September 13, 2017
With the end of compliance season rapidly approaching, now is the time to review common pitfalls in international tax compliance and how to avoid them. Overlooking some of these details exposes you to significant penalties and potential for future risk. Consider these areas to avoid unnecessary penalties and maximize your tax position before you file. Here is your international tax compliance checklist.
September 06, 2017
Without the luxury of having excess cash reserves, corporations typically opt to leverage their acquisitions by taking on some form of debt. This allows for more manageable and projectable cash flows, and the interest payments are tax-deductible – as long as you do not get caught up by an earnings stripping limitation such as IRC Section 163j.
Section 163j was enacted in 1989 as a means of limiting the interest expense deduction of a taxable corporation that pays to a tax-exempt, or partially tax-exempt, entity whose economic interests coincide with those of the payer. Most commonly, but not solely, this becomes an issue when a foreign parent issues debt through a U.S. subsidiary. This is relevant today as corporations look to reduce their IRS bill by restructuring using controversial tax inversions. Section 163(j) serves as a barrier to corporations who otherwise would have a rather straightforward and otherwise legal means of significantly eroding its U.S. tax base through excessive interest deductions.
August 09, 2017
This profile covers a “get to know” John Diamond, Managing Director of GTM’s NJ/NY office, how GTM is different from other accounting firms, and how we are entrenched and invested in the NJ community. Learn why organizations trust us to lead and manage their corporate tax functions.
August 02, 2017
Staffing is a critical component of any tax department and generally used as a reflection point (or otherwise a barometer) to determine what role the department will ultimately play within the company. Typically, tax departments approach staffing in one of three ways: insourced, out-sourced or co-sourced. Read this blog to learn more about when and why co-sourcing may be a good approach for your tax department.
July 20, 2017
This 30 minute webinar will cover the new features and what to consider before you embark on an upgrade. Key takeaways include: New and improved user interface Workpaper functionality release Import/export capabilities Upgrade considerations The new features of OTP v2016 What to consider before upgrading
May 18, 2017
Think about the burden lifted from your tax team by speeding up the data preparation and calculations for complex tax processes. In this blog, we cover automating data assembly for 5471 Schedule M and Sales & Use Tax Compliance. We provide practical examples of what happens when you can quickly manipulate source data into useable formats and the steps that can be automated.
May 05, 2017
The management of sales and use tax compliance can be complicated. Especially if your process is manual. To make it more manageable, you need to first ask the right questions about your data, your process, and your resources.
March 17, 2017
View this webinar to learn practical strategies tax departments can execute now to maximize each U.S. company’s tax position in the following areas: Domestic Accounting Methods International State & Local/Indirect Tax Tax Accounting Tax Automation