Globig’s podcast guest is Shannon Lemmon, a Partner and specialist in International Tax Services at Eide Bailly, one of the top accounting firms in the US.
The new Republican tax bill went into effect January 2018 and it significantly impacts US international tax rules. It’s been said the new bill represents the largest overhaul of the US tax code since 1986. Shannon helps us to understand what the biggest changes are, when they will impact us, and what impact those changes will have.
Even though things are still changing and accounting firms are receiving weekly updates on the new laws from the IRS, we explore the following key areas:
1. US changing to a Territorial tax system – what is it, how does it impact companies, and how is it changing?
2. Deemed Repatriation Tax – probably the biggest impact for most US companies
3. Imposing a Toll tax on undistributed earnings and profits (E & P) of US owned foreign corporations
4. Indirect foreign tax credit elimination (FTC)
5. Modifying the current subpart F and anti-deferral provisions
6. Global Intangible low-tax income (GILTI)
7. Base erosion and anti-avoidance tax (BEAT)
8. Foreign derived intangible income (FDII)
Resources:
Shannon Lemmon LinkedIn Profile