Are you nearing retirement age and the prospect of retiring overseas is something that you are entertaining? Before you decide to go overseas to finally settle into your new life, it would be good to about the tax implications of retiring abroad. Read More
Global Intangible Low-Tax Income – Working Example. Executive Summary
Does your Corporation own greater than 50% of a business established in a foreign country?
Beginning January 1, 2018, US entities will be subject to a tax on Global Intangible Low-Tax Income (GILTI) of their subsidiary controlled foreign corporations (CFC).
The income and tax associated with GILTI is eligible for certain deductions and foreign tax credits for US Corporations only. Read More
The Tax Reform Act’s Impact on Manufacturer’s
How much will the tax law changes actually impact your manufacturing business? As you probably are aware of the purpose behind the tax law was to reduce taxes across the board and to level the playing field for international business. So what will the impact be for you and your bottom line? That will depend on how your business is structured for U.S. tax purposes. Below are descriptions of some of the more prominent federal income tax changes which will impact manufacturers for 2018 and beyond. Read More
The construction industry is experiencing a wide variety of risks due to the complexity of its project environment.
Risk is defined as the probability of setback, injury, loss, or disadvantage for a particular entity. In the construction market, risk entails the failure to achieve what is feasible as well as the predicted measures. Although there are many definitions of the word “risk” and how it relates to the construction industry, it is important to seriously take them into consideration when it comes to making decisions.
With its many changes to individual tax rates, brackets and breaks, the Tax Cuts and Jobs Act (TCJA) means taxpayers need to revisit their tax planning strategies. Certain strategies that were once tried-and-true will no longer save or defer tax. But there are some that will hold up for many taxpayers. And they’ll be more effective if you begin implementing them this summer, rather than waiting until year-end.
There is nothing more fulfilling than to help others by giving. If you are like most people who donate, it is important that you are not only charitable but also wise. The Internal Revenue Service (IRS) gives anyone a tax break for providing donations to qualified charities. And so, if you give, then you shall also receive something back in the form of a taxable income—effectively lowering your tax bill.
Do you have a strategic plan for your business?
“Measure twice, cut once” is a common saying among construction professionals. You know the value of looking before you leap, of thinking ahead and of taking extra care. You know it saves you time, money and mistakes.
Strategic planning is another way of measuring twice before cutting once. It’s a way of considering factors that can affect outcomes. Yet, many people in construction (and in business overall) fail to take the time to practice good strategic planning. They’ll say, “We’re too small,” or “So many factors are uncontrollable, so what’s the point?” Read More
Business owners generally prefer to work with entities they know and trust. But related-party transactions can provide opportunities for individuals to act in a manner that’s inconsistent with the interests of shareholders. That’s why auditors take pains to identify and properly address related-party transactions.
Every year is a journey for a business. You begin with a set of objectives for the months ahead, probably encounter a few bumps along the way and, hopefully, reach your destination with some success and a few lessons learned. The middle of the year is the perfect time to stop for a breather. A midyear review can help you and your management team determine which objectives are still “meetable” and which ones may need tweaking or perhaps even elimination.
In many parts of the country, summer is peak season for selling a home. If you’re planning to put your home on the market soon, you’re probably thinking about things like how quickly it will sell and how much you’ll get for it. But don’t neglect to consider the tax consequences. Read More