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Tax Planning & Minimization

What SharePoint and Microsoft 365 Can Do for Tax in Our “New Normal”

NEWS

August 05, 2020

What SharePoint and Microsoft 365 Can Do for Tax in Our “New Normal”

Microsoft recently re-branded Office 365 as Microsoft 365 to highlight the integrated platform that serves as its collaboration framework. SharePoint is a central part of this platform, which in total offers tax departments tools for collaboration, centralized tax document storage, increased process improvement and automation features, and powerful data visualization capabilities. This article examines these updates, including how Microsoft and SharePoint integrate with other cloud-based technologies like Power Automate and Power BI.

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GILTI High-Tax Exception Final Regulations

NEWS

July 29, 2020

GILTI High-Tax Exception Final Regulations

While the final regulations maintain the basic framework of the proposed high-tax exclusion, there are some significant changes. In this blog post, GILTI High-Tax Exception Final Regulations, This article examines these changes, which include the determination of the foreign effective rate of tax on a newly defined tested unit, rather than QBU-by-QBU, basis; the ability to elect the high-tax exclusion retroactively to the 2018 taxable year; and the ability to make the election on a yearly basis. This article will also help you assess the impact of the final regulations on your company’s overall international tax profile.

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Global Tax Management Reduces Manual Tax Compliance Processes by 50% with Alteryx

NEWS

July 09, 2020

Global Tax Management Reduces Manual Tax Compliance Processes by 50% with Alteryx

With rapid growth in its 25-year history, Global Tax Management, a corporate tax services firm offering a wide range of solutions to clients of all sizes, has found new ways each year to improve its processes and tax automation offerings to better serve its clients as the business world changes. More recently, the firm has […]

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An Eye on Tax Talent Post-TCJA

NEWS

December 10, 2019

An Eye on Tax Talent Post-TCJA

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.

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Highlights of the Recently Issued Final and Proposed Foreign Tax Credit Regulations

NEWS

December 05, 2019

Highlights of the Recently Issued Final and Proposed Foreign Tax Credit Regulations

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.

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954(c)(6) Considerations for 2020

NEWS

December 02, 2019

954(c)(6) Considerations for 2020

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.

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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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Property Tax: The Ripple Effects of Tariff Wars Between the U.S. and China

NEWS

May 14, 2019

Property Tax: The Ripple Effects of Tariff Wars Between the U.S. and China

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.

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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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