Coronavirus Update - January 20

Posted on January 20, 2021. Category: Coronavirus Updates

Allyn International is committed to providing you with the latest updates during this very fluid and everchanging period. Our goal with the information provided below is to give you at a high-level, a current overview of the most heavily impacted regions.It has been nearly a year since the World Health Organization declared the outbreak of COVID-19 to be a Public Health Emergency of International Concern and restrictions and lockdowns are still very present in several nations across the globe.The following tables will provide the current cargo transport operational status and capacity levels for heavily affected countries.* Source: Freightos...

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New Guidance for Marketplace Facilitators Making Sales to Illinois

Posted on January 18, 2021. Category: Tax Publications

The Illinois Department of Revenue issued a new bulletin effective January 1, 2021 providing additional guidance for marketplace facilitators. The bulletin supplements Informational Bulletin FY 2021-02.It advises that as part of the tax remittance threshold determination, marketplace facilitators must exclude the following types of sales, 1) sales for resale (see 86 Ill. Adm. Code 130.210) and 2) sales of tangible personal property that is required to be registered with an agency of Illinois (motor vehicles, watercraft, aircraft, and trailers).All sales other than the above, including sales exempt from tax, must be included in calculating the tax remittance thresholds.As marketplace facilitator sales are considered...

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The Especial Case of Northern Ireland after Brexit

Posted on January 15, 2021. Category: Trade Publications

Good Friday agreement ended with the violence of the Troubles, a political conflict between Northern Ireland and the Republic of Ireland that had ensued since the late 1960s. This agreement established a cooperation relationship between both regions and with Great Britain with a set of strands.One of the key elements of Brexit was not to have a hard border when separating the UK from the EU. In response to that, the border was established in the sea that surrounds the island of Great Britain, leaving Northern Ireland with the following conditions:Moving goods from Northern Ireland to Great Britain...

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Nevada Tax Amnesty Program Begins this February

Posted on January 14, 2021. Category: Tax Publications

Who Qualifies and How Can you Benefit?Legislation has been enacted which requires the Nevada Department of Taxation to implement a tax amnesty program. Businesses and individuals doing business in Nevada, which currently have a tax liability, may want to take advantage of this one-time tax amnesty program. Taxpayers can remit delinquent taxes and Nevada may waive both penalties and interest which would normally be assessed. If the amount of delinquent tax is significant or dates back over prior years, this can result in significant savings to a business or individual. There are, however, a few requirements which must be...

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Brexit Deal: What It Means For Importers

Posted on January 14, 2021. Category: Trade Publications

The United Kingdom has not been a member of the European Union since January 2020, one year ago. However, the effects of the change were not immediately felt as all parties agreed upon a transition period of 11 months. That time expired with the dawning of January 1, 2021.During the nearly four years since the British people voted to leave the EU, British politicians have struggled to find an exit plan that satisfied their national goals and was also acceptable to the EU. Finally, on Christmas Eve 2020, an agreement was reached, narrowly avoiding a “No Deal” Brexit, which would likely have...

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What You Need To Know About UK-EU Shipping Post Brexit

Posted on January 13, 2021. Category: Trade Publications

Common TransitAs of 1st January 2021, all goods moving between the UK and the EU require export and import declarations.The UK Government recommends the use of common transit when exporting or taking goods out of the UK to move them quickly and delay duty until the destination is reached. The documents are also known as T1, T2 and T2F declarations and these will depend on the status of the goods if they are union goods or non-union goods and on its destination.Common transit is a customs procedure that allows the movement of goods to, from, through or...

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Coronavirus Update - January 12

Posted on January 12, 2021. Category: Coronavirus Updates

Allyn International is committed to providing you with the latest updates during this very fluid and ever-changing period. Our goal with the information provided below is to give you at a high-level, a current overview of the most heavily impacted regions.In a typical January, we would begin to see carriers cutting capacity from the market as we near the Chinese New Year. Much like the last year, 2021 is proving to be anything but typical. When compared to last year, container lines have canceled only 5 sailings versus 2020 when carriers canceled 88 sailings during this same period.The following tables will provide...

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Red Flags that Lead to IRS Audits

Posted on January 11, 2021. Category: Tax Publications

To paraphrase Franklin Roosevelt, the only thing we have to fear is an audit. The most important thing to know about audits is that there is no guaranteed way to prevent one. Therefore, it should be no surprise that the most trusted way to prevent an audit is to ensure that your tax returns are filed timely, accurately, with integrity, and in accordance with sound accounting principles. Everything you do that causes your business to stand out increases your risk. Below I have listed several reasons that can trigger an audit and ways to minimize that risk.Extravagant ExpensesAre...

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Organizational Restructure of the Panama Canal

Posted on January 11, 2021. Category: Logistics Publications

Although the Panama Canal is mainly known for its role in allowing the passage of ships between the Atlantic and Pacific oceans, it is also responsible for providing 95% of the region’s drinking water. In recent years, however, both functions of the canal are being threatened by new weather phenomena triggered by climate change. As the Canal’s administration struggles with water conservation management, the global pandemic continues. For the Panama Canal, COVID-19 has highlighted the importance of artificial intelligence and data analysis technology in developing strategies for revenue management based on real-time information.Spurred on by global...

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Alabama Tax Relief- Hurricane Zeta

Posted on January 07, 2021. Category: Tax Publications

Who is impacted and what are the Benefits?The Alabama Department of Revenue announced January 5, 2021 that tax relief is available for businesses and individuals residing in 7 different Alabama counties if they were impacted by Hurricane Zeta. These are areas identified by the Federal government as disaster areas and include the following counties: Clarke, Dallas, Marengo, Mobile, Perry, Washington, and Wilcox. Qualifying taxpayers will be granted a tax filing extension and must file their tax returns by March 1, 2021. The Alabama Department of Revenue is also offering penalty relief for tax returns filed by this deadline. This can mean significant savings in...

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