India Imposes Tax on Downloads from Overseas Providers

India’s Ministry of Finance recently amended service tax rules related to online information and database access or retrieval (OIDAR) services. The government said it is imposing a 15% tax on downloads and purchases of digital goods from offshore retailers. Among the key changes are: The definition of OIDAR services is expanded to include electronic services […]

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Key Factors for Optimizing New-Car Inventory

How Quickly is Your Dealership Turning Vehicles? Today there are many challenges facing new-car dealers. Consumers are shopping smarter and competition is getting tougher. With margins narrow and inventory levels at an all-time high, it is more difficult than ever to turn inventory. But don’t be discouraged. You can overcome these obstacles by optimizing your […]

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International Tax Reform Moves a Step Closer

International tax reform moved ahead as the Organisation for Economic Cooperation and Development (OECD) published its so-called multilateral instrument (MLI), along with an explanation of how it will work. The MLI, a cornerstone of the OECD’s base erosion and profit shifting (BEPS) project, is formally known as the Multilateral Convention to Implement Tax Treaty Related […]

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Assessing Your Dealership’s Risk: Should I Form a Captive Insurance Company?

Brady Ware Dealership Advisors’ Sam Agresti was recently published in Car Biz Today‘s “Assessing Your Dealership’s Risk” column. In the article, Sam talks about how an enterprise risk captive can be a great option to protect your dealership against uninsured risks. He also provides key steps to consider when forming a captive insurance company that will […]

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A Fresh Look at Incentive Compensation

Bonuses: They’re not just for senior executives anymore. Many companies now offer performance-based incentives to rank-and-file personnel, too. But serious problems can occur when these incentives are too strong, poorly designed or insufficiently monitored. For example, in a widely reported recent case, a large national bank set aggressive sales goals that came with financial rewards. […]

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IRS to Modify Regs on Some “Triangular” Reorganizations

The IRS said it plans to modify the regs relating to certain triangular reorganizations involving foreign corporations. Specifically, in Notice 2016-73, the tax agency announced it will alter the rules affecting the treatment of property used to acquire parent stock or securities in triangular reorganizations involving one or more foreign corporations, as well as describe […]

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Draft Instructions Available for Form 8975

U.S. IRS Publishes Draft Instructions for Form 8975 On February 23, 2017, the U.S. IRS published draft Instructions for Form 8975 and Schedule A (Form 8975), Country-by-Country Report (CbC Report). Note that these are in draft form and may change prior to the IRS issuing a final version. This document will be updated to address […]

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Can an S Corporation Save You Money?

How S Corporations Can Save on Federal Employment Taxes If you own an unincorporated small business, you may be getting fed up with high self-employment (SE) tax bills. One way to lower your SE tax liability is to convert your business to an S corporation. SE Tax Basics Sole proprietorship income as well as partnership […]

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State Taxes Matter When Considering Retirement

Consider State Taxes When Deciding Where to Live in Retirement When you retire, you may consider moving to another state — say, for the weather or to be closer to loved ones. State taxes also may factor into the equation. Here’s what you need to know about establishing residency for state tax purposes — and […]

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“Google Tax” Goes into Effect in Russia

Moscow enacted a law ordering certain foreign companies engaged in online sales of electronic content in Russia to pay the value-added tax (VAT). Equal Footing The law, informally known as the “Google Tax,” stipulates the introduction of an 18% VAT for foreign companies providing services to Russians in electronic form. Foreign companies will need to […]

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IRS Regs Kill Foreign Goodwill Exception

Final IRS Regs Kill Foreign Goodwill Exception, Curb Active Trade Exception The IRS issued final regs that affect U.S. taxpayers who transfer property to foreign corporations in nonrecognition transactions. The regs are aimed at preventing taxpayers from avoiding recognition of gains or income attributable to high-value intangible property by claiming that a large share of […]

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Employers: You Are Now Required to Use the New Form I-9

Employers must now use the new version of Form I-9, “Employment Eligibility Verification.” U.S. Citizenship and Immigration Services (USCIS) issued the new version on November 14, 2016. Employers had until January 22, 2017, to begin using the new version of Form I-9. Through January 21, 2017, employers could still use the version of Form I-9 […]

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Cadillac’s New Dealer-Compensation Project Moves Onward

Why does Project Pinnacle worry auto dealers? Cadillac is moving forward with its Project Pinnacle program, despite pushback from dealers. Pinnacle is scheduled to launch April 1, and many are worried that it is a way to eliminate dealers. Cadillac rejected these claims, stating that the intent of the system is to introduce brand standards to […]

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Factoring Uncertainty into the Value of Your Business

A sea of unknowns and market uncertainties Businesses currently face numerous uncertainties in the marketplace. As President Trump and Republican congressional leaders work toward fulfilling their campaign promises, tax laws could substantially change, the estate tax could be repealed, and various laws and regulations (including the Dodd-Frank and Affordable Care Acts) could be repealed or […]

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SSA publishes January 2017 Update

The Social Security Administration (SSA) published its January 2017 update and covers the following topics:  Finland Implements Reform to Earnings-Related Pension Program Poland Approves Law Lowering Retirement Ages Japan’s Legislature Approves Public Pension Reform Provisions Uruguay and the United States Sign Totalization Agreement Of particular interest is the last topic concerning the U.S. / Uruguay […]

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