Search Results

Information on compliance with U.S. tax filings. Important changes Offshore Voluntary Disclosure Program and expansion of offshore-related Streamlined Filing Compliance Procedures. Taxpayers whose actions were not willful have greater flexibility in avoiding penalties.

The entire task of foreign currency translation can be understood as determining the correct exchange rate to be used in converting each financial statement line item from the foreign currency to USD. ASC 830 establishes these steps.

International Tax Alert about The Education Jobs and Medicaid Assistance Act of 2010 which creates significant changes to International Tax. This International Tax Alert contains details on the most significant changes. Companies should diligently review and evaluate their multi-national organizational structures to determine the impact of these changes to their foreign tax credit planning, Subpart F planning, and acquisition planning.

Alert for alternative fund industry and international tax developments. U.S. legislation in FATCA provisions will tax  investors on capital gains from the sale of U.S. securities. Indian  DTC imposes General Anti Avoidance Rules GAAR provisions. Vodafone case impact on non-resident investments in India. Tax Treaty Update - the Double Taxation Avoidance Agreement (DTAA) with  India.

This article features observations on tax tips law firms can utilize for year-end tax planning.

New Jersey’s Pass-Through Business Alternative Income Tax (“BAIT”). Has become a more attractive option, particularly for professional service firms, since the recent IRS Notice on state-sponsored pass-through entity and SALT workarounds.

Here are eight tips for law firms as they work with the new Form 1099-NEC and the revised Form 1099-MISC—along with the typical pitfalls of 1099 reporting.

a discussion of the advantages available through the use of robotics process automation.

An overview of the change of how New Jersey records corporate revenue sourcing to the market-based method. It further states that the impact will be on S and C corporations.

The impact of recent law changes in Connecticut regarding the taxation of pass through entities, such as law firms.

California codifies legislation designed to apply the meals and entertainment deduction portion of 2017 tax reform. Included is a breakdown of the expense, the federal deduction and the corresponding California deduction.

When setting legal disputes, proper planning is key. And, even if you anticipate that your client will be taxed on the entire recovery, recognizing that fact early is crucial so you can negotiate with the net recovery in mind.

You can obtain that vendors have robust internal controls by a Service Organization Controls (SOC) report that details system design, control objectives, security, related testing, results and so forth.

Law firms have often historically sourced their revenues based on where they performed their services. In many instances this was historically correct. Given that California’s top tax rate is 12.3%, it pays to understand your firm’s and your partners’ relationship to California and its taxes.

Under the TCJA many businesses are encountering some new challenges related to transportation fringe benefits. IRC Sec. 274(4) places limitations on the deduction for any qualified transportation fringes provided to the employee by the employer.

Meals and entertainment (“M&E”) are often essential to a law firm’s operations. Commentators have spent the last 12 months scrutinizing the Tax Cuts and Jobs Act’s (“TCJA’s”) changes to the federal rules for M&E deductions.

Effective for taxable years beginning January 1, 2018, Connecticut replaces the pass- through regime with an entity-level tax. Law firms should consult with their advisors early to determine if they should enter into the agreement with the DRS.

The Tax Cuts and Jobs Act created a business tax credit for employers that voluntarily offer paid family and medical leave to their employees. Here's are the details about the tax credit that is available for tax years beginning after 12/31/17.

Carolyn Dolci and Brian Karnofsky led for the New Jersey Association of Legal Administrators on the impact of the Tax Cuts and Jobs Act of 2017 on law firms. One of the key points discussed was Qualified Business Income (“QBI”).

Law firms operating in a multi-state environment expose their partners to income tax liabilities wherever the firm has nexus. Fortunately, most states offer a composite tax return option which consolidates the partners’ tax reporting.