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Updated: 13 hours 15 min ago

Compensation & Benefits Alert - March 2014

Mon, 03/31/2014 - 12:00am
In a unanimous decision on March 25, 2014, the Supreme Court held in favor of the government that the broad definition of wages in section 3121, for purposes of taxes under the Federal Insurance Contributions Act (“FICA”), includes severance payments made to the Quality Stores employees (United States v .Quality Stores, Inc., No. 12- 1408 (2014)).The Court’s opinion tracks very closely to the analysis and arguments in the government’s brief, including reliance on Rowan Cos. V. United States, 452 U.S.247 (1981). This decision established the principle that (i) simplicity of administration and (ii) consistent interpretation of statutory language dictate that the definition of “wages” should generally be the same for purposes of FICA taxes and federal income tax withholding.
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Compensation & Benefits Alert - March 2014

Mon, 03/31/2014 - 12:00am

Quality Stores FICA Matter Settled By Supreme Court - Severance Payments Are Subject To FICA Tax

International Tax Newsletter - March 2014

Sun, 03/30/2014 - 12:00am

BDO China has issued a Tax Newsletter with updates from BDO China on: a new provision that allows goods exported by comprehensive service enterprises for foreign trade that meet certain criteria to qualify for a tax refund, large hydropower enterprises are entitled to the policy of VAT refund upon collection and more.

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International Tax Newsletter - March 2014

Sun, 03/30/2014 - 12:00am

China Tax Newsletter

State and Local Tax Alert - March 2014

Wed, 03/12/2014 - 12:00am

On February 25, 2014, Michigan Governor Rick Snyder signed into law House Bill 5010, which made two significant changes to the Michigan Corporate Income Tax (“CIT”): (1) domestic international sales corporations (“DISCs”) are now included as entities exempt from the CIT; and (2) sales between a taxpayer and a unitary flow-through entity (“FTE”), or between two FTEs unitary with the taxpayer, are only eliminated to the extent of the taxpayer’s interest in the FTE (or selling FTE, if the sale is between two FTEs). Also on February 25, 2014, the governor signed into law House Bills 5008, 5009, and 5011, which address various CIT issues, including clarifying the definitions of “ultimate destination” for sales-factor purposes and “officer” for purposes of the small business credit. The bills also create a successor mechanism for business loss carry forwards in certain reorganizations, add to the intercompany transaction exclusion and revise the credit recapture provisions for the investment tax credit (“ITC”).

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State and Local Tax Alert - March 2014

Wed, 03/12/2014 - 12:00am

Michigan Corporate Income Tax: Passage of Bills Result in Exemption of DISCs, Modification of Sales Factor Eliminations, and Various Other “Clean-Up” Items

Federal Tax Alert - March 2014

Tue, 03/11/2014 - 12:00am
President Obama renewed his call for expanding child, family and education tax credits in his fiscal year (FY) 2015 budget proposals as well as for curbing some tax preferences for higher income individuals and businesses. 
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Federal Tax Alert - March 2014

Tue, 03/11/2014 - 12:00am

Fiscal Year (FY) 2015 Budget Proposals

BDO World Wide Tax News - March 2014

Sat, 03/08/2014 - 12:00am

BDO World Wide Tax News is published quarterly by Brussels Worldwide Services BVBA in Brussels and summarizes recent tax developments of international interest across the world.

