income taxes

Andy and Andrea start off the first episode of Step-by Step S Corp Tax Prep Process reviewing intake and what to expect from your clients to make it easier for you to complete their entity tax return.

For more information about the episode visit us at prontotaxschool.com or email us to support@prontotaxschool.com

This week, we begin a collaboration with another popular PwC podcast. Host Heather Horn is joined by Doug McHoney, PwC International Tax Services Global Leader and host of the “Cross-border Tax Talks” podcast. Doug shares insights on the revolutionary new global tax system — the Organisation for Economic Cooperation and Development (OECD) Pillar Two framework — and its impact on companies worldwide.

The objective of Pillar Two is for large multinational enterprises to pay a minimum level of tax (a threshold effective tax rate of 15%) on the income arising in each jurisdiction where they operate. Doug joins us to shed light on the judgments involved and what companies can do to prepare.

In this episode, you will hear:

• 3:15 - A refresher on Pillar Two, the first global tax system for multinational companies, including:
  • 4:30 - A breakdown of the four operating rules prescribed by the framework and the breadth of impact on companies worldwide
  • 11:00 - An overview of enactment timing and the three-year transitional safe harbor provisions
• 13:35 - A discussion of the intersection between Pillar Two and US tax policy, including the impact on US companies
• 18:09 - A comparison of the mechanics of Pillar Two and current practice, including an overview of key tax adjustments
• 28:50 - Practical considerations, including materiality considerations, for companies preparing to comply with Pillar Two
• 36:15 - Data and controls implications as companies revamp tax policies and procedures
• 41:50 - Final advice for companies looking to achieve operational readiness for Pillar Two

For more on OECD’s Pillar Two, read our publication, Global taxation: More than an idea - what it means for you now, as well as our prior podcast, Tax policy update - OECD and domestic minimum taxes.

Additionally, check out PwC International Tax Services’ “Cross-border Tax Talks” podcast, and follow both podcasts on your favorite podcast app for upcoming episodes.

Doug McHoney is PwC's Global International Tax Services Leader, helping clients worldwide understand a wide range of global and local tax policy developments and providing technology-enabled consulting services. Doug also hosts the Cross-border Tax Talks podcast series, providing listeners with the latest trends in taxation.

Heather Horn is PwC’s National Office thought leader, responsible for developing our communications strategy and conveying firm positions on accounting and financial reporting matters. She is the engaging host of PwC’s accounting and reporting weekly podcast and quarterly webcast series. With over 30 years of experience, Heather’s accounting and auditing expertise includes financial instruments and rate-regulated accounting.

Transcripts available upon request for individuals who may need a disability-related accommodation. Please send requests to us_podcast@pwc.com. 

The U.S. Department of Labor recently issued a final rule to define who is and is not an independent contractor. That rule has raised concerns among many independent contractors in trucking. So what does the rule say, and what does it mean? We’ll have a rundown. Also, when it comes to factoring, you have to take a lot of things into account to ensure you keep yourself and your business safe. We’ll have some advice. And what documents do you need in order to file your taxes? What are the actions you need to take so you’re prepared when it comes time to fill out those forms? We’ll explain.

0:00 – Newscast 

10:07 – How to spot red flags in factoring

24:49 – What documents do you need to file taxes?

39:14 – The new independent contractor rule and how it affects you

More mortgage applications are being rejected for ‘insufficient income.’ Here’s why

For business advisory, consultancy, coaching, you can book a confidential session with Michael Lodge at:  http://www.lodge-co.com

If you have a business questions, send it to:  thebusinessadvisor@zmail.com

In simple terms, retirement planning is what we do to prepare for life when we stop working – financially and via lifestyle choices. It’s about determining specific goals for this future time in our lives and how we can achieve them by identifying income sources, estimating expenses, building necessary savings plans, and much more. We all know that preparing for retirement is an important endeavor that you can never start too early.

However, it can be a challenge that even the savviest individual can struggle with, making mistakes that cost them significantly in the long run - especially if they are trying to do it on their own.

Here at Del Monte Group, we’ve seen it all. Decades of retirement planning experience have given us deep insights into what works and doesn’t. We know what it takes to get the most out of retirement, and we’ve learned how to avoid the pitfalls along the way. In this episode, we’re going over the top 10 retirement investing blunders, starting from the bottom of the list and working our way up to the number one mistake people make when planning for retirement.

We’ll be talking about:

• How to plan for your retirement, when to start, and what options to consider
• Unexpected things that could be affecting how much you’re putting away in retirement funds
• How to get the most returns for your investments

And more!

Whether you’re just starting or have been saving for decades, this podcast applies to you! Retirement planning is crucial, and we want to ensure you’re not making any mistakes that will be detrimental to your overall financial and retirement health, so join us as we share our list and set the record straight!

