The Ins and Outs of Cross-Border Taxation
Understanding Outbound Transactions Cross-border taxation can be divided into various categories based on the type of the transaction, with the highest division being “Inbound vs. Outbound.” Inbound refers to non-U.S. persons (and in this case, “persons” meaning both individuals as well as entities) having U.S. income. Outbound is the opposite,
New Rules to Take Deduction on Foreign Income
Proposed regulations on Foreign Derived Intangible Income (FDII) were released earlier in 2019. One of the main highlights to these proposed regulations was the new strict documentation rules. For a brief recap on the release, and to learn when a C-corporation can benefit from the FDII deduction due to revenue
Good News: Tax Deduction from Foreign Income
The Tax Cut and Jobs Act (TCJA) has brought significant changes to the U.S. taxation of foreign income. For decades, the income of certain foreign subsidiaries was only taxed in the U.S. upon repatriation of the income to the U.S. entity. The TCJA changed this deferral regime to a system
What Do the Steel and Aluminum Tariffs Mean to Manufacturing?
Production and jobs are on the line after the tariffs on steel and aluminum were announced by President Trump earlier this year. In the short term, the American Steel and Aluminum manufacturers are benefiting as the price for steel has rose upwards of 60%, but ultimately the increased demand has
IRS Confirms Fiscal Year C Corporations will use Blended Tax Rate
Many U.S. C Corporations elect to use a fiscal year end rather than a calendar year end for federal income tax purposes. The IRS has confirmed through Notice 2018-38 that fiscal year end corporate taxpayers with tax years beginning before January 1, 2018 and ending after December 31, 2017 will
How The Future of Compensation and Benefits will Impact Manufacturers
Barnes Dennig, USI Insurance and Custom Design Benefits recently released the biennial edition of the Manufacturing Compensation and Benefits Benchmarking Study. The study was summarized based on the 85 manufacturing companies that participated with 47% having more than 100 employees (large company) and the remaining 53% having less than