Federal Fuel Tax Credit Federal excise taxes are imposed on certain fuels when purchased from your suppliers. Depending upon the use of the fuel, tax credits and refunds may be claimed using IRS Form 4136, Credit for Fuel Tax Paid on Fuels. One of the most common credits claimed are for the purchase of Undyed…
President Obama Proposes Sweeping International Tax Reforms Jason Furman, President Obama’s Chief Economic Advisor, outlined proposals to be put forward by the Obama Administration, aimed at removing tax advantages for American multinational companies operating in low-tax jurisdictions. While Republican Senator Camp has proposed his own changes, including reducing the U.S. Corporate Income tax rate to…
For Mature Companies Only – Part One Commander #1: We’ve analyzed their attack, sir, and there is a danger. Should I have your ship standing by? Grand Moff Tarkin: Evacuate? In our moment of triumph? I think you overestimate their chances. From the movie, Star Wars This is the first of a two-part blog –…
ESOPs are designed to invest primarily in employer securities. Due to the ESOPs unique nature, ESOPs have distinct violations, as well as violations that may occur in any employee benefit plan. One of the most common violations found is the incorrect valuations of employer securities. This can occur when purchasing, selling, distributing or otherwise valuing…
The Evaluation Of Hedge Funds The capital markets of the recent past have left investors of all sizes feeling as the Great Oz did when he exclaimed, “You’re talking to a man who has laughed in the face of death, sneered at doom and chuckled at catastrophe! I was petrified.” Managing a portfolio of substance…
Preparing Your Early Stage Company for an Exit Are you ready? Lyrics from the song of the same name – by Pacific Gas & Electric (circa 1970) So, I tend to blog about recurring items I see in our practice. In this case, over the last few weeks, we have been approached by a couple…
US – Australia FATCA Agreement On April 28, in Canberra, the United States and Australia signed an intergovernmental agreement (IGA) to implement the Foreign Account Tax Compliance Act (FATCA). FATCA, enacted by the US Congress in 2010 and, taking effect on July 1, 2014, is intended to ensure that the US obtains information on accounts…
Fact vs. Myth on Expatriation: Giving Up US Citizenship or Long-Term Green Card [author-style]By Carola Knoll, CPA, Manager [email protected][/author-style] MYTH 1: THERE IS A MASS EXODUS OF AMERICANS WHO ARE SEEKING TO EXPATRIATE FOR TAX REASONS FACTS: The U.S.’s individual income tax rates are relatively low compared to those of European countries and Canada. Even…
Accounting for the Celebrity Client In the accounting profession, CPAs are typically in a position of trust and loyalty with their clients. For many high-profile or “celebrity” clients, the trust and loyalty placed in their CPAs is even greater. Many celebrities come into fame at a relatively young age with little understanding of finances and…
A new chapter was added to the ongoing dispute as to whether student-athletes should be compensated for (i) the part they play in helping their respective schools generate millions of dollars in revenue from ticket sales and the use of their individual player likenesses, and (ii) the predominant amount of time that is spent as…