Every Tuesday in May, Jennifer Spang is taking over the podcast to share the latest on income tax accounting — recent global and US tax policy developments, standard setting activity, and tax accounting considerations related to common transactions, such as business combinations and spinoffs.

To continue the series, Heather and Jenn are joined by Matt McCann, a partner in PwC’s National Office, to share insights on the practical challenges that arise in the tax accounting for spinoff transactions.

In this episode, you’ll hear discussion of:

• 1:30 - What a spinoff transaction is and the SEC filing requirements, including the preparation of carve-out financial statements
• 7:48 - Considerations related to allocating the consolidated income tax provision to the carved-out entity 
• 18:22 - Other practical tax challenges in carve outs including valuation allowance assessments, uncertain tax positions, and tax sharing agreements 
• 28:30 - The importance of robust disclosures when attributes or assertions are expected to change post spin
• 35:52 - Planning for tax complexities post spin and final advice for companies 

For more information, read our Income taxes and Carve-out financial statements guides. Additionally, check out our prior podcast on taxes in separate company financial statements. 

Jennifer Spang is PwC’s National Office income tax accounting leader, specializing in tax accounting under US GAAP and IFRS. She has over 25 years of experience helping companies in a variety of industries navigate complex tax accounting matters. 

Matthew McCann is a partner in PwC's National Office who provides consultation in the areas of revenue recognition and income taxes. He has over 25 years of experience and previously served as the leader of the Consumer & Industrial Products Sector Assurance Practice in North Texas.

Heather Horn is PwC’s National Office thought leader, responsible for developing our communications strategy and conveying firm positions on accounting and financial reporting matters. She is the engaging host of PwC’s accounting and reporting weekly podcast and quarterly webcast series. With over 30 years of experience, Heather’s accounting and auditing expertise includes financial instruments and rate-regulated accounting.

Transcripts available upon request for individuals who may need a disability-related accommodation. Please send requests to us_podcast@pwc.com.

FOLLOW AND SURRPORT The Business Advisor at:  http://www.buymeacoffee.com/michaellodge

NEWS LINKS:

The Tax Foundation:  In total, the tax increases would add up to almost $4.7 trillion in new taxes targeted at businesses and high-income individuals.  The major changes include higher marginal tax rates on corporate, individual, and capital gains income; a complicated new minimum tax on high-net-worth individuals; and increases to medicare taxes.  The negative effects of higher tax rates on saving, investment, and entrepreneurship would have economy-wide repercussions, ultimately harming workers, international competitiveness, and domestic investment.

MEDICARE TAX RATE HIKE:  The budget proposes to increase the Medicare tax rate on earned and unearned income from 3.8 percent to 5%

Tax Foundation Link:  https://taxfoundation.org/biden-budget-taxes/

The Business Advisor Magazine:  https://flipboard.com/@lodgeco/michael-lodge-the-business-advisor-vt0agg1bz

For business advisory and coaching, schedule an appointment at:  http://www.lodge-co.com  If you have a business question, send it to:  thebusinessadvisor@zmail.com

FOLLOW ME:  Please follow, like and subscribe to my podcasts and blogs by going to:  http://www.buymeacoffee.com/michaellodge

NEWS SOURCE:

Supreme Court SCOTUS is hearing the Biden loan forgiveness case:  https://www.cnet.com/personal-finance/loans/the-supreme-court-and-bidens-student-loan-forgiveness-plan-what-you-need-to-know/

16 types of income the IRS does not tax:  https://financebuzz.com/income-irs-wont-tax

The Business Advisor Business Magazine:  https://flipboard.com/@lodgeco/michael-lodge-the-business-advisor-vt0agg1bz

For business coaching and advisory sessions with Michael Lodge, schedule an appointment by going to:  http://www.lodge-co.com

If you have a business question, send it to:  thebusinessadvisor@zmail.com

Michael Lodge / Lodge & Co. - The Business Advisor

The end of 2022 is upon us, and boy, has it been a bit of a roller coaster this year with inflation. But with only a few weeks left, it’s time for us to make some important financial decisions and adjustments before that December 31st deadline. The heart-to-heart you have with your finances now could reduce the burden of your taxes and increase Medicare savings, retirement savings, investments, and more. On top of that, federal law and government rule changes taking effect in 2023 will also impact our daily lives. While some of these are inflation adjustments, others are here to stay. In this episode, we will be teeing up all the year-end and new year planning strategies you need to know about, including:

• Maximum Retirement Contribution – Increases to IRAs, Roth IRAs, 401ks, and 403Bs
• The Increased Income Limit for Roth IRA Contributions
• Information about the Secure Act 2.0 and How That Will Impact Retirement Savers if Passed
• Required Minimum Distribution Changes for Those Who Inherit an IRA
• Limit Increases on Retirement Accounts and Plans for Those Who Are Self-Employed
• Some Eye-Opening Changes with Medicare – Premiums Are Going Down, and New Insulin Copay Caps
• The Social Security Tax Hike for Certain High Earners
• New Income Tax Brackets

Plus, a host of other planning tools for you to consider.

