By MarksNelson on June 21, 2018In conjunction with the Tax Cuts and Jobs Act enacted in 2017, the IRS announced it will waive certain late-payment penalties that relate to tax on foreign earnings. Additionally, the IRS provided important clarifications regarding filing due dates.
By MarksNelson on June 4, 2018The IRS has identified transfer pricing as one of its top audit issues, and the same holds true for other revenue-strapped tax authorities. Don’t put your company at risk for incurring steep penalties of 20% – 40% on transfer pricing adjustments by not being in compliance.
By MarksNelson on April 4, 2018The OVDP, which has provided the opportunity to pay taxes owed in exchange for protection from criminal liability, has allowed such taxpayers to resolve their civil tax liabilities at reduced rates.
What is “Substantially Complete” for International Information Return Penalties? IRS Clarifies the IssueBy MarksNelson on March 22, 2018Recently, the IRS issued a much-needed clarification on the meaning of “substantially complete” in the context of international taxes. The clarification was issued in a long-awaited International Practice Unit (IPU). This update provides much-needed guidance to help ensure that international informational returns are substantially complete to avoid significant penalties. Practice Units are not official pronouncements of law or directives and cannot be relied on as such.
By MarksNelson on January 30, 2018As a business owner, you want to be sure you are taking advantage of every potential tax savings opportunity. One such opportunity is for those businesses which export items that are 50 percent or more manufactured in the U.S. If you meet that requirement, you may qualify for as much as 15% to 20% in tax savings by setting up a separate business entity called an Interest Charge Domestic International Sales Corporation (IC-DISC). IC-DISCs can work with C-corps, S-corps, LLCs and partnerships.
By MarksNelson on November 21, 2017Selecting the correct legal and tax entity type is one of the most important building blocks for any business. When it comes to liability protection and optimizing tax outcomes, choosing the right entity classification can make a world of difference.
By MarksNelson on July 31, 2017After months of uncertainty, a controversial tax plan is dead. Last Thursday, Trump administration officials and top congressional lawmakers said in a joint statement the border-adjusted tax will no longer be part of the ongoing negotiations for tax legislation.
By MarksNelson on June 8, 2017The Trump administration plans to hold more than a dozen "listening" meetings over the next few months with business leaders on tax reform. The White House released its one-page plan back in April and hopes to have a more detailed plan for Congress later this summer. Meanwhile, one component remains front and center —the border adjustment, a proposal to change the ways goods and service are taxed depending on where they are manufactured and where they are consumed. Let’s take a closer look at what is being proposed and what effect it might have on U.S. companies.
There is no substitute for personal attention. It enables us to truly connect, so we can understand your perspective, anticipate your needs and provide the best solutions. That means real conversations, not impersonal emails.
At MarksNelson, we think curiosity is a virtue. After all, any accountant can focus on your numbers. We get down to business by first learning yours, inside and out. Our associates work to understand not only what you do, but why you do it.
The team at MarksNelson believes that the smallest point can be just as important as your biggest line item. Our goal is to deliver a quality product, prepared with great attention to detail and accuracy. Whatever industry you are in.
We work to be vigilant with everything we do. But why? The truth is... every firm says they will put you first. MarksNelson does more, by keeping on track and informed. We want to collaborate with you to provide you with the solutions that you need.
At MarksNelson we are always hiring and seeking new talent. Click below for available positions.
1310 East 104th St., Suite 300
Kansas City, MO 64131