Employee Retention Credit FAQs Updated by IRS
The Internal Revenue Service recently updated their Frequently Asked Questions about the Employee Retention Credit or ERC.
Mastering Cross-Border Tariff Strategies in an Evolving Economic Landscape
Don't miss our latest webinar, "Beyond Borders Vat: Mastering Cross-Border Tariff Strategies in an Evolving Economic Landscape," 15.00 BST (10:00 AM EST) on the 30 April 2025.
Chikara Ricky Nagano, Japanese Global Services Leader, shares his insights on sales tax in the US
Listen to Prager Metis’ Ricky Nagano, Japanese Global Services Leader, where he shares his insights on sales tax in the US.
Beyond Borders: U.S.-Mexico Business and Tax Considerations Case Studies
Our recent webinar, "Beyond Borders: U.S.-Mexico Business and Tax Considerations Case Studies," jointly presented by Prager Metis and Guerrero Santana, was a resounding success!
Cross-border business between the U.S. and Mexico Webinar
Participe en un seminario por internet acerca de los negocios entre México y Estados Unidos. Join us for an essential webinar on cross-border business between the U.S. and Mexico.
FinCEN Suspends Enforcement of BOI Reporting Requirements and Plans to Limit CTA Scope to Foreign Entities
On February 27, 2025, FinCEN released a statement that it will not issue any fines or penalties or take any other enforcement actions against any companies based on any failure to file or update beneficial ownership information (BOI) reports pursuant to the Corporate Transparency Act (CTA) by the current deadlines. On February 17, 2025, FinCEN issued an alert that the new deadline for most companies would be March 21, 2025. Now, FinCEN intends to issue an interim final rule that extends BOI reporting deadlines no later than March 21, 2025.
If you left your job in 2024 and became an independent contractor and now find you owe taxes that you can’t pay, here’s what you should know
If you left your job in 2024 and became an independent contractor and now find you owe taxes that you can’t pay, here’s what you should know.
Artists Touring in North America – State Withholding Tax Reductions
Ready to go on tour? Prager Metis experts focus on tax planning and budgeting so you can focus on performing.
Exploring Private Equity’s Role in Transforming the Accounting Industry
What happens when private equity meets accounting?
Office Football Pools and Taxes
As the date of the “Big Game” draws closer, the number of office and family block pools increases each year.
UK Audit requirements (that may affect UK subsidiaries that are members of worldwide groups)
UK Audit Requirements Guide: Understanding audit exemptions and thresholds for UK subsidiaries within worldwide groups, including key qualifying conditions under Companies Act 2006 sections 477 and 479, updated requirements effective 6 April 2025, and essential considerations for small companies and group members. Learn more about qualification criteria, member rights, and compliance obligations for your UK business
A Strategic Roadmap for Italian Businesses
Don't miss Andrea Fantozzi's most recent article, "A Strategic Roadmap for Italian Businesses."
Family Wealth Planning and Client Accounting Services
Learn how Prager Metis turns complex accounting challenges into smooth financial strategies.
The Corporate Transparency Act: A Comprehensive Guide to Beneficial Ownership Reporting Requirements
The Corporate Transparency Act: A Comprehensive Guide to Beneficial Ownership Reporting Requirements.
Navigating Mergers and Acquisitions in Today’s New Landscape: And the Effects of Private Equity
Join Glenn L. Friedman on November 14th at 11 am for his ADP webinar on "Navigating Mergers and Acquisitions in Today's New Landscape: And the Effects of Private Equity."
The UK’s Foreign Entertainers Unit: What Every Global Entertainer & Sports Figure Needs to Know
This insightful article explaining the UK's Foreign Entertainers Unit (FEU), a specialist division of HM Revenue & Customs (HMRC), that oversees tax payments for non-UK performers, artists, entertainers, and sportspersons who perform in the UK.
Beyond Borders: Decoding the Investment Climate in the US and Mexico
Our recent webinar, "Beyond Borders: Decoding the Investment Climate in the US and Mexico,", jointly presented by Prager Metis and Guerrero Santana was a resounding success!. This event was a resounding success, providing valuable insights into the dynamic investment landscape spanning the United States and Mexico. For those who missed it or need to revisit key points, we're pleased to announce that a recording is now available. This comprehensive discussion offers invaluable insights for investors, business leaders, and policymakers.
Los Angeles Business Journal – Trusted Advisors – Gurjit Singh – Cybersecurity
Discover key cybersecurity essentials. Learn how to safeguard your organization against prevalent threats like phishing, impersonation scams, and malware. Read the insights from Gurjit Singh, CIO at Prager Metis.
Deep Dive into the Impact of Section 1446(f)
Section 1446(f): A Critical Update for Foreign Investors in Partnerships Our latest article delves into the significant implications of Section 1446(f) on foreign investors involved in partnership interest sales. This comprehensive overview covers the 10% withholding tax requirements, explores exceptions for both non-publicly and publicly traded partnerships, and outlines crucial filing obligations for foreign individuals with U.S. business interests.
Enhancing Client Experience Through Technology: The Future of Client Accounting Services
The key to successful Client Accounting Services (CAS) lies not just in number-crunching, but in leveraging cutting-edge technology to deliver an unparalleled client experience.
Social Media Influencer Revenue Streams: Beware of Tax Implications
Social media influencers are disrupting the entertainment industry, but with various income streams come complex tax implications. Learn about the UK tax requirements for influencers and how to avoid financial pitfalls.
Decoding US Market Opportunities for Italian Businesses: Profits and Growth
Are you expanding your Italian business into the lucrative U.S. market? Read Andrea Fantozzi's latest article, "Decoding US Market Opportunities for Italian Businesses: Profits and Growth."
Beyond Borders: Decoding the Investment Climate in the US and Mexico
This discussion explores the dynamic investment landscape spanning the United States and Mexico, focusing on three key areas.
Navigating the US market: Opportunities and strategies for Japanese businesses
Ricky Nagano, Managing Partner of our Torrance office and Japanese Global Services Leader, was recently featured in GGI with his article "Navigating the US market: Opportunities and strategies for Japanese businesses."
Prager Metis’ Rationale for Choosing Entrata for Efficiency and Productivity
Prager Metis' Rationale for Choosing Entrata for Efficiency and Productivity
PAYROLL BENEFITS FACT SHEET FOR EMPLOYERS
Whenever an employer offers benefits to an employee or a director, either for free or at a reduced cost, they're referred to as benefits in kind. His Majesty's Revenue and Customs (HMRC) mandates that employers declare benefits by the end of the tax year through the P11D form.
HMRC Proposes Major Revamp of Customer Data Collection to Improve Tax Compliance and Labour Market Insights
The UK's tax authority, HMRC, has unveiled a series of proposed changes aimed at improving the quality and scope of data collected from taxpayers. These modifications seek to streamline tax administration, bolster compliance, and provide better insights into the labour market for policymaking purposes.
DON’T MISS THE ERS REGISTRATION AND ANNUAL RETURNS DEADLINE
When it comes to doing your taxes, you're not alone if your organisation forgets one crucial deadline: registering your employment related securities (ERS). Employers use ERS schemes to award or gift shares of a company to their employees. If you've been awarded any such shares or share options during the last tax yea’s (6 April 2023 through to 5 April 2024), you have until 6 July 2024 to submit your ERS return.
Maximizing Your Estate Planning Strategies Before the 2026 Changes.
The window to maximize your estate planning strategies is closing. With potential changes to estate and gift tax exemptions in 2026, now is the time to act.
DC CIRCUIT OVERTURNS THE TAX COURT DECISION ON FARHY
The DC Circuit has overturned the Tax Court's Farhy v. Commissioner decision, ruling that the IRS can assess penalties for failing to file Form 5471.
When Is Fair Use…Fair?
The music industry faces a new challenge: AI's role in creativity.
Don’t Miss the P11D and P11D(b) Deadline – A Comprehensive Guide for Employers
As an employer offering taxable benefits to your employees, you are required by HM Revenue and Customs (HMRC) to submit and report these benefits. This is done using the P11D and P11D(b) forms. If you missed the 6 July 2024 deadline you could face fines, penalties, and interest. Your reputation with HMRC as the employer will also be affected.
Strategies for Minimizing Tax Withholdings on US Real Estate Sales by Foreign Individuals
When non-US investors sell real estate property, they may face tax withholding requirements by the United States Internal Revenue Service (IRS). This case study highlights actions that can potentially reduce tax withholding on proceeds when selling US real estate held through a US limited liability company (LLC).
The Corporate Transparency Act (CTA)
Commencing on January 1, 2024, the federal Corporate Transparency Act (CT) may require many domestic and foreign entities with less than $5,000,000 of annual gross receipts and fewer than 20 employees to file an informational statement with the federal Financial Crimes Enforcement Network (FinCEN).
Top Ten Year-End Tax Planning Checklist
As the year draws to a close, taking proactive steps in your financial planning can significantly impact your tax liability. This checklist provides a guide to key strategies that individuals can consider before the end of the year to potentially decrease their income tax. By strategically managing income, deductions, and investments, you can optimize your tax situation and position yourself for a more tax-efficient financial future.
More than 20,000 IRS Letters being sent to Taxpayers
The IRS is cracking down on perceived fraud in Employee Retention Tax Credit claims.
IRS Announces Delay in 1099-K Reporting
The IRS announced and released Notice 2023-74 today which provides a further transition period for the requirement placed on third party payors by the American Rescue Plan Act (ARP) of 2021.
A Tuneful Example of AI’s Current And Future Impact on One Business
AI generative models are changing how entertainers create, work together, and connect with fans.
Navigating Business Challenges to Maximize ROI and Drive Profitability
Are you missing key insights that could drive profitability? Find out how an unbiased CFO perspective reveals what you can't see.
IRS Orders Immediate Stop to Employee Retention Tax Credit Claim Processing
On September 14th the Internal Revenue Service placed a moratorium on the processing of new Employee Retention Tax Credit claims until at least 2024.
ESG and You—Part One What Is ESG, What Does It Require, And Why an ESG Strategy?
What is ESG? How do you develop a strategy that works? Where do you even start?
Benefits of a 529 Plan
A 529 plan is a tax-advantaged savings account designed to be used for a beneficiary’s educational expenses. This beneficiary can be a child, another family member, or even yourself.
4 Common Business Challenges that CFO Advisory Services Can Help You Overcome
Is your business struggling with typical business challenges? Our CFO Advisory Services can help!
Empowering Your Firm’s Future Leaders: Embracing Next-Gen Diversity And Inclusion Tech Session Webinar
Please join Michael Durant for this informative webinar.
Metadata equals money. Monetize your creations.
Listen to the latest insights from Susan Hoffnagle from our Royalties group, where she explains what recording artists should consider when creating new music. Contact Susan at royalties@pragermetis.com and learn more about our royalty services. https://youtube.com/shorts/5j4fZWPZiSg?feature=share
PPP Borrowers Take Notice By Brittany M. Besler, J.D., CPA, MBA
Increasingly, the Small Business Administration has been sending PPP loan borrowers “Final SBA Loan Review Decision” letters. Borrowers only have 30 days from the date they receive this letter to file an appeal with the SBA.
The Power of Expansion – Essential Questions for Italian Companies Entering the U.S
Are you considering American expansion for your Italian business? There are plenty of appealing reasons for Italian companies to expand into the U.S., one of them being the tremendous opportunity for growth and profitability in one of the largest, most diverse consumer markets in the world.
Prager Metis Presents: Inside the C-Suite
Host Glenn L. Friedman, CPA, CGMA, CEO of Prager Metis gives listeners a glimpse Inside the C-Suite! Each episode, Glenn and his guests discuss timely topics related to the human elements of running a business.
How to Drive Company Growth – Unleashing the Power of CFO Services with Christopher Zellman
In this episode, Christopher Zellman, Principle at Prager Metis, discusses the key responsibilities of a CFO and shares his experiences working with businesses to achieve their growth objectives.
The CPA-Wealth Advisor Partnership: Unlocking The Power of Collaboration
You don't want to miss the latest insight from Steven Topal of Prager Metis and Marc Specht of Perigon Wealth Management!
National Tax Advisory Newsletter – June 2023
Prager Metis’ National Tax Advisory Group is a leading resource for clients looking to stay current with tax-related developments.
