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Tax Matters

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 2024

Annual Report Changes
March 2024

There are important changes to current filings of Alabama ("AL") Forms CPT (corporate privilege tax) and PPT (pass-through privilege tax), as well as the AL Secretary of State Corporation Annual Report that businesses need to be aware of in order to meet the March 15th Annual Report filing deadline.

Section 45X: Advanced Manufacturing Production Credit
February 2024

In Tax Matters Volume 2023-5, we provided an overview of the various incentives contained within the Inflation Reduction Act (IRA). On December 14, 2023, Treasury released proposed regulations outlining further details on the advanced manufacturing production credit.


Employee Retention Credit- Voluntary Disclosure Program
January 2024

In December 2023, the IRS announced a new Voluntary Disclosure Program (“VDP”) for taxpayers that claimed and received Employee Retention Credits (“ERCs”) but subsequently discovered they were ineligible for the credits.

 2023

Corporate Transparency Act – Update
December 2023

In Tax Matters Vol 2022 – 6, we provided initial information regarding the Corporate Transparency Act ("CTA"). Many businesses will be required to comply with the CTA beginning January 1, 2024. There have been several questions regarding whether accounting firms can provide services related to the CTA as such may considered an unauthorized practice of law. Therefore, we have made the difficult decision that we cannot provide these services until further guidance clarifies this issue. We recommend that anyone with a potential CTA reporting requirement consult with their legal counsel. 


IRS Transfer Pricing Enforcement Initiatives
December 2023

On October 20, 2024, the IRS announced its new transfer pricing enforcement initiative as result of increased funding under the Inflation Reduction Act. Some of our clients have been impacted by this effort.


New EFTPS Login Requirements
December 2023

Effective October 19, 2023, businesses and individual taxpayers who make payments electronically via the Electronic Federal Tax Payment System (EFTPS) must utilize Multi-Factor Authentication (MFA). 


The Complexities and Time-Intensive Nature of Foreign Informational Reporting
May 2023

Foreign entity "informational reporting" often refers to Form 5471 (foreign corporations), Form 8865 (foreign partnerships), and Form 8858 (foreign disregarded entities). Such reporting is required for a U.S. person (or entity) who has certain ownership in one or more foreign entities or foreign business activities (in the case of a foreign disregarded entity).


Credits and Incentives Under the Inflation Reduction Act and CHIPS 
May 2023

On August 16, 2022, President Biden signed into law the Inflation Reduction Act ("IRA"). In our prior Tax Matters Vol 2022-5, we summarized changes to the corporate tax regime that could impact small to medium-sized businesses.


Change in Sec. 174: Required Research and Experimental Expense Capitalization
February 2023

An important consideration for the preparation of our clients’ 2022 tax provisions (now) and 2022 income tax returns (later this year) relates to a change in tax law regarding the deductibility of research and experimental expenses.


BEA Reporting Requirements – Foreign Direct Investments in the United States
February 2023
The Bureau of Economic Analysis ("BEA"), part of the U.S. Department of Commerce, requires that various quarterly, annual, 5-year, and other specific surveys be filed.

With the start of the tax preparation season for 2021 as well as upcoming 2022 estimates, we would like to draw your attention to recent changes as well as expired tax provisions for businesses and individuals

State-Mandated Retirement Programs
January 2023
In recent years, many states have started to implement programs requiring employers to enroll employees in a state sponsored retirement program. Employers that already offer a qualified retirement plan are generally exempt, but rules vary by state. This Tax Matters provides an overview of so-called state-mandated retirement programs in general, as well as a summary of plans that have been enacted by various states. At this time, 14 states have enacted a state-mandated retirement program, with varying implementation dates.

 2022

December 2022 (first published 2013)

With the start of the tax preparation season for 2021 as well as upcoming 2022 estimates, we would like to draw your attention to recent changes as well as expired tax provisions for businesses and individuals.

December 2022 (first published 2014)

If the value of aggregate foreign gifts that you receive during any tax year exceeds a threshold amount, each foreign gift must be reported to the IRS. A foreign gift is any amount received from a non-U.S. person which is treated as a gift or a bequest. A non-U.S. person is any person other than a citizen or resident of the U.S. or a U.S. partnership or corporation. 

