President Trump’s campaign promise of major tax reform was fulfilled on Dec 22nd when he signed H.R. 1 that had been quickly pushed through Congress. This legislation is the most widespread change to our tax system since 1986. It will have a significant impact on individuals, business entities, choice of corporate structures and multi-national businesses. The implementation of some of the changes is subject to varying interpretations so we are anxiously awaiting further guidance from the IRS. (more…)
Mital Makadia and David Siegel, Partners at Grellas Shah LLP, spoke at the ASL Emerging Business Group’s best practices seminar on the topic, “Common Legal Pitfalls and Legal Issues Affecting Start-Ups Today.” In this podcast, Mital and David share the most important aspects of employment law, intellectual property, and entity selection for start-ups today. To watch the whole seminar, please visit our YouTube page: ASL YouTube – Common Legal Pitfalls Affecting Start-Ups Today
Joe Monte, the owner of TB Business Finance, spoke at the ASL Emerging Business Group’s best practices seminar on, “Stop Giving Away Your Equity: How Emerging Businesses Can Get Alternative Financing.” In this podcast, Joe shared his advice for startups on how he can help a small business with a loan. To hear more, listen to the podcast below.
By Sylvia Chan, Tax Senior
There has been much discussion about restructuring the California Tax System. Currently, California relies significantly on personal income tax collection to fund its state expenditures. Tax revenue based on personal income relies heavily on the unpredictability of capital gains which makes it impossible to forecast the state’s future revenue. This puts California in a very vulnerable situation should the stock market collapse, creating an abrupt shortfall in the State budget. Most people would agree that the California tax system is outdated, unfair, unreliable and long overdue for tax reform. (more…)
Amie Gray, CEO of N³ Innovation, spoke at the ASL Emerging Business Group’s best practices seminar on, “Using Innovation to Grow Your Emerging Business.” In this podcast, Amie shared that innovation sustains your business and to do research to plan for what your market will look like in three to five years out. Take a listen to hear more about what Amie shares in this mini podcast.
Google executives recently defended the company’s tax settlement with the United Kingdom to a select committee of the British House of Commons.
The appearance before the panel followed news of a deal the company struck with the U.K. under which it will pay £130 million ($186 million) in back taxes. British tax authorities said the amount is over and above the tax that Google would have paid for past years (or would pay for the current period). (more…)
China has widened the number of qualifying research and development (R&D) costs that are eligible for a super deduction for Chinese corporate income tax purposes.
The country released Circular 119, which would allow Chinese resident enterprises to retroactively deduct qualifying R&D expenses incurred over the past three years, among other things. The information in the guidance is part of China’s continuing efforts to strengthen and encourage R&D innovation and development strategies. (more…)
The IRS has issued proposed regulations requiring large companies to report information such as the
amount of revenue, profit or loss, capital and accumulated earnings for each country where they operate.
The filing of these annual country-by-country (CbC) reports is consistent with recommendations by the Organisation for Economic Cooperation and Development (OECD) aimed at helping to combat base erosion and profit shifting. Under the IRS regulations, the reports are to be filed by the U.S. persons that are the ultimate parent entity of a multinational enterprise (MNE) group with annual revenue of $850 million or more for the immediately preceding annual accounting period. The reporting form would include, on a country-by-country basis for each separate entity, such information as: (more…)