Manufacturing

Tax Departments Can Unlock the Benefits of the TCJA

NEWS

December 12, 2018

Tax Departments Can Unlock the Benefits of the TCJA

History has long shown that businesses with the ability to identify changes in their environment, pivot effortlessly, and quickly adapt to the new setting are the ones that end up on top. Whether or not we have come to grips with it, the reality is that we are living in a “post-tax-reform” world, and there are still a lot of businesses scratching their heads, having more questions than answers. Regardless of your opinion on the change, there are two things for certain: tax reform is here to stay and businesses need to adapt or they will be left behind.  Tax reform is not only transforming how businesses operate internally, but it is also transforming how tax departments are structured to maximize their strategic role for the company.  Read this article to learn more about how your tax department can adapt to unlock the benefits of TCJA.

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GTM’s Ryan Lynch and Client Sonepar Named Thomson Reuters 2018 Taxologists of the Year

NEWS

November 21, 2018

GTM’s Ryan Lynch and Client Sonepar Named Thomson Reuters 2018 Taxologists of the Year

GTM is pleased to announce that Ryan Lynch, Managing Director, Tax Automation Services practice, has been recognized as 2018 Taxologist by Thomson Reuters in the Certified Implementer Program category. GTM Client Nick VanDerlyke, of Sonepar, was also named 2018 Taxologist of the Year in the New Customer of the Year category.

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How to Execute Post-Wayfair Sales & Use Tax Calculations

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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Post Wayfair Tax Compliance Issues

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

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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State Tax Notes: Navigating the Post-Wayfair World

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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Sec. 965 Proposed Regulations Highlight Surprise Issues with Basis

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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New Depreciation Rules Affect Mergers and Acquisitions

NEWS

July 19, 2018

New Depreciation Rules Affect Mergers and Acquisitions

The Tax Cuts and Jobs Act modifies rules related to depreciating tangible property, net operating losses (NOLs), interest expense limitations, and the taxation of foreign income. One area that remains mostly untouched are the rules related to taxable and nontaxable reorganizations, spin-offs, incorporations, and liquidations. Having said that, future mergers and acquisitions (M&A) will be affected in one way or another as buyers and sellers adjust to the new tax regime. This article touches on one aspect of tax reform that will transform M&A: the modification of depreciation rules. Read this article to learn more.

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

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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