NEWS
February 04, 2020
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.
NEWS
December 10, 2019
Tax departments are struggling to maintain consistent compliance processes amid new regulatory requirements and accelerated reporting deadlines, while lacking properly implemented technology solutions and struggling to attract and retain talent. This has created a perfect storm that could have long-term negative business outcomes. Read more to learn how to overcome this challenge.
NEWS
December 05, 2019
On December 2 2019, the Treasury and IRS issued both final and newly proposed foreign tax credit regulations. The regulations were a long time coming; the original 2018 proposed regulations were issued on November 28, 2018. While largely consistent with the 2018 proposed regulations – including the multi-step process contained in Prop. Reg. § 1.861-13 – there are some noteworthy changes that taxpayers should be aware of within the newly issued regulations.
NEWS
December 02, 2019
Section 954(c)(6) has displayed remarkable longevity for a temporary provision. While optimism for its renewal is high, nothing is certain in this political environment. Faced with a little doubt and the added complexity created by the international changes in the Tax Cut and Jobs Act (“TCJA”), companies should start taking stock now of what their post-Section 954(c)(6) world may look like. Much has changed since 2005 and getting reacquainted with related party foreign personal holding company income (“FPHCI”) (e.g., dividends, interest, rents and royalties) and the associated calculations will take some time. While calculating subpart F is not new and taxpayers most likely had foreign base company income of another flavor over the past decade, the possible volume of FPHCI items and additional computational hoops post-TCJA mean that companies must start thinking about the expiration of Section 954(c)(6) sooner rather than later. While certainly not exhaustive, the following steps provide a thumbnail sketch of what to start considering.
NEWS
November 07, 2019
Global Tax Management (GTM), the largest firm in the Mid-Atlantic region focused exclusively on delivering corporate tax services, announced today that it has been recognized as a Best Firm for Young Accountants by Accounting Today. Specifically, GTM is ranked number 7 among firms nationally for accountants under the age of 30 who are launching their accounting careers.
NEWS
September 23, 2019
Global Tax Management (GTM) has officially been named among Accounting Today’s 2019 Best Accounting Firms to Work For. Specifically, GTM is ranked number 30 among best mid-sized firms nationally. This is the second consecutive year that GTM has been recognized as a best accounting firm to work for by Accounting Today.
Case Studies
“Our satisfaction with GTM goes well beyond our cash tax savings. Their specialized team took a big picture approach to our provision and compliance processes and asked “what if” questions along the way. They helped improve our processes, identify savings opportunities, and reduce our risk exposure. Having an outside firm who has our best interests in mind is invaluable.”
~ Carl Langren, CFO, NewLink
NEWS
May 28, 2019
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.
NEWS
May 14, 2019
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.