International Tax Planning

Understanding Foreign Tax Credit Limitation and the New Form 1118 as a Result of U.S. Tax Reform

NEWS

July 23, 2019

Understanding Foreign Tax Credit Limitation and the New Form 1118 as a Result of U.S. Tax Reform

International tax compliance is about to get even more complex this season thanks to U.S. tax reform. Are you ready to deal with the new Foreign Tax Credit limitation and the new Form 1118? As a follow up to our previously held webinar on Form 5471 changes, this webinar will provide an overview of the […]

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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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Review of U.S. International Compliance Form Changes Prompted by TCJA

NEWS

May 21, 2019

Review of U.S. International Compliance Form Changes Prompted by TCJA

As tax departments gain a better understanding of the implications of tax reform, the focus is now on planning for tax compliance 2018. In this session, we will walk you through each U.S. international form change to help prepare you for what’s to come. Specifically, this review of U.S. International Compliance Form Changes Prompted by TCJA will […]

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U.S. Sales & Use Tax vs. VAT Tax: What’s the Difference, and How to Execute Post Wayfair Decision

NEWS

May 08, 2019

U.S. Sales & Use Tax vs. VAT Tax: What’s the Difference, and How to Execute Post Wayfair Decision

If you have been tracking US Sales and Tax over the last few years you may have heard about the Wayfair case and its impact on US sales and use tax. In order to understand Wayfair, we wanted to give a quick overview of U.S Sales and Use Tax and insight on some of the areas you’ll need to focus on when doing business in the U.S. Read the full article by GTM’s Jim Ford, as published in the WTS Global VAT Newsletter Q1/2019.

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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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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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