Elevate Your Financial Strategy and Decision-Making: Building on the Synergy between CFO Advisory Services and Client Accounting Services
Prager Metis's CFO Advisory Services and Client Accounting Services (CAS) work in harmony to provide valuable financial insight. Learn more to unlock your organization's full potential.
How to Maximize Your Touring Budget: Contact Your CPA
Are your touring costs eating into your profit margins? Learn the key considerations in budget planning and tax strategies while working with experts to help maximize your touring budget and increase your profit margins. Read the latest insights from Thomas Smith, Entertainment Industry Leader now.
The Internship Show Podcast
Recently Nicole Steel, Talent Acquisition and HR Manager of Prager Metis was featured on the Internship Show podcast, where she spoke out about our internship program and what makes Prager Metis unique.
Recap: Entering the US Market – Business and Tax Opportunities
Recently Andrea Fantozzi of Prager Metis and Lorenzo Moretti of Value Services held a LinkedIn Live session on May 17th.
Top 3 Tips Recording Artists Must Do Before Releasing Any Music
Listen to insights from Chris Hovious from our PM Royalty Department where he explains the top 3 tips recording artists must do before releasing any music.
When is the best time to carry out a Royalty audit?
Listen to the latest insights from Austin Jacobs, Partner, from our PM London office. When is the best time to carry out a Royalty audit?
Employment Related Securities (ERS) Online Return – don’t miss the filing deadline
Don't miss the filing deadline for the Employment Related Securities (ERS) Online Return!
Client Accounting Services Can Transform Your Business – Here’s How
Client Accounting Services (CAS) allow businesses to outsource accounting functions to a third-party firm, preventing issues like, late payments, compliance problems, and poor cash flow.
Accounting Opens Doors to New Passions and a Rewarding Life
Read David's latest insight where he describes his journey to success, the relationships that have helped him along the way, and the key factors that have helped him get there.
How Passion and People Form the Foundation for a Successful Accounting Career
Are you looking to achieve success and financial security? Read the latest insight from Craig Michaelson, COO of Prager Metis, where he shares his journey and success in the accounting industry.
Achieving Success in Accounting: Follow Your Vision, Focus on Relationships
Read the latest insight from Marc Specht, Partner at Perigon Wealth Management, an affiliate of Prager Metis. Early in Marc's career, he encountered many situations that most people would view as obstacles, but he saw them as opportunities.
Penalties for Failure to File Form 5471
On April 3, the United States Tax Court issued a ruling that holds that the Internal Revenue Service does not have authority to assess penalties for failure to file Form 5471. Click here to read more.
IRS Director comments on Employee Retention Tax Credit (ERTC) claims
The IRS is actively auditing and conducting criminal investigations relating to ERTC false claims.
Your Tax Filing Questions Answered
Listen to “Your Tax Filing Questions Answered”, a HerMoney Podcast with Jean Chatzky, to hear Robbin Caruso’s address questions such as “Do stimulus checks count as taxable income?”
Achieving Success in Accounting: Take Ownership of Your Work, Constantly Improve
Achieving Success in Accounting: Take Ownership of Your Work, Constantly Improve
Essential Tax Tips for 2023
Robbin Caruso discusses changes in the tax code this year, common mistakes she sees people make, and strategies for a stress-free tax season in “Essential Tax Tips for 2023”.
6 Keys to Career Growth and Success for Young Accounting Professionals
Don't miss reading Glenn L. Friedman's most recent article, "6 Keys to Career Growth and Success for Young Accounting Professionals". Through Glenn's insights and observations, this article discusses different ways to achieve your goals and strive for a successful career through hard work and passion.
Why Outsourced Client Accounting Services Make Sense for Nonprofits
Most nonprofits operate under a tight budget with a lean staff so they can maximize the amount of funds and resources allocated to their mission. The goal is to reduce general and administrative costs to make a bigger difference in the community they serve.
Hard Work, Communication, and Passion Are Essential to Closing the Skills Gap in Accounting
Glenn L. Friedman's most recent article, "Hard Work, Communication, and Passion Are Essential to Closing the Skills Gap in Accounting" gives valuable insight into obstacles the accounting industry has faced and what you need to know to change them.
The 65-Day Rule: Should You Make the Election?
The 65-Day Rule: Section 663(b) of the U.S. tax code allows fiduciaries of estates and complex trusts to elect into what is informally known as the “65-day election.”
IRS Releases Second Draft of Form 1065 K-2 & K-3 Instructions
On December 2, 2022, the IRS released a revised draft of Schedule K-2 & K-3 (Form 1065) instructions updating their previous release from October 26.
Los Impuestos del Metaverso y NFT
A medida que el Metaverso evoluciona, también lo hacen la Contabilidad Distribuida (DLT), Blockchain, los NFTs y los Smart Contracts, los cuales impulsan la exposición del comercio de bienes y servicios en el Metaverso y promueven su integración en la economía del mundo “real”.
National Tax Advisory Newsletter – November 2022
Prager Metis’ National Tax Advisory Group is a leading resource for clients looking to stay current with tax-related developments.
The Metaverse and NFT Taxation
As the Metaverse evolves, distributed ledgers such as blockchain technology, NFTs, and Smart Contracts drive the explosion of trade of goods and services in the Metaverse and drive integration into the real-world economy.
Comprender y evitar las trampas de la expansión internacional
Si su empresa está considerando establecer operaciones en los EE. UU. o en otro país, el equipo de CFO Advisory Services de Prager Metis puede ayudarlo a evitar errores comunes y maximizar los beneficios de la expansión internacional.
How to Engage Your Whole Firm to Grow Social Media
Growing your social media presence and reach is now more critical than ever to a professional services firm. Your most crucial conduits of this are your own team members. I understand this is a lot easier said than done. However, you can implement several processes and communications to encourage team members to participate.
Understanding and Avoiding the Pitfalls of International Expansion
If your company is considering setting up operations in the U.S. or another country, the Prager Metis CFO Advisory Services team can help you avoid common pitfalls and maximize the benefits of international expansion.
Getting Meta about Virtual Worlds
Curious about the metaverse? Have questions on what it is? The metaverse is a virtual world parallel to the real, physical world.
How Leaders Can Persevere and Thrive in the Face of Constant Second Guessing
Being a strong leader has pros and cons. As a leader, the way you address criticism is crucial for your success as a leader and your team.
IRS PROVIDING PENALTY RELIEF FOR MILLIONS.
By, Rachel Baldwin, EA
On August 24, 2022, the IRS announced (Notice 2022-36) that it will not impose late filing penalties for specific types of individual and business tax returns for taxable years 2019 and 2020 in an effort to alleviate its processing backlog and provide additional support to those affected by COVID-19.
By, Rachel Baldwin, EANaura Hill2022-08-25T18:13:03-04:00
Inflation Reduction Act of 2022
On Friday, August 12th, Congress passed the Inflation Reduction Act of 2022 (The Act), and President Biden signed it into law on August 16th, 2022.
Do You Have Tax Questions? We’ve Got Answers!
Should I convert my Traditional IRA to a Roth IRA? ROTH IRA Conversions – This question has consistently been in the top ten list of questions from our clients. Find out the best course of action for you today!
How CFO Advisory Services Can Help Your Company Emerge from an Economic Downturn in a Stronger Position
Instead of approaching a bad economy in a state of panic, take advantage of this opportunity to assess your current financial situation and strengthen your position.
Virtual Currencies And Your Taxes
As virtual currency transactions rise, so does the enforcement of virtual reporting requirements. When reporting cryptocurrency on your tax return, a good rule of thumb is that you must report it on your tax return if a taxable event occurs.
National Tax Advisory News
Empire State Development (ESD), the chief economic development agency in New York State, along with Governor Kathy Hochul,, recently announced a new initiative to provide aid to those impacted by COVID-19 pandemic.
National Tax Advisory Newsletter
The National Tax Advisory Group is a leading resource for clients looking to stay current with tax-related developments.
CFO Advisory Services News
The employee retention tax credit (ERC) was enacted as part of the CARES Act and allows for a refundable tax credit against the employer’s share of Social Security employment taxes. This credit may allow for significant tax refund opportunities for eligible taxpayers.
Succession Planning – Next Steps
Don't miss the FPANJ's Panel Discussion "Succession Planning - Next Steps" on June 15th, featuring Glenn L. Friedman and Steven Bernknof.
Why a Quality of Earnings Assessment Is a Must for Sales and Acquisitions
By: Robert O. Mayer, CPA
What is the value of my business? What’s the right sale price? What data do I need to present to justify that price? From a buyer’s perspective, what’s the right acquisition price? Is the company as financially sound as it appears?
By: Robert O. Mayer, CPANaura Hill2022-07-27T14:41:20-04:00
Why Business Communication and Responsiveness Need Clarity and Consistency
When the telephone was the primary mode of business communication, people would expect a call back in a day or two, depending on the nature of the call. When email became the dominant form of communication, that window to respond shortened to 24 hours at most.
Not-for-Profit Focus – April
Not-for-Profit Focus: We believe both preparers and auditors would benefit from more discussion regarding areas where generally accepted accounting principles offer acceptable choices that may not be well understood by current financial management.
New York Pass-Through Entity Tax Update
On April 9, 2022, New York passed tax legislation (A9009-C S8009-C) that made significant changes to the NYS Pass-Through Entity Tax (“NY PTET”) and established a NYC Pass-Through Entity Tax (“NYC PTET”).
IRS Tax Controversy Case Management Rules & Tools: Winning Strategies For Playing Chess With The IRS
Please join Sarah A. Fields, EA of Prager Metis, for this informative Zoominar with the Gloucester County Legal Education Association, where she will present “IRS Tax Controversy Case Management Rules and Tools: Winning Strategies for Playing Chess with the IRS” on May 4th, 4:00 pm.
Donating Cryptocurrency to Ukrainian Humanitarian Efforts? Proceed Carefully.
Over the past few years, digital currency has earned the reputation for being the easiest and most efficient way to move money across international borders. Experts say the ability to accelerate the flow of money at a reduced cost, along with the fear of surveillance and the impact of war on the local currency are the primary reasons why Ukrainian government officials recently began requesting donations in cryptocurrency.
The Latin American Tech Scene and Its Relationship with the U.S.
With the digital economy, investors no longer have to move talent to the U.S. They’re on the hunt for the best talent and most innovative technology, regardless of where they are. Of course, a key factor to keep in mind is when obtaining funding and initiating operations in a new market that requires an analysis of the tax obligations that will result.
Metaverso e Impuestos
El metaverso se refiere a un mundo virtual altamente inmersivo donde las personas puedrán reunirse para socializar, jugar, trabajar y comerciar con bienes y servicios virtuales (y no virtuales). Algunos lo llaman un universo paralelo, poblado por avatares y toda forma de elementos digitales (en forma de NFTs) que se encuentran en nuestro mundo diario.
Podcast – Being Smart About Tax Season
What if you owe money to the IRS? What happens if you get audited? What things are deductible? Click here to hear E. Martin Davidoff, Partner-in-Charge of the Prager Metis Tax Controversy Group, answer these and other questions in this “Can Do! Essential Business Lessons”
Selling Your Home Without Satisfying an IRS Tax Lien
Alison Gadoua, Prager Metis Tax Controversy Specialist, discusses “Selling Your Home Without Satisfying an IRS Tax Lien”, providing insight on how to obtain a lien discharge, how to appeal a discharge denial, and what to do if you need help.
5 factores a considerar al elegir la ubicación adecuada para su negocio
Ya sea que esté iniciando un nuevo negocio, mudándose a una nueva ubicación, expandiéndose a nuevos mercados, considerando adquisiciones o ingresando al mercado de los EE.UU. desde otro país, el asociarse con el equipo de CFO Advisory para los servicios de selección de sitios, le permitirá tomar decisiones informadas y seguras. Leer el artículo "5 factores a considerar al elegir la ubicación adecuada para su negocio" por Robert O. Mayer, CPA para obtener más información.
Metaverse & Taxation
The metaverse refers to an immersive virtual world where individuals can socialize, play, work, and trade in virtual (and non-virtual) goods and services. Many questions come to mind as we all begin to navigate this virtual space. Will global tax authorities be able to assert tax authority over transactions occurring in a virtual arena that lacks the type of provincial, state, and national boundaries that provide the framework for real-world tax administration?