At Del Monte Group, we love this time of year. Not only are you taking a deeper look at getting your finances in order, but you’re measuring successes and exploring opportunities for the year ahead. It’s a time to take a more proactive and strategic approach to ensure that you, your family, and the lifestyle you want to live are fully supported. Our goal with this episode is to help you get down to the nitty-gritty and take action starting now!

The current international tax landscape has been in place for decades. But now dramatic changes may be on the horizon. The Organisation for Economic Cooperation and Development (OECD), backed by countries around the world, has been pursuing a “Two-Pillar Solution” aimed at alleviating certain global tax challenges that it believes arose from the “digitalisation of the economy.”

This OECD two-pillar framework will significantly alter many international tax practices we follow today with a related impact on reported earnings. In preparation, all companies should begin to assess what the OECD’s proposed framework will mean to them. 

In this episode, Heather Horn, partner in PwC’s National Office, brings you an audio version of our In the loop on the OECD framework. 

In this podcast, you’ll hear:

• 1:01 - The OECD’s agenda and a description of the two-pillar proposal
• 6:45 - How a US company could be scoped into Pillar 2
• 8:51 - Key requirements of the Pillar 2 Model Rules
• 12:01 - How to account for “top-up taxes”
• 13:04 - What’s next in the implementation of the proposed rules
• 15:05 - A description of the key terms used in the framework

Refer also to the print version, The OECD minimum tax: What US companies need to know. 

Heather Horn is PwC’s National Office thought leader, responsible for developing our communications strategy and conveying firm positions on accounting and financial reporting matters. She is the engaging host of PwC’s accounting and reporting weekly podcast and quarterly webcast series. With over 30 years of experience, Heather’s accounting and auditing expertise includes financial instruments and rate-regulated accounting.

Transcripts available upon request for individuals who may need a disability-related accommodation. Please send requests to us_podcast@pwc.com. 

In December 2021, the Organisation for Economic Co-operation and Development (OECD) published a widely anticipated “two pillar” model rule for domestic implementation of a 15% global minimum tax.

Heather Horn was joined by Jennifer Spang, PwC National Office partner, and Pat Brown, PwC’s Washington National Tax Services Co-Leader, to discuss the challenges and taxation implications of the OECD model rule, along with considerations for how companies can prepare.

In this episode, you will hear:

• 1:30 - A refresher on the role of the OECD 
• 4:16 - The evolution of a global minimum tax and potential challenges countries face in adopting the model rule
• 11:56 - Potential interpretations that could impact how countries enact and enforce the model rule
• 20:54 - An overview of the rules and how they create the concept of a minimum effective tax rate
• 25:38 - Adjustments to financial statement income to arrive at global income
• 32:18 - How the global minimum tax computation of the model rule is creating US domestic tax policy implications
• 41:26 - Considerations on how to prepare for rule adoption

Want to learn more? Read the proposed rules, commentary, and illustrative examples. Also, listen to our previous podcast, What global tax initiatives could mean for your company.

Jennifer Spang is PwC’s National Office income tax accounting leader specializing in tax accounting under US GAAP and IFRS. She has over 25 years of experience helping companies in a variety of industries navigate complex tax accounting matters.

Pat Brown is PwC’s Washington National Tax Services Co-Leader. Prior to joining PwC, he spent 16 years in the private sector, including a role as the director of tax policy for a Fortune 50 company. Pat has also served in the US Treasury’s Office of Tax Policy as an attorney-advisor and as Associate International Tax Counsel.

Heather Horn is PwC’s National Office thought leader, responsible for developing our communications strategy and conveying firm positions on accounting and financial reporting matters. She is the engaging host of PwC’s accounting and reporting weekly podcast and quarterly webcast series. With over 30 years of experience, Heather’s accounting and auditing expertise includes financial instruments and rate-regulated accounting.

Transcripts available upon request for individuals who may need a disability-related accommodation. Please send requests to us_podcast@pwc.com. 

The wealth tax idea is back—watch out! Senator Elizabeth Warren just unveiled her latest version of a wealth tax. Its appeal is superficial, and it has serious flaws. Steve Forbes looks at the four major drawbacks of implementing a wealth tax, which would ultimately do more harm than good.

Steve Forbes shares his What’s Ahead Spotlights each Tuesday, Thursday and Friday.

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

While the election day dust is still settling, this episode checks in on some of the early impacts businesses should expect, like what it means for taxes, trade, and tariffs. Rohit Kumar, Co-Leader of PwC’s National Tax Office, joins host Heather Horn to provide his perspective on recent developments. 

