Big U.S. CFOs Urge Treasury to Reconsider Foreign Tax Credit Rules
On June 3, 2022, 28 Chief Financial Officers (CFOs) of major U.S. corporations (see notes for a list) signed a...
International Comparison of Inheritance Tax System and China’s Choice
The collection of inheritance tax The inheritance tax originated in ancient Egypt more than 4,000 years...
Shenzhen Customs and taxation implement coordinated management of transfer pricing of related imported goods, reduce tax compliance costs, and improve tax certainty
For a long time, the different requirements of customs valuation and tax transfer pricing have...
The Chinese version of “Pillar One Amount A: Tax Base Determination Legislative Template Public Discussion Draft”
Introduction After years of intensive negotiations to update and fundamentally reform international tax rules, 137...
The tax risk of improper signing of cross-border transaction contracts is “approaching the door”
Source: China Tax News Data from the National Bureau of Statistics shows that in the...
New tax rebate measures to boost exports
In order to help foreign trade enterprises alleviate their difficulties, the State Administration of Taxation...
Comparison of Chinese and U.S. Corporate Tax Systems found that if the Biden administration’s proposed tax increase measures are passed, the tax bias against U.S. domestic investment will further deteriorate
Source: American Tax Foundation Compilation: Smart Finance International Tax Service Team Recently, the Tax Foundation...
Meal and Beverage Expense
Entertainment 100% Nondeductible Certain narrow exceptions to the 50% limitation allow taxpayers 100% deduction for...
Foreign Branch
In December 2018, IRS issued revised instructions to form 8858 which expanded the requirements to...
Subpart F and GILTI
To prevent the abuse of non-U.S.-source income tax treatment, the US Code requires Subpart F...Archive
June 3, 2022
On June 3, 2022, 28 Chief Financial Officers (CFOs) of major U.S. corporations (see notes for a list) signed a letter to U.S. Treasury Secretary... Read more
May 29, 2022
The collection of inheritance tax The inheritance tax originated in ancient Egypt more than 4,000 years ago. The purpose of the... Read more
May 19, 2022
For a long time, the different requirements of customs valuation and tax transfer pricing have brought many problems to the... Read more
May 18, 2022
Introduction After years of intensive negotiations to update and fundamentally reform international tax rules, 137 jurisdictions within the G20/OECD Inclusive... Read more
May 13, 2022
Source: China Tax News Data from the National Bureau of Statistics shows that in the first quarter of 2022, my... Read more
May 11, 2022
In order to help foreign trade enterprises alleviate their difficulties, the State Administration of Taxation issued the "Announcement on Further... Read more
May 10, 2022
Source: American Tax Foundation Compilation: Smart Finance International Tax Service Team Recently, the Tax Foundation published a research report entitled... Read more
February 23, 2022
Entertainment 100% Nondeductible Certain narrow exceptions to the 50% limitation allow taxpayers 100% deduction for qualifying food and beverage expense.... Read more
February 18, 2022
In December 2018, IRS issued revised instructions to form 8858 which expanded the requirements to file this form to include... Read more
February 14, 2022
To prevent the abuse of non-U.S.-source income tax treatment, the US Code requires Subpart F income to be included in... Read more
February 7, 2022
LB&I released a memorandum (LB&I-04-1120-0020), which provides a six-year limitation period for the assessment of a net transition tax liability.... Read more
January 25, 2022
New Regs. Sec. 1.1031(a)-3 provides a unifying definition of the real property for Sec.1031, real property includes “land and improvements... Read more
August 12, 2021
WASHINGTON, Aug 11 (Reuters) - A group of 29 U.S. House Democrats want congressional leaders to include at least $160... Read more
August 3, 2021
Money is pouring into autonomous trucking startups, just as many are souring on the short-term prospects for self-driving cars. IN... Read more
June 3, 2021
Will a mass transition to electric vehicles (EVs) cause the electric power grid to collapse? Some argue that EVs will... Read more
June 3, 2021
(Reuters) - During several days of brutal cold in Texas, the city of Austin saw its fleet of 12 new... Read more
May 19, 2021
AI trends that will dominate in 2021 Artificial intelligence has shown great potential and a promising course in the past... Read more
May 19, 2021
On April 21, the European Commission (EC) proposed a set of Artificial Intelligence (AI) regulations that would dramatically re-shape how... Read more
May 17, 2021
The first step of cross-border M&A- due diligence in tax investigation Mergers and acquisitions is one of the important ways... Read more
January 12, 2021
The pandemic has developed high stakes for internal auditors to adapt to changing rules and cyberattacks are becoming increasingly more... Read more
January 7, 2021
