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Today in Tax: Financial Contract Modification and Foreign Tax Credits
Brief commentary on recent cases, rulings, notices, and related federal tax guidance. Transition rules allow opportunity to avoid taxable income when modifying financial contracts from IBOR to another metric Contracts dependent on a discontinued in...
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Today in Tax: Eligibility of Electronic Services Income for FDII Deduction
Jan 12, 2022
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Brief commentary on recent cases, rulings, notices, and related federal tax guidance. Regulations open door for cloud computing, streaming, and related electronic services to be included in deduction computation. In late 2017 the Tax Cuts and Jobs...
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Chaos at the FDIC—What Portends for Banks in 2022
Jan 05, 2022
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The Palace Coup Recent events at the FDIC leading up to the resignation of Chairman Jelena McWilliams foreshadow a challenging year for banks in 2022. The unprecedented power struggle at the FDIC whereby a majority of the Board initiated a public co...
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Today in Tax: Foreign Account Reporting Requirements and Divisive Tax-Free Reorganizations
Brief commentary on cases, rulings, notices, and related federal tax guidance as of December 29, 2021. FBAR Noncompliance Leads to More Severe Penalties in the 5th Circuit Penalties for FBAR violations can be severe if applied on a per-account basi...
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Today in Tax: Foreign Tax Credits Against Digital Service Taxes, Partial Spin-Off Structures, and Filing Relief for Equity Grants, Stock Sale Structuring, and Opportunity Zones
Brief commentary on recent cases, rulings, notices, and related federal tax guidance as of December 14, 2021. U.S. Agreements Expand Potential Tax Credits for Digital Service Taxes The global tax landscape is rapidly changing as countries around th...
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2022 Washington Compensation Requirements, Changes in the PFML Premiums and Benefits, and the New WA Cares Act Premiums
Nov 22, 2021
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2022 Washington Compensation Requirements for Minimum Wage, Exemptions, and Noncompetition Agreements Each year, the Washington State minimum wage, white-collar exemption minimum salary level, and minimum earnings thresholds to enforce noncompetitio...
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