BDO News

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

Property Tax Assessment Appeals

For many businesses, property tax is the largest state and local tax obligation, and one of the principal regular operating expenses incurred.  Reasons to Appeal Property Tax Assessment Unlike other taxes, property tax assessments are an ad valorem tax, meaning they are based on the estimated value of the property, and thus, ... read more

California: Governor Signs Massive Budget Package and Tax Bill – Suspends NOLS and Other Business Tax Credits

Summary

On June 29, 2020, Governor Newsom signed the highly-anticipated budget package for California’s fiscal year that begins on July 1. The package contains two main budget bills and 17 other companion bills. Due to the COVID-19 pandemic, the extensive budget package took much longer than usual, as California, like most ... read more

Incomplete Non-Grantor Trusts: An Effective Tax Planning Strategy

Background

The incomplete non-grantor (ING) trust is a self-settled, asset protection trust that provides income tax benefits to grantors residing in states with high state income tax rates or states that do not recognize the federal grantor trust rules. An ING trust allows a grantor to fund the trust without incurring ... read more

U.S. Considering New Tariffs on $3.1 Billion Goods From the European Union

On June 23, 2020, the Office of the United States Trade Representative (USTR) proposed imposing new tariffs and raising existing tariffs on imports of a number of goods from France, Germany, Spain and the UK valued at $3.1 billion. The newly proposed tariffs resulted from the long-running trade dispute with ... read more

Louisiana Enacts Marketplace Facilitator Legislation – Effective July 1, 2020

Summary

On June 11, 2020, Louisiana’s governor signed S.B. 138 into law, finally adding Louisiana to the long list of states enacting marketplace facilitator rules. Effective July 1, 2020, this bill adds sales and use tax collection, remittance, and reporting requirements to marketplace facilitators that enable sales into the state, if ... read more

Domicile vs. Residency: Considerations When Making the Change

Tax reform in 2017, known as the Tax Cuts and Jobs Act (TCJA), limited an individual taxpayer’s ability to deduct the sum of state and local income taxes and real estate taxes to $10,000 as part of their itemized deductions. Prior to the TCJA, individual taxpayers who itemized their deductions ... read more

Michigan Department of Treasury Issues Notice on the Corporate Income Tax Treatment of IRC 163(j)

Summary

On June 8, 2020, the Michigan Department of Treasury (Treasury) issued “Notice: Corporate Income Tax Treatment of the IRC 163(j) Business Interest Limitation.” The guidance discusses how Michigan conforms to the business interest expense limitation found under Internal Revenue Code (IRC) Section 163(j). More importantly, the guidance discusses how the ... read more

Insights from a Board Director: LoriAnn Lowery-Biggers, CEO and Co-founder of Bella Vaughan, Inc.

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As a follow-up to the BDO 600 Board Compensation Report, LoriAnn Lowery-Biggers, who has deep expertise serving on various corporate boards of directors and chairing board committees, reflects on events that may shape future director pay and practices, touching on compensation, transparency, board structure, diversity of skills, director ... read more

PPP Loan Forgiveness Simplified

Many small and midsize businesses with Paycheck Protection Program (PPP) loans under the Coronavirus Aid, Relief, and Economic Security (CARES) Act have been struggling with spending those funds productively within the eight-week loan forgiveness period (Covered Period). Many projected that a portion of their PPP loan would not be forgiven ... read more

Entering Private Airspace: Understanding the Options of Ownership

For a high-net-worth individual or a closely-held business owner or entrepreneur, the desire to fly privately rather than via commercial airline has its advantages. The ability to travel on short notice and to remote destinations that are not serviced by major airports, while at the same time mitigating security concerns ... read more