In a decision that again pits the United States against the European Union in that ongoing battle over which entity can primarily tax international business, Margrethe Vestager, the European Union commissioner for competition, ordered Ireland on Tuesday to claw back billions from Apple over illegal tax breaks. At issue is up to 13 billion Euros (US$14.5 billion) in back taxes, which the European Commission claims are due for a 10-year period. » Read More
The introduction of a Goods and Services Tax “GST” in India is quickly approaching and will have an impact on all global businesses. Our friends at Khaitan & Co., one of the oldest and largest Indian law firms, recently put out an alert on GST implications. Read their alert below and register to attend one of their webinars to learn more about the implications!» Read More
2016 will require CFOs to address changes in accounting standards both in the US and for companies engaged in international commerce. The rules regarding Revenue Recognition, Lease Accounting, Insurance Contracts and Corporate Tax are on tap for CFOs to address in 2016 and 2017.
With respect to Revenue Recognition, the Wall Street Journal reported on Tuesday, December 7 that “CFOs received some breathing room when the Financial Accounting Standards Board disclosed it would allow companies to wait until 2018—instead of 2017—to adopt rules governing how they account for deferred revenue from everything from cellphone contracts to car sales to software.» Read More
The Senate passed the short-term highway funding extension last week, and the bill was signed into law by the President on July 31, 2015. The new law modifies the due dates for several important tax returns as follows for tax years beginning after December 31, 2015.
Fincen Form 114 (the electronic FBAR) is now changed from June 30 to April 15. » Read More
The New Jersey Division of Taxation has issued a bulletin providing general guidelines for determining whether the activities of a corporation create nexus with New Jersey for the purposes of imposing the corporation business tax. Click here to read the bulletin.