Insights

Georgia is unique amongst the states with large entertainment incentive programs in that there is no audit required to claim and sell Georgia entertainment tax credits. Nonetheless, many production companies choose to have their qualified production expenditures voluntarily audited by a third party CPA firm or by the Georgia Department of Revenue (the “Department”) as a prerequisite to selling their entertainment tax credits.

In an article published recently in Manufacturing Business Technology, Betsi Barrett provides insight to how manufacturing companies can take advantage of the federal and state Research and Development (R&D) tax credits.

Passive Foreign Investment Companies – (PFICs)
A primer on what they are, how they are taxed and how to minimize the U.S. tax consequences of ownership.

In an effort to simplify accounting, the Financial Accounting Standards Board (FASB) has eliminated Step 2 from the goodwill impairment test, according to a statement issued on January 26, 2017.

Despite sophisticated security measures, email scams continue to cause harm to unknown numbers of individuals and businesses. Recently individuals and businesses that use Intuit’s QuickBooks or TurboTax software have increasingly become the target of phishing scams.

In a recent article published in Hypepotamus, Stephen Bradshaw provides guidance to three Georgia tax credits that can benefit technology startups, saving their founders and any investors money.

The Financial Accounting Standards Board (FASB) has provided an updated definition of a business combination to assist financial statement preparers in determining whether certain transactions should be accounted for as acquisitions of assets or of a business.

“[The European Commission] is effectively proposing to replace Irish tax laws with a view of what the commission thinks the law should have been…Using the commission’s theory, every company in Ireland and across Europe is suddenly at risk of being subjected to taxes under laws that never existed.” Apple CEO Tim Cook’s reaction above epitomizes the sentiment among leaders of many US multinationals who are collectively conveying a tone of disapproval and worry after the European Commission’s latest ruling on state aid claws back approximately €13 billion in historical tax benefits previously granted by Irish Tax and Customs to Apple.

The AICPA recently published a tax guide that helps to inform taxpayers of legislative changes that could affect their 2016 tax returns. The guide discusses the changes affecting higher-income taxpayers, gift tax requirements and the Affordable Care Act’s potential impact on small businesses, individuals and families

Employee retention has long been a challenge for businesses of all shapes and sizes. One of the biggest hurdles in keeping employees occurs when an employee has a child.