The Federal Trade Commission (FTC) just issued some FAQs explaining a new consumer protection law known as the Economic Growth, Regulatory Relief and Consumer Protection Act. It was signed by President Trump in May and took effect on September 21, 2018. Read more
By Meredith Pilaro and Jeff Bilsky
Government contractors provide many different types of services across many different industries, such as IT, R&D, operations and professional services. In the past, many of these contractors may have used the term “consultant” or “consulting” to describe the wide range of services they provide. Yet this 2018 tax season, it may be time for contractors to revisit this terminology, particularly if they are structured as a flow‑through entity for tax purposes (i.e., an S corporation, a partnership, or an LLC taxed as a partnership). Read more
TREASURY ISSUES PROPOSED REGULATIONS FOR GLOBAL INTANGIBLE LOW-TAXED INCOME, SECTION 951A
On September 13, Department of the Treasury and the Internal Revenue Service (collectively, Treasury) issued proposed regulations (REG-104390-18, hereinafter, the Proposed Regulations) implementing Section 951A. Read more
Telemedicine continues to change the way that medical professionals and patients interact.
In a survey by the Mercer consulting firm, nearly three-quarters of employers with at least 500 workers said they make telemedicine services available. Yet employers with programs in place reported that only 7% of eligible employees used telemedicine at least once. And despite its wide availability, many employees who have access to telemedicine aren’t even aware that it’s an option for them. Read more
Is your workplace ready for Generation Z? Lately, many demographers and generation-focused marketing experts have been vocal about what they observe in Gen Z, the newest additions to the job applicant pool. Read more
Plan administrators and sponsors are fiduciaries who are charged with the highest level of responsibility, fair dealing and good faith recognized under the law. As a fiduciary, you have a legal duty to provide the utmost care and servicing on behalf of the beneficiaries in your plan. Because of the critically important retirement assets you oversee as a fiduciary, the federal government demands the best out of its plan administrators. Read more
What is GILTI?
The Global Intangible Low-taxed Income (GILTI) is a new provision, enacted as a part of tax reform legislation. Mechanically, it functions as a global minimum tax and introduces a lot of issues for all U.S. shareholders of controlled foreign corporations (CFCs) – especially individuals and partnerships. Read more
TREASURY AND IRS ISSUE PROPOSED REGULATIONS UNDER SECTION 965
On August 1, the Department of the Treasury and the Internal Revenue Service (collectively, Treasury) published proposed regulations (REG-104226-18, hereinafter, the Proposed Regulations) implementing Section 965 of the Internal Revenue Code as amended by the Tax Cuts and Jobs Act, which was enacted on December 22, 2017. The Proposed Regulations affect U.S. persons with direct or indirect interests in certain foreign corporations. Read more
By Bethany Bouw, CPA
If you are a foreign person who has a US single member LLC, there are some new developments that you should be aware of for tax year 2017. Reporting policies regarding foreign ownership of single-member LLCs have recently changed. First and foremost, it is important to know your status – US or foreign. To determine this, you should check the IRS rules and contact a lawyer. Read more
Your CPA tells you it’s best to ‘extend’ your tax return. What does that actually mean for you? The AICPA has provided a list of seven frequently asked questions and answers. Read more