Tax Provision

Living with GILT(I): How to Apply the New Tax on Intangible Overseas Assets

NEWS

September 16, 2019

Living with GILT(I): How to Apply the New Tax on Intangible Overseas Assets

The GILTI calculation is designed to prevent tax base erosion resulting from the transfer of intangible assets to foreign subsidiaries in low-tax countries. Raymond Wynman, CPA, managing director of GTM’s international tax practice, offers a step-by-step guide on the GILTI calculation in the latest issue of CFO Dive.

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PQ Group Closes Significantly Faster by Leveraging ONESOURCE Tax Provision (OTP) and GTM’s Tax Technology Implementation Expertise

Case Studies

PQ Group Closes Significantly Faster by Leveraging ONESOURCE Tax Provision (OTP) and GTM’s Tax Technology Implementation Expertise

“Our satisfaction with GTM goes well beyond our cash tax savings. Their specialized team took a big picture approach to our provision and compliance processes and asked “what if” questions along the way. They helped improve our processes, identify savings opportunities, and reduce our risk exposure. Having an outside firm who has our best interests in mind is invaluable.”
~ Carl Langren, CFO, NewLink

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NewLink Genetics Nets $6.8M Tax Savings and Reduces Exposure Risk by Entrusting its Tax Reporting to a Firm Who Asks the Right Questions

Case Studies

NewLink Genetics Nets $6.8M Tax Savings and Reduces Exposure Risk by Entrusting its Tax Reporting to a Firm Who Asks the Right Questions

“Our satisfaction with GTM goes well beyond our cash tax savings. Their specialized team took a big picture approach to our provision and compliance processes and asked “what if” questions along the way. They helped improve our processes, identify savings opportunities, and reduce our risk exposure. Having an outside firm who has our best interests in mind is invaluable.”
~ Carl Langren, CFO, NewLink

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Disposing of IRC 197 Intangibles: It’s All or Nothing

NEWS

May 30, 2019

Disposing of IRC 197 Intangibles: It’s All or Nothing

GTM’s James P. Swanitck, CPA, and Michael J. Tighe, CPA explore how the Tax Cuts and Jobs Act of 2017 impacts IRC Section 197 Intangibles and what you need to know about acquisition, disposition, and related-party transactions. Read the full article, as originally published in in the Pennsylvania CPA Journal.

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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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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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