The 2.3% medical device excise tax (MDET) was reinstated on January 1, 2018 after a two year suspension. The MDET is imposed on domestic sales including imports, manufacturing and the production of medical devices. The MDET initially went into effect in January 2013 to help fund the Affordable Care Act.
President Trump signed the Tax Cuts and Jobs Act “Tax Act” into law on December 22, 2017. The Tax Act provides the most significant tax reforms since the Tax Act of 1986. These new laws are generally effective on January 1, 2018. For the purposes of US GAAP and IFRS,
If you have a financial interest in or signature authority over a foreign financial account, including a bank account, brokerage account, mutual fund, trust, or other type of foreign financial account, exceeding certain thresholds, the Bank Secrecy Act may require you to report the account yearly on FinCEN 114, Report
In late 2013, the Mexican Congress approved the final version of the 2014 tax reform bill. This bill represents a significant change in terms of when and how taxes are paid for individuals living in and companies with operations in Mexico. A key reason for the reform was the need
Foreign individuals and entities are subject to U.S. tax at a flat 30% rate on certain types of income, including but not limited to: interest, dividends, rents, royalties, and compensation for services performed that they receive from U.S. sources. However, a U.S. income tax treaty may reduce or exempt an
Taxpayers may have an additional filing requirement for 2013 related to investments in a Passive Foreign Investment Company (PFIC). A PFIC is any foreign corporation if: (1) at least 75% of its gross income for its tax year is passive, or (2) at least 50% of the assets it held