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Washington Tax Insight August 2020

Politics and Congressional Activity Despite spending the last several weeks working on the next phase of COVID-19 relief legislation, Congressional leaders and the Administration have failed to reach agreement and the negotiations appear to be stalled this week.  The House and Senate are both technically still in session, but many members have returned to their home districts subject to a call to return should a deal be reached.  Both chambers […]

August 11, 2020

Delaware SOS VDA Outreach Update

In our blog post on February 21, 2020, we announced that the Delaware VDA Administrator had sent an email to True Partners Consulting and other holder advocates stating that the Delaware Secretary of State’s (“SOS”) Office would be mailing over 100 letters to various companies that have been identified as likely being out of compliance with Delaware’s unclaimed property statutes. Beginning on February 22, 2020, outreach letters were sent stating […]

August 6, 2020

IRS Finalizes Guidance on Deduction for Foreign-Derived Intangible Income (FDII) & Global Intangible Low-Taxed Income (GILTI)

On July 9, 2020, Treasury and the IRS issued final regulations (“Final Regulations”) that provide guidance on deductions for Foreign-Derived Intangible Income (FDII) and Global Intangible Low-Taxed Income (GILTI) allowed to domestic corporations under §250 of the Internal Revenue Code (the Code).  These Final Regulations provide guidance on the computation of both deductions, substantiation and documentation requirements, and whether income is foreign-derived for the purpose of FDII.  The guidance also […]

July 31, 2020

Show Me the Money: True Partners Virtual CPE Day 2020

When: Friday, August 14, 2020 (8:00am – 2:00pm Pacific | 10:00am – 4:00pm Central | 11:00am – 5:00pm Eastern) Where: Your computer Cost: FREE! Many companies are looking for ways to increase cash and reduce costs due to the COVID-19 pandemic and its effects on the U.S. and global economies. True Partners Consulting, a trusted tax and business advisory firm, has put together six virtual training sessions to help you […]

July 28, 2020

Preparing for Fall 2020 Unclaimed Property (“UP”) Compliance – COVID Version

The busy fall UP reporting season just three short months away.  As we head into the last month of summer, here is our list of the five big action item “best practices” recommendations to help your organization get through the busy fall UP reporting period: Review All Potential UP With the current economic downturn due to COVID shutdowns, states are seeing a big drop in tax revenues.  As a result, […]

July 28, 2020

Prospects For a 4th Phase of Federal Stimulus & Relief in Response to the COVID-19 Crisis

Congressional Schedule and Prospects   As summarized in past True Alerts (Tax Issues Addressed by COVID-19 Emergency Legislation; Congressional Action on the COVID-19 Pandemic: The CARES Act), Congress has passed several major pieces of legislation to provide economic relief to the US economy and US taxpayers from the impact of the COVID-19 crisis.  Immediately after completing action on the Coronavirus Aid, Relief & Economic Security Act (“CARES Act”), the attention […]

July 15, 2020