Not-for-Profit Focus – February
We recently received a question from a client regarding who should participate in executive sessions of the board. While we answered based on our experiences with the boards of many different organizations, the question prompted our own deeper dive into some of the available literature on board (and board committee) executive sessions. That research drove our decision to share some thoughts on executive sessions in this issue of Not-for-Profit Focus.
5 Factors to Consider When Choosing the Right Location for Your Business
Whether you’re starting a new business, moving to a new location, expanding to new markets, considering acquisitions, or entering the U.S. from another country, partnering with the CFO Advisory team for site selection services will allow you to make educated, confident decisions. Read the article "5 Factors to Consider When Choosing the Right Location for Your Business" by Robert O. Mayer, CPA to find out more.
Caso Práctico: El Equipo de CFO Services Asesora a una Startup SaaS sobre cómo Iniciar un Crecimiento Sostenible
Los fundadores de una Startup SaaS experimentaban lo que llamamos “Remordimiento del Fundador”. Ellos mismos se encargaban de todo el trabajo operativo, financiero y de cumplimiento, incluidos los informes financieros para Accionistas e Inversionistas. Su principal problema era la falta de un plan viable para administrar el negocio.
Case Study: CFO Advisory Team Helps SaaS Startup Get on Track for Sustainable Growth
The Founders of a SaaS startup were experiencing what we call “Founder’s remorse.” They were handling all operational, finance, and compliance work themselves, including financial reporting to the Board and Investors. The major underlying issue was that they never had a viable plan for managing this side of the business.
IRS Offers Tezos Staker Refund on Rewards Tax in Break From Current Policy
How are your cryptocurrencies being taxed? CoinDesk reports that the IRS currently is taxing cryptocurrencies generated through staking as income.
Oportunidad y Complejidad del Mercado Estadounidense para Inversionistas Latinoamericanos
Existen múltiples razones por las cuales los inversionistas latinoamericanos, tanto familias como empresas, buscan invertir en los EE. UU. Estados Unidos ofrece el mercado de consumo más grande y el gasto doméstico más alto del mundo, lo que representa más de una cuarta parte del consumo doméstico mundial.
Why Your Team’s Families Are Such an Important Part of Your Organization
Until recently, most leaders would probably say that the people who comprise their organization are the ones who show up to work and collect a paycheck. That couldn’t be farther from the truth. After all, where would your team be without the families and support systems behind them?
Understanding Opportunity and Complexity of the US Market for Latin American Investors
There are plenty of reasons why Latin American investors, both families, and companies, seek to invest in the US. The US offers the largest consumer market and the highest household spending in the world, accounting for more than one-quarter of global household consumption.
Marty Bloomberg Tax Tips
E. Martin Davidoff, Partner-in-Charge, National Tax Controversy, was recently featured in Bloomberg Tax. His article, "Tax Tip: Make Estimated and Other Tax Payments Electronically", addresses the importance of making Federal electronic payments electronically.
Case Study: CFO Advisory Team Assists Italian Company with Audit and SEC Reporting
When an Italian Company was having difficulty with a U.S.-based auditing firm, a Partner and Director of the Italian Group in the International Department of Prager Metis CPAs, Andrea Fantozzi, referred the Company to Prager Metis - CFO Advisory Services. We were retained by the Italian Company, and immediately got to work assisting the CFO and Controller by providing documentation that would satisfy the auditors and required by the Company to move forward with its planned public offering.
How Latin America Can Help U.S. Companies Compete in the Digital Economy Written By: Ricardo Aramburo Williams Latin America Global Services Leader
There is a decades-long misconception in many U.S. entrepreneurial spaces about Latin American markets: “There is not enough wealth in Latin America for people in the region to buy products and services.” In other words, if you are part of a U.S. company trying to compete globally, Latin American markets are not economically relevant, so you should focus your expansion efforts on a different region. I’ve heard this many times over the years.
Webinar: December Federal Tax Practice Study Group
Don't miss E. Martin Davidoff, Partner-in-Charge, National Tax Controversy, and Alison Gadoua, Tax Controversy Specialist, as they facilitate this special study group webinar on December 2, 2021. Sponsored by the AAA-CPA, this study group will exchange ideas for a roundtable discussion of tax practice before the IRS.
“Shenkman Fall Webinar Series” – Webinar # 4: “The State-Based Right of Publicity: An Overview of Estate Tax and Valuation Issues”
Ladidas Lumpkins CPA, JD, LL.M., Partner-in-Charge of Private Wealth Services, will be speaking at this year’s "Shenkman Fall Webinar Series,” hosted by Shenkman Private Client Group of Oppenheimer & Co. Inc. Join Ladidas as she discusses "The State-Based Right of Publicity: An Overview of Estate Tax and Valuation Issues". Topics include: What is the right of publicity, what state law applies, is the right transferable, and how is it valued?
Planificación Fiscal Internacional para la Industria de Medios de Comunicación y Entretenimiento
Planificación Fiscal Internacional para la Industria de Medios de Comunicación y Entretenimiento La digitalización de la industria de medios de comunicación y entretenimiento ha transformado la mayoría de los aspectos de su cadena de suministro global, desde la creación y adquisición de contenido, hasta el procesamiento, edición y distribución global. Además de modificar drásticamente las limitaciones de distancia, tiempo y costos de transacción, la cadena de suministro digitalizada brinda la oportunidad de aumentar la eficiencia fiscal. Sin embargo, esta eficiencia fiscal no se obtiene automáticamente; se requiere una planificación proactiva.
Case Study: CFO Advisory Team Brings Best Practices and Financial Clarity
Our CFO Advisory experts were introduced to a company, which will remain anonymous, because the company needed financial statement services so it could present a picture of its entire operation to a potential acquiring company. The deeper our team analyzed the company’s financial and tax history, the more apparent it became that the company was in need of a broader scope of services.
7 Consejos para Navegar por las Aguas Inexploradas de una Expansión en el Mercado de EE.UU.
SERVICIOS EMPRENDEDORES | SMADAR RINAT | 25 DE OCTUBRE DE 2021 Existen muchas razones por las que casi cualquier empresa fuera de los Estados Unidos quisiera ingresar al mercado estadounidense. Por ejemplo, EE. UU. tiene un sistema legal predecible y transparente. Además, que el gobierno de los EE. UU. acepta inversión extranjera directa. Y para atraer inversión extranjera, muchos estados y gobiernos locales de EE. UU. ofrecen incentivos y apoyan iniciativas innovadoras y de colaboración. Pero, dicho lo anterior, expandirse al mercado estadounidense puede resultar complicado.
7 Tips for Navigating the Uncharted Waters of an Expansion into the U.S. Market
There are many reasons why just about any company outside the United States would want to enter the U.S. market. For example, the U.S. has a predictable and transparent legal system. In addition, the U.S. government welcomes foreign direct investment. And to attract overseas investors, many U.S. states and local governments offer incentives and support innovative and collaborative initiatives.
How to Overcome Obstacles to a Smooth Transition When Partners Retire
Every accounting firm goes through a lifecycle in which partners approach the end of their careers and emerging leaders take on their responsibilities and relationships. When properly managed, this can create a win-win-win situation. The partner can retire with peace of mind, rising professional advances in his or her career, and the organization benefits from a seamless transition in leadership without compromising the level of service delivered to the customer.
Optimizing your Business Asset in the New Economy – Growing Wealth and Maintaining Value
On behalf of Lewis Brisbois, Prager Metis, and Bank of America Merrill Lynch, we invite you to a unique conversation to discuss topics that are top of mind with many of our successful clients. You will hear tested successful strategies that have been adopted to the current economy to:
Not-for-Profit Focus
While many of us have tried to grab some vacation time this summer, two of the leading voices focused on the NFP sector issued important reports. BoardSource released its June 2021 Leading with Intent: BoardSource Index of Nonprofit Board Practices, and Independent Sector issued Trust in Civil Society: Understanding the factors driving trust in nonprofits and philanthropy. A brief discussion on each of these reports, including excerpted key findings, follows but we encourage you to access the full reports to identify the data most relevant to your organizations.
Prager Metis Presents: Inside the C-Suite
Host Glenn L. Friedman, CPA, CGMA, CEO of Prager Metis gives listeners a glimpse Inside the C-Suite! Each episode, Glenn and his guests discuss timely topics related to the human elements of running a business and
Not-for-Profit Knowledge Network: Enhancing NFP Financial Reporting – A Critique of Audited Financial Statements & Disclosures
The OSCPA Not-for-Profit Knowledge Networks offer a great opportunity to explore important not-for-profit topics in informal discussions with experts and peers – and to obtain valuable CPE.
Enhancing NFP Financial Reporting: A Critique of Audited Financial Statements and Disclosures
This session will help financial statement preparers and auditors who advise NFP clients with respect to external financial reporting.
Building a Relationship With Your Money
Please join Prager Metis' Lori A. Roth, CPA/ABV, CFF, Co-Managing Partner at the 7th Annual Women Business Leaders Forum hosted by New Jersey Business & Industry Association (NJBIA) on September 24th, 12:30 PM – 1:30 PM, where she will be discussing "Building a Relationship With Your Money".
Doing Business in the US, Current relationship between Italy and US companies
Please join Prager Metis for a webinar on Wednesday, September 29 at 10 am ET/4 pm CT, "Doing business in the US, Current relationship between Italy and US companies" with Andrea Fantozzi, Partner, and Italian Global Services Leader. Topics being discussed are: geopolitical perspectives, tax updates, and opportunities, and the legal framework of foreign companies investing in the US. Register Today!
Estructuración de ventas en los EE.UU. para una empresa residente en el extranjero
La empresa de manufactura extranjera desea vender productos terminados en los EE.UU. y necesita ayuda para determinar las opciones adecuadas de comercialización y distribución en EE. UU.
Inversión Eficiente en Propiedades Residenciales o Comerciales en EE. UU. para Personas y Empresas No Residentes
Los clientes no residentes, incluidos individuos, fideicomisos y empresas, generalmente se encuentran exentos del impuesto sobre las ganancias de capital en EE. UU. por la venta de activos de capital de EE. UU., incluidas las inversiones en valores y las acciones corporativas de EE.UU. Sin embargo, las inversiones en participaciones inmobiliarias estadounidenses pueden estar sujetas a 3 tipos de impuestos en EE.UU.
Achieving Work-Life Well-Being: Organizational Support, Individual Responsibility
One could argue that the concept of work-life balance originated way back in 1817 when Welsh manufacturer and labor activist Robert Owen suggested dividing the day into three equal parts – eight hours of work, eight hours of recreation, and eight hours of rest. Of course, there wasn’t much balance before the Industrial Revolution as people worked an average of 65 hours per week. Farmers lived at the farm. Shop owners lived above the shop. Most of the modern barriers between work and life didn’t exist.
Preventing Tax-Related Identity Theft with an IP PIN
Tax related identity theft is an issue that began several years ago and has been steadily increasing as each year passes. We see this most often when electronically filed tax returns are rejected by the IRS with the most common reason for the rejections being due to previously filed fraudulent returns. Fraudsters can file tax returns using a taxpayer’s (or dependent’s) social security number in order to generate fraudulent refunds without the taxpayer’s knowledge.
New York State Covid Tax Credits
New York State announced the launch of the $35 million Restaurant Return to Work Credit Program on July 29, 2021. This credit can provide up to $50,000 ($5,000 per new worker hired between April 1, 2021 and December 31, 2021) to qualified restaurants in New York State and City. Also, On July 22nd New York State announced the launch of a two-year $100 million state tax credit program for qualified production companies that are principally engaged in the production of musical or theatrical productions located in New York City.
Case Study: Understanding Cash vs. Accrual Can Create Opportunities for Tax Savings and Process Efficiency
Many companies assume the tax professional processing their returns will convert their financials to tax basis. This can be a costly assumption in terms of both tax savings on a yearly basis and ongoing financial reporting efficiency. The Italian Service Group of Prager Metis recently assisted a US subsidiary of an Italy-based organization with the conversion of their books from cash to accrual basis.
