BDO News

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

Global Employer Services Newsletter – June 2020 Issue

The BDO Global Employer Services Newsletter provides a brief overview of issues affecting international assignees, predominantly, but not exclusively, from a tax and social security perspective.

This newsletter brings together individual country updates over recent months. As you will appreciate, the wealth of changes across multiple jurisdictions is significant so to ... read more

U.S. Imposes 25% Tariffs on $1.3 Billion of French Goods

On July 10, 2020, the United States Trade Representative (USTR) announced a 25% tariff on $1.3 billion worth of French products, including handbags, cosmetics and soaps, in retaliation for a digital services tax on U.S. technology companies. However, USTR decided to suspend application of the additional tariffs for up to ... read more

Mississippi Enacts Marketplace Facilitator Legislation – Effective July 1, 2020

Summary

On June 30, 2020, Mississippi’s Governor signed House Bill (HB) 379 into law, known as the “Mississippi Marketplace Facilitator Act of 2020,” making Mississippi the most recent state to enact marketplace facilitator rules. Effective July 1, 2020, the bill requires marketplace facilitators with nexus in Mississippi to collect, remit, and ... read more

Minnesota DOR Issues Changes to Minnesota R&D Tax Credit Carryforwards

Summary

On June 17, 2020, the Minnesota Department of Revenue (DOR) updated guidance for the Minnesota Credit for Increasing Research Activities (Minnesota R&D Credit). The new change will affect C corporations filing a consolidated return and is effective for tax years beginning after December 31, 2012.

This updated guidance presents a new ... read more

Income Tax Return Examinations of High-Income Individuals to Begin July 15

On May 29, 2020, the Treasury Inspector General for Tax Administration (TIGTA) issued an audit report titled “High-Income Nonfilers Owing Billions of Dollars Are Not Being Worked by the Internal Revenue Service”. The report focused on high-income nonfilers and the IRS’ nonfiler strategy.  For tax years 2014 through 2016, there ... read more

Excise Tax Reviews May Yield Returns

Businesses whose activities are impacted by excise taxes – indirect taxes paid on certain goods and services such as motor fuel – may benefit from a detailed review.  

What Are Excise Taxes?

Excise tax applies to the oil and gas, trucking and delivering, construction, manufacturing, and aviation industries, as well as motor ... read more

U.S. Releases Interim Final Rule on Labor Value Content Requirements

On July 1, 2020, the U.S. Department of Labor (DOL) published in the Federal Register an interim final rule (IFR) issuing regulations necessary to administer the high-wage components of the labor value content (LVC) requirements for the automotive industry as set forth in section 202A of the United States-Mexico-Canada Agreement Implementation ... read more

IRS Updates FAQs on CARES Act Employee Retention Credits and Payroll Tax Deferrals

The IRS recently updated its frequently asked questions (FAQs) on the Employee Retention Credit (ERC) and payroll tax deferrals under the Coronavirus Aid, Relief, and Economic Security (CARES) Act (P.L. 116-136). These provisions encourage businesses to keep employees on their payroll during the COVID-19 global pandemic. Although the FAQs cannot ... read more

CARES Act Employee Retention Credit for Hospitals, Medical Groups and Healthcare Providers

The Opportunity

The Coronavirus Aid, Relief, and Economic Security (CARES) Act, signed into law on March 27, 2020, provides several incentives for hospitals and healthcare organizations. The Employee Retention Credit (ERC) is one of them. The ERC provides a refundable credit of up to $5,000 per employee to eligible employers. The ... read more

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