HPG Year-End Tax Planning Letter
Dear Clients and Friends, As 2021 comes to a close and we head into 2022, it’s a great time to think about planning ahead to consider tax strategies while staying on track to meet your personal financial goals. The following checklist will help you to identify important action items to consider as part of your 2021 year-end income and transfer tax planning as well as preparing for …
Read MoreYear-End Crypto Tax Planning
By: Matt Lynch Cryptocurrencies, tokens, NFTs, and digital assets of all types have had a meteoric rise in the last year. Last Thanksgiving, the price of a Bitcoin was close to $17,700. Fast forward to Thanksgiving 2021, and the crypto space has seen a lot: Bitcoin topping $67,000, joke coins named after dogs reaching $30,000,000,000 market caps, and even a digital picture of …
Read MoreHPG Offsetting Carbon Footprint through a Green Places Partnership
RALEIGH, N.C. (September 22, 2021) ― Hughes Pittman & Gupton, LLP (HPG), a Triangle-based CPA firm serving the financial management needs of local, multi-state, and international businesses, as well as their owners, has announced a new partnership with Green Places through which HPG has committed to offset its carbon footprint. Green Places calculated HPG’s company carbon f…
Read More1031 Exchange or Qualified Opportunity Zone Investment?
By: Benjamin Buckner The like-kind (1031) exchange has long been the standard tax-deferral strategy for real estate investors. That was the case until the Tax Cuts and Jobs Act of 2017 (“TJCA2017”) codified Section 1400OZ, creating Opportunity Zones. Intended to spur economic development within distressed communities across the United States, Opportunity Zones (&ld…
Read MoreThe Impetus for a Global Minimum Tax
Many countries, including the U.S., have enacted rules to discourage multinational companies from shifting profits, and thus, tax revenues, to low-tax countries. The rules can be complicated and often create a compliance burden, even for those who are operating in other countries without that motivation in mind. A fundamental shift, however, is in the works. The aim is to eliminate the ab…
Read MoreU.S. Multinational Corporations: Strategic Cash Movement Between Foreign Affiliates
By: Goran Vukicievic As multinational corporations expand their operations, they are often faced with executing transactions that involve multiple taxing jurisdictions. Without proper planning, cross-border movement of capital, products, services, and intellectual property can result in significant tax costs and corporate earnings erosion. When considering an international tax…
Read MoreShould I Take that Job Overseas?
By: Megan Miller An exciting job offer, or perhaps job transfer, has been presented to you. The thought of living abroad sounds enticing. Before packing your bags, gather the facts about how this may affect you financially, and more specifically, what happens once you are an expatriate. U.S. individual income tax returns for U.S. citizens and residents are typically due on April 15…
Read MoreBroad Changes to Canada’s Sales Tax Rules May Affect Your Reporting Requirements
By: Jennifer Dowdy Recent sales tax legislation in Canada set to take effect on July 1, 2021, makes changes to its Goods and Services Tax (GST/HST) that will have consequences for many non-resident companies selling goods and services to customers in Canada. The legislation was intended to address economic changes that occurred in the digital era and to capture e-commerce (digital a…
Read MoreExpanding Outside the U.S.? Take Care with Transfer Pricing
U.S. companies expanding to other countries must consider how their new foreign operation will interact with its related party in the U.S. When intercompany transactions exist, as they almost always do when a subsidiary is established, transfer pricing rules apply. For new operations, it is not uncommon for the activities of the new subsidiary to change as the operation grows and matures. …
Read MoreNew VA Reporting Requirements for Corporations - Due July 1, 2021
By: Amy Hilfiker The Virginia Department of Taxation has been tasked with putting together a report detailing the revenue impacts of combined corporate income tax reporting. Virginia recently passed legislation requiring all corporations that are members of a defined “unitary business” to file a one-time informational report, containing the unitary combined net income of…
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