The Foreign Investment in Real Property Tax Act (FIRPTA) imposes a tax on gains from a disposition of a U.S. real property interest by a foreign person. As a general rule, to help ensure foreign persons pay income tax on their sale of U.S.
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For companies subject to motor fuels and excise taxes, simply complying with federal and state tax requirements can take significant internal resources. Companies may miss important tax savings simply because they do not have the time or internal resources to uncover them.
Public companies that file under the ASC 740 income tax provision face complex financial reporting requirements that can challenge even the best tax departments.
Your company may qualify for multiple breaks on federal and state taxes— credits and exemptions that can lead to significant savings on your overall tax expenditures. You may not be aware that your company qualifies for certain tax savings opportunities.
Many energy-focused states grant upstream and midstream companies multiple breaks on state sales taxes — exemptions that can be worth significant savings. But taking advantage of these tax exemptions requires both time and specialized knowledge.