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.

Tax Update: July 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.

Is state tax reform coming in waves?
Contending with several quarters of weak growth in overall state tax collections, between 25 and 40 states are facing revenue shortfalls. The budget season is heating up with a flurry of legislation proposed to close those budget gaps for the 2018 fiscal year.
Read more

Personal tax planning in anticipation of reform: What you should know (and do)
Join us July 18 to learn about the implications of potential tax reform on income, estate and life insurance planning and the ways to prepare for it.
Read more

Tax Court holds taxpayer not liable for accuracy-related penalties
A taxpayer’s reliance on a tax professional to prepare accurate tax return was reasonable, thus taxpayer was not liable for penalties.
Read more

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.
Read more

Canada identifies US partnerships that it will treat as corporations
Canadian Revenue Agency provides list of factors considered when determining certain U.S. partnerships should be treated as corporations.
Read more

Net operating losses: One size does not fit all
Proper diligence when it comes to the state application of net operating losses can help maximize tax benefits and minimize errors.
Read more

What business owners need to know about value before selling
Learn how to view the value of your business through the eyes of a buyer and what you can do today to plan for a successful transaction.
Read more

Employers with self-insured health plans owe PCOR fee by July 31, 2017
Read more

Tax planning for ESOP-owned S corporations
Read more

Navigating nuances in transfer pricing
Read more

Apportionment of net recognized built-in gains in California
Read more

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: June 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 is likely to curtail some credits and incentives
Businesses should understand how they may be affected by the elimination of some credits and incentives and the expansion of others.

Canadian Revenue Agency issues statement on US partnership taxation
CRA representatives shed light on Canadian compliance issues related to US LLPs and LLLPs, specifically mentioning Florida and Delaware.

Exorcise your ghost assets: Stop paying unnecessary property tax
Fully-depreciated fixed assets can haunt your property taxes for years. Identify and fully dispense ghost assets to avoid excess taxation.

Nebraska sales tax leaves contractors with questions
Construction contractors must be well-versed on the state’s classifications options to avoid over or under payment of sales and use tax.

Tax consequences of mergers and acquisitions
Tax planning is vital in an acquisition. Learn six federal, state and international M&A tax considerations that may shape your transaction.

The long-term care insurance decision – a very complex one indeed
Individuals who would like to explore how to cover the cost of long-term care can set the agenda for a productive discussion with an agent.

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: May 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.

State gross receipts taxes—a new trend in state tax law?
Facing federal tax reform uncertainty, widespread budget deficits and lackluster economic growth, states are reconsidering revenue generation.
Read more

How middle market companies can manage the transfer pricing life cycle
From planning to analysis to documentation to implementation, a transfer pricing guide for internationally active middle market companies.
Get the e-book

2017 UPPO conference highlights key trends in unclaimed property
Highlights of the changes occurring in unclaimed property and the challenges and opportunities they bring for all stakeholders.
Discover more

The first IRS issues-based campaigns: A brief overview of each release (audiocast)
Learn why the IRS is taking an issues-based approach to examinations and hear a quick discussion on each of the first 13 campaigns.
Listen now

Understanding how the R&D tax credit can offset payroll taxes
IRS issues interim guidance for election to offset payroll tax with R&D credit for qualified small businesses.
Learn more

Employee stock ownership plans: fact vs. perception
Employee stock ownership plans can be hard to understand, so review the facts before drawing a conclusion on the impact on your business.
Look further

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.

Not-for-Profit Update: May/June 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 insights for not-for-profit organizations. We hope that you find these informative and useful, and invite you to reach out to us if you have any questions.

How nonprofits can better leverage data to drive mission impact
Nonprofits typically manage large volumes of information, but often do not leverage that data to its full potential for greater efficiency and decision-making.
Read more

Revenue Recognition Resource Center
Information about the new guidance in ASC 606
Read more

Trump administration releases tax reform proposal
On April 26, 2017, top representatives from the Trump administration announced their long-awaited proposal for tax reform.
Read more

Making the case for business process outsourcing
What trends are driving the increased focus on outsourced services today?
Read more

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

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