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Federal Tax Alert - March 2014

Fri, 03/07/2014 - 12:00am
 On February 28, 2014, the Internal Revenue Service released Revenue Procedure 2014-17, which will appear in the Internal Revenue Bulletin dated March 17, 2014, and supersedes Rev. Proc. 2012-20. Rev. Proc. 2014-17 provides procedures for taxpayers to obtain automatic consent to change certain methods of accounting for dispositions of tangible depreciable property.
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Federal Tax Alert - March 2014

Fri, 03/07/2014 - 12:00am

IRS Issues Modified and New Accounting Method Change Procedures for Dispositions of Tangible Depreciable Property

State and Local Tax Alert - March 2014

Tue, 03/04/2014 - 12:00am

On February 20, 2014, the New Jersey Division of Taxation issued a revised Intangible Asset Nexus Initiative and a new Partnership Tax and Partner Fees Initiative as part of its voluntary disclosure program.1 Each initiative runs from March 15, 2014, through May 15, 2014, and may offer tax and penalty benefits beyond what New Jersey typically offers as part of its standard voluntary disclosure program.

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State and Local Tax Alert - March 2014

Tue, 03/04/2014 - 12:00am

The New Jersey Division of Taxation Revised its Intangible Asset Nexus Initiative and Released a New Partnership Tax and Partner Fees Initiative as Part of its Voluntary Disclosure Program

State and Local Tax Alert - March 2014

Mon, 03/03/2014 - 12:00am

On January 14, 2014, the New Jersey Tax Court issued a letter opinion to augment its August 9, 2013, bench opinion in Lorillard Licensing Co., LLC v. Director, Division of Taxation, Docket No. A-2033-13T1. From the bench, Presiding New Jersey Tax Court Judge Patrick DeAlmeida ruled that the New Jersey Division of Taxation must apply the nexus standard under the United States Constitution for purposes of determining whether the taxpayer – a company that licensed trademarks and trade names to an affiliate that used them in all fifty states – is “subject to tax” in such other states when applying the Corporation Business Tax (“CBT”) throw-out rule. While the holding in the letter opinion does not deviate from the bench opinion ruling, the letter opinion does provide important insight.

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International Tax Newsletter - March 2014

Mon, 03/03/2014 - 12:00am

China Tax Newsletter

State and Local Tax Alert - March 2014

Mon, 03/03/2014 - 12:00am

The New Jersey Tax Court Issued a Letter Opinion to Amplify Its Bench Opinion in Lorillard Licensing Concerning the Throw-Out Rule “Subject to Tax” Standard

State and Local Tax Alert - February 2014

Fri, 02/28/2014 - 12:00am

In Matter of Gaied v. New York Tax Appeals Tribunal, APL-2013-0038 (Feb. 18, 2014), the New York Court of Appeals (the state’s highest court) reversed a Tax Appeals Tribunal personal income tax decision and held that the taxpayer was not a “statutory resident” of New York because he did not “maintain a permanent place of abode” in the state. The court found that, while taxpayer may have owned and maintained a New York apartment where his elderly parents lived and paid the utility bills, he himself did not maintain it for his own use.

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State and Local Tax Alert - February 2014

Fri, 02/28/2014 - 12:00am

The New York Court Of Appeals Limits the Scope of the Term “Maintains A Permanent Place of Abode” For Purposes of Determining Who Qualifies as a Resident for Personal Income Tax Purposes

BDO Transfer Pricing News - February 2014

Thu, 02/27/2014 - 12:00am

Transfer pricing is increasingly influencing significant changes in tax legislation around the world. This 14th issue of BDO’s Transfer Pricing News focuses on recent developments in the field of transfer pricing in France, India, Indonesia and the Netherlands. We are very pleased to bring you this 14th issue of BDO’s Transfer Pricing News, which we were able to produce in close co-operation with our colleagues from the above-mentioned countries.

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Federal Tax Alert - February 2014

Mon, 02/24/2014 - 12:00am
The IRS’s long and tortuous repair regulation journey neared completion with the issuance of final repair regulations in T.D. 9636 on September 19, 2013, and Rev. Proc. 2014-16 (I.R.B. 2014- 7, January 24, 2014) detailing the accounting method changes needed to comply with the regulations. Unfortunately for taxpayers (and their return preparers), the journey to implement these rules has just begun. The journey’s ending date, however, is fixed: The regulations are effective for tax years beginning on or after January 1, 2014.
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