Showing posts with label Accounting Today. Show all posts
Showing posts with label Accounting Today. Show all posts

Friday, August 17, 2018

Tabla de taxes en Estados Unidos

La tabla de taxes en estados unidos más altas corresponden a 5 estados, por ejemplo la tasa de Washington es del 8.92%, el de Alabama es de 9.01%, la tasa de Arkansas es del 9.30%, la tasa de Tennessee es del 9.46% y el de Luisiana es del 9.98%.

De todos modos la tasa del impuesto a las ventas es diferente de cuerdo al estado, pero también en base a los ingresos recaudados de un impuesto que a su vez afecta a la economía.

Esta diferencia hace que los consumidores elijan comprar productos on line o cruzar la frontera, pues los consumidores también deben hacer frente a los impuestos a las ventas locales que pueden ser altas.

Pero un estado puede tener un impuesto a las ventas con un porcentaje moderado y en todo el estado se podría estipular una tasa local y estatal combinada alta comparándolo con otros estados.

A nivel estatal California es el estado con la tasa de impuestos a las ventas más alta: el 7.25%. En  Tennessee, Rhode Island e Indiana, la tasa es del 7%. En Colorado la tasa a las ventas es del 2.9% y en Wyoming, Nueva York, Hawái, Georgia y Alabama es del 4%.

Cuando no se cobra el impuesto a las ventas, tiene que ver con áreas con diferencia en la tasa de impuestos a las ventas entre dos jurisdicciones, ya que los consumidores de estas áreas hacen sus compras en las de bajos impuestos  como en los suburbios como por ejemplo en Chicago que evitan un tasa del 10.25% por el impuesto a las ventas.


Del mismo modo las empresas buscan áreas con tasas menores, como por ejemplo en Nueva Inglaterra las empresas minoristas buscan New Hampshire  en lugar de Vermont para instalar su empresa para evitar el impuesto a las ventas.

Top five tax planning opportunities for individuals in 2018

As we enter into the tax planning stage of the year, the focus shifts to helping clients understand the impact of the Tax Cuts and Jobs Act and optimize their tax positions. That is no small task, given that there are over 130 new tax provisions.

No. 5 — Itemized deductions versus the standard deduction

The Tax Cuts and Jobs Act roughly doubles the standard deduction. This means that for 2018, joint filers can enjoy a standard deduction of $24,000. However, the new law suspends personal exemption deductions and eliminates or limits many of the itemized deductions. For example, the state and local tax deduction is now capped at $10,000 per year, or $5,000 for a married taxpayer filing separately. Also, the Tax Cuts and Jobs Act temporarily eliminates miscellaneous itemized deductions subject to the 2 percent floor (like tax preparation fees and employee business expenses) and limits the home mortgage interest deduction to home acquisition debt of up to $750,000, or $375,000 for a married taxpayer filing separately.
So, what does this mean for tax payers? For those who typically claim the standard deduction, chances are their tax bill will decrease for 2018. Although personal exemption deductions are no longer available, a larger standard deduction, combined with lower tax rates and an increased child tax credit, may result in less tax. Also, you may find that clients who itemized last year won’t itemize this year, or they may be able to itemize for state income tax purposes but not for federal. You will need to run the numbers to assess the impact for each client. Depending on the results, you may need to adjust your clients’ estimated quarterly tax payments or encourage them to turn in a new Form W-4 to their employers.

No. 4 — Revisit your qualified tuition plans

Qualified tuition plans, also called 529 plans, are a great way to ease the financial burden of paying for college. Before the Tax Cuts and Jobs Act, earnings in a 529 plan could be withdrawn tax-free only when used for qualified higher education at colleges, universities, vocational schools or other post-secondary schools. Thanks to the Tax Cuts and Jobs Act, 529 plans can now be used to pay for tuition at an elementary or secondary public, private or religious school, up to $10,000 per year. If your clients are paying tuition for their children or grandchildren to attend elementary or secondary schools, encourage them to either set up or revisit their 529 plans. They’ll thank you for it later.

No. 3 — Watch out for home equity debt interest

Under the Tax Cuts and Jobs Act, home equity debt interest is no longer deductible. Or so you thought. According to the IRS, interest paid on home equity loans and lines of credit is deductible if the funds were used to buy or substantially improve the home that secures the loan. In other words, it’s treated as home acquisition debt subject to the new $750,000/$375,000 limit. This is good news for homeowners, but it forces you to trace how the proceeds were used. If your client used the cash to pay off credit card or other personal debts, the interest isn’t deductible, even if the payoff occurred prior to 2018.

