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Trends & Insights

Proposed regs. address IRS Appeals’ review of tax controversies

Treasury and the IRS have proposed regulations (REG-125693-19) to clarify the types of federal tax...

Sec. 987 foreign currency regulations applicability date extended again

On Aug. 15, 2022, the IRS announced (Notice 2022-34) that it intends to defer by...

Inflation Reduction Act includes 15% corporate minimum tax on book income

On Aug. 16, 2022, President Biden signed into law the Inflation Reduction Act, P.L. 117-169....

Memo removes IRS procedural requirements for economic substance arguments

The IRS issued a memorandum to all Large Business & International Division and Small Business/Self-Employed...

What does it mean to delete Article 9 from the Foreign Trade Law of the People’s Republic of China?

On December 30, 2022, the 38th meeting of the Standing Committee of the Thirteenth National...

VAT is about to be legislated! What adjustments are there?

On December 27, the draft value-added tax law was submitted to the Standing Committee of...

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...

Archive

Proposed regs. address IRS Appeals’ review of tax controversies
by MAEMURA STAFF January 11, 2023
Treasury and the IRS have proposed regulations (REG-125693-19) to clarify the types of federal tax controversies that may be appealed... Read more
Sec. 987 foreign currency regulations applicability date extended again
by MAEMURA STAFF January 11, 2023
On Aug. 15, 2022, the IRS announced (Notice 2022-34) that it intends to defer by one more year the applicability... Read more
Inflation Reduction Act includes 15% corporate minimum tax on book income
by MAEMURA STAFF January 11, 2023
On Aug. 16, 2022, President Biden signed into law the Inflation Reduction Act, P.L. 117-169. For applicable corporations that report... Read more
Memo removes IRS procedural requirements for economic substance arguments
by MAEMURA STAFF January 11, 2023
The IRS issued a memorandum to all Large Business & International Division and Small Business/Self-Employed Division examination employees to communicate... Read more
What does it mean to delete Article 9 from the Foreign Trade Law of the People’s Republic of China?
by People's Daily Online - Posted on Beijing January 9, 2023
On December 30, 2022, the 38th meeting of the Standing Committee of the Thirteenth National People's Congress adopted a decision... Read more
VAT is about to be legislated! What adjustments are there?
by Posted on Shanxi December 29, 2022
On December 27, the draft value-added tax law was submitted to the Standing Committee of the National People's Congress for... Read more
Big U.S. CFOs Urge Treasury to Reconsider Foreign Tax Credit Rules
by IBFD Correspondent Jannica Robles Santos 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
International Comparison of Inheritance Tax System and China’s Choice
by YU YAXIAN, HUANG JIANG AND SHI JIAN 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
Shenzhen Customs and taxation implement coordinated management of transfer pricing of related imported goods, reduce tax compliance costs, and improve tax certainty
by POSTED ON GUANGDONG 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
The Chinese version of “Pillar One Amount A: Tax Base Determination Legislative Template Public Discussion Draft”
by POSTED ON GUANGDONG 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
The tax risk of improper signing of cross-border transaction contracts is “approaching the door”
by Gao Lirun 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
New tax rebate measures to boost exports
by Wang Dongsheng 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
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
by POSTED ON GUANGDONG 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
Meal and Beverage Expense
by MAEMURA STAFF 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
Foreign Branch
by MAEMURA STAFF 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
Subpart F and GILTI
by MAEMURA STAFF 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
Assessment statutes of limitation on the Sec. 965 Transition tax
by MAEMURA STAFF 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
Like-kind exchanges for the real property
by Maemura Staff 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
U.S. House Democrats seek at least $160 billion in new EV funding
by DAVID SHEPARDSON 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
Trucks Move Past Cars on the Road to Autonomy
by AARIAN MARSHALL 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
Myth buster #2: “Electric vehicles will overload the power grid”
by Virta 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
EV rollout will require huge investments in strained U.S. power grids
by Nichola Groom, Tina Bellon June 3, 2021
(Reuters) - During several days of brutal cold in Texas, the city of Austin saw its fleet of 12 new... Read more
