On December 13, 2017, House and Senate Republicans reached a compromise on tax reform legislation, the “Tax Cuts and Jobs Act.” The compromise bill reportedly includes agreements on corporate and individual tax rates, the treatment of pass-through income, the estate tax, and itemized deductions such as those for mortgage interest ... read more
During 2017, the UK government has issued a number of position papers on the impact of Brexit on customs duty and VAT. Currently, these are no more than statements of intention and subject to negotiation between the UK and EU. However, cross border businesses should take note of these proposals ... read more
The time to consider tax-saving opportunities for your business is before its tax year-end. Some of these opportunities may apply regardless of whether your business is conducted as a sole proprietorship, partnership, limited liability company, S corporation, or regular corporation. Other opportunities may apply only to a particular type of ... read more
In the very early hours of Saturday morning December 2, 2017, the Senate passed its version of proposed tax reform legislation, the “Tax Cuts and Jobs Act” 51-49, with Senator Bob Corker (Tenn.) as the only Republican voting against the bill. The House previously passed its own tax bill on ... read more
On October 18, 2017, the Supreme Court of Pennsylvania issued its decision in Nextel Communications of the Mid-Atlantic, Inc. v. Commonwealth, No. 6 EAP 2016 (Pa. Oct.18, 2017). The Supreme Court affirmed the Commonwealth Court’s holding that the state’s net operating loss deduction (NOLD) limitation as applied to Nextel’s 2007 taxable ... read more
BDO’s Expatriate Newsletter covers timely tax-related updates and regulations from countries around the globe. The November 2017 issue highlights developments in Australia, Canada, Denmark, Ireland, Malaysia, Malta, Thailand, The Netherlands, United Kingdom, and The United States of America.
Canada – Simplification of Quebec residency
Denmark – Tax residence for individuals with ... read more
Just 20 years ago, short-term business visitors (STBV) weren’t on the radar of many companies. Now, companies engaging in global expatriate services are well-aware of STBVs, and need to consider what measures should be taken to account for these individuals.
Who are STBVs? This term refers to individuals who make work ... read more
For many, individual income taxes are one of the largest annual expenditures. BDO’s annual Year-End Tax Planning Letter provides opportunities for individuals to consider in order to reduce or defer their annual tax obligation. The 2017 Tax Letter discusses current legislation, proposed tax reform, retirement plan distributions, and ... read more
As 2017 draws to a close, we remind you about the proper inclusion of common fringe benefits in an employee’s and/or two-percent shareholder’s taxable wages. Fringe benefits are defined as a form of pay for performance of services given by a company to its employees as a benefit ... read more
Most companies face tax obligations related to their property and sales, but given that each state, and many local jurisdictions, have unique sets of laws governing these tax areas, understanding the full scope of these taxes is a daunting challenge, and failure to comply with tax codes can expose a ... read more