Delivery Model

Case Studies

Sonepar USA Reduces Exposure Risk & Saves Weeks of Provision Prep and Review Time by Automating the Tax Provision Process

“Automating the provision process has saved Sonepar USA’s tax team upwards of 120 hours (in aggregate) for the 2017 tax-year alone. The GTM team facilitated a smooth transition from our manual Excel approach to take immediate advantage of ONESOURCE Tax Provision (OTP) software. Our new provision process has been recognized positively up to the senior finance executives, raising the visibility and value of our tax department’s contributions to the bottom line.” 
~ Nick Vanderlyke, Senior Manager, Income Tax, Sonepar USA

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NEWS

October 18, 2018

How to Execute Post-Wayfair Sales & Use Tax Calculations

The concept of “just charging sales tax” is not as simple as maintaining a tax rate table somewhere and turning on a switch. Tax departments must contemplate all the moving parts — varying tax rates across jurisdictions, origin vs. destination-based sourcing, local tax thresholds, customer taxability, product/service taxability, bundled transactions, drop shipments — things can quickly become overwhelming and almost impossible to maintain manually. Tax calculation is something you must take the time to think about. Read this blog to provoke your thinking.

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NEWS

September 26, 2018

Post Wayfair Tax Compliance Issues

The Wayfair jingle is a catchy one: “Wayfair, you got just what I need.” States are starting to hum this tune, too. And “just what they need” is more revenue in their coffers. In this viewpoint, GTM’s Jim Ford explains compliance issues companies may face post-Wayfair and the technology that could help them meet their new sales and use tax registration and filing obligations. Read this article to learn more.

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NEWS

September 20, 2018

A GILTI Mess: Preliminary Questions and Answers on the GILTI Proposed Regs

On September 13, 2018, the IRS released long-awaited proposed regulations (REG-104390-18) covering Global Intangible Low-Taxed Income (Sec. 951A, “GILTI”) and amending the subpart F, consolidated return, and foreign information reporting regulations. In this continuation of GTM’s series covering the Tax Cuts and Jobs Act (“TCJA”), we give preliminary answers to a few of our clients’ frequently asked questions on the proposed regs.

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NEWS

September 17, 2018

State Tax Notes: Navigating the Post-Wayfair World

In June, the U.S. Supreme Court released its ruling in South Dakota v. Wayfair. The ruling did away with physical presence test for determining when an online retailer must collect and remit sales tax in the state of its customers. In this podcast, Paige Jones of Tax Notes talks to GTM’s James Ford, Managing Director, SALT Sales & Use Tax Compliance, about how next steps all businesses, not just retailers should be thinking about. He covers reporting requirements, registrations, tax calculations, tax compliance and more.

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NEWS

August 27, 2018

Sec. 965 Proposed Regulations Highlight Surprise Issues with Basis

In this new blog, we draw attention to an issue highlighted by the proposed regs which may result in a U.S. shareholder recognizing capital gains on receipt of distributions from its CFC out of “trapped” Sec. 965 previously taxed income (PTI) if the shareholder has insufficient basis in the CFC stock. Understanding this issue is extremely important as many companies have already planned for significant cash repatriation in 2018 based on the assumption that such distributions would be tax-free to the extent of Sec. 965 PTI.

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NEWS

June 28, 2018

With and Without: Calculating and Reporting Your Sec. 965 Toll Tax Liability

At this point in the year, calendar-year taxpayers should have completed Sec. 965 modeling for 2017 financial statement purposes, have paid the first installment of the 965 tax liability, and have completed (or be in the midst of performing) an E&P study to support the final Sec. 965 calculation. Read this blog to learn more.

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NEWS

June 11, 2018

No Property? No Payroll? No Problem! The Evolution of State Tax Nexus and Sourcing

States are slowly providing more legislative developments and insight on their responses to Federal Tax Reform. Now, we are anticipating a SCOTUS decision on state tax nexus limitation (South Dakota v. Wayfair). Read this blog to get up-to-speed on the history and current status.

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NEWS

June 08, 2018

Even More GILTI: Nuances in the GILTI Calculation Part 2

This post is the second of two companion blogs following our published in Tax Notes, “GILTI, FDII, and BEAT: Thinking Ahead to First-Quarter Provision.”[1] This post is the second of two companion blogs following our published article in the March 5 edition of Tax Notes, “GILTI, FDII, and BEAT: Thinking Ahead to First-Quarter Provision.” In this second blog, we cover Section 951A to introduce the issues with tested loss CFCs, a practical example of basketing of Section 78 Gross-Up on GILTI, and things to consider before you begin GILT tax planning.

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