1st October 2018
MGI North America member firm Hoberman & Lesser CPA's, LLP, is pleased to provide fellow members with an updated Guide to Doing Business in the U.S.
There have been several significant changes affecting all business in the U.S. this year. Two of the major events have been the Tax Cuts and Jobs Act of 2017 (“TCJA”) and the Supreme Court ruling on sales taxes in the Wayfair (“Wayfair”) case. The TCJA changes the income tax rate and a host of other provisions affecting depreciation, inventory calculations, and deductibility of several business expenses.
Additionally, the Wayfair case imposes an increased burden on companies to comply with individual states reporting requirements for sales tax. Many people believe that income tax reporting with The Wayfair case allows states to impose their sales tax rules on out-of-state entities — even entities located outside of the U.S. — for sales made to residents of their state, even if they do not have a physical presence in the state to follow.
Hoberman & Lesser CPA's, LLP, hopes that members enjoy this updated guide and that it provides a useful summary of the tax and business provisions to take into consideration when clients are looking to do business in the U.S.
MGI Worldwide members can access the updated 'Foreign Companies Doing Business in the United States' guide HERE.
For further details please visit Hoberman & Lesser CPA's, LLP's member profile page HERE or contact Robert Hoberman firstname.lastname@example.org
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