INTERNATIONAL TAX – Cross-Border Mergers & Acquisitions
Client with a U.S. entertainment company needed assistance with cross-border acquisition planning of foreign entertainment group with several operating companies that owned valuable intellectual property rights and were involved in sales and licensing.
INTERNATIONAL TAX – Structuring to Avoid CFC Status Arising from Downward Attribution of Foreign Corporation Stock Ownership
Prior to 2017 Tax Reform, U.S. tax law provided that a U.S. person (including a domestic corporation) could not be attributed ownership of stock from a foreign person for purposes of determining if a foreign corporation was a more than 50 percent owned CFC.
INTERNATIONAL TAX – Structuring Ownership of CFCS to Reduce Tax of US Individual Shareholders
Structuring Ownership of CFCS to Reduce Tax of US Individual Shareholders Prior to 2017 U. S.
INTERNATIONAL TAX – Tax Efficient Investment in US Residential or Commercial Property for Nonresident Individuals and Businesses
Tax Efficient Investment in US Residential or Commercial Property for Nonresident Individuals and Businesses Nonresident clients, including individuals, trusts and corporations, are generally exempt from U. S. capital gains tax on the sale of US capital assets, including investment securities and U.
INTERNATIONAL TAX – Cross Border Tax Planning for Ownership and Exploitation of Music Copyrights
Cross Border Tax Planning for Ownership and Exploitation of Music Copyrights The decentralization of media production across the globe and the increased use of digital and online distribution creates an environment where media that has up to now been produced and owned in the US can now be produced, owned, and exploited from lower-tax foreign jurisdictions. Added to this, the emergence of “remote working” as a viable mode of conducting business operations means it is no longer necessary to be physically present in a given location in order to effectively carry out business activities.
INTERNATIONAL TAX- Structuring Sales into the US from a Foreign Country
Structuring Sales into the US from a Foreign Country Foreign manufacturing company desires to sell finished products in the US and required assistance in determining appropriate options for US marketing and distribution. Potential cross-border structuring options included:
Post-Mortem Rights of Publicity – Estate Taxation and Valuation Issues
Ladidas Lumpkins, Partner-In-Charge of Private Wealth Services joins a discussion with Barry Werbin, Counsel in Herrick’s Intellectual Property Group, and R. Andrew Shore, Partner in Herrick’s Trusts & Estates department, on post-mortem rights of publicity – estate taxation and valuation issues. Click here
Federal Tax Practice Study Group
Don't miss E. Martin Davidoff, Partner-in-Charge, National Tax Controversy, and Alison Gadoua, Tax Controversy Specialist, as they facilitate this Federal Tax Practice Study Group on August 3, 2021.
How do you solve the shortage of succession plans? Make one
Since the audience for this article comprises accountants, let’s start with a number: 35%. What is that? It is the percentage of organizations in the United States that have “a formalized succession planning process.” Meaning just a little over one-third of U.S. businesses are prepared for....
The Three-Martini Lunch
The term “Three-Martini Lunch” was coined in the U.S. during the 1960’s and 1970’s when NYC executives would gather and claim that these libations made them more creative.
How Recognition and Appreciation Change Lives for the Better
If the pandemic has given us one positive, it’s perspective. Frankly, the business and the work are just the business and the work. The health and well-being of real people – physical, mental, and emotional – are far more important.
Federal Tax Practice Study Group, Thursday, June 17, 2021 2:00pm – 3:00pm Eastern
Don't miss E. Martin Davidoff, Partner-in-Charge, National Tax Controversy, and Alison Gadoua, Tax Controversy Specialist, as they facilitate this special study group webinar on June 17, 2021. Sponsored by the AAA-CPA,
E. Martin Davidoff, CPA, Esq. and Robbin E. Caruso, CPA, CGMA to Present at AAA-CPA Annual Meeting
Prager Metis Partners, E. Martin Davidoff and Robbin Caruso, will be speaking at the AAA-CPA Annual Meeting taking place June 23-26. E. Martin Davidoff will present “IRS Offers in Compromise: A Case Study” during the Thursday morning session.
Relationships Matter, Especially in Business
A team member recently told me about their battle with dieting and cookies. Like many of us, the time spent in quarantine this past year was not kind to their waistline, and they resolved to get back into shape by steering clear of snacks.
Highlights of the New York State Pass-through Entity Tax
The recently passed Budget Act was designed to benefit owners of eligible pass-through entities. This article highlights the key provisions of the Budget Act, workarounds enacted by other states, and general pass-through legislation considerations.
How Should a Leader Respond When a Top Performer Decides to Leave?
“Did you hear Michael is leaving? That’s a huge loss! You can’t replace someone like that. Somebody screwed up big time. What do we do now?” This is a fairly common emotional reaction in the lunchroom when a top performer leaves
Pandemic Telecommuting And The Tale Of Two (Or More) States
More than a year ago, the nation and many states required businesses to shut their doors to employees and customers due to a growing national emergency. People began to work from their home or other property,
How Nonprofits Can Effectively Tap PPP Opportunities And Avoid a ‘Surprise’ Audit
It is not often that articles about accounting contain hyperbole, but some recent reports on PPP loans have included what might be called overly zealous warnings that nonprofits taking advantage of this stimulus opportunity
Made in America Tax Plan
On March 31, 2021, President Biden unveiled the “Made in America Tax Plan” as part of the $2 trillion infrastructure “American Jobs Plan”. The American Jobs Plan is an ambitious infrastructure plan primarily targeting roadways, bridges
HHS Funding for Healthcare Entities is Subject to Audit and the Guidance is Not New
2020 created disruption in ways that were inconceivable before the pandemic. And probably more so for healthcare entities than any other industry. As our hospitals and healthcare providers have focused on caring for us,
Good News for Healthcare Entities Regarding HHS Funding Audits: Nothing New, and Maybe No Audit at All
As anyone in the healthcare field knows, the demands of the pandemic stretched and strained their resources, both human and financial, at unprecedented levels. To meet the task of caring for those afflicted by COVID-19,
The Single Biggest Challenge for Remote Teams in a Post-COVID World
After an in-person interview, we learned a new hire had a family member with COVID-19. As a result, the skeleton crew that had been working in that Prager Metis office had to go back to working remotely.
Highlights of $1.9 Trillion COVID-19 Relief Bill Signed into Law by President Biden on March 11, 2021.
The following information highlights the key tax relief provisions included in the American Rescue Plan Act of 2021 (“TARPA 2021”) enacted into law on March 11, 2021. The relief includes many provisions to help both individuals and business
Personal Tax
The personal allowance is currently £12,500. Budget 2018 announced that the allowance would remain at the same level until 2020/21 and the statutory provision to increase the allowance annually by CPI was to be overridden.
Other Matters
Land and buildings transaction taxes are devolved to Scotland (Land and Buildings Transaction Tax) and Wales (Land Transaction Tax). Stamp Duty Land Tax (SDLT) applies to transactions in England and Nort
Budget 2021
The Chancellor Rishi Sunak presented his second Budget on Wednesday 3 March 2021. In his speech he stated his Budget 'meets the moment with a three-part plan to protect the jobs and livelihoods of the British people'.
Employment
The current JRS allows an employer to place an employee on furlough and apply for a grant to cover wage costs for the time an employee is on furlough. The employer:
Capital gains tax (CGT) rates
No changes to the current rates of CGT have been announced at Budget 2021. This means that the rate remains at 10%, to the extent that any income tax basic rate band is available, and 20% thereafter.
Business
In 2020, the government introduced a number of government-guaranteed coronavirus loan schemes. In December 2020 the Chancellor extended, until the end of March 2021, access to the Bounce Back Loan Scheme,
Enhancing Not-for-Profit Financial Reporting
As an extension of his presentation at the 2020 GWSCPA Nonprofit Symposium, Louis Mezzina will offer examples and a critique of various not-for-profit financial statements and disclosures during this on-line session.
How Small Businesses Can Make the Most of Their Taxes
Filing taxes for small businesses might be a little different this year. Join Prager Metis Partner Robbin Caruso and other panelists on March 2, 2021 to learn more about how the pandemic, PPP Loans and revenue losses could impact your fili
Consolidated Appropriations Act Employee Retention Credit Highlights
The following information highlights the key tax issues associated with the Consolidated Appropriations Act, H.R. 133 law changes providing extensions and modifications to the employee retention credit.
Where Are We Now? Updates on COVID-19 Relief, PPP Loans, and Tax Law Changes
Join NJBIA and Prager Metis Partners Robbin Caruso and Edward Rigby for this webinar on February 17 to hear about the latest updates on COVID-19 relief measures, PPP loans, and tax law changes affecting both individuals and businesses.
Everything You Need to Know About Shuttered Venue Operator Grants
The Consolidated Appropriation Act of 2021 signed into law on December 27, 2020 includes a $15 billion grant program that will be administered by the U.S. Small Business Administration (the “SBA”) to provide financial aid to struggling live
Watch “Advisory Best Practices for Accounting, CPA, and Outsourced CFO Firms” (Webinar Recording)
To help you better understand the opportunity to add advisory to more traditional outsourced accounting and client accounting services, Vic.ai Academy has invited five expert panelists from a broad cross-section of firms for
Webinar: IRS Offers in Compromise: A Case Study Wednesday, January 20th 1:00-2:00pm(EST)
Sponsored by ADP, this webinar will take participants on a hands-on journey through the entire IRS Offer in Compromise process. Presenters will be E. Martin Davidoff, Partner-in-Charge, National Controversy and Sarah Fields,
IRC Section 163(j) Update, Including Highlights of CARES Act Modifications and IRS Final Regulations
This article summarizes the key highlights of the CARES Act modifications and recent IRS regulations associated with the interest expense limitation rules under IRC Section 163(j).
Webinar: Federal Tax Practice Study Group Tuesday January 26, 2021 2:00-3:00pm(EST)
Join E. Martin Davidoff, Partner-in-Charge, National Tax Controversy and Alison Gadoua, Tax Controversy Specialist, as they facilitate this special study group webinar with IRS Commissioner Charles Rettig on January 26th.
Why Business Leaders Must Help Individuals Embrace and Navigate Change
About 2,500 years ago, the Greek philosopher Heraclitus said, “Change is the only constant in life.” He famously asserted that “life is flux,” Panta Rhei in Greek, which means all things change.
Webinar: Where Are We Now? An Update on COVID-19 Relief, Tax Law Changes, and PPP Loans
Join Prager Metis experts on January 6, 2021, to discuss the latest COVID-19 relief measures, PPP loans, and numerous tax law changes.
In the COVID-19 World, Not-for-Profits Have Two Choices: Change or Close Permanently
However, as it turns out, not-for-profits (NFPs) didn’t have to change everything; COVID-19 took care of that for them. The emergence of a global pandemic gives even more urgency to that original headline.
How a Nonprofit Can Go from $50 Million to $150 Million on a ‘Top Charities List’
According to the 21st annual Forbes Top Charities list, which ranks the largest U.S. charities based on private donations received, “The 100 largest charities pulled in $51.5 billion in donations,” which “represents 12% of all charitable co
Solving the Catch-22 for Nonprofits of Fundraising vs. Program Allocations
Top executives at nonprofits that rely on donations, and their CFOs, know that in terms of funding and expenditures, accounting for a nonprofit is a bit of a catch-22. That is, a nonprofit must expend money on its programs – the reason it e
Mergers & Acquisitions: What the CFO Should Handle
As a result of Covid-19, many businesses are entertaining the sale of their company or considering the purchase of another business which may be on the market. Determination of market value involves gathering and analyzing a good deal of
Restructuring Your Finance Department – Consider CAS
The COVID-19 pandemic has adversely affected many businesses and their ability to function. Office closures and staff reductions can hamper a business’s ability to have immediate access to up-to-date financial information which is essentia
Why a Relationship with a Bank is Important for Your Business
One of the most important roles a CFO plays relative to a business’s success, is in establishing and maintaining a good relationship with a banker. This relationship is vital and should provide the company with access to short term loans
The Simple Math Behind Delegation
One of the biggest challenges that causes leaders to struggle is the inability or unwillingness to delegate. In many cases, leaders think they can only succeed by delegating to someone who can replicate their performance.
How Can a Professional Employer Organization (PEO) Benefit Your Company?
Our CFO Advisory Services Team is often asked, “What can we do about the high costs of employee health insurance and benefit plans?”, and our response is, “have you looked into a PEO?”
