Internal Revenue Service Appoints New Deputy Commissioner

Posted on March 01, 2014. Category: Tax Publications

New Commissioner The Internal Revenue Service announced on August 26, 2013 the appointment of a new Deputy Commissioner for Services and Enforcement.   John M. Dalrymple has been with the IRS for 31 years and started his new role on September 16, 2013.  He has previously served as IRS Deputy Commissioner for Operations Support from 2003-2006.  This position is a career civil service position reporting directly to the IRS Commissioner.Functional Role As the Deputy Commissioner for Services and Enforcement, Mr. Dalrymple will oversee nine operating divisions or offices: •    Wage & Investment Division •    Large Business...

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California Manufacturing Exemption

Posted on March 01, 2014. Category: Tax Publications

In an effort to drum up business development in the Golden State, California sales and use tax will be exempted from the gross receipts of businesses that sell, use, or consume tangible personal property (TPP) via manufacturing, processing, refining, fabricating, research and development, certain contracting usage, and sale or purchase of bio-technology equipment. The exemption aims to eliminate the 7.5% California state sales and use rate for taxpayers and promote business development for the next near-decade.  It’s important to mention that other taxes may still apply on these transactions.  These sales are not exempt from local California...

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Consumer Use Tax – A Primary Target of Auditors?

Posted on February 16, 2014. Category: Tax Publications

Even though your business may have a good handle on charging its customers the correct amount of sales tax on all taxable transactions, your business purchases may not face the same amount of scrutiny.  This gap may lead to problems.  In fact, California found that for the 2011-2012 sales and use tax period audited, failure to pay consumer use tax was the number one issue for taxpayers.What Is Consumer Use Tax? Consumer use tax is simply the tax on purchases when sales tax is due but not collected.  Because it is triggered by the absence of...

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2014 Logistics Outlook

Posted on January 20, 2014. Category: Logistics Publications

Every year we receive several publications that provide insights into industry forecasts from several angles regarding various transport modes.  Similarly, every year we get approached by customers seeking information into what is expected to happen with the transportation industry in the new year.    To this end, this year we decided to compile notes from several sources with the intention to create a brief summary for you about what experts predict to be the trends in transportation for 2014.Global Economy Overall, Trade is expected to pick up in the coming months, although not at a staggering pace.   ...

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2014 Logistics Outlook

Posted on January 12, 2014. Category: Logistics Publications

Every year we receive several publications that provide insights into industry forecasts from several angles regarding various transport modes.  Similarly, every year we get approached by customers seeking information into what is expected to happen with the transportation industry in the new year.    To this end, this year we decided to compile notes from several sources with the intention to create a brief summary for you about what experts predict to be the trends in transportation for 2014.Global Economy Overall, Trade is expected to pick up in the coming months, although not at a staggering pace.   ...

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New York Readopts Emergency Rule to Enact Excelsior Jobs Program

Posted on December 26, 2013. Category: Tax Publications

The Department of Economic Development has readopted emergency rule 5 NYCRR Parts 190 through 196, effective November 13, 2013, to implement the Excelsior Jobs Program. This program adds definitions, procedures to claim the credit, and incorporates other changes and amendments to strengthen the program. Excelsior Jobs Program In a Nutshell The Excelsior Jobs Program of New York provides incentives to these targeted industries: biotechnology, pharmaceutical, high-tech, clean-technology, green technology, financial services, agriculture and manufacturing. There are four tax credits available to firms in these industries if they meet requirements related to creating and maintaining new jobs and/or making significant financial investments in...

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WTO Successfully Completes Agreement in Bali

Posted on December 22, 2013. Category: Trade Publications

After meeting from December 3-6, 2013, the World Trade Organization (WTO) has agreed on a major deal for the first time. The historical deal, which was struck in Bali, Indonesia on December 7, is designed to increase trade among countries by reducing legal challenges and costs. It is known as the Bali Package and is part of ongoing WTO negotiations that were started in the 2001 Doha Development Round. The Bali Package is anticipated to add 1 trillion dollars to the world economy and the focus of the agreement is in trade facilitation, agriculture, and issues faced by developing countries.    Trade facilitation...

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Are CFO’s Overlooking Free Money?

Posted on December 13, 2013. Category: Tax Publications

Knowledge of Tax Credits & Incentives Lacking among CFO’sA recent survey conducted by Ernst & Young found that there is a large gap between what a business’ tax executives know about incentives and what its CFO knows.  CFO Magazine indicates that 36 percent of the respondents to the survey said their CFO was only “somewhat aware” of potential benefits from tax credits and incentives, while 20 percent said their CFO is “not at all aware”.  The business impact of this lack of knowledge can significantly affect profitability.Use of Credits and Incentives...

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If it fits, it ships…. Not really!

Posted on December 12, 2013. Category: Logistics Publications

I always believed the slogan, “if it fits, it ships.” However, that is not always true. Although it may fit into the box, it doesn’t mean that the box is strong enough for shipping. Boxes have packaging specifications. According to the Argrov Box website, “the Manufacturer's Certification Stamp is usually printed on one of the bottom flaps of the box. The stamp identifies the material as "singlewall", "doublewall", or "triplewall". It also certifies the Mullen Bursting Test (most common is 200 lbs. per square inch) or the Edge Crush Test (ECT 32 lbs. per inch).The...

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Establishing a Compliance Plan for 2014

Posted on December 11, 2013. Category: Trade Publications

As we quickly approach 2014, the timing is right to improve your company’s overall import compliance. 2014 can be the year to put in motion new ideas, or to finally address old ideas that have been placed on the back burner.  Below you will find a blueprint for establishing your compliance plan, as well as a list of projects that will help you drive increased compliance.   Establishing a plan Starting the New Year off with the right momentum is the key for having a successful and compliant year. The first and most important thing that a company...

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