Tax @ Armanino

?? Have you considered how Proposition M might affect your business operations in San Francisco? Here are the key highlights: ?? New Apportionment Method: A shift from payroll-based to sales-based apportionment, impacting the calculation of San Francisco Gross Receipts Tax and Business Registration specifically for firms like law, accounting, and medical offices. ?? Fewer Classifications: Consolidation from 14 to 7 business tax classifications ?? Adjusted Tax Rates: Gross Receipts Tax rates now range between 0.1% and 3.716%, with an increase in rates for most companies, particularly those under Category 5. ?? Small Business Exemption: Threshold increased to $5 million, exempting more small businesses from the Gross Receipts Tax and providing opportunities for refunds. ?? Homelessness Tax Changes: Lower threshold from $50 million to $25 million ?? Impactful Opportunities: New sourcing opportunities for tax reduction as payroll apportionment is reduced Businesses must review San Francisco sales tracking and classifications to comply and potentially save on updated tax obligations. We can help evaluate how these substantial changes might offer both challenges and opportunities for your business strategy. Learn more here.

The countdown to November 5 is on. ? Are you worried about navigating the ever-changing tax landscape with the upcoming presidential election? ??? Our latest video delves into how we unravel new tax policies and prepare you for the future—regardless of the shifts in Washington. ?? Explore our article to see how our expertise can guide you through these uncertain times: https://ow.ly/1iB050TYtIf #TaxPolicy #Taxes #Politics

Check out this month's Transfer Pricing newsletter with updates from across the globe including Germany, Peru and the United States. Reach out to our Transfer Pricing experts now: https://lnkd.in/gZHF5hjY

Did you hear? Faster reviews of Employee Retention Credit (ERC) claims mean it's crucial to be audit-ready. Key concerns include proper documentation, understanding IRS inquiries, and preparing for potential disallowance letters. With many ERC refund requests facing denials, preparation is key to ensuring compliance. The recently reopened Voluntary Disclosure Program (VDP) offers an opportunity to resolve past ERC issues and avoid future penalties, with the possibility to retain up to 15% of the credits. This program is available through November 22, 2024. Proactive steps now can streamline your audit process and protect your business. Reach out to our ERC team for expert guidance and navigate these changes with confidence. #ERC #IRS

Super excited to share that I will be speaking on intangible property transfers along with Sven Helm and his team at the Moore Global Tax Conference. Looking forward to connecting with colleagues from around the world in this beautiful city!

?? Are you ready for the upcoming changes in California's sales tax rules? With the enactment of SB-167, retailers will face a shift in the tax landscape. Here's what you need to know: - Suspension Period: The bad debt deduction for sales and use tax purposes will be suspended from January 1, 2025, through December 31, 2027. - Current Relief: Until December 31, 2024, retailers can still claim deductions for accounts written off as worthless. - Definition Changes: The term "retailer" will be redefined, removing affiliated entities and lenders from eligibility for deduction purposes. - Future Opportunities: As of January 1, 2028, retailers will once again qualify for bad debt deductions, though lenders will not be included. -Action Required: It is crucial to evaluate your accounts and finalize any necessary write-offs before the end of 2024. Read our article to learn more.

Our latest newsletter explores changes across various countries, impacting how multinational companies approach transfer pricing: - ???? Canada: The Supreme Court clarifies that only the Federal Court can review discretionary decisions on downward transfer pricing adjustments, providing much-needed clarity for taxpayers. - ???? Germany: New intra-group financing guidelines under the “Growth Opportunities Act” impose stricter limits on deductibility and compliance obligations, demanding careful attention to business purpose, debt capacity, and credit rating. - ???? Switzerland: The Swiss Federal Supreme Court’s landmark decision indicates that safe harbor interest rates may not be binding, tightening transfer pricing regulations and aligning more closely with OECD guidelines. - ???? UK: HMRC's Guidelines for Compliance stress the importance of aligning TP policies with business operations, encouraging voluntary compliance to mitigate risks and avoid penalties. Staying informed about these crucial updates helps you navigate the complexities of global tax compliance. Read the full newsletter for detailed insights and guidance. #TransferPricing #GlobalTax #MultinationalCompanies

???Attention Washington State Taxpayers!??? ? If your business generated apportionable income in 2023, don’t forget that the deadline to file your Annual Reconciliation of Apportionable Income is fast approaching—October 31, 2024!???? ? Understanding the nuances of the Washington State Business and Occupation (B&O) tax is crucial for compliance and can save you from hefty penalties. The B&O tax varies depending on your classification, whether it's for retailing, wholesaling, or services.? ? Check out our article to learn more. ? #WashingtonState?#TaxCompliance?#BusinessAndOccupationTax

?? Key Highlights from Our Latest Transfer Pricing Newsletter ?? - Brazil's Transition: As of January 1, 2024, Brazil shifts to an arm’s length method for transfer pricing, aligning with OECD guidelines. - Czech Republic Developments: Recent court rulings clarify that both loan-financed restructuring and amortization of valuation differences must be considered in transfer pricing. - OECD's Amount B Guidance: New rules provide tax fairness and compliance relief globally. Over 66 nations can now implement Amount B, offering potential tax revenue boosts for developing countries. - Italian Court Ruling: The Corte Suprema di Cassazione enables the use of negative operating profit entities as comparables in benchmarking, enhancing flexibility for MNEs. Stay informed and ensure your transfer pricing strategies align with these pivotal changes. ???? Contact our Transfer Pricing experts today: https://lnkd.in/gZHF5hjY #TransferPricing

???Important news for employers: the IRS has introduced the second Employee Retention Credit Voluntary Disclosure Program (ERC-VDP) for nonqualifying claims filed in 2021. ? The program allows businesses to correct possible improper claims and retain some funds, specifically 15% of the total credits. This is an opportunity to avoid future audits, penalties, and interest, and repay any overpayments of interest received. ? Applications are open through Nov 22, 2024. Don't hesitate to reach out to our team to verify your ERC-VDP eligibility for 2021. ? #IRS #voluntarydisclosureprogram #employeeretentioncredit