Post-Election Estate Planning and Tax Mitigation Strategies
The outcome of the November 2020 election will likely prompt wealthy individuals and families to identify, assess and mitigate potential legal and tax risks when it comes to their personal tax and estate planning. Join Prager Metis and McC
GGI International Tax Practice Group Presentation
Own one or more foreign subsidiaries? Learn more about cross-border tax planning options from our team of experts. Last week, Fernando R. Lopez presented to fellow GGI Members where he provided an update on 2020 Regulatory Developments
CFO or Controller?
Very often the Chief Financial Officer of a business spends a good deal of time functioning as a Controller: performing month-end closings, comparative financials, overseeing books and records, etc. While the day to day financial function
COVID-19 Update: Operational, Regulatory and Accounting Challenges for Fund Managers
Don’t miss Karen H. Kerby as she joins the NYSSCPA’s Alternative Investment Fund Conference for a live webcast on November 19th. Karen will moderate a panel of industry experts and discuss financial reporting matters in the midst and afterm
Restructuring, Redirecting, Restoring: Helping Your Business Survive COVID-19
One of the most obvious consequences of the COVID-19 pandemic has been the large reduction in revenue for businesses. Restructuring and reducing staff may have been necessary steps to surviving and keeping the doors open.
Navigating the Uncharted Waters of Expansion to the U.S. Market
Foreign companies and startups looking to expand into the U.S. market must consider a number of factors, including entity structuring and taxation issues. Join experts from Prager Metis,
Credit Management
As business owners, CEOs or CFOs, it is extremely vital to maintain a professional and protected credit profile while securing your assets.The world of credit is vast and growing more than ever,
Webinar: 2020 Tax Planning for Small Businesses and Individuals, presented by Prager Metis
Marnette Myers from our Washington D.C. Metro office will be joining the Greater McLean Chamber of Commerce for a timely review of tax planning issues and opportunities for 2020. Marnette will address potential federal changes,
Owe Back Taxes? Recent IRS Announcements May Make It Easier For You to Catch Up
“We want to earn the trust and respect of every American.” It may surprise some to know that those words came from Congressional testimony given in the past month by IRS Commissioner Charles P. Rettig. But Rettig, himself a seasoned tax
Buy/Sell Agreements
When a non-public business has multiple owners, they need to make sure that they have executed Buy/Sell Agreements with each of them. This agreement sets the value of the business and will be used in any event that results in a change in ow
Inflation and Cryptocurrency
Register today! Join Peter Goodrich and Brian Goldblatt of Prager Metis and Herbert P. Moore, Jr., David J. Sorin, and Matthew E. Uretsky of McCarter & English on Thursday, October 29th at 2 pm ET/ 11 am PT. They will discuss
The Anatomy of Fraud
The Association of Certified Fraud Examiners (ACFE) released the “Report to the Nations: 2020 Global Study on Occupational Fraud and Abuse”, covering cases investigated by certified fraud examiners around the globe.
IRS Provides Reporting and Penalty Relief for US Individuals with Tax- Favoured Foreign Trusts
Amidst the worldwide COVID-19 crisis, many US citizens who have worked abroad and paid into pension trusts may have missed a significant change made by the US Internal Revenue Service (IRS) on 02 March 2020.
Edward P. Rigby joins the Estate Planning Council of Central New Jersey for a Webinar
Register Today! Edward P. Rigby joins the Estate Planning Council of Central New Jersey for a webinar on Thursday, October 22, at 6 pm EST. Edward will discuss the key issues in determining loan forgiveness.
The Rubber Band Theory and the Pandemic: Will Business Snap Back to Pre-COVID Norms?
The rubber band theory has been applied to many areas of business and life, from investing and leadership to personality traits and dating. I’ve been thinking about the rubber band theory as it relates to the changes we’ve experienced
Faced with Unprecedented Scrutiny, Skilled Nursing Facilities Need to Get Their Financial Houses in Order
Every drama needs a bad guy, a villain. And few events in recent history have produced more drama than the COVID-19 crisis, certainly from a human standpoint given the death toll, not to mention what many have called the “politicizing”
Fashion’s Rebound, the Importance of Having the Right Accounting Relationship
Join FBAA and Stuart H. Mayer, Managing Partner – New York, NY Office of Prager Metis, for a webinar discussion on Wednesday, September 30th at 11 am ET. He will discuss Fashion's Rebound, the Importance of Having the Right Accounting
Volatility Caused by COVID-19 Prompts OCIE to Issue a ‘Risk Alert’ Targeting Advisers and Broker Dealers
Since COVID-19 arrived, the SEC Office of Compliance, Inspections and Examinations (OCIE) has remained operational nationwide including an outreach to SEC registrants to assess the impact of the virus. From these efforts, OCIE has concluded
State of the Not-For-Profit Industry Panel Discussion
Did you miss the LIBN's State of the Not-For-Profit Industry virtual conference? Watch Moderator Brian D. Sacskstein and a panel of industry experts discuss the achievements, challenges and the future of the not-for-profit sector
IRS Clarification of Final BEAT Regulations
On September 1, 2020 the IRS and the Department of the Treasury released final regulations for Section 59A – the base erosion and anti-abuse tax (BEAT), providing additional guidance on its application.
Are In-House Research Expenses Paid from Paycheck Protection Program (PPP) Loan Proceeds (That Qualify For Loan Forgiveness) Eligible for the IRC Section 41 Research Tax Credit
Are In-House Research Expenses Paid from Paycheck Protection Program (PPP) Loan Proceeds (That Qualify For Loan Forgiveness) Eligible for the IRC Section 41 Research Tax Credit
Respect, Safeguard, and Value Your Time, Your Most Precious Commodity
During an interview with Bill Gates and Warren Buffett a few years ago, Gates was asked what he has learned from his fellow billionaire. Gates discussed the time Buffett showed him his paper appointment book, which was mostly empty.
How Client Accounting Services (CAS) Take Financial Functions Off Your Plate
When everyone began working from home because of the COVID-19 pandemic, many businesses saw firsthand how difficult it is to function effectively each day without access to reliable accounting and financial services and expertise.
International Tax Planning for Accessing Cash and Reducing US Tax in 2020
Accessing Cash from CFC or non-CFC Foreign Subsidiary. If you have liquidity needs and own one or more foreign subsidiaries, it may be possible to access cash held by the CFC in a tax-efficient manner.
How to Approach Goal Setting to Drive Growth and Success
In Stephen Covey’s book, 7 Habits of Highly Effective People, this is habit number two. The idea is that the activities of an individual or organization should be driven by the end goal. What are you trying to
What Will The Indian Economy Look Like Post COVID-19?
Recently, the rating agency Fitch said the coronavirus pandemic has significantly weakened India’s growth outlook for this year and exposed the challenges associated with a high public-debt burden. Matching Moody’s view, it has downgraded
Key Considerations as Nonprofits Shift to Online Fundraising
The coronavirus pandemic has created a massive shift in the daily operations of all nonprofit organizations globally. If your mission is not directly related to the pandemic relief it may be challenging to convince your donors that your
Paycheck Protection Program Flexibility Act of 2020: What You Need To Know
Join Partners Robert O. Mayer and Edward P. Rigby on Tuesday, July 21st, at 12:00 pm ET as they discuss the highlights of the PPP Flexibility Act, including the extension of the covered period, reduction in payroll requirements,
Estate Planning Council of New York City, Inc.
Does your estate have significant art holdings? Join Gabe M. Wolosky and the Estate Council of New York as they address the IRS requirements for estates with significant art holdings, and tax deduction for the charitable donation of artwork
Remembering Prager Metis Founding Partner Jay Spitz
As I share my thoughts month after month about the importance of the human element in business, I feel compelled to remember my former partner and, more importantly, my friend, Jay Spitz, who was taken from us far too soon.
The Anatomy of Fraud – Insights from the 2020 ACFE Global Study on Occupational Fraud
The Association of Certified Fraud Examiners (ACFE) recently released the Report to the Nations: 2020 Global Study on Occupational Fraud and Abuse. This report, the 11th since the first edition was published in 1996, has become the primary
Reopening the Economy: Finding the Silver Linings in Our New Normal
Please join us as NJ CEOs discuss hurdles their industries may be facing as the economy reopens, and the silver linings that can be found as everyone adjusts and adapts to the new normal that awaits them.
Exploring Growth Through Acquisitions
Prager Metis’ CEO Glenn Friedman joins an expert panel for this webinar hosted by The NYBB Group on Tuesday, June 24th at 12 PM ET. Industry experts will discuss the benefits of acquisitions, including increased revenues and bottom-line
Paycheck Protection Program Flexibility Act of 2020: What You Need to Know
Join Partners Robbin E. Caruso and Edward P. Rigby on Friday, June 26th at 11:30 AM as they discuss the highlights of the PPP Flexibility Act, including the extension of the covered period, reduction in payroll requirements, and basic rules
Healthcare Organizations: Think Differently When Responding to Medicaid Cuts
The State of New York recently announced that Medicaid payments would be reduced 1.5 percent across the board. This applies not only to future services, but to all non-exempt services dating back to April 2, 2020.
As the Pandemic Moves Us “Back to the Farm”, What’s Old Is New Again
"One of the technologies Vice President Al Gore is pushing is the information superhighway, which will link everyone at home or office to everything else – movies and television shows, shopping services,
Did a Deceased Loved One Receive a Stimulus Payment? The IRS Wants it Back. Now.
A friend who received his stimulus payment as an actual check in the mail, knew I was working on this article and suggested I take a look at what the IRS sent him. Examining the official looking envelope.
Frequently Asked Questions with Prager Metis, May 18, 2020 at 3 pm ET / 12 pm PT
Register Today! Join Santander and Prager Metis’ Partner’s Robert O. Mayer and Edward P. Rigby for a webinar on Monday, May 18 at 3pm ET/ 12pm PT for a Q&A session on PPP Loan Forgiveness.
The New Normal for Emerging Managers
Join us for a webinar on Tuesday, May 19 at 11 am ET. Karen Kerby from Prager Metis CPAs, Wayne Davis from Tannenbaum Helpern Syracuse & Hirschtritt LLP, Barbara Ann Bernard from Wincrest Capital, will discuss operational,
Peter Goodrich mentioned in article The Chain Bullet
Cryptocurrency is the future.” In the article by The Chain Bullet, Peter Goodrich, Tax Manager, discusses how the future of cryptocurrency is much closer than we think thanks to some big events
Why Every Professional Relationship Should Be Considered P2P
In the business world, different groups of people are assigned labels. You have owners, shareholders, executives, partners, management, and employees. You have strategic business partners, vendors, and customers.
Business Tax Provisions in the CARES Act
Have you registered? Join NJCPA and Prager Metis’ Edward Rigby on Friday, May 8 at Noon for a Q&A session on Business Tax Provisions in the CARES Act.
Tax Controversy CARES – Where Are We Now
Join Us for a webinar on Tuesday, May 5 at 2pm ET/11am PT with Partners who specialize in Tax Controversy, E. Martin Davidoff, CPA, Esq. and Robbin Caruso, CPA, CGMA.
Cryptocurrency From the Fringes to the Mainstream
Please join us on Monday, April 20, 2020 at 2pm ET/11am PT. Peter Goodrich of Prager Metis CPAs and Seth H. Ostrow of Meister Seelig & Fein LLP will discuss how cryptocurrency has moved from the fringes to the mainstream
NJBIA Special Webinar: A Business Owner’s Guide to Loans
Join us Tuesday April 14th at 9am ET for ‘A Business Owner’s Guide to Loans’. Hosted by NJBIA, this webinar’s presenters include Robbin Caruso, Edward Rigby, and Al Titone, SBA District Director of New Jersey,
Important Rule Changes Enacted For Cayman Islands Private Funds
Over the past few years, the Cayman Islands legislature has introduced many amendments and regulatory changes to try and align with global compliance standards.
What Business Owners Need To Know During This Tumultuous Time
Register today for the upcoming webinar hosted by @NJBIA, titled CFO in a Box: What Business Owners Need to Know During This Tumultuous Time.
Webinar COVID-19: Employee & Employer Issues
Stuart Mayer, Office Managing Partner along with industry experts, discussed the recent financial uncertainty due to COVID-19.
