
INSIGHTS FROM OUR NATIONAL TAX OFFICE	JULY 14, 2016

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.

Nevada Commerce Tax Update

The State of Nevada, via Senate Bill 483, enacted a new gross receipts tax, called the commerce tax. The first commerce tax return and payment will be due on August 14, 2016, for the taxable year beginning July 1, 2015, and ended June 30, 2016. A 30-day extension may be available upon request. Learn more.

Self-Directed IRAs: A Cautionary Tale

IRAs (Individual Retirement Accounts) provide many advantages for owners, including the ability to save for retirement tax-deferred. While the benefits of IRAs are considerable, if used incorrectly they can create sizable and unforeseen tax burdens. Learn more.

Sales & Use Tax: What Hospitals Should Know

A hospital paid sales tax on medical supplies, like sutures, artificial joints and screws. They bought, and paid sales tax for, six screws but used only four on a patient. Are they entitled to a sales tax refund? Learn more.

Amnesty Program Update

Do you owe tax in Alabama, Arizona or South Carolina? If so, you should consider participating in an amnesty program. Amnesty programs are occasionally offered by states and generally provide a waiver of tax or reduced penalties. Learn more.

Potential Changes for Dutch Coop Structures

Pending legislation in the Netherlands could change the tax consequences of being structured as a Dutch Coop. Current legislation dictates that Dutch Coops do not have to withhold dividend withholding tax if they are making profit distributions to participants. Learn more.

What is an IC-DISC?

Learn more about the Interest-Charge Domestic International Sales Corporation, a U.S. export tax incentive commonly called the IC-DISC, in this video. The IC-DISC allows certain U.S. businesses, mainly manufacturers and distributors, to reduce their overall tax liability through a commission mechanism. View video.

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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This article is intended to provide readers with guidance in tax matters. The article does not constitute, and should not be treated as professional advice regarding the use of any particular tax technique. Every effort has been made to assure the accuracy of the information. Eide Bailly LLP and the author do not assume responsibility for any individual's reliance upon the information provided in the article. Readers should independently verify all information before applying it to a particular fact situation, and should independently determine the impact of any particular tax planning technique before recommending the technique to a client or implementing it on the client's behalf. To request reprints of this publication, send a written request to RequestReprints@eidebailly.com. © 2016 Eide Bailly LLP.