State Sales Tax: Trends and Updates Since South Dakota v. Wayfair

2021-07-12T05:36:01-04:00

In 2018, the U.S. Supreme Court ruled in favor of the state in South Dakota v. Wayfair, Inc. The decision has overruled a long-standing standard allowing states to charge remote sellers for in-state transactions. Consequently, several states have adopted new rules that specify what sets out a tax duty on sales and usage, known as nexus. They have also started to expand the economic nexus standard sanctioned in Wayfair beyond sales tax systems, introducing economic nexus provisions for corporate income taxes.

The Foreign Account Tax Compliance Act (FATCA): Regulatory Trends and Compliance Issues in 2020

2021-05-11T03:57:00-04:00

The Foreign Account Tax Compliance Act (FATCA) landscape has been evolving in recent years. With the Internal Revenue Service’s (IRS’) and the U.S. Treasury Department’s continuous efforts to clamp down tax evasion and other criminal activities, complex reporting requirements have been instituted and several FATCA guidance have been released. Thus, significantly shaping this area of law.

Federal Tax Controversy in 2020: Preparing for IRS Enforcement Initiatives

2021-05-11T01:30:30-04:00

The shifting regulatory paradigm and emerging developments in federal tax laws confront companies with increased scrutiny on their tax planning practices. As the U.S. International Revenue Service (IRS) intensifies its enforcement initiatives, compliance has become more challenging and complex than ever. Thus, making companies more vulnerable to tax controversies. Failure to address and mitigate potential tax issues could mean hefty penalties. 

Transfer Pricing Regulation in the 2020 Landscape: Maximizing Opportunities and Overcoming Challenges

2021-05-10T21:54:36-04:00

Transfer pricing presents notable challenges and opportunities for multinational entities. Significantly, the rising disputes and sweeping impact of recent tax reforms have continuously reshaped its regulatory landscape and resulted in an intensified scrutiny. However, with a keen understanding of and proper compliance with the rules, transfer pricing can be substantial in positioning a business both locally and globally.

The Evolving FATCA/CRS Reporting Landscape: Changes, Challenges, and Solutions

2021-05-18T09:38:38-04:00

The introduction of the Foreign Account Tax Compliance Act (FATCA) by the U.S. and Common Reporting Standard (CRS) by the Organisation for Economic Co-operation and Development (OECD) had significantly affected the compliance process of financial institutions around the globe. With the various FATCA/CRS reporting challenges that continue to hound these organizations, coupled with the COVID-19 disruption, it has been a struggle to remain compliant.

Federal Tax Controversy: Demystifying Trends, Developments, and Critical Issues

2021-07-12T21:05:26-04:00

Despite deadline extensions and a challenging environment caused by the COVID-19 outbreak, the Internal Revenue Service (IRS) continues its strict tax enforcement. Audit activity is expected to be more aggressive as governments grapple to cover the current budget deficit and falling revenues. However, businesses facing assessments or controversies may be able to settle cases more favorably under the present financial crisis.

New IRS Regulations on Qualified Opportunity Zones: What You Must Know and Do

2021-07-05T22:38:01-04:00

In April 2019, the Internal Revenue Services (IRS) released its second set of new regulations on the Qualified Opportunity Zone (QOZ) program. The additional guidelines aim to give light on the initial regulations released last 2018. However, several open questions still remain, that investors and related practitioners must be continuously proactive in monitoring the latest regulatory trends and development. Understanding the latest updates and how these might affect their businesses also will help them maximize opportunities while mitigating potential risks and pitfalls.

How to Effectively Handle State and Federal Tax Controversy: Practical Tips and Strategies Explored

2021-08-24T01:11:52-04:00

In recent years, state and local governments have become more proactive in pursuing additional revenue through stricter application of their tax laws. Additionally, revenue authorities have also significantly widened their search for new revenues. These have made taxpayers grapple with problems and lawsuits at the audit and novel roles.

A Comprehensive Guide on Sales and Use Tax: Demystifying Trends, Developments, and Legal Challenges

2021-08-19T05:10:57-04:00

Emerging trends and developments have brought sweeping changes to the sales and use tax landscape. In recent years, economic nexus legislations, following the South Dakota vs. Wayfair decision, have continuously affected corporations from various states. Adding to the challenges are the impacts brought by COVID-19, which include cash flow and state obligation issues. In response, new rules for deferral reliefs on sales and use tax filing and payment have now been laid down.

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