BDO News

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

IRS Revises EIN Application Process – Responsible Parties Must Be Individuals with a SSN or ITIN

Effective May 13, 2019, entities will be prohibited from using their own Employer Identification Numbers (EINs) as the “responsible party” on applications for additional EINs.  Citing enhancements to security of the EIN process, the IRS announced that when requesting an EIN, whether by paper on Form SS-4, Application for Employer ... read more

Q1 2019 Updates For Economic Nexus Thresholds On Remote Sellers For Sales And Use Taxes

Summary

Virginia recently adopted economic nexus thresholds for sales and use tax collection purposes, while North Dakota and Washington amended their existing rules.  Virginia adopted South Dakota’s thresholds of $100,000 or 200 transactions, which were the subject of the U.S. Supreme Court’s Wayfair decision.  North Dakota and Washington amended their statutes ... read more

Personal Property Tax Compliance: Eight Frequently Missed Issues that Can Lead to Overpayments

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Understanding and adhering to the multitude of personal property tax compliance obligations throughout the thousands of jurisdictions that assess personal property taxes can be administratively burdensome. A company’s personal property tax liabilities can be impacted if a company is not equipped to navigate the differing rules and opportunities ... read more

IRS Withdraws Proposed Regulations On Corporate Stock Basis Recovery

IRS Withdraws Proposed Regulaitons on Corporate Stock Basis Recovery

The IRS has withdrawn 2009 proposed regulations[1] that were intended to provide guidance on the recovery of stock basis.  The purpose of the 2009 proposed regulations was to establish (i) a single model for stock basis recovery and identification by a shareholder ... read more

The TP Range – April 2019

A Note from BDO’s Transfer Pricing Practice   The TP Range covers important changes around the world in today’s transfer pricing climate. The name TP Range is a nod to the U.S. and OECD transfer pricing guidelines, which call for a taxpayer’s transfer prices to fall within an arm’s-length range of results ... read more

How Automakers Can Avoid A Collision With Tariffs

By Damon V. Pike

As the world learned in 2018, President Trump’s tough trade rhetoric is more than bluster. The steel and aluminum tariff announcements in March 2018 caught many companies off guard; before they were enacted, many believed that the president’s tariff threats were just a negotiating tactic that he would ... read more

Making a Business Case for Tax Transformation How Do You Pay for It

As a result of legislative and regulatory changes, tax departments face more complex compliance requirements than ever before. This year’s BDO Tax Outlook Survey found that the top issues facing tax executives include adjusting to federal code changes (46 percent) and adjusting to state and local legislative changes like those ... read more

BDO Payroll Guide for LATAM

Welcome to the first edition of the LATAM Payroll Guide, a publication that combines the global experience and local knowledge of BDO professionals working throughout the region. The guide provides a country-by-country road map to doing business in Latin America and covers: salary and contract types, current legislation, public holidays, ... read more

Health Plan Held to Same ERISA Fiduciary Standards as Retirement Plans

The U.S. Department of Labor (DOL) recently asserted against a not-for-profit health plan sponsor breaches of Employee Retirement Income Security Act (ERISA) fiduciary duties and prohibited transactions for allegedly allowing the plan to pay excessive fees to its service providers.[1]   Notwithstanding the fact that the DOL lost in a federal district ... read more

Tax Legislation Introduced to Correct the Drafting Error for Qualified Improvement Property

Summary

Congress enacted changes to qualified improvement property (QIP) and bonus depreciation in the 2017 tax reform, also known as the Tax Cuts and Jobs Act (P.L. 115-97).   Due to a drafting error, QIP was not included in the list of property with a 15-year life.   As such, despite the legislative ... read more