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
Do Tariffs Leave You Feeling “Taxed”?
Barnes Dennig hosted its second international roundtable on October 30, 2019 to gather companies together to discuss how the tariffs have impacted them and how to reduce the impact tariffs have had on their companies. David Schwartz, practice group leader of international trade at Thompson Hine, joined the discussion
GILTI or not GILTI?
Additional regulations for Global Intangible Low-Taxed Income (“GILTI”) were released on June 14, 2019. Taxpayers were relieved to find two favorable adjustments: Proposed GILTI high-tax exclusion Final guidance on how to calculate GILTI for partnerships High-Tax Exclusion GILTI was put into place to tax the intangible earnings of companies and
Foreign Tax Credits Clarified in Proposed Regulations
In December of 2017, the Tax Cuts and Jobs Act (“TCJA”) brought sweeping tax reform to the U.S. The U.S. moved from a worldwide tax system to a partial territorial tax system. The TCJA significantly changed the way the U.S. taxes foreign activities for businesses and individuals. New provisions, including
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
Big Penalties For Missing This Easy-To-Overlook Foreign Reporting
Every five years, the Bureau of Economic Analysis (BEA), part of the US Department of Commerce, issues a mandatory survey that must be filed by US Persons engaged in certain foreign activity. The last survey was required five years ago, and it is due again in 2018. There is no