Topics include:

0:45 - The results: what we know and what we don’t - While not all races have been called yet, we can directionally start to see where the election results are headed. We begin with an update on where we are today and what could happen next.  

8:53 - The lame duck session - Rohit explains a few of possible outcomes, touching on: another COVID-19 relief bill, federal funding, and the extension of certain tax provisions. 

19:58 - 2021 - Turning our attention to the near future, we discuss the potential ways executive orders can be used. 

23:20 - Tax, tariff, and trade - Rohit and Heather talk about the possible trajectory of policy and regulation. 

33:43 - Congress and a new administration - We close by looking at the dynamics for how congress and a new administration will work together.  

Rohit Kumar is Co-Leader of PwC’s National Tax office. In this role, he advises clients on all aspects of domestic policy, including tax policy. His insights and knowledge enable companies to assess critical policy issues more effectively and to develop legislative strategies to address those issues from both a technical and a political perspective.

Heather Horn is PwC’s National office thought leader, responsible for developing our communications strategy and conveying firm positions on accounting and financial reporting matters. She is the engaging host of PwC’s accounting and reporting weekly podcast and quarterly webcast series, as well as periodic webcasts for the power and utilities industry. With over 25 years of experience, Heather’s accounting and auditing expertise includes financial instruments and rate-regulated accounting.

Related content:

• PwC's Election 2020 page
• Podcast: What’s next? Looking toward 2021 on tax, trade, and regulation 

Transcripts available upon request for individuals who may need a disability-related accommodation. Please send requests to us_podcast@pwc.com.

Democrats assert that the Trump tax cuts passed in 2017 were a giveaway to the rich, but the facts prove otherwise. Steve Forbes on the truth behind President Trump's tax program and on why the rich are actually paying more in taxes than they did before.

Steve Forbes shares his What’s Ahead Spotlights each Tuesday and full podcast episodes each Friday. 

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Economies everywhere have suffered from the weight of the coronavirus lockdowns, but why aren't politicians eager to do everything possible to nurture them back to health? Steve Forbes on looming tax increases and the counterproductive political moves that should be reconsidered if we don’t want the future to include a poorer economy than we now imagine.

Steve Forbes shares his What’s Ahead Spotlights each Tuesday, Thursday and Friday.

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Accounting for outside basis differences can be complex. In order to get the accounting right, it’s important to first understand the difference between inside basis and outside basis. Help is on the way as Jennifer Spang and Kassie Bauman join Heather Horn to walk you through the basics and then dive a little deeper into the specific considerations. 

Topics include:

• 0:50 - The basics. Before jumping into some of the complexities, we start with the basics: what is an outside basis difference? 
• 5:35 - Domestic vs. foreign classification. A mix of domestic and foreign entities comprises the legal entity structure of a multinational organization. Kassie helps explain this important distinction in the tax classification.
• 6:32 - Deferred tax liability exceptions. There are various exceptions to recording deferred tax liabilities. Jenn provides examples. 
• 9:13 - Deferred tax asset exceptions. Are there any special considerations for deferred tax assets? Kassie explains.
• 10:31 - Measurement considerations. Measuring deferred tax assets or liabilities is an especially complex area. Jenn walks through what companies should consider.

Jennifer Spang is a tax partner in PwC's National Office specializing in tax accounting under US GAAP and IFRS. She has over 25 years of experience helping companies in a variety of industries navigate complex tax accounting matters. 

Kassie Bauman is a managing director in PwC's National office who consults on tax accounting under US GAAP and IFRS. Kassie has more than 20 years of auditing and accounting experience, including almost a decade of experience addressing complex technical accounting matters as part of our National office.

 Heather Horn is PwC’s National office thought leader, responsible for developing our communications strategy and conveying firm positions on accounting and financial reporting matters. She is the engaging host of PwC’s accounting and reporting weekly podcast and quarterly webcast series, as well as periodic webcasts for the power and utilities industry. With over 25 years of experience, Heather’s accounting and auditing expertise includes financial instruments and rate-regulated accounting.

Transcripts available upon request for individuals who may need a disability-related accommodation. Please send requests to us_podcast@pwc.com.

This podcast episode introduces the conversation about  income tax strategies to get you to start thinking differently regarding your income tax situation.  A little history lesson to kick things off and then we proceed to share various scenarios where your income tax picture can vary dramatically. You need to understand the difference between a Tax Advisor and a Tax Preparer in order to optimize your financial situation!

To learn more, feel free to visit our website, www.e3taxgroup.com or email us at info@e3wealth.com to speak with a qualified financial professional who can discuss your specific financial picture with you.

#e3Nation #ThinkDifferently