BDO News

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

U.S. and China Sign “Phase One” Trade Agreement

On January 15, 2020, the U.S. and China signed a “phase one” trade agreement previously announced by the United States Trade Representative (USTR) in December 2019. The complete text of the trade agreement can be read here.   When the “phase one” trade agreement was first announced, the U.S. had suspended the ... read more

NEW JERSEY: PASS-THROUGH BUSINESSES CAN ELECT TO BE TAXED AT THE ENTITY LEVEL STARTING IN 2020

Summary

On January 13, 2019, the New Jersey governor signed S. 3246 into law, referred to as the “Pass-Through Business Alternative Income Tax Act” or “BAIT” Act.  The new law creates an election for pass-through entities (PTEs) to pay at the entity level, and creates a corresponding tax credit for its ... read more

New Opportunities for Workplace Retirement Plans Under the SECURE Act

By now, most employers know that the Setting Every Community Up for Retirement Enhancement Act (SECURE Act) became law on December 20, 2019, as part of a federal budget and spending bill (H.R. 1865). The SECURE Act is landmark legislation that affects the rules for creating and maintaining workplace retirement ... read more

BDO Knows: ASC 740 – Updated December 2019 (Original March 2016)

Financial Reporting Treatment Under ASC 740 and ASC 450 of Tax Provisions in the PATH Act  Summary 

BDO issued our first analysis on the financial reporting treatment under ASC 740 of certain income tax provisions in the Path Act in March 2016. This update is meant to provide additional guidance on accounting ... read more

Foreign Trusts From a United States Perspective: Taxpayer Nightmares and How to Keep Them from Happening

Download PDF Version by John Nuckolls, Managing Director and Technical Leader, BDO National Tax Office Private Client Services

For understandable reasons, the United States has adopted a series of laws designed to prevent U.S. taxpayers from taking advantage of foreign trusts as tax shelters from U.S. income taxation. The obvious application of ... read more

Treasury Issues Final Regulations Relating to Withholding and Reporting Tax on Certain U.S. Source Income Paid to Foreign Persons

Summary

On January 2, 2020, the Department of the Treasury and the Internal Revenue Service (collectively, Treasury) published in the Federal Register final regulations that provide guidance on certain due diligence and reporting rules applicable to persons making certain U.S. source payments to foreign persons, and guidance on certain aspects of ... read more

Immediate Actions Needed by Retirement Plans to Comply with the SECURE Act of 2019

On December 20, 2019, the Setting Every Community Up for Retirement Enhancement Act (SECURE Act) became law, as part of the Further Consolidated Appropriations Act, 2020 (H.R. 1865), which was primarily a budget and spending law. The SECURE Act is landmark legislation that affects the rules for creating and maintaining ... read more

2019/2020 Insights Report: Key Insights Regarding Executive Compensation in the Health Insurance Industry

Health insurance companies are seeking new and better ways to retain talent and incentivize executives to increase profits and improve their financial stability.   The 2019/2020 Insights Report: Key Insights Regarding Executive Compensation in the Health Insurance Industry addresses issues including executive retention, growth and performance, and at-risk pay. The following four ... read more

Setting Every Community Up for Retirement Enhancement Act of 2019 (The SECURE Act)

On December 20, 2019, President Trump signed the SECURE Act into law, which makes changes to certain retirement plans. The SECURE Act has received a lot of publicity due to the provisions affecting inherited individual retirement accounts (IRAs). However, that’s not the only notable change of interest to individuals. This ... read more

Certain List One Product Exclusions Extended for One Year

On December 23, 2019, the Office of the United States Trade Representative (USTR) published a Federal Register notice extending for 12 months six product exclusions granted for certain products on the first tranche (List 1) of Section 301 tariffs. The published notices can be read here.    The initial set of exclusions ... read more