TRENDING IN TAX

IRS proposes regulations for the switch from LIBOR
Guidance would facilitate transitions of existing debt and derivatives to alternative benchmark rates without creating taxable exchanges.
Replacing a key benchmark interest rate, the London Inter-Bank Offered Rate (LIBOR) is a stated goal of financial regulators. LIBOR rates are quoted for many different currencies, including U.S. dollars, and are referenced in lending and derivative transactions throughout the world. Trillions of dollars of transactions are based, in whole or in part, on U.S. dollar LIBOR.

EU’s VAT action plan ‘Quick Fixes’
More than $750bn VAT revenue has been lost across the EU over a 5-year period from VAT fraud and more significantly to noncompliance.
U.S. businesses with operations and transactions across the European Union (EU) are required to comply with EU VAT rules and regulations.  U.S. businesses that, directly or through subsidiary operations, are involved in the movement of goods across EU borders will be impacted by these upcoming changes. Failure to comply can lead to penalty exposure and further scrutiny by the tax authority.

 

IRS proposes regulations for the switch from LIBOR

 

Source: RSM US LLP
Used with permission as a member of the RSM US Alliance
https://rsmus.com/what-we-do/services/tax/additional-tax-resources/tax-ideas-insights.html

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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 as well as updates pertaining to the Tax Cuts and Jobs Act. We hope that you find these informative and useful, and invite you to reach out to us if you have any questions.