Consumer Products

FAQs: U.S. International Compliance Form Changes Prompted by TCJA

NEWS

May 28, 2019

FAQs: U.S. International Compliance Form Changes Prompted by TCJA

In GTM’s latest webinar session, Review of U.S. International Compliance Form Changes Prompted by TCJA, we walked through each U.S. international form change to help prepare you for what’s to come. Read this FAQ to learn the questions that were asked during the session, with the answers. We are sharing them with all of you in anticipation that they may come up along your path to compliance.  

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Property Tax: The Ripple Effects of Tariff Wars Between the U.S. and China

NEWS

May 14, 2019

Property Tax: The Ripple Effects of Tariff Wars Between the U.S. and China

Uncertainty in the macro-economic environment that may be triggered by tariffs imposed or increased by the U.S. and the retaliatory tariff counter measures that China may take could lead to market actions and reactions that dramatically impact the values of the underlying assets of certain industries. Since real and personal property taxes are predicated on the market value of assets, it is important to first understand the potential impact of these variables, and then consider these factors in the assessed values subject to property taxation. In this post, I’ll also share a property tax strategy that can be used to offset the negative impacts of higher tariffs that appear to be imminent.

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Prepare yourself for a “FUN SPRING” with our Top 9 things to consider during this SALT compliance season

NEWS

April 19, 2019

Prepare yourself for a “FUN SPRING” with our Top 9 things to consider during this SALT compliance season

Let’s face it, you rarely hear the word “fun” in the same sentence with state income tax compliance. This year is no exception, as the IRS has issued final and/or proposed regulations on almost all significant aspects of the new U.S. international tax regime, and states have been busy responding to tax reform by making significant changes to their own tax code. In an attempt to bring some fun into the topic (or at least prepare you sufficiently so you have time to make some of your own fun this spring), use F•U•N S•P•R•I•N•G  as a mnemonic device to remember the top 9 things to consider for a smooth state income tax compliance season when dealing with the impact of the TCJA.

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True Lease or Not True Lease? Here’s an Action Plan to Tackle the Question (or Questions) Around Adopting ASC 842

NEWS

April 03, 2019

True Lease or Not True Lease? Here’s an Action Plan to Tackle the Question (or Questions) Around Adopting ASC 842

Although there were no direct changes in tax law with respect to treatment of leases from a tax perspective, the recording of the new Right of Use (ROU) assets and lease liabilities in connection with the adoption of ASC 842 may have deferred tax consequences from an accounting for income taxes perspective under ASC 740. In this blog, Jim Swanick provides a practical action plan for tackling the tax implications of ASC 842 adoption. This plan will give you an answer to the question(s), “true lease or not true lease”?

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Sec. 965 Final Regulations: Finally, a Little Flexibility

NEWS

March 21, 2019

Sec. 965 Final Regulations: Finally, a Little Flexibility

On January 15, 2019, the IRS released final regulations on the Sec. 965 toll tax (T.D. 9846). In this post, we highlight changes to the 965(b) basis-shifting election and the specified payment rule which add a welcome degree of flexibility to the 965 calculation. If taxpayers wish to take advantage of the revised basis-shifting election, they must act by May 6, 2019. Calendar-year taxpayers who have already filed their 2017 returns should consider whether filing an amended return reflecting the modified specified payment rule or any of the other changes in the final regulations may be beneficial. Read this blog to learn more.

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Global Tax Management Expands Property Tax Practice

NEWS

February 06, 2019

Global Tax Management Expands Property Tax Practice

(February 5, 2019) — Corporate tax services firm Global Tax Management, Inc. (GTM) announced today the addition of property tax veteran Robert (Bob) Butterbaugh to the firm’s State and Local Tax (SALT) practice. As Practice Leader for Property Tax Services, Bob is responsible for oversight and delivery of all property tax outsourcing and advisory services offered by the firm. This includes property tax compliance, valuation review and appeals, audit support, and fixed asset and reclassification reviews.

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Update on 965 Regulations: Act now for January 31st Deadline

NEWS

January 24, 2019

Update on 965 Regulations: Act now for January 31st Deadline

The IRS has imposed a deadline of January 31, 2019 for the timely filing of 965 acceleration event transfer agreements for acceleration events occurring on or before December 31, 2018 (§1.965-7(b)(3)(iii)(B)(2)(ii)). In the absence of a timely filed transfer statement, a 965 acceleration event will accelerate payment of any outstanding 965 liability of the transferrer. Read this blog for the full update.

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Automate and Reclaim Valuable Tax Department Time

NEWS

January 09, 2019

Automate and Reclaim Valuable Tax Department Time

Many tax departments are evaluated how they can better leverage technology to free up time. The idea is that time saved can be repurposed: from items related to data and calculations, to more strategic, analytic, and value-added tasks. Almost always, this involves enhancing technologies, implementing new software, and training personnel. Read this article published in PA CPA Journal authored by GTM’s Ryan Lynch, Managing Director of Tax Automation Services to learn more.

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