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Aug 31, 2017 11:00:00 AM

Tax Reform in 2017 Is Not out of the Question, but the Window for Passage Is Closing

As the kids are heading back to school, our thoughts turn to year-end tax planning with clients. This year, the process is a little less settled than usual because there’s still a slight chance we might see some significant changes in the Tax Code before the end of 2017, but the outlook for those changes is decidedly unclear.

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Topics: Tax Planning, Tax Reform

May 4, 2017 1:00:00 PM

Trump Tax Reform Outline Offers Much Hope, Few Details

Last week, President Trump released an outline of his tax plan. Many of you have probably seen or heard a few different snippets from it. While it was written very broadly, it is instructive on the administration’s thinking. It follows the House Republican “Better Way” plan in some respects but also has some major differences. 

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Topics: Tax, Tax Planning, Tax Reform

Mar 16, 2017 10:00:00 AM

Managing Changes in Tax Rates

To close out our series, Top Middle Market CFO Challenges for 2017, we see a key concern for CFOs this year is managing financial strategies in light of the potential changes in tax laws. There will certainly be new changes to tax regulations in the coming years. This is welcome news to the business leaders surveyed by CNBC. Of this group, 73.9 percent of U.S.-based CFOs agree that Trump's principal focus should be corporate tax reform. In response, the new Congress and President have made tax reform a key element of their policy agenda. How these changes impact your business and how you capitalize on them will help drive your success in coming years.

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Topics: Tax, Tax Planning, CFO

Nov 3, 2016 10:30:00 AM

Exporting Goods or Services? The IC-DISC Tax Incentive Could Save You Thousands of Tax Dollars

Are you a small- or medium-sized company that exports its USA-made products to foreign countries? If so, are you taking advantage of a tax incentive known as an "interest charge-domestic international sales company" or IC-DISC?

The use of an IC-DISC allows you to significantly increase your company’s after-tax income. For example, profits are taxed at the dividend rate, as opposed to ordinary income tax rates that currently top out at 35 percent.

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Topics: Tax Planning, IC-DISC

Mar 18, 2016 10:00:00 AM

Following IRS's Lead Isn't Always Bad

Important legislation beneficial to taxpayers is being considered in the 2016 Mississippi Legislature.  Under current law, Mississippi can work with a taxpayer to settle an outstanding liability only by adjusting the interest and/or the penalty, and then only when the tax and remaining interest are paid in full. Under current law, the state will only consider adjusting the tax liability itself in certain limited circumstances, such as situations when the taxpayer can provide adequate supporting documentation showing the actual tax liability should be changed. 

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Topics: IRS, Tax Planning

Jan 28, 2016 10:00:00 AM

Take Steps Towards New Revenue Recognition Standards Now

Imagine this – you are a company with hundreds of thousands of customers. As part of doing business, you also have multi-year contracts with each of your customers.

Now imagine planning for the new revenue recognition standards. I know … it’s daunting. 

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Topics: Tax Planning, Enterprise Complexity, Revenue Recognition Standard

Nov 13, 2015 10:00:00 AM

Is Tax Amnesty Right For Your Business?

Louisiana is offering a tax amnesty program from Nov. 16 to Dec. 15 this year. The state will waive 33 percent of the penalties and 17 percent of the interest for either individuals or businesses that agree to pay delinquent taxes.

Louisiana isn’t alone in offering an amnesty program. Indiana, Missouri and Oklahoma are currently offering amnesty programs, and Alabama has enacted legislation for an amnesty program starting in 2016. The programs offer a range of benefits from a complete waiver of penalties, interest and collection fees to a substantial reduction of penalties, interest and collection fees. The exact terms of amnesty vary from state to state. 

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Topics: Tax Planning, Amnesty

Oct 9, 2015 1:00:00 PM

Tax Changes Coming

In my July blog, I wrote about the likelihood of meaningful tax reform, possibly in 2017. The premise was that such an undertaking is long overdue, and the context was that political reality still will make it exceedingly difficult to accomplish.

In this blog, I want to discuss a few specifics that may be a part of such an effort; however, before that, I want to touch on changes that may occur in the balance of 2015 or in 2016. 

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Topics: Tax, Tax Planning

Aug 20, 2015 10:00:00 AM

Considering a Corporate Relocation or New Plant?

Whether you’re considering a new location for your corporate headquarters, or building a new plant or distribution center, you have to consider a number factors affecting the decision – access to a quality labor pool, infrastructure to support business needs, energy costs, quality of the local educational system, and access to rail, highway or waterways, just to name a few. Don’t make a decision, however, until you investigate the implications of state and local tax (SALT) on a potential new facility.

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Topics: Decision Making, Tax Planning

Jun 4, 2015 11:00:00 AM

Are You Taking Advantage of the R&D Tax Credit?

Congress over the years has wisely invested in American companies by incentivizing innovation.  You may have heard of the R&D tax credit, as it has been around since 1981. What you may not know is that only one of every 20 eligible companies actually applies for the R&D credit – a mistake that can cost your business thousands or, in some cases, millions of dollars.

Who's eligible for the credit?

The R&D tax credit can benefit any company that designs, develops or improves products, processes, techniques, formulas, inventions or software. While you may associate R&D with laboratories, white coats and test tubes, in reality, the R&D credit has a broad application covering industries as diverse as manufacturing, architecture, engineering, agriculture and food production.

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Topics: Tax Planning