AI predictions 2021: Frontiers where AI will reinforce its presence
by Ivana Kotorchevikj 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
EU Presses Ahead on AI Regulation – With Global Implications
by Wiley Rein LLP 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
Due Diligence, A Key Step in Overseas Merger & Acquisition
by Patrick Zhao 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
Password Recommendations for Internal Auditors
by MAEMURA STAFF 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
Case Study – Borgwarner
by MAEMURA STAFF 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
IRS Regulations and Other Guidance on Business Interest Expense Limitation
by MAEMURA STAFF 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
Coronavirus Impact on State and Local Tax Landscape
by MAEMURA STAFF 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
Judgement guidance for CPA to navigate pandemic-related challenges
by MAEMURA STAFF January 6, 2021
Lease Concessions          • Lessor or lessee can elect to apply or not apply guidance to contract *Refer to recent... Read more
Summary of Tax Rules for Liquidating Companies
by MAEMURA STAFF 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
Secure These Four Accountancy Skills
by Maemura Staff December 31, 2020
The AICPA launched the CPA Evolution Initiative which includes skills needed for accountants.     •       Competency      •       Communication    ... Read more
Biotech Properties Draw Billions of Dollars as Other Real Estate Languishes
by PETER GRANT 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
FASB ASC Topic 606 Framework for Auditing Contracts, Revenue Recognition
by MAEMURA STAFF 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
A Current Look into Section 301 Tariffs, Product Exclusions
by MAEMURA STAFF 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
Significant and Current Tax Developments in California and Texas
by MAEMURA STAFF 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
Cost Recovery Modifications Under Tax Cuts and Jobs Act
by MAEMURA STAFF 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
Understanding Sec. 7502(a), USPS, and non-USPS postmarks
by MAEMURA STAFF 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
How to Plan for Data Security
by MAEMURA STAFF 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
Improving IRS practitioner services
by MAEMURA STAFF 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
Effective dates delayed for SEC, public, and private filers
by MAEMURA STAFF 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
Revised: Balance sheet debt classification
by MAEMURA STAFF 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
Understanding the Impact of Wayfair on Businesses
by MAEMURA STAFF 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
New Lease Accounting Standards for Auditors
by MAEMURA STAFF 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
How to Write A Successful Tax Appeal and Win
by MAEMURA STAFF 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
An Overview of IRS Penalty Relief Sec. 6751(b)(1)
by MAEMURA STAFF 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
What You Should Know About FASB ASC 740-10
by MAEMURA STAFF 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
How the Outcome of Wayfair Complies with Sales Tax Today
by MAEMURA STAFF 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
How To Implement Strong Cybersecurity Measures
by MAEMURA STAFF 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
New Guidance of Revenue Recognition and Automatic Method Changes
by MAEMURA STAFF 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
Penalties on information returns
by MAEMURA STAFF 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
Are business meal expenses deductible?
by MAEMURA STAFF 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
Misclassifications: Independent Contractor versus Employee
by MAEMURA STAFF 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
Your eligibility to claim R&D Tax Credit
by MAEMURA STAFF 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
Taxpayers’ Research Tax Credit per Sect. 41(d)
by MAEMURA STAFF 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
Electrify America and Stable Auto are testing robotic EV chargers for self-driving cars
by ANDREW KROK 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
J.D. Power Mobility Confidence study finds people wary of EVs, self-driving cars
by ANDREW KROK 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
Congress takes another stab at passing self-driving car legislation
by ANDREW J. HAWKINS 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
Car contracts: Advice for tech companies entering the auto space
by PHILIPPA J. BALESTRIERI 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
Foreign Tax Credit Issues – Coca Cola
by ANDREW TACHIERA 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

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