BDO News

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

BDO Knows: FASB Issues ASU on Simplifying the Accounting for Income Taxes – ASC 740

January 2020

On December 18, 2019, the FASB issued Accounting Standards Update ASU 2019-12 on Simplifying the Accounting for Income Taxes. The decisions reflected in the ASU update specific areas of ASC 740, Income Taxes, to reduce complexity while maintaining or improving the usefulness of the information provided to users of ... read more

The TP Range – December 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

IRS Proposes Regulations Limiting Public Company Deductions for Executive Compensation Over $1 Million

On December 20, 2019, the IRS published proposed regulations implementing changes made to Internal Revenue Code Section 162(m) by the Tax Cuts and Jobs Act (TCJA). The new rules clearly set the tone that the IRS will broadly apply the Section 162(m) executive compensation deduction disallowance. The new rules generally ... read more

Making a Difference: Private Foundations

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One of the many challenges facing wealthy families in today’s fast-paced society is the need to meaningfully involve family members, including the rising generation, in the management of the family wealth enterprise. Families can derive great benefit from working together to define their core values and shared vision, ... read more

U.S. Reimposes Section 232 Steel and Aluminum Tariffs on Imports from Brazil and Argentina

On December 2, 2019, President Trump announced that the U.S. would reassess Section 232 tariffs on all steel and aluminum imports from Brazil and Argentina.   In May 2018, Brazil and Argentina were exempted from the additional Section 232 tariffs on steel and aluminum products after both countries agreed to be subject ... read more

The U.S. and China Reach “Phase One” Trade Deal

On December 13, 2019, the United States Trade Representative (USTR) announced a “phase one” trade agreement with China. Until further notice, the U.S. will suspend the additional 15-percent tariff on List 4B goods imported from China that was scheduled to take effect on December 15, 2019.  The official Federal Register ... read more

U.S. Proposes Additional Tariffs on $2.4 Billion in French Products

On December 6, 2019, the United States Trade Representative (USTR) published a Federal Register notice announcing that it will consider imposing additional duties of up to 100 percent on products of France totaling approximately $2.4 billion. The proposed tariff list covers 63 tariff subheadings and includes a variety of French ... read more

Additional Exclusions Granted by the USTR for List 3 China Duties

On November 29, 2019, the Office of the United States Trade Representative (USTR) published a Federal Register notice granting more exclusions of products from the 25% duty imposed on the third tranche (List 3) of Section 301 tariffs on goods worth approximately $200 billion. The published notices can be read ... read more

World Wide Tax News – Issue 53

In this issue:

International Latest on Taxation of the Digital Economy ​The World of Private Clients Asia Pacific Australia: Australia’s hybrid mismatch rules and their departures from the OECD’S recommendations  Australian Tax Office finalises guidance on diverted profits tax Korea: 2019 Korean Government’s tax reform proposal on international tax issues Sri Lanka: Permanent Establishment – Key developments  Europe and the Mediterranean Belgium: Implementation of ... read more

2019 & 2020 Payroll Tax Highlights

As another year draws to a close and employers begin preparing for year-end and for the new year ahead, BDO has compiled this summary of some important payroll tax items to keep in mind. Although this year did not see the same breadth of changes that the Tax Cuts and ... read more