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Articles with the keyword "international tax"

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IRS Changes Name of LMSB Division, Expands Focus

From Journal of Accountancy.On Wednesday, the IRS announced that it is reorganizing and changing the name of its Large and Mid-Size Business (LMSB) division as part of its ongoing effort to focus more on international tax compliance (IR-2010-88). Starting Oct.…

Top 6 Tips for International Business Success

From OpenForum.com.Before you even think about taking your business global, examine your domestic operation. Are you doing the best you can do? If the answer is a resounding "Yes!" then you're ready for my top six tips for international business…

Zambian Accounting Firm Joins HLB International Giving HLB Its First Local Presence in Zambia

Press Release - For immediate releaseAugust 2, 2010HLB International, the international accountancy network, has signed its first member firm in Zambia.Reliance Chartered Accountants, trading as Reliance, is a fast-growing accountancy practice based in Lusaka, which specialises in audit, tax and…

Blackman and HLB Host International Community

Earlier this month, HLB affiliates from around the world came to Chicago for the HLB International Audit and Tax Conference held at the Soffitel Chicago Water Tower. Delegates from more than 25 countries were represented, including Germany, Japan, Portugal and…

US adoption of IFRS remains “highly uncertain”, trustee warns

From AccountancyAge.Chairman highlights dangers to IASB survival if US fails to adopt IFRSUS adoption of global accounting rules is “highly uncertain” and could threaten the survival of the International Accounting Standards Board, a leading board member has warned.Tommaso Padoa-Schioppa, newly…

Will the 20% Export Tax Benefit Disappear on December 31, 2010?

One benefit for US companies trying to sell to foreign markets is the Interest Charge Domestic International Sales Corporation, (IC-DISC) which can provide an attractive opportunity for income tax deferral and income tax savings. With the current low dividend environment,…

HLB International to Strengthen Coverage in the UK

Following its share suspension on the AIM market on 14 June 2010, Vantis plc, former member of HLB International, confirmed on 30 June that it has entered administration and that its operating units have been sold to 3rd parties or…

The U.S./European Business Climate: A Tax Perspective

An Executive Briefing for Leaders of Transnational Corporations: View photos from this event.Monday, July 12, 20104:00 p.m. – 6:00 p.m.Tower Club Chicago – 20 N. Wacker Drive, 39th Floor – Chicago, IL 60606Who Should Attend: CFOs and CEOs of companies…

More Americans Sever U.S. Ties as IRS Gets Tougher

From The Wall Street Journal.The number of American citizens and green-card holders severing their ties with the U.S. soared in the latter part of 2009, amid looming U.S. tax increases and a more aggressive posture by the Internal Revenue Service…

Technology Considerations for Converting to IFRS

From Journal of Accountancy.Lewis A. Dulitz, vice president of accounting policies and research at Covidien—a $10.7 billion health care products company with 42,000 employees in more than 60 countries—was part of a team that implemented the necessary technology changes in…

IASB: Single Set of Accounting Rules on Track

From Reuters.com. The world's top accounting bodies are still on track to thrash out a common set of rules by the middle of next year, the International Accounting Standards Board said on Tuesday.The G20 group of countries set the ambitious…

Ensuring Timely and Accurate Financial Reporting for Your Foreign Subsidiaries

Make sure you have all the components in place for accurate, and timely, financial reporting from your foreign subsidiary.Recently we were asked to help a company set up the financial reporting infrastructure for a foreign subsidiary it had recently acquired.…

CFO's guide to international tax compliance

From The Tax Advisor.With the Obama administration planning to hire some 1,500 new international tax examiners, and current business conditions fraught with risk, an overlooked international tax exposure could very well put a medium-sized company’s very viability in peril. So…

Standards Issued for Financial Instruments in Public Sector

From WebCPA. The International Public Sector Accounting Standards Board has published three new standards that cover all aspects of the accounting for and disclosure of financial instruments in the public sector.International Public Sector Accounting Standard 28, “Financial Instruments: Presentation”; IPSAS…

SME standards set for adoption across the globe

From Accountancy Age.Hunting in packs is often the most effective way for the smaller guys to get their way. It is even the case in the gentrified world of accounting.At least 35 countries have said they will use international accounting…

Accounting Boards Define Fair Value

From webcpa.com. The Financial Accounting Standards Board and the International Accounting Standards Board tentatively decided to define fair value as an exit price during a three-day joint meeting this week.Fair value measurement is one of the thornier issues the two…

Cross-Border Tax Issues

From the Journal of AccountancyCFOs can exercise reasonable diligence to ensure that they have procedures in place to deal with some of the more common shortcomings in cross-border tax compliance. The following are some routine tax compliance situations that U.…

Foreign Investment Reporting Extended for Certain Taxpayers

On August 7, 2009, the Internal Revenue Service issued Notice 2009-62 (the Notice), which provides additional relief for persons (individuals, entities, tax-exempt organizations, IRAs and other taxpayers) regarding the filing of the Report of Foreign Bank and Financial Accounts (FBAR).The…

Watch Out for Transfer Pricing Tax Rules

Does your company do business with an international parent, subsidiary or other related company? Then pay close attention to transfer pricing. Failing to comply with regulations, including new transfer pricing rules on intercompany services, may put your company at risk…

Lau, Soltis, Alport and Calahan Write Article for Taxes—The Tax Magazine

Paul Lau, Sandy Soltis, Alan Alport and Mike Calahan wrote the in-depth article "A Guide to Foreign Investment in U.S. Property" for the April 2009 issue of Taxes—The Tax Magazine. The article discusses the factors a foreign investor should consider…

Foreign Withholding Information Reporting

The Internal Revenue Service recently announced that it is sharpening its focus on the responsibility of U.S. taxpayers to report payments and withhold federal income tax from payments to foreign persons. Income Subject to Withholding: Effectively Connected Income—Effectively connected income…

How Can an IC-DISC Save on Taxes When Doing Business Abroad?

One way to tap into foreign markets without going overseas could be through the use of an interest charge domestic international sales company (IC-DISC).Before you start doing business in a foreign country, it pays to understand that nation’s tax laws.…

China Raises Income Tax to 25%

Effective Jan. 1, 2008, China has increased its income tax rate to 25%, and incentives routinely granted to foreign businesses are gone. This effectively changes China from a low-tax to a relatively high-tax jurisdiction.How will this tax law change affect…

Foreign Investment in U.S. Real Property

This article provides U.S. tax information for individuals who are U.S. nonresidents who are not U.S. citizens. The assumption has been made that there will be none or very limited personal use of the U.S.-based real estate. This article also…

Lau and Soltis Published in Taxes—The Tax Magazine

Paul C. Lau and Sandy Soltis, of Blackman Kallick, along with Danielle Moy examine new temporary regulations detailing taxpayers' obligations for accounting and reporting foreign tax credit redeterminations in their article, "New Temporary Regulations for Accounting and Reporting Foreign Tax…

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This publication is part of Blackman Kallick’s marketing of professional services, and is not written tax advice directed at the specific facts and circumstances of any person and/or entity. Contents of this publication are of a general nature, and you should not act on this information without obtaining professional advice from your business advisor that is appropriately tailored to your individual needs and circumstances. This written advice is not intended or written to be used, and cannot be used by any taxpayer, for the purpose of avoiding penalties that may be imposed under the Internal Revenue Code.