Service

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”?

READ MORE

Global Tax Management and Autism Speaks Honored in the 2019 Faces of Philanthropy

NEWS

April 02, 2019

Global Tax Management and Autism Speaks Honored in the 2019 Faces of Philanthropy

GTM and Autism Speaks are recognized as honorees in the Philadelphia Business Journal’s 2019 Faces of Philanthropy. Each year, this award honors significant philanthropic initiatives between for-profit companies and non-profit companies that have had a meaningful impact on our communities — through community involvement, monetary donations, and social impact.

READ MORE

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.

READ MORE

GTM Appoints Ryan Lynch Chief Technology & Information Officer (CTIO)

NEWS

March 20, 2019

GTM Appoints Ryan Lynch Chief Technology & Information Officer (CTIO)

GTM announced today the promotion of Ryan Lynch to Chief Technology and Information Officer (CTIO). This newly created position has been established to provide strategic technology leadership across the organization that will advance continuous innovation in GTM’s services delivery model.

READ MORE

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.

READ MORE

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.

READ MORE | DOWNLOAD PDF

Video: Tax Departments Can Unlock the Benefits of the TCJA

NEWS

January 08, 2019

Video: Tax Departments Can Unlock the Benefits of the TCJA

Learn more about how tax reform has changed the way businesses leverage their tax departments– from department structure to allocation of resources. Watch this video featuring GTM’s Michael Tighe, CPA and Jim Swanick, CPA, authors of PICPA Winter cover article. “Tax Departments Can Unlock the Benefits of the TCJA”.

READ MORE

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

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

Read more |

// Linkedin Conversion Tracker Script