. Should you have any questions regarding the information contained in the attached materials or our service offerings, please contact us directly.

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