Webinar: COMPLIANCE, TAX, & BANKING
FOR FUND MANAGERS & INVESTORS: APRIL 7, 2020 @ 11 AM EASTERN
Finding the Silver Lining During and After Times of Crisis
There is no sugarcoating the fact that the coronavirus pandemic is affecting everyone in our country. Businesses that require face-to-face interaction with customers, from restaurants to dentists to theatre companies, are being shut down.
Resources
UK Governement Pages: General Click Here. Support for businesses Click Here.
What Moved Cryptocurrency From the Fringes to the Mainstream? Ingenuity and the Attention of the IRS
Iconic American humorist Will Rogers once said, “The only difference between death and taxes is that death doesn’t get any worse every time Congress meets.”
Are You Supporting Team Members Who Want to Create Their Own Opportunities?
Younger generations value flexibility in the workplace. The prospect of going to an office each day from 9 to 5 or later and doing the exact same things day after day isn’t exactly appealing.
Why Human Capital Is Your Organization’s Best Investment
Over the past several years, the concept of digital transformation has become a top business priority. As adoption of artificial intelligence (AI), cloud-based systems, the Internet of Things, and other advanced technologies continues to expand, organizations are weaving these tools into every business process and, in many cases, changing how they operate to optimize productivity, efficiency, and the customer experience. More and more organizations are investing heavily in technology-driven initiatives, as they should.
Corporate Philanthropy: Why Doing Good is Good for Everyone
One of the core responsibilities of any business leader is to motivate the team. They must keep team members engaged and give them reasons to feel good about their employer. Today, it’s no secret that more team members, especially from younger generations, want to work for a company that is dedicated to more than just themselves.
Planning for the Negative Tax Impact of the SECURE Act on your IRA and 401(k) Beneficiaries
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.
Technology and Taxes: The Accountant’s Responsibility
In the world we live in today, the only way to avoid becoming a victim of malware and/ or identity theft is to disconnect yourself and your workstation from the internet. Unfortunately in today’s business environment, that is not an option. Read the latest article by CIO, Gurjit Singh, entitled ‘Technology and Taxes: The Accountant’s Responsibility,’ to learn more about how you can take steps to secure both your own and client’s information and take a more vigilant approach in the exponentially evolving world of technology and information-transfer.
Putting AI to Work for Your Nonprofit: It’s Not a Question of ‘If’ but ‘When’
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.
The Indian Tax Rate Cuts
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.
Beware of the “Clawback” Claim, but Also be Aware that it is as Much an Accounting Issue as a Legal One
There will be a time when your client's customers will go through a rough patch and have the need to file for bankruptcy protection. Before filing, one of these customers may, out of loyalty or with an eye to the future, pay this client. But if your client receives this sum less than 90 days prior to the debtor's bankruptcy filing, this payment could be deemed a "preferential payment," meaning your client may be required to return this sum for inclusion in a bankruptcy estate for equitable distribution among the debtor's creditors.
US State-to-State Business Travel Compliance and Risks
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.
While Relinquishing One’s US Citizenship Can Mitigate Estate and Gift Tax Obligations
Relinquishing one's US citizenship can mitigate an individual's estate and gift tax obligations, but a "Covered Expatriate"* should plan carefully when disposing of assets. Internal Revenue Code Section 2801 imposes a tax on US citizens or residents who receive certain gifts or bequests from Covered Expatriates (CEs). Even if the property is non-US-situs property, all of it is subject to the 2801 taxing regime.
US Anti-Corruption Laws and Their InternationaI Reach
As long as greed exists, so does corruption. To combat corruption, the US enacted the Foreign Corrupt Practices Act (FCPA). Its provisions prohibit offering, authorizing, or making payments of money or anything of value to influence the decision making of foreign government officials to obtain or retain business.
How the Change in US Sales Tax Rules has Impacted International Sellers
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.
M&A: How Marketing Can Gain a Strategic Role in the Process
The business world is rapidly evolving. Industries across the globe are experiencing increased competition, aging workforces, and regulatory shifts that are leading to consolidation. Many of these consolidations occur through mergers and acquisitions.
Operating in a Complex World: The Argument for Not-for-Profits to Change Everything
Originally published by Long Island Business News Profit. When we hear the word profit, we think of Wall Street, shareholders, stocks, global conglomerates, and billionaire CEOs; we don’t conjure up the image of a not-for-profit organization helping provide services to the community.
New Opportunity Zone Regulations: What They Are and What They Clarify
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.
Selling Across the Pond: What UK Residents Need to Know When Selling US Property
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.
Fund Support
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.
Valuation Theory & Your Life: Why What Happened to The King of Pop’s Estate Should Matter to You
In the last few years, some of entertainment’s most iconic performers have left us. Both Prince and David Bowie passed in 2016, and just this year we lost Aretha Franklin. It seems a lot more recent, but it has been almost ten years since Michael Jackson passed away at age 50.
US Tax Compliance for Foreign Trusts: A Primer
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.
Tax Planning Under the New US Tax Reform
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.
Practical Considerations Regarding Section 199A of the New US Tax Law
The Tax Cuts and Jobs Act passed by the US Congress on 17 December 2017, includes Section 199A, a provision that can afford pass-through businesses a 20% deduction of:
Preparing for Changes at the UK Border After a No Deal EU Exit
Summarised below is our understanding of the changes and necessary steps which may be required to be undertaken for UK businesses trading within the EU in the event of a No Deal EU Exit. We have principally focused on the impact on Customs and Excise and VAT. Most of the contents are taken from the published documents by UK government and HMRC.
The Taxation of Income from Cryptocurrencies in Various Jurisdictions — USA
Recently, we have seen a growth in the sale or exchange of cryptocurrency, or the use of cryptocurrency to pay for goods or services. Unfortunately, guidance from the Internal Revenue Service (IRS) pertaining to related US income tax issues has not kept pace with the proliferation of cryptocurrency trading. This article highlights fundamental income US tax compliance issues for investors dealing or transacting in cryptocurrency.
IRS Clarifies 199A Section of Tax Law, Provides Safe Harbor and a 20% Deduction To Rental Real Estate Enterprises
If you own rental real estate, the fact that the IRS just issued Notice 2019-7, which clarifies Section 199A of the Tax Cuts and Jobs Act of 2017 could work to your benefit. The clarification will help in determining whether a rental real estate enterprise is a trade or business for the purposes of section 199A.
Prager Metis Published in the 53rd Volume of Worth Magazine
Read the latest article titled "How Do I Get Control Of My Family In Flux And Protect Its Finances?" by Partners Ladidas Lumpkins, Jay Goldberg, and Gabe Wolosky, published in the 53rd edition of Worth Magazine.
E. Martin Davidoff, National Managing Partner of the Tax Controversy Practice Quoted in Accounting Today
E. Martin Davidoff, National Managing Partner of the Tax Controversy Practice at Prager Metis, was quoted in a recent Accounting Today article titled: “Like ‘1986 on steroids.’” Click here to read the full.
Key Tax Cuts and Acts Affecting Asset Managers
With the K-1 season right around the corner, now is the perfect time to highlight a few key concepts that will directly affect fund managers from the Tax Cuts and Jobs Act (“TCJA") that was enacted on December 22, 2017. Limits on Deductibility of Business Losses TCJA imposes a new limit on the deductibility of business losses incurred by taxpayers other than corporations.
Opportunity Zones: A Win/Win for Communities And Your Capital Gains Tax Bill
The new tax law passed last December certainly has its boosters and its detractors, but it also has written into it something that appears to be a proverbial win/win. While this new provision does offer tax breaks to those among us who receive capital gains, to get those breaks the advantaged must invest those profits in funds that benefit the disadvantaged. The shorthand for all of this comes down two words: Opportunity Zones.
Section 199A Deduction
The Tax Cuts and Jobs Act enacted on December 22, 2017, introduced Internal Revenue Code Section 199A. This new code section grants a deduction of up to 20% of qualified business income (“QBI”). It replaces Section 199 which was the Domestic Production Activities Deduction, beginning in 2018.
Inherited Individual Retirement Accounts: What Every Heir to an IRA Needs to Know
Article by: Ladidas Lumpkins and Roman Katz Ben Franklin once said that nothing is certain except death and taxes. The traditional Individual Retirement Account, also known as the IRA, was invented in 1974 and brings to bear both of those certainties.
Il Fisco Americano terminera’ il programma di Voluntary Disclosure
Partner Andrea Fantozzi, a Director at the Italian Group in the International Department of Prager Metis CPAs, was published in America 24. Click here to read the full article titled: Il Fisco Americano terminera’ il programma di Voluntary Disclosure.
Craig Manzino Interview in Entrepreneur
Craig A. Manzino, a Partner-in-Charge of the Business Management Group of Prager Metis CPAs, was interviewed in the Entrepreneur, in an article titled: Cynthia Nixon Has a Corporation, and That's Totally Normal for Professionals Like Her. Click here to read the full article.
Glenn L. Friedman to Present at the ADP Complimentary CPE Seminar
Course Summary: Join Prager Metis CEO Glenn L. Friedman for this interactive CPE workshop where he will navigate the conversation on Mergers and Acquisitions in the accounting profession.
Andrea Fantozzi Presenting at Export U.S.A. 2018
Andrea Fantozzi , a Partner and Director at the Italian Desk in the International Department of Prager Metis CPAs, is presenting at the Export U. S. A seminar May 31st, 2018.
Andrea Fantozzi presenting at SLT – 2018
Andrea Fantozzi and SLT – Strategy Legal Tax present “ Gli Stati Uniti e le opportunita’ di un mercato in crescita. Consigli Utili e Soluzioni Pratiche” - July 10, 2018
Fernando R. Lopez and Raymond J. Zomerfeld Published in Worth Magazine
Read the latest article by Partners Fernando R. Lopez and Raymond J. Zomerfeld, published in Worth Magazine.
Give Back to the Community By Sharing Your Knowledge
Busy season is over! So now what? Well, first things first: a little well-deserved relaxation.
South Dakota v. Wayfair: Some Tips on Making the Daunting Doable
On June 21 of this year, the Supreme Court’s ruling in South Dakota v. Wayfair basically upended the way state sales tax has been collected and remitted for the past 26 years. Much has been written about this ruling, and as might be expected, you, our clients, have a lot of questions about how to navigate this new sales tax labyrinth.
Not Just Europe: New EU Data Protection Regulations Can Affect U.S. Businesses
While the European Union (EU) just began active enforcement of a sweeping new data privacy regime, that news generated far less visibility in the United States, largely because many people assume that their business or personal interests are not affected by the change. But reliance on that assumption could result in expensive consequences. The General Data Protection Regulation (GDPR) was approved by the EU Parliament in April after four years of substantive debate and refinements.
Andrea Fantozzi and Fernando Lopez Present at the Italy America Chamber of Commerce, May 23rd, 2018
Andrea Fantozzi and Fernando Lopez Present at the Italy America Chamber of Commerce May 23rd, 2018. U. S.
Blockchain in the Fashion Industry
Blockchain in the Fashion Industry More often than not, the term that we associate with the word “blockchain” is “Bitcoin.” And while it’s true that blockchain technology was initially created to account for cryptocurrency transactions, it can be applied in so many other settings. A blockchain is a digital ledger that records transactions in ordered records called “blocks.” Each new piece of information is added to the record chain chronologically so that the blockchain reports the entire history from start to finish.
Andrea Fantozzi to Present at the Confindustria: UNITED STATES – The Benefits of Tax Reform in the US and the New Policies of American Immigration
Andrea Fantozzi, a Partner and Director at the Italian Desk in the International Department of Prager Metis CPAs, a member of Prager Metis International Group will be speaking at the 1Confindustria. He will introduce to business owners/ CFO and Controllers the opportunities that are available for foreign entities to invest in the US, especially based on the latest tax reform. Dates:
Time to Review Cross Border Business Structures
Due to the shift in U. S. taxation of business income resulting from the recent U. S. tax reform efforts, the factors considered when determining the most tax-efficient structure for U.
Andrea Fantozzi featured in America 24, March2018
Andrea Fantozzi, a Partner and Director at the Italian Desk in the International Department of Prager Metis CPAs, a member of Prager Metis International Group, was featured in Americay 24, in an article titled "La property tax americana: cosa c'è da sapere," — March 4th, 2018.
