President Trump signed the sweeping tax reform bill “Tax Cuts and Jobs Act” on December 22, 2017, ushering in a broad range of changes including new tax rates and deductions, estate planning, corporation taxes and international taxes. The new bill represents the biggest changes to the US tax system in 30 years. The tax plan […]
2018 Tax Reform Bill Highlights Read More »
IRS has posted a useful comparison of nineteen tax changes for business in the Tax Cuts and Jobs Act (“TCJA”). TCJA changed deductions, depreciation, expensing, tax credits and other tax items that affect businesses. This side-by-side comparison can help businesses understand the changes and plan accordingly. Some provisions of the TCJA that affect individual taxpayers can also
It’s Tax Season – How new changes to TCJA affect you Read More »
The Internal Revenue Service has issued Notice 2018-97 offering guidance on a recent tax law change that allows qualified employees of privately-held corporations to defer paying income tax, for up to five years, on the value of qualified stock options and restricted stock units (RSUs) granted to them by their employers. The tax law change was included
IRS Offers New Guidance on New Tax Benefit Read More »
The Global Intangible Low-taxed Income (GILTI) is a new provision, enacted as a part of the Tax Cuts & Jobs Act (TCJA) tax reform legislation. The provision defines GILTI income as the amount of income earned by a U.S. foreign subsidiary above a certain threshold amount. Under the TCJA, a U.S. person (includes U.S. individuals,
As of January 1, 2018, the 2017 Tax Cuts & Jobs Act (TCJA) changes the taxation regime for U.S. multinational corporations. The international provisions in TCJA introduce a new territorial system for the taxation of foreign company income. Before these new tax provisions take effect, the new law imposes a mandatory one-time tax (the “Transition
Do I need to worry about “One Time Transition Tax”? Read More »
Introduction The recently enacted 2017 Tax Reform Act embraces major sweeping changes to US international tax rules. President Donald J. Trump has endorsed large changes to the federal tax code, and as per sources, the steps such as lowering rates for individuals and corporations, and further changing the taxation of overseas profits, will increase the
How Will the New Territorial Tax System Affect U.S. Competitiveness? Read More »
The Internal Revenue Service – IRS – is the revenue service department of The United States Federal Government. The government agency works under the Department of Treasury and is under the command of Commissioner of Internal Revenue who is appointed by the President of United States for a term of 5 years. The duties of
Six Main US Tax Amnesty Programs and How They Work Read More »
The Tax Cuts and Jobs Act which was signed on December 22, 2017, has changed how the IRS taxes the US shareholders of foreign corporations. The brand new U.S. tax law will affect everything from how corporate assets are financed to how business are structured. The shifts of the US tax policy towards a territorial
Territorial Tax System and One Time Transition Tax (Mandatory) Read More »
President Trump on December 22 signed and signaled a new Law that focused on amending changes in specific regions of the prevailing US law like Tax cuts related to businesses, individual, multinationals and most importantly Jobs. One of the primary focus was on foreign and offshore incomes that are earned, and multinational corporations and the
What You Need to Know About The New Expat Tax Laws on Offshore Income Read More »
On December 22, President Trump signed the “Tax Cuts and Jobs Act” into law. The Law that has changed the face of how US tax reform used to work. The newly added bill was proposed with changes in two main titles of TAX and JOBS, with an effort to reduce taxes and to increase Jobs
Transitions to a limited territorial system of corporate taxation Read More »
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