Contact: Mercer & Hole (London, England)

In the USA tax transparent with members being taxed on profits arising and so being required to register under the USA tax system. In the UK taxed as a company with members being taxed on profits withdrawn as if dividends but with no matching tax credit.

Read more: UK Tax Position on US LLCs

Author: Lee Zimet, CPA, J.D., LL.M, Berdon LLP (New York, New York, USA)

Berdon tax principal Lee Zimet provides an in-depth analysis of new information reporting rules under section 6045B that require issuers to disclose debt modifications and other debt transactions on Form 8937. The new rules have received little public notice and the IRS has yet to issue any guidance on how section 6045B will apply to debt instruments. Adding to the confusion, Form 8937 instructions have not been updated to account for the increased number of transactions subject to the new filing requirements.

Read the full article.

By Carl Blankschaen, CPA, Audit & Assurance Senior at Zinner & Co. (Ohio, USA)

Employee or Independent Contractor? The California Labor Commission ruled this week that an Uber driver, Barbara Ann Berwick, is an employee, and not an independent contractor, in response to an appeal by Uber, upholding the labor commissioner’s award of roughly $4,000 in expenses to the San Francisco-based driver.

Read more: Employee or Independent Contractor? Uber Case Sets Precedent

By: Dean Waters

Only one in three of Australia’s many family businesses are exit or succession ready and while handing over the reigns may not be a near term prospect for yourself, there are steps you can take today to maximise the value you receive on exit. Following are three of our favourite tips for getting your business ready for sale.

Read more: What Can I Do Today If I Want To Sell In The Future?

Contact: Saul Brenner of Berdon LLP (New York, New York, USA - TIAG)

The IRS may regard your offshore PayPal accounts as financial accounts that would have to be reported when disclosing your overseas assets on the Report of Foreign Bank and Financial Accounts (FBAR). This questionable area has become an issue with the IRS because the PayPal account holder owns the funds in the account — the account has a present value — and it is a simple matter to withdraw those funds.