Tax Archives - Prager Metis

Tax

| Jonathan Gold

| Jan 13, 2020

Planning for the Negative Tax Impact of the SECURE Act on your IRA and 401(k) Beneficiaries

Featured

| Jonathan Gold

| Jan 13, 2020

In this era of Congressional contentiousness, any legislation that comes out of those chambers with bipartisan support deserves note. Such is the case with the SECURE Act, an acronym for “Setting Every Community Up for Retirement Enhancement,” which was passed last July by a near-unanimous vote in the House of Representatives. But the SECURE Act also warrants a note of caution for those heavily invested in IRAs and/or 401(k) plans because it truly is a “game-changer,” and not for the better, when it comes to the distribution and taxation of withdrawals from inherited plans.

Planning for the Negative Tax Impact of the SECURE Act on your IRA and 401(k) Beneficiariessdoctor@pragermetis.com2020-04-13T18:04:01-04:00

Tax

| R. Matthew Frank, CPA

| Dec 16, 2019

Putting AI to Work for Your Nonprofit: It’s Not a Question of ‘If’ but ‘When’

Tax

| R. Matthew Frank, CPA

| Dec 16, 2019

When asked recently if he knew how algorithms worked, a friend replied, “I don’t need to know how something works. I just need to know it works.” Of course, algorithms “work” for us every single day.

Putting AI to Work for Your Nonprofit: It’s Not a Question of ‘If’ but ‘When’dev_admin2020-06-22T13:42:19-04:00

Tax

| Arvinder Matharu, BA (Hons), ATT

| Oct 22, 2019

The Indian Tax Rate Cuts

Featured UK

| Arvinder Matharu, BA (Hons), ATT

| Oct 22, 2019

India has recently cut its corporate tax rates in a bid to revive its stagnant economy. The move has widely been seen as a positive and much needed one and sees the rates cut as follows: Companies that don’t seek exemptions will see their tax rate cut from 30% to 22% before surcharge and cess.

The Indian Tax Rate Cutsdev_admin2020-03-06T10:00:09-05:00

Tax

| Fernando R. Lopez, JD, MBA

| Oct 15, 2019

US State-to-State Business Travel Compliance and Risks

Featured

| Fernando R. Lopez, JD, MBA

| Oct 15, 2019

While organisations often overlook tax-compliance requirements related to business travel, the days of simply traveling to and working in a different state or country for business without a thought to tax liabilities are coming to an end. Looking for additional tax revenue, US state taxing authorities are becoming stricter and more vigilant in monitoring business travel. Extensive time spent on business travel in a country outside the US, or even a different state within the US, could create a PE exposure for the employing entity.

US State-to-State Business Travel Compliance and Risksdev_admin2020-01-21T16:05:32-05:00

Tax

| Chris Vignone, MBA

| Oct 15, 2019

How the Change in US Sales Tax Rules has Impacted International Sellers

International Services

| Chris Vignone, MBA

| Oct 15, 2019

On 21 June 2018, the US Supreme Court passed a landmark decision that transformed the landscape of sales tax in the US. The South Dakota vs Wayfair decision effectively permitted states to create new rules for sales tax collection requirements based on the dollar or transactions amount of sales - otherwise known as economic nexus. Previously, companies were only required to collect sales tax based on a physical presence test.

How the Change in US Sales Tax Rules has Impacted International Sellersdev_admin2019-10-15T14:41:12-04:00

Tax

| Karen H. Kerby, CPA

| Aug 19, 2019

New Opportunity Zone Regulations: What They Are and What They Clarify

Tax

| Karen H. Kerby, CPA

| Aug 19, 2019

In December of 2017, the Tax Cuts and Jobs Act outlined a new program called “Opportunity Zones” (OZs) that offered tax breaks for investing in underdeveloped/distressed communities via Qualified Opportunity Funds (QOFs). In October 2018, substantially more detail on the OZs was provided, and in April 2019, the IRS and Treasury Department issued a 169-page document that detailed regulations governing OZs. According to the IRS, a QOF is set up either as a partnership or corporation (LLCs qualify also) for investing in an eligible property located in one of the OZs.

New Opportunity Zone Regulations: What They Are and What They Clarifydev_admin2019-10-31T10:36:07-04:00

Tax

| Arvinder Matharu, BA (Hons), ATT

| Jul 22, 2019

Selling Across the Pond: What UK Residents Need to Know When Selling US Property

Featured UK

| Arvinder Matharu, BA (Hons), ATT

| Jul 22, 2019

For UK citizens selling a property in the USA, completing the sale is only your first hurdle. Your next challenge is tax - both in the UK and the USA - neither set of rules being straightforward. Taking UK tax first, if you are resident and domiciled in the UK, you will have capital gains tax (CGT) to pay on any gain achieved on the sale of US property.

Selling Across the Pond: What UK Residents Need to Know When Selling US Propertydev_admin2020-01-03T12:33:08-05:00

Tax

| Robert Crowley, CPA

| Jun 20, 2019

Fund Support

Audit & Accounting

| Robert Crowley, CPA

| Jun 20, 2019

How can Prager Metis help new managers when they are in the pre-launch stage? We can help in a number of ways. We would work closely with their attorneys to determine what the fund structure should look like.

Fund Supportdev_admin2020-01-03T10:55:14-05:00

Tax

| Ladidas Lumpkins, CPA, JD, LL.M.

| Apr 18, 2019

US Tax Compliance for Foreign Trusts: A Primer

Tax

| Ladidas Lumpkins, CPA, JD, LL.M.

| Apr 18, 2019

A threshold question in determining how a trust will be taxed in the US is whether the trust is foreign or domestic. The default rule is that a trust is foreign, unless the trust fails both the “Court Test” and the “Control Test.” The Court Test is met if a US court is able to exercise primary supervision over the administration of the trust. The “Control Test” is satisfied if one or more US persons have the authority to control all substantial decisions of the trust.

US Tax Compliance for Foreign Trusts: A Primerdev_admin2019-10-31T10:34:14-04:00

Tax

| Fernando R. Lopez, JD, MBA

| Apr 18, 2019

Tax Planning Under the New US Tax Reform

International Services

| Fernando R. Lopez, JD, MBA

| Apr 18, 2019

The US Tax Cuts and Jobs Act, passed on 17 December 2017, has dramatically changed the analysis and available strategies for structuring cross-border operations. Meaning, to realise tax optimisation, business owners must be aware of those changes. For example, in addition to a decreased corporate rate from 35% to 21%, and the full expensing of plant and equipment acquisitions, there is a now a reduced effective rate of 13.125% for domestic companies’ income from selling products or services to foreign customers directly or through related parties.

Tax Planning Under the New US Tax Reformdev_admin2019-10-31T10:34:20-04:00