OECD Ranks the US Tax Code 32 of 34 for Tax Competitiveness Email Nicole According to the 2014 International Tax Competitive Index (ITCI), released September 15, 2014 by the Tax Foundation in Washington, DC, the United States has the third least competitive tax code in the 34-member Organization for Economic Co-operation and Development (OECD). The…
Sell Agreement Structure – Oh, no you didn’t! Ron Burgundy: “That is without a doubt the dumbest thing I’ve ever heard.” From Anchorman 2 When I deal with a new privately held client, I always ask if there is a “buy/sell” agreement amongst shareholders. I get the usual range of answers from “a what?” to…
Residential land developers must be aware of the tax rules for recording revenue related to their business activities. There are two revenue recognition methods available – completed contract and percentage-of-completion. The use of each is based on determining factors related to the contracts and the work performed. Long-Term Contracts Completed Contract vs. Percentage-of-Completion Methods Of…
Limited Partners May Be Subject to Self-Employment Tax Email Tony The IRS recently took a shot across the bow of limited partners of investment management companies with respect to the application of self-employment tax (or, SE tax, for short). In fact, the ruling could potentially affect limited partners (including LLC / LLP partners) in every…
New York Nonprofit Revitalization Act Compliance and Policy Planning Guide The purpose of this article is to assist your organization with compliance with some of the key provisions of the Act by identifying areas you may need to take additional action on. We have provided underlined section references to the Act for your convenience. As…
Danger! Don’t Get Too Close to the New York Estate Tax Cliff On March 31, 2014, Governor Andrew Cuomo signed legislation to implement sweeping changes to the New York State estate law. The changes apply to the estates of individuals with dates of death on or after April 1, 2014. The new law contains several…
Five Useful Apps for Finance Executives As technology continues to improve, many individuals, including CPAs, find themselves utilizing tablets and smart phones as much, if not more, than their laptop or desktop computer. As the quality of applications (“apps”) has vastly improved over the past couple of years, it has become easier for those in…
Dutch bilateral investment protection treaties (BITs) make investments in politically unstable jurisdictions less risky and therefore more attractive. In the event of a deprivation of your investment, you have access to international arbitration and enforceable compensation, if you have directly or indirectly structured the investment through a Dutch entity. It is widely accepted that every…
MCTMT Changes Email Barry Email Alex The Department of Taxation and Finance has issued a technical memorandum that explains recent legislative amendments to the Metropolitan Commuter Transportation Mobility Tax (MCTMT) made by the 2014-2015 Budget bill. The new law changes the MCTMT payment and filing due dates for self-employed individuals to conform to personal income…
Private Company Accounting Alternative For Variable Interest Entities Email Peggy As we forecasted in “Private Company GAAP Simplification: Here It Comes (Jan. 8, 2014)”, an accounting alternative to the consolidation of variable interest entities (VIE) for private companies was recently finalized. Accounting Standards Update 2014-07, “Applying Variable Interest Entities Guidance to Common Control Leasing Arrangements”…