BDO News

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

BDO Indirect Tax News

BDO Indirect Tax News focuses on issues of practical importance in the field of VAT and similar indirect taxes, such as GST. Experts from all over the world provide first-hand information on recent developments in legislation, jurisdiction and tax authorities’ opinions and directives.

In this issue: 

ARGENTINA – Administrative changes to the value added ... read more

SCOTUS Rules that North Carolina Tax on Certain Trusts Violates the Due Process Clause of the Fourteenth Amendment

On June 21, 2019, the Supreme Court of the United States issued a unanimous opinion finding that North Carolina’s imposition of an income tax on trusts based solely on the residence of a trust’s beneficiaries is unconstitutional.  North Carolina Department of Revenue v. Kimberley Rice Kaestner 1992 Family Trust, No. ... read more

Treasury Issues Proposed and Final Regulations Relating to GILTI and Other International Provisions

Summary

On June 14, 2019, the Department of the Treasury and the Internal Revenue Service (collectively, Treasury) issued proposed regulations (REG-101828-19) regarding the treatment of domestic partnerships for purposes of determining amounts included in the gross income of their partners with respect to foreign corporations. In addition, the proposed regulations include ... read more

Illinois Enacts Significant Tax Changes For Businesses And Individuals

Summary

On June 5, 2019, Illinois enacted its 2019 budget bills S.B. 689 (Public Act 101-0009) and S.B. 687 (Public Act 101-0008) that result in wide-ranging changes to Illinois tax laws, including a phase out of the Illinois franchise tax, a corporate income tax rate increase, implements a graduated personal income ... read more

ERISA “Top Hat” Plan Statements To Be Filed Electronically Starting In Mid-August

On June 17, 2019, the U.S. Department of Labor (DOL) finalized proposed regulations requiring that all “top hat” plan statements and apprenticeship and training plan notices must be filed electronically, starting in mid-August. On average, the DOL receives about 57 apprenticeship and training plan notices, and about 1,815 top hat ... read more

Additional Time for Massachusetts Taxpayers PFMLA Requirement

On June 14, 2019, the Massachusetts Department of Family and Medical Leave announced that companies will be getting a temporary reprieve from implementing several aspects of the state’s new Paid Family and Medical Leave Act (PFMLA). The Massachusetts Legislature and Governor’s office combined efforts to enact legislation providing the delay ... read more

Unclaimed Property Paradigm Shift — Is the Impending Result Better?

By Joseph Carr, Michael Kenehan, and Sara A. LimaThis article was originally published in State Tax Notes on March 25, 2019.

Accounting, tax, and legal professionals are left wondering about the impact on the calculation of unclaimed property given the ruling in Temple-Inland v. Cook1 and the Uniform Law Commission’s Revised ... read more

The TP Range – June 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

Court Upholds Taxpayer Win in Grecian Magnesite Case

On June 11, 2019, the D.C. Circuit Court of Appeals affirmed the Tax Court’s decision in Grecian Magnesite Mining, Industrial & Shipping Co., SA v. Comm’r, 149 T.C. No. 3 (2017), which held that gain recognized by a Greek corporation on the redemption of its U.S. partnership interests was not U.S. ... read more

IRC Conformity Finally Arrives For Arizona And Minnesota, With Exceptions

Summary

Minnesota is one of four states that has not conformed with (or decoupled from) any of federal tax reform since the enactment of the law known as the Tax Cuts and Jobs Act in December 2017.  And while Arizona did enact limited Internal Revenue Code (IRC) conformity legislation in 2018, ... read more