Giving up U.S. Citizenship or Terminating Long-Term Residency
December 2022 (first published 2016)

A U.S. citizen who gives up U.S. citizenship or a long-term U.S. resident who gives up his or her residency status and who is a covered expatriate is subject to a mark-to-market rule. More » 


Corporate Transparency Act - Initial Information
December 2022
In 2021, Congress passed the Corporate Transparency Act requiring disclosure of the ultimate beneficial owners of U.S. and foreign corporations to FinCEN starting in 2024. Final Regulations were released on September 29, 2022. Below please find key takeaways from recently released regulations. We will provide more information as it becomes available but certain taxpayers should anticipate new compliance requirements in the future.

October 2022

On August 16, 2022, President Biden signed into law the Inflation Reduction Act (“IRA”). Although the bill is focused on climate related investments, it also includes changes to corporate tax to pay for the programs. However, we expect that the impact on our clients with activities in the U.S. will be limited. Below is an overview of the tax-related changes.

August 2022

The Infrastructure Investment and Jobs Act (IIJA), reinstated, effective July 1, 2022, the excise taxes imposed on certain chemical substances by sections 4661 and 4671 of the Internal Revenue Code (IRC), also referred to as Superfund chemical taxes.

August 2022

As discussed in Rödl Tax Matters Volume 2021-2, the Employee Retention Credit was significantly expanded and extended through 2021 under the Consolidated Appropriations Act (CAA) and the American Rescue Plan Act of 2021. Currently it runs through Q3 2021 due to the Infrastructure Bill removing Q4.

January 2022

The Employee Retention Credit was originally extended through the end of 2021 under the American Rescue Plan Act. However, the Infrastructure Investment and Jobs Act enacted on November 15th, 2021, amended Section 3134 of the Internal Revenue Code and terminated the Employee Retention Credit as of September 30th, 2021. 

 2021

November 2021
On November 15, 2021, President Biden signed into law the Infrastructure Investment and Jobs Act (“Infrastructure Bill”).

November 2021
Taxpayers should consider the effects of the decreasing bonus depreciation rates when finalizing their internal budgets and projections for tax year 2022.

April 2021
This week, Florida’s governor signed Senate Bill 50 into law.  This law requires remote sellers and marketplace providers with no physical presence in Florida to begin collecting sales tax if their taxable sales to Florida customers in the prior calendar year exceeded $100,000.  The requirement is effective July 1, 2021.

Employee Retention Credit

February 2021
On March 27, 2020, the CARES Act introduced a new Employee Retention Credit available for certain employers subject to a complete or partial government-mandated shutdown or a greater than 50% decline in gross revenue due to COVID-19. 


New Announcement on Corporate Tax Benefits

January 2021
We would like to make sure you were aware of some of the provisions of the Consolidated Appropriations Act signed into law on December 27, 2020 which you could benefit from.


 2020

Transfer Pricing Documentation FAQs
April 2020
In April 2020, the IRS released a list of frequently asked questions (“FAQs”) for transfer pricing documentation best practices
 

CARES Act Business Provisions

March 2020

Major provisions of the Act affecting business taxpayers are discussed below. More details regarding the specifics of each provision are emerging daily.

 

COVID-19 "Corona Aid, Relief, and Economic Security Act (CARES Act)"

March 2020

President Trump has signed the new Coronavirus Aid, Relief, and Economic Security Act (CARES Act) into law. Major highlights of the Act are discussed.

 

COVID-19 Federal Return and Payment Extensions

March 2020

The April 15th deadline for filing tax returns will now be postponed until July 15th.

