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Meet the Co-chairs - TIAG

Spearman, Lisa
Mercer & Hole

On, Wendy
Fineman West & Co. LLP

Brenner, Saul B.
Berdon LLP

Saba, Fuad

Meet the Co-chairs - TAGLAW

Derewenda, Anna K.
Williams Mullen (VA)

Meet the Co-chairs - TAG-SP

Severino, Maria
Collins Barrow Toronto LLP

As was done earlier this year, The Trump Administration, the leaders of the House Ways and Means Committee, and the Senate Finance Committee have released an ambitious proposal to reform the federal tax code, including reducing tax rates for businesses and individuals that, if passed, would amount to a sweeping change to the federal tax code. It purports to be economic growth, American worker and simplification oriented, but the proposal is a general outline with questions still remaining as to what may actually pass, what it will cost, and how this reform can be paid for if not revenue neutral. Rigorous debate is expected and much may, and probably will, change in the months ahead if and when the generalized proposal gets distilled into legislative language. That task will be left to the House and Senate Tax Writing Committees. In the meantime, this is still a good opportunity to review some of the principal features of the President's proposal, which include:

Read more: Trump Tax Reform: A Bold Proposal Short on Details

Article written by FGMK Tax Partner Fuad Saba and Tax Manager Jill Boland

The Republican Party yesterday rolled out its proposed changes to the U.S. tax code, in what may become the most comprehensive overhaul of U.S. tax law since the 1986 Tax Act. The plan espouses four goals: (1) to simplify the tax code; (2) to lower taxes on American workers; (3) to entice companies to do business in the U.S.; and (4) to bring the offshore profits of U.S. companies back to the U.S. The proposed changes would impact the U.S. tax treatment of individuals, corporations, and certain cross-border transactions.

Read more: FGMK Tax Alert: An Overview of the GOP Tax Reform Proposal

Author: Matthew T. Fuller

The Multistate Tax Commission ("MTC") has just announced that it is going forward with a voluntary disclosure program for sellers on Amazon who have created nexus in a state because of their participation in the Fulfillment by Amazon ("FBA") program.  The MTC is an intergovernmental state tax agency that works on behalf of states and taxpayers to facilitate the equitable and efficient administration of state tax laws that apply to multistate and multinational enterprises.

What is the FBA Program and How Does it Create State Tax Nexus? 

Under the FBA program, sellers can list their products with Amazon and have Amazon hold their products at one of its warehouses before shipping products to the purchaser.  The presence of inventory in a state is sufficient to create nexus for sales tax, corporate tax, and personal income tax purposes, regardless of whether the seller has any other presence within the state where the inventory is stored.

Read the entire article.

Author: Matthew T. Fuller

Effective July 1, 2017, the Illinois individual income tax rate goes from 3.75% to 4.95% and the corporate income tax rate from 7.75% to 9.50% (inclusive of the replacement tax). 

Because the tax rate increased in the middle of the tax year for calendar year taxpayers, it is likely that the state will again permit taxpayers to figure their tax based on the specific accounting method.  Under the specific accounting method, a taxpayer can treat their income or loss and state modifications as though they were earned in two different taxable years.  For an individual, the amount earned prior to July 1, 2017, is taxed at 3.75%.  The amount earned on or after July 1, 2017, is taxed at 4.95%.  The two tax amounts are then added together to get the total tax liability.

Read more: FGMK Tax Alert: Illinois Increases Individual and Corporate Income Tax Rates

India’s looming the new regime of Goods & Service Tax (“GST”), a modern tax reform which will usher in growth and opportunities for businesses in India. It is a tax trigger, which will lead to business transformation for the industry. It will have a far-reaching impact on business avenues, compelling organizations to realign bottlenecks such as production cost, production time, supply chain, compliance, logistics etc. with changing indirect tax structure. 

GST is a value added tax where tax is imposed only on the value added at each stage in the supply chain. It is levied at all points in the supply chain. Credit is paid for acquiring inputs used in making the supply. In India GST is defined as “tax on supply of goods or services other than alcohol for human consumption”. In simple language, GST is a single tax on all goods and services in the entire economy.

Read more: The Goods & Services Tax in India: Impact Analysis on Various Sectors