At this time of year, we prepare a lot of 1065 and 8865 forms for U.S. and foreign partnerships. A common question is when it would be appropriate to file a Form 1065 for a foreign partnership.
In December, significant changes to the federal income tax system were signed into law. Now companies must apply the effect of the tax law changes to their fourth-quarter financial statements. For many companies, that will be a complex task.
The Financial Accounting Standards Board (FASB) has released for public comment a proposal that adds new disclosure requirements about income taxes, including foreign earnings and global tax strategies.
The United States Treasury Department (Treasury) proposed regulations on April 4, 2016, that re-characterize some related-party debt as equity. The re-characterization of debt as equity will tend to increase tax costs. The proposed regulations are slated to take effect Sept.
The Financial Accounting Standards Board (FASB) recently decided to start drafting its long-awaited proposal on income tax disclosures. Despite the board’s general efforts to streamline the disclosure requirements under U.S.
IRS Notice 2015-79 represents the latest attack on corporate inversion transactions. According to the Notice, the IRS intends to issue regulations designed to make it more difficult for U.S. companies to invert and to limit the tax benefits of this strategy.
Mexico and numerous other nations do not have estate taxes, so many nonresidents are unaware estate taxes even exist. Some may be well aware of residency requirements as they apply to income tax jurisdiction, but may be unaware that estate tax obligations are not based on those criteria.
As a general rule, the Financial Accounting Standards Board (FASB) has been trying to eliminate “disclosure overload” by streamlining what companies need to disclose in their financial statement footnotes. But reporting for income taxes appears to be an exception. In the first quarter of 2016,…