Andersen Global reinforces its existing European platform through a Collaboration Agreement with thg, one of the largest accounting and tax firms in Belgium

One of the most lively topics in the world of state and local tax over the last few years has been the ongoing efforts to work around the limitations on the federal deductibility of state and local taxes (SALT) put into place with the 2017 Tax Cuts and Jobs Act.

The U.S. Justice Department (DOJ) cited as substantive authority in a reply brief a tax law article co-authored by Andersen Managing Director Joe Calianno. In its reply brief filed in Amazon.com et. al. v. Commissioner, No. 17-72922, which is pending in the U.S. Court of Appeals for the Ninth Circuit, DOJ cited to "Calianno & Dokko, Foreign Goodwill & Going-Concern Value, Corporate Taxation, 2017 WL 3635344 (2017).”

Andersen Global enhances its platform in Peru as Picón & Asociados, a collaborating firm since 2018, becomes the latest member firm to join the global organization. The announcement comes on the heels of the most recent member firm addition in Mexico as Andersen Global continues to strengthen its presence in Latin America and provide a suite of global, integrated services.

The article "Tax Losses Related to the Russia-Ukraine War” is featured on LexisNexis Practical Guidance. Authored by Andersen Managing Directors Ellen MacNeil, Mary Duffy and Sid Luckenbach along with Senior Manager Deanne Morton, the article details how a business can determine if a casualty loss sustained as a result of the Russia-Ukraine War qualifies for a deduction on its U.S. federal tax return.

Since the passing of the Tax Cuts and Jobs Act in 2017, several states have enacted or are contemplating enacting pass-through entity taxes (PTETs) as workarounds to the $10,000 cap on the federal state and local tax deduction.

Taxpayers with audited financial statements (AFS) have new opportunities under the final Sec. 451 regulations to defer recognizing income under the Sec. 451(b) book acceleration rule (see this Tax Release for a summary of the final Sec. 451 regulations). Those taxpayers with unbilled revenue or contract assets on the GAAP balance sheet may be able to defer such revenue for tax purposes under the new guidance.

In some families, younger generations start private equity funds and raise capital from both family and outside investors.