No. 2 — Bunch charitable contributions

The new law temporarily increases the limit on cash contributions to public charities and certain private foundations from 50 to 60 percent of adjusted gross income. However, the doubling of the standard deduction and changes to key itemized deductions will prevent some clients from itemizing in 2018 and therefore benefiting from this increased limit. One way to combat this is to bunch or increase charitable contributions in alternating years. Suggest that clients set up donor-advised funds. This will allow them to claim a charitable tax deduction in the funding year and schedule grants over the next two years or other multiyear periods. Clients can take advantage of the deduction when they’re at a higher marginal tax rate while actual payouts from the fund can be deferred until later. It’s a win-win situation.

No. 1 — Maximize the qualified business income deduction

Perhaps the hottest topic of the Tax Cuts and Jobs Act is the new qualified business income deduction under Section 199A. Individuals who own interests in a sole proprietorship, partnership, LLC, or S corporation may be able to deduct up to 20 percent of their qualified business income. However, the deduction is subject to various rules and limitations.
Although the final official guidance is lacking on this new deduction, there are some planning strategies that can be considered now. For example, clients can adjust their business’s W-2 wages to maximize the deduction. Also, it may be beneficial for clients to convert their independent contractors to employees where possible, but make sure the benefit of the deduction outweighs the increased payroll tax burden and cost of providing employee benefits. Other planning strategies include investing in short-lived depreciable assets, restructuring the business, leasing and selling property between businesses, and, yes, even getting married.

Thursday, August 9, 2018

Las 6 economías que crecerán más y menos en América Latina en 2018

Este debería ser un buen año para Latinoamérica en lo que se refiere a crecimiento económico.

Aunque sus pronósticos no son idénticos, varios organismos internacionales han proyectado que el Producto Interno Bruto (PIB) regional aumentará: un 2% según el Banco Mundial (BM); un 1,9% según el FMI y un 2,2% según la CEPAL.

"La economía de la región se encuentra en el medio de una franca recuperación, luego de dos años de crecimiento negativo. Sin embargo, aún enfrenta riesgos y desafíos en el corto y largo plazo", le dijo a BBC Mundo Carlos Arteta, economista jefe del BM.

Según el informe de esta organización titulado "Perspectivas Económicas Mundiales", el fortalecimiento del consumo y la inversión privada, especialmente en países exportadores de productos básicos, impulsarán el crecimiento regional.

En este escenario, la recuperación de Brasil -que representa 40% del PIB regional- es uno de los factores más importantes.

"Una mejora gradual en el precio de productos básicos y una menor incertidumbre en materia de política económica, ayudarán a la recuperación de la inversión en la región", agregó Arteta.

Además, se prevé que el repunte de la economía mundial y la demanda de materias primas por parte de China, beneficien a las exportaciones regionales.

La investigación del BM también proyecta que Brasil repuntará este año con un crecimiento de 2%, en la medida que mejores condiciones laborales y baja inflación, impulsen el consumo privado. También ese repunte depende de que desaparezcan los efectos residuales de la recesión y que exista un mayor respaldo a la inversión.

En el caso de México, el otro gigante regional, el organismo prevé un crecimiento de 2,1%, porque espera que se produzca una recuperación en las inversiones, aunque mucho dependerá de cómo evolucione la incertidumbre en torno al futuro del Tratado de Libre Comercio de América del Norte y al resultado de las elecciones presidenciales de julio.

"Una mayor incertidumbre política en países como Brasil, Guatemala y Perú podría frenar el crecimiento", dijo Arteta, ya que podría afectar la confianza de los agentes económicos.

Tuesday, August 7, 2018

FASB updates accounting for leasing standard

The Financial Accounting Standards Board issued an accounting standards update Monday to reduce cost and ease implementation of the leasing standard for financial statement preparers.

The ASU simplifies transition requirements. For lessors, it also provides a practical expedient for the separation of non-lease components from lease components.

The update also provides an option to apply the transition provisions of the new standard at its adoption date, instead of at the earliest comparative period presented in its financial statements; and a practical expedient that permits lessors to not separate non-lease components from the associated lease component if certain conditions are met.