The SEC stated that Borgwarner is a motor vehicle parts manufacturer in Michigan materially misstated financial statements by failing to... Read more
January 7, 2021
A business interest expense is the cost of interest on a business loan used to maintain business operations or pay... Read more
January 6, 2021
Sales and use tax consequences impacts remote employees and the nation’s battle to cease the spread of coronavirus cases. The... Read more
January 6, 2021
Lease Concessions • Lessor or lessee can elect to apply or not apply guidance to contract *Refer to recent... Read more
January 5, 2021
Liquidations occurs when a company is closing because it cannot pay its bills or the value of the business assets... Read more
December 31, 2020
The AICPA launched the CPA Evolution Initiative which includes skills needed for accountants. • Competency • Communication ... Read more
July 15, 2020
Covid-19 is clobbering hotels, shopping centers and senior housing communities. But the pandemic is providing an extra boost to landlords leasing to... Read more
July 12, 2020
Public and private companies that enter contacts with customers to transfer goods or services or non-financial assets should carefully follow... Read more
June 29, 2020
The shifty economic and trade tensions have been high as the U.S. and China, the world’s largest trading partners, are... Read more
June 24, 2020
California The California Franchise Tax Board has made significant tax developments to its existing rules for taxpayers doing business in... Read more
June 23, 2020
The Tax Cuts and Job Act has modified various cost recovery rules under Sec. 179 and 168 under Rev. Proc.... Read more
June 4, 2020
Attention taxpayers! These days, taxpayers need to understand the reasoning behind Sec.7502(a), which states a petition must be timely mailed... Read more
May 27, 2020
All professional tax prepares should review their data security protections by developing a written plan describing the company’s policies to... Read more
May 26, 2020
Tax professionals can complete the filing of returns online by using e-Services made possible by the IRS. The primary services... Read more
May 25, 2020
FASB voted to delay the effective dates for its standards on accounting for leases, credit losses, hedge accounting, and long-term... Read more
May 25, 2020
On September 12, 2019, FASB revised its balance sheet debt classification in a Proposed Accounting Standards Update, which adopted an... Read more
May 25, 2020
The outcome of South Dakota v. Wayfair, Inc. (2018) affected each state’s nature of sales tax collection for remote sellers... Read more
May 21, 2020
Out with the old and in with the new. Recently, Financial Accounting Standards Board ASC Topic 842, Leases or ASU... Read more
May 21, 2020
For some taxpayers, the time may come when the IRS audits their income tax return. There are two solutions taxpayers... Read more
May 20, 2020
As stated in IRS Restructuring and Reform Act of 1998, P.L. 105-206 Sec. 6751(b)(1), taxpayers can dissolve penalties by submitting... Read more
May 20, 2020
Overview FASB Accounting Standards Codification (ASC) Subtopic 740-10 No. 48 provides accounting and disclosure guidance on the recognition of taxes... Read more
May 20, 2020
Part 1 When the U.S. Supreme Court revised the outcomes of South Dakota v. Wayfair, Inc. (2018) and Quill Corp.... Read more
May 20, 2020
Cybercrimes occur often, and the risks are damaging to a company’s reputation, development, and client and investor relations. C-level leaders... Read more
May 20, 2020
Under new guidance of FASB’s Issuance of Accounting Standards Update No. 2014-09, Revenue From Contracts With Customers (Topic 606), the... Read more
May 16, 2020
Information returns are crucial for taxpayers. If they fail to report and pay the correct amount of tax on time,... Read more
May 16, 2020
According to the Bluebook of The Joint Committee on Taxation, a business meal expense is considered entertainment and not deductible.... Read more
May 16, 2020
Are you considered an independent contractor or an employee? Many factors differentiate your placement. The IRS states that a worker... Read more
May 16, 2020
Due to the underutilization of R&D tax credit, taxpayers of startup companies that develop or improve products should be aware... Read more
May 15, 2020
According to The Joint Committee of Taxation, federal tax expenditures for the research tax credit will reach $16.4 billion in... Read more
August 1, 2019
Electric vehicle charging points are great to see popping up in all corners of the globe, but when it comes... Read more
July 30, 2019
Despite all the hullabaloo about electric cars, they're still a very new technology. And, as much as we've heard about... Read more
July 28, 2019
Just when everyone had pretty much given up hope of getting lawmakers in our hyper-polarized nation’s capital to agree on... Read more
July 13, 2019
As the automotive and technology industries collide, many tech companies find themselves in an exciting but daunting position: having to... Read more
June 22, 2018
The IRS examined Coca Cola’s consolidated tax returns and it determined that royalty payments made by Coca Cola’s licensee corporations... Read more