June 10, 2020
IRS Releases Proposed Regulations on Excess Tax-Exempt Organization Executive Compensation
On June 5, 2020, the IRS and Treasury Department released the much-anticipated Proposed Treasury Regulations under Internal Revenue Code (IRC) Section 4960, Tax on Excess Tax-Exempt Organization Executive Compensation. These proposed regulations generally follow the interim guidance in IRS Notice 2019-09 that provided an explanation of the excise tax that was enacted as part of …
June 9, 2020
ビジネス登録の重要性
NOTE: Armanino works with a significant number of individuals and business owners who converse in Japanese. As a service to these clients, we have translated our recent CARES Act Alert.
June 8, 2020
IRS歳入手続 2020-24 と国際税務上の注意点
NOTE: Armanino works with a significant number of individuals and business owners who converse in Japanese. As a service to these clients, we have translated our recent CARES Act Alert.
純資産が1,200万ドル以上のご夫妻は、是非、エステート・プラニングをご検討ください
NOTE: Armanino works with a significant number of individuals and business owners who converse in Japanese. As a service to these clients, we have translated our recent CARES Act Alert.
June 1, 2020
State and Local Tax Update on San Francisco
Below you’ll find an overview of some local tax issues and relief opportunities for companies doing business inside the city of San Francisco (SF). Based on our more than 20 years as state and local tax (SALT) professionals, we believe the SF Business Tax remains one of the most difficult returns for companies to file …
May 26, 2020
Forgiven PPP Loans and the Deductibility of Expenses Paid
Summary While most states have yet to comment on whether taxpayers can deduct ordinary business expenses paid with Paycheck Protection Program (PPP) loan proceeds that are forgiven by the IRS, taxpayers should monitor state conformity to the CARES Act (P.L. 116-136) and the Internal Revenue Code. Rolling conformity states that conform to the CARES Act …
CA Revised Budget Proposal Includes Suspension of NOLs and Limits on Business Tax Incentive Credits
Summary Prior to COVID-19, California was projecting a budget surplus of $5.6 billion for the 2020-2021 fiscal year, with March actual revenues coming in $1.35 billion above projections. COVID-19 changed all that as businesses were forced to temporarily close and lay off or furlough employees, and the entire US economy came to an abrupt halt. …
May 20, 2020
State Tax Implications of Remote Employees Due to COVID-19
Summary With the rapid adoption of city and county shelter-in-place rules and state lockdowns (i.e. Hawaii) many employees found themselves working from locations that they never expected to be working from and for much longer than expected. Now employers have begun to ask, “Where are my employees working from? And what do I need to …
May 17, 2020
House Passes HEROES Act, Steep Challenges Expected in Senate
On May 15 the House passed, with some Democratic dissent, the $3 trillion Health and Economic Recovery Omnibus Emergency Solutions (HEROES) Act. The HEROES Act returns certain elements taken away by the 2017 Tax Cuts and Jobs Act (TCJA) and adjusts for elements within the CARES Act. Highlights include $1 trillion in state and local …
May 12, 2020
DAC6 Reporting Requirement for All Cross-Border Tax Arrangements Postponed
DAC6 is an EU Council Directive 2011/16 in relation to reporting requirements for all cross-border tax arrangements. It has been in force since June 25, 2018, promoting transparency and fairness in taxation. DAC6 applies to cross-border tax arrangements that meet one or more specified characteristics (hallmarks) and that concern either more than one EU country …