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Opinions and views from expert CFOZone members.

Tag >> Tax
Dec 25
2010

Who says President Obama is anti-business?

Posted by Stephen Taub in tax credit, TaxCongressCash

Stephen Taub

The recently signed tax compromise bill-also unofficially known as Stimulus II-not only contains a two-year extension of the Bush tax cuts for everyone, including those who don't want it except for the politicians who obsessively pushed for it. It also included about 50 or so tax breaks for businesses.

I already detailed the bonus depreciation and R&D tax credit.

Dec 22
2010

FX volatility deters exports

Posted by nicklord in Tax

nicklord


 
New research from the UK shows how the rapid swings in currency valuations are having a negative effect on exports.
 
The Federation of Small Businesses (FSB) recently released a report on the prospects for export growth in the SME sector. It surveyed nearly 2000 small businesses in the UK and found that almost half - some 48 percent - were put off exporting by fluctuating exchange rates.
 
The report also found that a third of respondents were put off exporting due to excessive red tape and bureaucracy, and a quarter were deterred by worries that they might not get paid.
 
In the UK, like in the US, export promotion is a large part of the government's plan for regaining growth. Of the respondents to the survey some 87 percent were targeting Europe with 45 percent looking to sell to the US.
 
The European angle is important, especially because a new Banking Services Directive was launched by the EU in 2009, under which local banks are supposed to offer SMEs advice and services that will enable them to export more. However, not one respondent of the survey admitted that they had used their local bank for this.
 
"The Services Directive offers huge potential in breaking down barriers to the single market, yet no small businesses surveyed were aware of it," says Mike Cherry, policy director of the FSB.
 
Given the response to the survey, banks should be focusing on offering ways for small businesses to hedge out their currency concerns, as well as helping to cut red tape and bureaucracy.

Dec 20
2010

Tax protesters target British firms

Posted by nicklord in Tax

nicklord


The last Saturday before Christmas is usually one of the biggest shopping days of the calendar in the UK. This year, companies were hit with two problems one of which was entirely new and one which is as old as shopping itself.

The cold weather caused chaos in Britain and deterred many shoppers. But less predictably, a new source of concern is a wave of protests targeting some of the UK's biggest firms. The protests focus on those companies which are thought to use tax-avoidance schemes to reduce their UK corporation tax bill.

Dec 14
2010

Bonus depreciation no bonus, says one expert

Posted by Stephen Taub in TaxdepreciationCredit suisseCashcapital expenditurescapital equipment outlayscapexbonus depreciation

Stephen Taub

While much of the focus of the pending tax cut package seems to be on the reductions and breaks for individuals, there are some goodies tucked in for corporations as well.

They include a two-year extension of the research and development credit, which covers employment costs of employees involved in research, and $22 billion for accelerated depreciation, which allows companies to write off all of their costs of assets placed in service after September 8, 2010 and through December 31, 2011, in one year. This will be followed by 50 percent bonus depreciation for assets purchased during 2012.

Dec 01
2010

Corporate tax change to bring billions into UK

Posted by nicklord in Taxcompliance

nicklord
 

This blog has long contended that one of the benefits of the financial crisis is that governments around the world are bending over backwards to improve the conditions in which private sector companies do business. On Monday we reported on the UN's Doing Business report which corroborated this view with comprehensive figures from around the world.

But it is not just emerging markets. The UK's new coalition government has made being business friendly a cornerstone of its economic policy from the day it came to power last May. A new tax rule announced on Monday shows how serious the government is in not only attracting new companies into the country but also in persuading British companies to stay and not move to lower tax jurisdictions as so many have already done.

Oct 20
2010

Many concerns over reporting uncertain tax positions

Posted by Stephen Taub in uncertain tax positionsTaxRiskIRSFIN 48

Stephen Taub

Executives have a number of concerns as they gear up to comply with the Internal Revenue Service's new disclosure requirement regarding their uncertain tax positions (UTPs).

According to a survey conducted by KPMG's Tax Governance Institute (TGI), 44 percent of the respondents said their biggest concern was providing the concise description for a disclosed UTP. The IRS defines a UTP as a federal income tax position for which a taxpayer or related party has recorded a reserve in an audited financial statement or for which no reserve was recorded because of an expectation to litigate.

Oct 14
2010

Debunking the latest tax-hike rumor

Posted by Stephen Taub in Taxsmall businessRiskCash

Stephen Taub

A rumor currently making the e-mail rounds would-if true-be especially devastating to small business owners. Good thing it is not true.

However, the hysteria among those who have received the e-mail is another reminder of how the internet can be misused and abused.

Oct 03
2010

UK small businesses want less support

Posted by nicklord in Tax

nicklord

 

An intriguing report from the Federation of Small Businesses (FSB) in the UK suggests that 74 percent of small business owners want less government spending. And that includes spending on schemes to support small businesses.

Sep 26
2010

The British are leaving, the British are leaving

Posted by nicklord in Tax

nicklord

 

What do a building supplies company that began life as a maker of sheep shearing tools and Europe's largest bank have in common? Both have plans to leave the UK to escape what many companies see as an iniquitous tax situation.

Jul 28
2010

VC firms escape registration

Posted by mcole in venture capitalTaxSecurities and Exchange CommissionRisk, returns, private equity, financial reformcompliance

mcole

Call it a victory for the venture capital industry.

Unlike other alternative investment firms such as private equity funds and hedge funds, under the new financial regulation bill venture capital funds are not required to register with the Securities and Exchange Commission if they have at least $150 million under management.

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