Craig A. Manzino Mentioned in the Long Island Business News March 2018
Craig A. Manzino, a Partner-in-Charge of the Business Management Group of Prager Metis CPAs, a member of Prager Metis International Group was mentioned in the in the Long Island Business News March 2018
Tax Aspects of the Bipartisan Budget Act of 2018
Peter J. Scalise's article entitled "Tax Aspects of the Bipartisan Budget Act of 2018" was featured in the CPA Magazine's February 2018 Issue. Read the full article here.
The Tax Cuts and Jobs Act of 2017 and Its Impact on the Entertainment Industry
The Tax Cuts and Jobs Act of 2017 (“TCJA”) was signed into law by President Trump on December 22, 2017. It has been hailed as the largest overhaul of the US federal income tax since 1986. While many diverse industries will realize significant changes, tax-wise, as a result of the passage of the TCJA, there are provisions that have a significant impact upon the media and entertainment industries.
Being a Trusted Advisor to Authors
With the business landscape changing, and traditional job roles no longer fitting into narrowly defined boxes, this is an important time to highlight what accountants do and what the role of being a trusted advisor means. While this article covers various accounting issues that impact authors, much of this content applies to those who work as independent contractors. The expense of hiring a professional accountant is a real obstacle for many.
Family Office Services for High Net Worth Clients
It’s no surprise that booming domestic and global equity markets, strong corporate profits and the prospect of a major reduction in U. S. business and personal tax rates are all contributing to a rise in personal wealth. In fact, the global total of high net worth individuals (defined as those with investable assets of $1 million or more) grew 7.5 percent last year, and New York City remained the top location for those achieving ultra-high net worth status (defined as those with investable assets of $30 million or more).
US International Tax Reform: Overview of New US Tax Landscape and Planning Opportunities for US and Foreign Companies
Congress bestowed a tremendous holiday gift to the global corporate community in the form of a significantly reduced U. S. corporate tax rate and full expensing of plant and equipment acquisitions that effectively lays out the red carpet to foreign companies. In addition, the tax bill’s shift to a territorial tax regime results in a virtual ban on IRS corporate taxing authority beyond the U.
Simon Winters Featured in a Music Week, December 15th 2017
Simon Winters was featured in a Music Week article. The article is entitled "Cutting corners on your professional advisors is a false economy": Why Accountants Matter More Than Ever to the Biz. Read more here.
Year-End Overview of How Tax Reform Affects Business Taxes
Overview of Key Changes to Business Taxation Under the Tax Cuts and Jobs Act Two of the most visible features of the Tax Cuts and Jobs Act, now passed by Congress and expected to be quickly signed into law by President Donald Trump, are the large reduction in the statutory corporate rate (from 35 to 21 percent), and the elimination of the corporate Alternative Minimum Tax. Both of those changes become effective on January 1, 2018.
Planning for Tomorrow: Importance of Proper Estate Preparation
One of our accounting partners has a client whose father (in his late 80s) owned Manhattan real estate with an approximate value of $18M. Nearly all of his net worth was tied up in this property, which therefore presented the issue of how to cover the estate tax due upon death without having to liquidate the property. We discussed options of how to reduce the father’s taxable estate, by gifting and transferring assets while living, but he had already taken advantage of his lifetime exclusion in a previous property gift to his children.
Overview of Domestic and Offshore Asset Protection Trusts
Find out more about offshore asset protection trusts, offshore asset protection, and foreign asset protection trust today!
Indian Bank Interest, When is this Truly Tax Free?
A friend of mine who is of Indian origin, was recently discussing with me how he had found a way to earn an eye-watering 9% interest on cash deposits. He explained that deposits held in an Indian bank account typically earn interest of 7-9% and that he is earning a small fortune on his deposits. Not meaning to bring my friend down to earth, I felt it necessary to make him aware of a few issues.
Issues and Opportunities in Estate Planning Under the New Congressional Leadership
The political ground appears to be shifting on the taxation of assets that are transferred among family members as part of their estate planning. While many details have yet to emerge, there are indications that in 2017 there could be some tax law changes that would help families and their businesses preserve more assets and reduce tax liabilities. We reviewed those issues on May 15 at a Business Valuation Conference sponsored by the New York State Society of CPAs.
STAR Program Can Reduce Your NY State Property Taxes
If you own and live in your primary residence in New York State and you and your spouse have an annual income lower than $500,000, you are eligible for a partial property tax exemption under the New York State School Tax Relief Program. This is known as Basic STAR, and is based on the first $65,500 of the full value of the home. The STAR program gets even better for senior citizens age 65 or older.
The Effect of Forensic Accounting and Business Valuations in Everyday Life
One of your friends and/or clients got married twenty-five years ago when they were twenty. Along the way, the couple jointly purchased a beautiful ten room home in which they and their five children lived. The children, who are of various ages, are still in public school and two are in college.
7 Tips For Artists To Check Their Royalties
Whether you’re an independent artist or signed to a label, you should be receiving some sort of accounting for streams, sales and other kinds of exploitation of your material. Independent artists will get sales reports from their distributor (Tunecore, CD Baby, etc.) while signed artists will receive royalty statements from their record label (for the purpose of this article, all forms of reporting will be referred to as “statements”). But some things fall through the cracks and it never hurts to check.
Briefing Notes – Charitable Giving the New Rules
There are many wonderful individuals in the UK who give generously to charities. Usually, individuals make a very simple calculation about their income, ‘how much do I need to retain to meet my own needs and how much can I afford to give to charity.’ This simple calculation has just become a lot more difficult for some people especially where a substantial amount of their income derives from dividends. The new tax regime for dividends can have a negative impact on individuals.
Case Study – Anson and US LLCS Sour Grapes and Solutions
The tax treatment of UK tax residents on income from US Limited Liability Companies (LLCs) continues to be a source of concern for many advisers. The short end of the stick is that providing the income always belonged to the LLC members then HMRC will allow a tax credit against UK tax for any US tax suffered. Of course it’s a bit more complicated than that, and set out below is a bit more detail of the UK Supreme Court's reasoning and judgment.
Prager Metis Wealth Management Presents “Your World”
We’re mid-way through January; have you already lost sight of your New Year’s resolution to take better care of your financial life? Don’t worry – we’re here to help! Below is a document we call “Your World.”
Peter J. Scalise Article Featured in CPA Magazine-Nov 2016
Peter J. Scalise, Director of Federal Tax Credits & Incentives Practice Leader was featured in CPA Magazine article entitled, "Lights, Camera, Action and Tax Cut! | A Spotlight on the Expansion of the NYS Film Tax Credit Program". To read the full article please click here.
Peter J. Scalise Article Featured in Accounting Today Oct. 21, 2016
Peter J. Scalise, Director of Federal Tax Credits & Incentives Practice Leader was featured in Accounting Today. His article is entitled, "IRS Offers Guide to Tangible Property Regulation Compliance".
Valuation Discounts and Family-Owned Businesses
After nearly 27 years the IRS has finally gotten around to proposing closure to a number of the §2704 “loopholes” that have benefitted many family-owned businesses. Should the changes be enacted, as proposed, the family-controlled corporation, partnership, LLC and other forms of family-owned businesses will be directly affected. Here’s the reason why.
Attention Internal Use Software R&D Tax Creadit ClaimFilers – Final Treasury Regulations Issued
On October 3rd of 2016, the Internal Revenue Service (hereinafter “the Service”) issued Final Treasury Regulations setting forth guidance on research and development efforts in connection to Internal Use Software (hereinafter “IUS”) for purposes of claiming the Research & Development Tax Credit (hereinafter “RTC”) under I. R. C. § 41.
Streaming Money: A Back-Of-The-Envelope Analysis
A few weeks ago, I was having dinner with a friend of mine, a very talented musician who opted for a career in tech. When explaining his choice, he told me that “musicians don’t make money like they used to.” What he really meant by that was “nobody buys music anymore, everybody streams music, streaming doesn’t pay enough.” He is right.
Peter J. Scalise Article Featured in CPA Magazine-Aug/Sept 2016
Peter J. Scalise, Director of Federal Tax Credits & Incentives Practice Leader was featured in CPA Magazine article entitled, "The Service Issues New Administrative Authority Governing TPR Compliance". To read the full article please click here.
Performing in the UK: Notes for US Performers
There have been some remarkable developments in the UK these last few months, not least of which the United Kingdom has voted to leave the European Union. This will have absolutely no effect on US entertainers performing in the UK or continental Europe. There will still be visa issues, immigration in and out the UK, and British beer will remain warm and heartening.
Glenn Friedman Interviewed by The CEO Forum
To read the internview click here.
The CEO Forum Highlights Prager Metis
The CEO Forum magazine highlights Prager Metis in an article "How Enterprises Can Become Agile", written by Glenn Friedman with a sidebar including sections on Intellectual Property written by Chris Hull, family office services written by Jay Goldberg, and enterprise business services written by Chris Vignone. Click here to read.
Wage Equality May Change How Hollywood Does Business
Written by Roman Katz, Edited by Harold B. Peterson, Jr. It has been more than 50 years since the 1963 Equal Pay Act was signed into law.
National Tax Alert!
On December 15th of 2015, House Speaker Paul Ryan, R-Wis., announced to the Republican lawmakers during a conference meeting that negotiators have reached an agreement in principle on a tax-extenders package worth approximately $800 billion. In addition, an agreement was also reached that would fund the federal government through September 30th of 2016. The bills are expected to arrive on the House floor as early as December 17th with the Senate consideration expected before Congress adjourns for recess.
Portability of the Unused Spousal Exclusion
The Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 introduced the concept of portability. Portability allows the executor of a deceased spouse’s estate to transfer any unused estate tax exemption to the surviving spouse, as long as the surviving spouse was a US citizen or resident. In simple terms, portability of the federal estate tax exemption between married couples means that if the first spouse dies and the value of the estate does not require the use of all of the deceased spouse’s federal exemption from estate taxes, then the amount of the exemption not used for the deceased spouse’s estate may be added to the surviving spouse’s exemption when the surviving spouse later dies.
Social Security Retirement Benefits
Social Security was created in 1935 to help Americans supplement their retirement income. The idea of Social Security is universal for Americans, but it is a complex system and can often cause confusion. Full retirement age is the age at which you can begin to collect full Social Security retirement benefits without any reductions.
New York State Estate Tax Changes
Over the last year, after talking to many clients about estate tax planning, it became clear that even though the New York State estate tax law was changed on March 31, 2014, many people paid no attention to the changes. There was some good news regarding the change of law. The NY estate tax exclusion amount rises each fiscal year beginning April 1 until it equals the federal exclusion amount on January 1, 2019.
Long Term Care Insurance Policies
Long term care insurance is different from traditional medical care that is covered by an individual’s health insurance policy or Medicare, which is designed to rehabilitate or correct certain medical problems. Conversely, long term care insurance is intended to provide services to assist a person to maintain their level of functioning. Long term care services generally include, but are not limited to the following:
Last Time to Save
Rising Interest Rates effecting your Mortgage Since 2008, the Federal Reserve has kept its interest rate at net-zero, but it looks like that is about to change. America has not seen a spike in interest rates since 2006, but with the jobless rate at 5.1% in September it is safe to assume, financially speaking, that the country is on the rise.
Peace of Mind
Buy Sell Agreement Remember when going into business with a friend or family member, the terms of the agreement was settled with a handshake, a “gentleman’s agreement?" Oh, how the world has changed. Nowadays everything has to be in writing.
UK Insights Homepage
Read our latest UK articles, insights and newsletters to get an inside look at Prager Metis. Indian Bank Interest, When is it Truly Tax Free? - 26-9-2017 Briefing Notes - Charitable Giving: The New Rules - 03-04-17
Insuring Your Business
Captive Insurance If your business pays over $100,000 a year in insurance premiums you should read on. This is where the concept of “Captive Insurance” comes into play.
Education Connection
College Financial Planning “Congratulations!” is the first sentence all high school seniors pray to see when they tear open that envelope from their desired college. Upon acceptance, the fun begins: finding a roommate, new student orientation, declaring a major, and joining clubs and teams.
