BDO News

This is a feed of the latest BDO USA Tax Publications.

North Carolina FY ’19 Budget Bill Enacts Major Corporate Income Tax Legislation

Summary

On June 12, following on the North Carolina Senate’s June 7, 2018, vote to override the Governor’s veto, the House also voted to override the Governor’s veto of S.B. 99, North Carolina FY ’19 budget bill.  As a result of the North Carolina General Assembly’s actions, S.B. 99 has been ... read more

Section 1202 – Eliminating the Double Tax Bias for Small C Corporations

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Summary

Section 1202 can eliminate the double tax burden on C corporations entirely with proper tax planning.  But buyer beware – there are hurdles, limitations, and traps galore to navigate for our clients.  Section 1202 allows certain noncorporate taxpayers to exclude 50 to 100 percent of gain from the ... read more

CbC Reporting in the United States

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Summary

On June 30, 2016, the Internal Revenue Service (IRS) and the U.S. Department of the Treasury (Treasury) published final regulations concerning the implementation of country-by-country (CbC) reporting requirements in the United States.  These regulations apply to multinational enterprises (MNE) with U.S. ultimate parent entities (UPE) and annual consolidating ... read more

Missouri Enacts Major Corporate Income Tax Legislation, Including Changes in Rate And Apportionment

Summary

On Friday, June 1, the Missouri Governor signed several tax bills, the most important being the corporate income tax bill, S.B. 884.  The corporate income tax bill reduces the corporate income tax rate, requires single sales factor apportionment, and makes a number of other changes to Missouri’s income apportionment provisions.  A ... read more

Missouri Enacts Major Corporate Income Tax Reform Legislation, Including Changes In Rate And Apportionment

Summary

On Friday, June 1, the Missouri Governor signed several tax bills, the most important being the corporate income tax bill, S.B. 884.  The corporate income tax bill reduces the corporate income tax rate, requires single sales factor apportionment, and makes a number of other changes to Missouri’s income apportionment provisions.  A ... read more

South Dakota v. Wayfair Unleashes the Online Sales Tax Debate

By Rocky Cummings, Steve Oldroyd, David Winkler, Mariano Sori & Eric Fader

The South Dakota v. Wayfair, Inc. case may mark a monumental development in the debate over the digital economy’s responsibility for the collection of sales tax. As companies increasingly conduct business across state lines, how states and the federal ... read more

IRS Offers Limited Relief to Certain Taxpayers Subject to the Section 965 Transition Tax

Summary

On June 4, 2018, the Internal Revenue Service (IRS) announced that it will provide penalty relief to certain taxpayers subject to the Section 965 transition tax, and provided additional information for individuals subject to the Section 965 transition tax regarding the due date for relevant elections.   Section 965 generally imposes a ... read more

Tax Reform Wealth Planning Opportunities

  Tax reform legislation doubled the federal estate, gift and generation-skipping transfer (GST) tax exemption to $11.18MM (as indexed for inflation) per person. This created a seven year window for increased wealth transfer planning.

Opportunity: The increased exemption amounts expire December 31, 2025. However, unlike estate and gift tax reform in the ... read more

Expatriate Tax Newsletter – May 2018

BDO’s Global Expatriate Newsletter covers timely tax-related updates and regulations from countries around the globe. This month’s edition highlights developments in Ireland, Israel, Italy, Malta, The Netherlands, Sweden, and Switzerland.

Topics include:

Israel: Court ruling – allocation of Israeli taxable income to a veteran returning resident Ireland: Irish payroll tax system – temporary ... read more

Additional R&D Credit Safe Harbor Guidance Released

Summary

On May 14, 2018, the IRS’s Large Business & International (LB&I) Division released guidance intended to aid examiners in determining qualified research expenses (QREs) claimed as part of the Internal Revenue Code Section 41 Credit for Increasing Research Activities (research credit), under a safe harbor provided by an LB&I Directive ... read more