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In Case You Missed It
The information below provides a short review of various tax information items Eide Bailly recently published. To read more click the "Learn more" link shown after each summary.
Time is Ticking on Medical Device Excise Tax Refunds
The medical device excise tax (MDET), enacted as part of the Affordable Care Act and codified in Section §4191 and §4216 of the Internal Revenue Code, imposed a 2.3 percent tax on sales of certain medical devices by manufacturers, producers, or importers from January 1, 2013, to December 31, 2015. During that time, medical device companies scrambled to comply with the law and may not have had the resources to explore fully the tax reduction options available to them. Learn More.
IRS May Disallow Deductions and Credits on Delinquent Forms 1120-F
Foreign corporations, including foreign corporations operating through LLCs, with gross income effectively connected to a U.S. trade or business, are subject to U.S. taxation and reporting. Foreign corporations must report such activity on Form 1120-F. For purposes of computing U.S. taxable income, foreign corporations are generally permitted to arrive at net taxable income by taking into account allowable deductions and credits. Learn More.
New IRS Controversy Video
We have recently finalized a new informational video on Eide Bailly's IRS Controversy Services and the importance of working with a qualified team. Learn More.
2016 Amnesty Program Update
Amnesty programs are occasionally offered by states and cities and generally offer a waiver or reduction of penalties/interest, along with other possible waivers. The most recent addition to the amnesty program update is Massachusetts. Learn More.
Worthless Stock Deduction for a Failed Foreign Subsidiary
The current declining global economy has caused concern and substantial losses related to many domestic and foreign investments. And, while suffering a loss is never a pleasant experience, getting the most benefit from a loss should be of paramount importance. The tax deductibility of such investment losses depends on the nature of the investment, whether it is a capital asset and whether the investment is totally worthless. Learn More.
Verifying a North Dakota Tax Rate
Eide Bailly has a new guide to walk you through navigating the ND.gov website to calculate sales and use tax for your business. Learn More.
New Brunswick Increases Several Tax Rates
In an effort to deal with financial deficits, the government of New Brunswick, Canada, recently announced in their 2016 budget that the higher corporate tax rate will be increased from 12 percent to 14 percent, while the lower rate for the first CAD 500,000 in qualifying active income is unchanged at 4 percent. Learn More.
Puerto Rico Tax Alert
Do you have investments, operations, and/or subsidiaries in Puerto Rico? If so, you should be aware of the implications of the most recent Puerto Rico tax law (Act 72-2015.) This law was enacted on May 29, 2015. Act 72-2015 introduced significant changes to the 2011 Puerto Rico Internal Revenue Code, as amended. Learn More.
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Eide Bailly's National Tax Office serves as a resource for clients to help analyze complex tax issues related to business decisions. Our professionals are committed to helping clients stay informed about tax news, developments and trends through various specialty areas, including cost segregation studies, wealth transfer, state and local taxation, international tax, IRS controversy and procedures, R&D tax incentives, tax-exempt organizations, tax legislation, accounting methods and pass-through entities.
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