Private Foundations vs. Community Foundations
Pros and Cons to Private and Community Foundations By: Mark Ackerman, CPA For clients who have expressed the desire to use part of their wealth for philanthropic giving, the overwhelming vehicle used to accomplish this is to establish their own charitable foundation.
Travel on Business or Pleasure
Travel With a Peace of Mind Going on vacation or a business trip is something we all look forward to: the planning the packing the mental checklist of: passport
Focusing on Your Finances
End the Summer, Prepared for Fall In our last week of summer, it is important to prepare yourself and your finances for the year ahead. Summer is great, with shorter work weeks, weekends spent on the golf course and relaxing by the pool.
Cyber Crime
Identity Fraud is on the Rise In the technological age, we do everything online, from buying groceries to doing our taxes. Although the internet makes our lives easier, and no one can argue the fact that doing your taxes from the comfort of your bed is more relaxing than going to your accountants’ office, the problem is you are opening yourself up to allowing a stranger to obtain your well-earned cash, and you might not even know it’s happening.
Estate Planning Considerations Based on Generational Differences
Differences Between the Generations By: Mark Ackerman, CPA When we perform estate financial and asset protection, it is important to take into consideration generational differences.
Bitproblem!
Held Ransom by Your Email Remember when Bruce Willis starred in Hostage? Well if you don’t, let me tell you about it.
Euro Trip
Save Money While Traveling As July is coming to an end, it is now or never to book your summer vacation. But instead of taking the same predictable trip you take every year, why not change it up and take that hop skip and jump across the pond and explore Europe?
Briefing Notes #2 – Media Entertainment Updates
In this issue we cover five topics; Tax averaging for artists/composers Central Withholding Agreements in USA
The Research and Development Tax Credit
The Research and Development Tax Credit By Ryan Immitt, Tax Manager The Incremental Research Expense Credit (more commonly known as The Research and Development Tax Credit) has been around quite a while now, but many small businesses do not claim it.
Understanding Business Valuation
Understanding Business Valuation For most entrepreneurs, their business is the largest asset that they own. Further, most entrepreneurs have built their company with an eye towards an eventual sale and retirement.
Spousal Benefits of Social Security
Spousal Benefits of Social Security There are many things we should know about Social Security. While the following is written from the perspective of a wife earning less than her spouse, the information here is the same for husbands who earn less than their spouse and may want to claim a spousal benefit.
Pre-Planning Elder Care: Are You Prepared
Typically, people do not begin to consider their long-term care until they are well into retirement. In today’s economic environment, it is essential to create and implement an elder care plan in your early 60s to ensure you take advantage of planning opportunities and have your wishes carried out. Outright Gifts
Simple Steps to Prevent Fraud
Set up Important Internal Controls Separate duties of receiving funds, disbursing funds, writing checks, signing checks, and the reconciling of bank accounts. Having one employee responsible for all cash related functions makes small businesses vulnerable to fraud.
Fiduciary Responsibilities of Board Members
Board Members of CIRAs (Common Interest Real Estate Associations) have two basic fiduciary duties: the duty of care and of loyalty to the association itself and its members/shareholders. Directors must refrain from self-dealing and receiving improper personal benefits. Decisions, especially financial ones, must be made on an informed basis, in good faith, and in the honest belief that the action was taken in the best interest of the Association.
Estate Planning: Lifestyle Protection
When we retire, we envision a life of freedom not only from the stress of work, but also freedom from debt. You can achieve this by estate planning, in terms of lifestyle protection. Unfortunately, a debt-free retirement has become less of a reality.
Vacation Expenses as Tax Deductions
Often, clients ask us about the right (and legal) way to write off vacation expenses as tax deductions. We’ve compiled a few tips to make sure you are complying with the IRS: Establish business appointments with business colleagues prior to your trip.
News From the SALT Minds – Feb 5, 2015
Summary. New York released bulletin TSB-M-14(5)c, (7)1,(17)S establishing guidelines for the treatment of convertible virtual currency (CVC) as it pertains to sales, corporation and personal income tax. Background.
Tangible Property Regulations
Tangible Property Regulations: Accounting Method Change Guidance The Internal Revenue Service and Treasury recently issued final tangible property “repair” regulations and disposition regulations (“Regulations”). These broad Regulations will likely impact most taxpayers in all industries.
The Road to Financial Stability
Americans, by and large, are “do-it-yourselfers”. Books, websites, and software programs exist solely to help to tackle all levels of everyday challenges. The same holds true for tax preparers and for estate planning.
Estate Planning: Types of Life Insurance
When doing estate planning or just protecting your family, life insurance is usually a key component of the process. You can provide financial protection for your family or your business in the event of your premature death. But, like many issues we have written about life insurance, while we know what it is, the different options can be very confusing.
Estate Planning: The Role of the Executor
Wills are typically read days after a death, which is typically too late to help people who must make immediate decisions. The best way to ensure your wishes are carried out is to create a separate document spelling out your requests. Tell your executor where to find it when the time comes, or better yet, give it to the executor before your passing.
News From the SALT Minds – Nov 3, 2014
Summary. "Economic Opportunity Act Of 2014" has been approved by the New Jersey Legislature and it includes new incentives requested by Governor Christie. Overview. In addition to expending the Garden State Growth Zones by adding Atlantic City (which now qualifies the area for maximum Economic Redevelopment and Growth grants), the 2014 EOA makes several revisions to the existing GROW NJ tax credit program.
News From the SALT Minds – Oct 21, 2014
Summary. Understanding the two sales tax sourcing rules is crucial in the effective management of your business's sales tax compliance system. Overview.
Estate Planning: Not Just for the Elderly
In today’s world, estate planning is not just for the elderly. You need to be prepared for any future scenario. While it might seem like a bother and inconvenience now, from my experience, I cannot stress enough the importance of preparing an estate plan and the time, money and stress it will save your loved ones.
Estate Planning: Tax Saving Opportunities
Besides protecting your family from financial hardship, life insurance can also be an estate-planning tool to transfer large sums to your loved ones free of estate tax and at little or no gift tax cost. This can be done using a life insurance trust. Life insurance trusts incorporated into estate planning can have significant current and future use in a wide variety of individual circumstances.
Teaching your Children about Financial Matters
While children do learn financial lessons in school, the best way for them to pick up good money skills and become financially responsible adults is for you to be proactive in teaching your children about financial matters. Consider the following suggestions. Set a good example.
Briefing Notes #1 Touring the USA
This is a general briefing guide to some of the problems that can be encountered when touring the USA, in particular, the US Centralised Withholding Agreement (CWA) arrangement for managers of UK acts who intend to tour the USA. It is a practical guide and not a definitive statement of practice or the law. The practice of the law in respect of visas, taxation and CWA’s is constantly changing depending on all number of circumstances.
Peter Scalise in the News
Peter Scalise Featured in CPA Magazine article entitled " Tax Aspects of the 2017 Tax Reform for Economic Growth and American Jobs" Peter Scalise featured in CPA Magazine article entitled "IRS Issues New Administrative Authority Governing R&D Tax Credit Claim Filers" Peter Scalise blog entitled "Tax Research Methodology" - TaxConnections.com
Small Business Fraud Misconceptions
A government report in November recently stated that the IRS issued $4 billion in fraudulent tax refunds over the previous criminals who were using other people’s personal information. The IRS reported it opened almost 1,500 criminal investigations related to identity theft in 2013 and that those fraud schemes have grown more sophisticated and complicated. Aside from individual fraud, there are also many fraud misconceptions that small businesses face.
Lights, Camera, Action and Tax Cut!
Movie Production Incentives (hereinafter “MPIs”) are tax benefits offered on a state-by-state basis throughout the United States to entice, as applicable, in-state film production and post-production activities. The state-by-state legislative histories and policies driving MPIs are clearly aimed at increasing economic growth at the state and local levels through filmmaking and television production throughout the United States while curtailing the departure of movie production to other countries. While the applicable qualifying production activities vary from state-to-state many common qualified production activities include, but are not limited to, feature films, television series, relocated television series, television pilots and television movies.
Prager Metis Can Help you Acquire Warner Music Group Assets
Prager Metis Partner Austin Jacobs has teamed up with Wiggin, a leading media law firm to offer potential purchasers of Warner Music Group assets, a combined advisory package. Please click here for more information.
The Challenging and Changing World of Property Taxes in the United States
Over the last decade, the amount of funds made available by the Federal Government and distributed to the State Government continues to dwindle. As these Federal funds continue to dry up, there is less money made available to the individual states and therefore less available to local towns and cities. This continual trend is forcing towns and cities to come up with alternative ways to obtain those funds that the state used to provide in order to pay for the local public services.
News From the SALT Minds-Mar, 20, 2014 – California Levels the Playing Field
Summary. Last Summer California enacted a new law allowing a partial sales tax exemption for certain manufacturing and research and development purchases. California is trying to level the competitive playing field with many other states that have exemptions already in place.
Estate Planning Mistakes to Avoid
Oscar-winning actor Philip Seymour Hoffman’s tragic death offers a lesson in estate planning mistakes to avoid. He left an estate reportedly worth $35 million to the mother of his three children, but due to improper planning, she is likely to face a multimillion-dollar tax bill, according to estate-planning experts who reviewed the will. Hoffman’s will was reportedly drawn up in October 2004 when he only had one son, prior to the births of his two daughters.
News From the Salt Minds-March 10, 2014-The Impact of California Prop 39
Summary. As accountants begin to prepare corporate income tax extensions this month, many are realizing that clients with revenue from services or intangibles may be subject to California franchise (income) tax starting in 2013. This is a result of Prop 39, which was passed back in November 2012 by California voters.
News From the SALT Minds-March 4, 2014
Summary. New Jersey is offering two new voluntary disclosure initiatives for partnerships with New Jersey sourced income that has not remitted the taxes due and for companies that have received income from the use of intangible assets in New Jersey. Background.
What You Should Know and Do When You Review Your Royalty Statements
Chris Hull recently presented at am AIMP event entitled What You Should Know and Do When You Review Your Royalty Statements. The objective of this program is to review issues to consider as your royalty statements come in for new media as well as traditional distribution channels and to recommend best practices for independent publisher/writer recipients to follow in order to monitor the accounting for use of their works, when to consult with a professional auditor, and what to expect at that level of examination.
News From the SALT Minds-Feb 20, 2014
Summary. New York State recently released an advisory opinion relating to the substitution of tangible personal property for real property between an individual and an irrevocable trust of which the petitioner retains non fiduciary control. The issue is whether the transfer constitutes a sale and if it is subject to sales and use tax.
News From the SALT Minds-Dec. 4, 2013
Summary. The United States Supreme Court has denied certiorari in Overstock.com's and Amazon.com's appeal of their New York State legal losses on click-through nexus. Background.
Touring the USA and Centralized Withholding Agreements
This is a general briefing guide to the US Centralised Withholding Agreement (CWA) arrangement for managers of UK acts who intend to tour the USA. It is a practical guide and not a definitive statement of practice or the law. The practise of the law in respect of CWA’s is constantly changing depending on all number of circumstances.
News From the SALT Minds-Oct. 18, 2013
Summary. On September 18, 2013, the New Jersey Opportunity Act of 2013 merged the state's five existing tax incentive programs into two and lowered the threshold to qualify. Background.
News From the SALT Minds-Sept. 26, 2013
Summary. Overstock.com and Amazon.com's litigation against the State of New York over sales and use tax heats up as both firms file petitions in the United States Supreme Court to review the Court of Appeals of New York's decision against both firms. Background.
News From the SALT Minds-Oct 4, 2013
Summary. The State of New Jersey's Division of Taxation has issued guidance on when the retail sale of information services is subject to sales & use taxation. Background.
News From the SALT Minds
Summary. From September 16, 2013 through November 15, 2013, the Connecticut Department of Revenue Services will be conducting a wide-ranging tax amnesty program for pre-November 30, 2012 tax years for all types of Connecticut taxes except the motor carrier road tax. Background.
Foreign Trusts: An Answer to the Capital Loss Debate
The enactment of the Small Business Job protection Act of 1996 expanded the differences in grantor trust rules for foreign and domestic trusts. At the same time, it narrowed the distributable net income (DNI) computation rules for foreign trusts. These changes leave little room for interpretation-with one major exception.