 2019

UPDATE:  The Medical Device Tax was REPEALED with the 2020 Federal budget agreement passed by Congress on December 17th.  The President is expected to sign this legislation
November 2019 
Businesses importing or manufacturing certain medical devices will be subject to a 2.3% excise tax on gross sales effective January 1, 2020. More »


Records Retention Guide for Clients
July 2019

Record retention is very important for every individual and business client. More »

 

Revised California Sales Tax Collection Requirement effective April 1, 2019

May, 2019

The California Legislature recently passed legislation requiring use tax collection by out of state retailers when sales exceed $500,000 in the preceding or current calendar year. More »


Disallowance of deduction related to qualified transportation fringe

February 2019

Throughout 2014, the IRS has released new versions of the various W-8 series of forms to comply with the Foreign Account Tax Compliance Act ("FATCA") which generally went into effect on July 1, 2014. More »


Bureau of Economic Analysis ("BEA") Investment Surveys – Reporting Requirements

January 2019

The Bureau of Economic Analysis (BEA) prepares official U.S. economic statistics to provide timely, accurate, and relevant economic information that helps gauge the performance of the U.S. economy and the role of the United States in the global economy. More »

 2018

The “Opportunity” in Opportunity Zone

December 2018

The Tax Cuts and Jobs Act created a new Opportunity Zone program that may provide tax benefits for taxpayers investing in “qualified opportunity funds.” The IRS recently issued proposed regulations and a draft Form 8996 that answer many, but not all, questions surrounding this potentially very significant tax benefit. More » 


Partnership Audit Rules Update

December 2018

Changes to the partnership audit regulations are effective for tax years beginning in 2018. This alert is intended as a reminder of required or recommended actions and related considerations. More »

 

New Section 83(i) Election Provides Income Deferral for Certain Stock Option and Restricted Stock Transactions

 

Changes to Meal and Entertainment Expenses under Tax Reform

 2017

How to Know if the Knock on Your Door is Actually Someone from the IRS
November 2017

Unfortunately, many scams today involve people impersonating the IRS. More »


Introducing Sales Tax Outsourcing Services

August 2017

With states becoming more aggressive in targeting out-of-state businesses for sales tax compliance and reporting, Rӧdl & Partner has responded to clients' requests for seamless processing of sales tax obligations to meet their business needs. More »


Partners are not Employees of a Partnership

July 2017

Several articles have come out in the past year addressing the issue of whether a partner in a partnership may be treated as an employee of the partnership. More »

 2015

Claiming U.S. Non-Resident Status When Holding a U.S. Green Card
August 2015

Many individual taxpayers have applied for and received status as a U.S. Permanent Resident, commonly referred to as a "Green Card Holder". More »


Foreign Account Tax Compliance Act Overview

January 2015

After June 30, 2014, in addition to the withholding obligations under chapter 3, U.S. withholding agents must generally withhold 30% on U.S. source fixed or determinable annual or periodic income, such as dividends and interest, paid to a foreign financial institution or nonfinancial foreign entity unless the agent can reliably associate the payment with valid documentation that establishes that the payment is not subject to withholding. More »

 2014

Compliance with the Various W-8 Series of Forms – Completing the Form
October 2014

Throughout 2014, the IRS has released new versions of the various W-8 series of forms to comply with the Foreign Account Tax Compliance Act ("FATCA") which generally went into effect on July 1, 2014. More »

 

Compliance with the Various W-8 Series of Forms - Requesting the Form

October 2014

Must I obtain Form W-8? What if I have existing Forms W-8? Do I need to obtain the revised Form W-8? When does the form expire? More »

 

Offshore Voluntary Disclosure Program and Streamlined Filing Compliance Procedures

August 2014

On June 18, 2014, the IRS announced a continuation of the 2012 Offshore Voluntary Disclosure Program ("2012 OVDP"), but modified many of the terms of the program. More »

 

Fixed Asset Tax Review Services

June 2014

A Fixed Asset Tax Review analyzes capital expenditures during the current year to determine the appropriate tax treatment while seeking to maximize current year tax deductions and credits. More »

 

Tax Payment Options for Foreign Individuals and Businesses without an U.S. Bank Account

April 2014

International taxpayers who do not have a U.S. bank account may follow the instructions below to transfer funds from their foreign bank account directly to the Internal Revenue Service for payment of their individual or business tax liabilities. More » 

 

Research and Development Tax Credits: Qualifying Requirements

March 2014

Federal and state credits are available to organizations that increase their research and development activities above a certain base amount. More » 

 2013

FATCA: It’s not just for Financial Institutions
June 2013

In 2010, Congress enacted the Foreign Account Tax Compliance Act, known as FATCA. More »


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Elisa Fay

CPA

Partner-in-Charge Rödl National Tax

+1 404 525 2600

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