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New International Regulations Provide Additional Guidance on Tax Reform

Posted 4:30 PM by
The IRS recently issued a new set of final and proposed regulations impacting many international tax concepts introduced as part of the Tax Cuts and Jobs Act (TCJA). As a refresher, the TCJA enacted section 951A, often known as Global Intangible Low-Taxed Income (GILTI), and requires a U.S. shareholder of a Controlled Foreign Corporation (CFC) to include certain income earned by a CFC in taxable income annually. The shareholder’s GILTI inclusion is the sum of the shareholder’s aggregate tested income in excess of tested loss, with certain modifications, calculated based on the proportional interest in all CFCs in which the shareholder held during the tax year.
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Additional Guidance Released on Social Security Tax Deferral, but Questions Remain

Posted 5:15 PM by
Earlier this month, President Trump signed an executive action directing the Secretary of the Treasury to defer collection of the employee portion of the Social Security tax (6.2%). The executive action stated that the Secretary of the Treasury would issue guidance needed for implementation. On Friday, Aug. 28, the U.S. Treasury Department and Internal Revenue Service (IRS) issued this first piece of guidance via Notice 2020-65.
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On-Demand Transportation Webinar: Accounting and Tax Updates in the COVID-19 Environment

Posted 5:00 PM by
As with all industries, the COVID-19 pandemic has affected the transportation industry in a number of ways. Among the flurry of changes over the past few months, trucking professionals should be aware of the many accounting and tax updates which may impact daily and long-term business operations.
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Carriers: The Importance of Tax Planning in Times of Uncertainty

Posted 6:46 PM by
There are few things that can ruin a day as quickly as a call from your accountant with the news that you owe more than expected on an upcoming tax deadline. Thankfully, there is an alternative to tax deadline surprises. With thoughtful tax planning in the third and fourth quarters, transportation companies can take control of their tax liabilities, which is of utmost importance during times of financial or economic uncertainty, and is crucial as we weather the current pandemic.
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President Trump Signs Executive Action Deferring Social Security Tax

Posted 7:15 PM by
On Saturday, Aug. 8, President Trump signed four executive actions meant to provide economic relief in the midst of COVID-19. In one such action, the president directed the Secretary of the Treasury to defer collection of the employee portion of the Social Security tax (6.2%). The deferral will only be available to employees that generally make less than $4,000 during any bi-weekly pay period (approximately $104,000 per year) and applies to wages paid during the period of Sept. 1, 2020, through Dec. 31, 2020.
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Additional COVID-19 Relief for the Real Estate Industry

Posted 7:15 PM by
The Coronavirus Aid, Relief, and Economic Security (CARES) Act, signed into law earlier this year, provided multiple forms of economic relief for the real estate industry in the midst of the COVID-19 pandemic. The IRS has recently announced updates to this legislation, as well as updates to real estate-friendly legislation included in 2017’s Tax Cuts and Jobs Act (TCJA). These updates bode well for developers, owners, and managers alike and should be considered when looking for ways to maximize tax benefits.
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Virtual Currency Update – Some Answers With Many More Questions

Posted 8:00 PM by
The income tax treatment of virtual currency (also known as cryptocurrency) transactions continues to evolve. There remains a great deal of uncertainty in the treatment, computations, and reporting of virtual currency transactions, despite the recent activity and guidance from the IRS.
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On-Demand Webinar: COVID-19 Recovery for Manufacturers: Improving Cash Flow and Managing Disruptions

Posted 8:09 PM by
As the effects of COVID-19 continue to wreak havoc on our nation’s economy, there may be no industry more disrupted than manufacturing. While some manufacturing companies are still in survival mode and evaluating whether or not to keep their doors open, others are cautiously transitioning into recovery, picking up the pieces from the pandemic and evaluating how best to move forward. Whatever the situation, all companies are looking for ways to mitigate the financial impact of the pandemic.
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IRS Issues Additional Relief for Opportunity Zone Investors

Posted 5:45 PM by
The fallout of COVID-19 continues to strain the investment community, and Qualified Opportunity Zones (QOZs) are no exception. The IRS provided initial relief for the QOZ community in April, extending (for many investors) the 180-day period to invest capital gains until July 15, 2020. This week, the IRS provided additional relief for QOZ investors, Qualified Opportunity Funds, and Qualified Opportunity Zone Businesses by issuing Notice 2020-39, which further relaxes some of the timeline constraints within the QOZ program.
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IRS Provides More Guidance on Employee Retention Credit

Posted 5:45 PM by
Businesses that did not receive a forgivable loan under the Paycheck Protection Program (PPP), including business that repaid their PPP loan by May 18, 2020, may be able to find economic relief by claiming the Employee Retention Credit. The Employee Retention Credit is a payroll tax credit available to eligible employers in an amount equal to 50% of qualified wages paid after March 12, 2020.
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