3 Corporate Tax Management Cost Saving Strategies to Consider
Growing multinational companies juggle many tax responsibilities. Here are some tips for keeping all the balls in the air.
A number of key tax updates were passed last year that may substantially increase the complexity to account for taxes under ASC 740 including the IRS Final Regulations under section 162(m) as amended by the Tax Cuts and Jobs Act (TCJA), and updates to section 250. The final regulations under 162(m) significantly expanded the reach of the $1,000,000 cap on the deductibility of compensation paid to certain executives (“covered employees”).
The final regulations on the section 250 deduction for global intangible low-taxed income (GILTI) and foreign-derived intangible income (FDII) significantly affect individuals and certain trusts that hold direct and indirect interests in controlled foreign corporations (CFCs) and make elections under section 962.
Section 162(m) Updates
Modeling Around Section 250 Updates
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