The Georgia International Business Index (GIBI) Report is underwritten by the Manufacturing and Distribution Group of Smith & Howard, a top Atlanta accounting firm, and is produced quarterly by the Econometric Center at Kennesaw State University.
The GIBI increased 14.8 points, from 47.7 for fourth quarter 2014 to 62.5 for first quarter 2015 based on increases in all underlying variables.
celliott
Recent Posts
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Topics: Georgia Manufacturing, GIBI, Uncategorized
Companies with profitable export sales may realize permanent tax savings by utilizing an Interest-Charge Domestic International Sales Corporation (IC-DISC).
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Topics: IC-DISC, Tax, Uncategorized
U.S. and India reach transfer pricing agreement.
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Topics: Transfer Pricing, Tax, Uncategorized
Tax Lien Purchasers Held Properties to Sell In Course of Business, Had Ordinary Income
Posted by celliott on Feb 9, 2015 4:01:47 PM
Tax lien purchasers held properties acquired by tax deed primarily for sale in the ordinary course of their business and earned ordinary income from the sale of those properties (SI Boo, LLC v. Commissioner, T.C., No. 174-11, T.C. Memo. 2015-19, 2/4/15).
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Topics: Construction, Uncategorized
Who is a real property broker under the passive activity loss rules?
Posted by celliott on Feb 9, 2015 3:48:09 PM
In Chief Counsel Advice (CCA), IRS has concluded that a real estate agent who brings together buyers and sellers of real property can be a so-called “real estate professional” who is engaged in a real property brokerage trade or business as described in Code Sec. 469(c)(7)(C) of the passive activity loss (PAL) rules. However, a mortgage broker who is a broker of financial instruments isn't engaged in a real property brokerage trade or business.
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Topics: Construction, Uncategorized
Deductibility of a repair expenditure is based on a taxpayers facts and circumstances. Below is a series of questions to ask to finally arrive at the answer of deductibility. The following questions can help in making the determination. However, the following questions are not all inclusive and an answer to one question may lead to another question to ensure clarification and understanding of the facts and circumstances.
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Topics: manufacturing, tangible property regulations, Uncategorized
Accounting Implications from the Tangible Property "Repair" Regulations
Posted by celliott on Feb 6, 2015 1:29:15 PM
There are numerous tax compliance and financial accounting implications related to the Tangible Property “Repair” Regulations (“Regulations”). The implementation of these Regulations will likely require multiple, annual tax elections and tax accounting method changes. These Regulations affect capitalizations procedures and policies related to acquisition, production, and improvement of tangible property and will affect the determination of current taxable income, deferred income taxes, and liabilities for uncertain tax benefits (“FIN 48”). This ASC 740 Q&A addresses the main tax compliance and reporting requirements for businesses and the United Stated Generally Acceptable Accounting Principles (“GAAP”) implications (i.e., financial reporting aspects).
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Topics: manufacturing, tangible property regulations, Uncategorized
Regulators Extend Tax Probe to All European Union States
Posted by celliott on Jan 30, 2015 1:08:39 PM
European Union (EU) antitrust regulators have asked all 28 member countries for information on tax arrangements they made with multinational companies between 2010 and 2013.
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Topics: European Union, International Tax, Tax, Uncategorized
The Internal Revenue Service (IRS) released revised Publication 515, Withholding of Tax on Nonresident Aliens and Foreign Entities (http://www.irs.gov/pub/irs-pdf/p515.pdf). Although the publication is primarily for use in 2015, it also includes information relevant to 2014.
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Topics: FATCA, FIRPTA, International Tax, IRS, Tax, Uncategorized, Withholding Tax
The European Union's (EU's) Taxation and Customs Union Directorate General published a new guide on EU member states' policies on value-added tax (VAT) refunds for visitors. It can be found at http://ec.europa.eu/taxation_customs/common/travellers/leave_eu/vat_refund_index_en.htm.
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Topics: European Union, International Tax, Tax, Uncategorized, VAT