Not your father’s research & development credit

The year 1981 is not often referred to as “one for the ages,” but a quick Google search exposes a different legacy. In 1981, Ronald Reagan became President, Sandra Day O’Connor was nominated to the Supreme Court, Raiders of the Lost Ark topped the box office and MTV, Post-It Notes and frequent flier miles were …

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VAT responsibility for U.S. companies selling to U.K.

The U.S. is one of few countries without a VAT system. By way of background, and in overly simplistic terms, it’s assessed on all goods and services. In most European countries the rate hovers around 18-20%. Generally speaking, U.K. companies will collect it on sales, pay it on purchases and submit the difference to the …

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Updated regulations on IRC Sections 987 and 988

On December 7, 2016, the IRS released temporary regulations under IRC Sections 987 and 988, which provide guidance on recognizing foreign income or loss as well as currency gain or loss from a qualified business unit (QBU). The original proposed regulations (regs) were issued back in 1991. In 2006, the 1991 proposed regs were replaced …

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Opening your dream business in 2017? You’ll need Form SS-4

Are you taking the leap in 2017 to do what you love? Or investing in a foreign company that you believe in? If either of these answers is ‘yes,’ you most likely will have to fill out a Form SS-4, Application for Employer Identification Number, or EIN. The process is very simple, but if you …

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A wish list for a tax preparer

A wish list for a tax preparer – what is that, you might wonder? Well, it is sort of like a Christmas list during tax season. Here are some of the things that are on my list, and might be on the list of any tax preparer, in case you are in a giving mood: …

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