“The targeted improvements in the ASU address areas our stakeholders identified as sources of unnecessary cost or complexity in the leases standard,” said FASB Chairman Russell Golden in a statement. “They represent the FASB’s commitment to proactively address implementation issues raised by our stakeholders to ensure a successful transition to the new standard without compromising the quality of information provided to investors.”

Wednesday, June 6, 2018

Diez de los CEO hispanos más influyentes de Estados Unidos.

La comunidad hispana en Estados Unidos crece día a día, en número de personas y en la importancia que éstas adquieren en el mundo empresarial. El mayor acceso de la comunidad hispana a la educación secundaria y universitaria ofrece al mundo laboral miles de profesionales con gran preparación que, en muchas ocasiones, llegan a  formar parte de los consejos de administración de algunas de las empresas más importantes del país.

El puesto de Chief Executive Officer (CEO)en EEUU, equivalente al Director Ejecutivo o Consejero Delegado encargado de la dirección, administración y organización de la compañía, ya no es un cargo exclusivo de una nacionalidad.

Aquí están diez de los CEO hispanos más destacados del momento:

 1. Paul Díaz (Kindred Healthcare). Es CEO de una de las mayores empresas del sector de la salud de Estados Unidos. La empresa tiene presencia en 46 estados, con 76.000 empleados y unas ganancias de 6.000 millones de dólares anuales. Paul Díaz es además participante en actividades de la Universidad George Washington, donde se graduó en Derecho.

 2. Pedro Fábregas (Envoy Air). Dirige una de las aerolíneas regionales más grandes del mundo. A su cargo tiene más de 14.000 personasque se encargan de que cada vuelo entre las 150 ciudades en las que operan salga de manera perfecta. Es graduado por la Universidad  del Sagrado Corazón de Puerto Rico y posteriormente obtuvo un máster en la Universidad de Miami.

3. George Paz (Express Scripts).  A cargo de una de las empresas más grandes de América, puede presumir de ser el CEO hispano mejor pagado de todos ya que ha llegado a conseguir crecimientos del 30% en un año. Asistió a la Universidad de Missouri y está caracterizado por su dirección humilde y de decisiones consensuadas.

4. Paul Raines (GameStop Corp.). Es el CEO de la compañía desde junio de 2010. La compañía se dedica al software de videojuegos y entretenimiento, con más de 17.000 empleados y unos ingresos de 9.500 millones anuales.

5. Carlos A. Rodríguez (Automatic Data Processing, Inc.). De origen cubano y con una carrera y MBA en Harvard, es el CEO de uno de los proveedores de capital humano y contratación más grande del mundo. Llevó a la compañía a ingresos de 11.000 millones de dólaresy trabajan en más de 125 países.

6. Joseph Mario Molina (Molina Healthcare, Inc.). Egresado de Química de la California State University y de Medicina por la Univeristy of Southern California.  La compañía que dirige fue nombrada una de las 25 hispanas con más influencia en América y sirven a más 1,8 millones de personas. Se trata de una empresa familiar fundada en 1980 que fue expandiéndose por todo Estados Unidos, desde California a los diez Estados en los que ya se encuentra.

7. Tony Jiménez (MicroTech). La empresa ofrece servicios de tecnología, computación e integración de sistemas de redes en más de 100 proyectos federales, con acceso a 2.500 vendedores y más de un millón de productos y servicios de tecnología. Jiménez es el fundador de la empresa y ha sido reconocido con varios premios y galardones como uno de los principales líderes en la industria de la tecnología y uno de los hispanos más influyentes del país.

8. Andrés Ruzo (Link America), Nacido en Perú, Ruzo fundó Link America en 1994 empresa dedicada al suministro de soluciones logísticasinnovadoras y servicios profesionales técnicos. En 2012 Link America fue reconocida como la primera empresa de mayor crecimiento hispano en los EE.UU.

9. Gerardo I. López (AMC Entretaiment Inc.). Desde 1920, AMC es una de las compañías de salas de cine más grande de EEUU, con más de 300 salas en todos el país. López ocupa su dirección desde marzo de 2009. Anteriormente ocupó el cargo de Vicepresidente Ejecutivo de Starbucks Coffee Company. Es licenciado en Marketing por la Universidad George Washington y MBA en Finanzas por la Universidad de Harvard Business School.


10. José Robles (USAA). Robles, nacido en Puerto Rico, es el presidente y director ejecutivo de USAA, una de las principales empresas de servicios financieros de Estados Unidos. Con sede en San Antonio (Texas) y con oficinas en todo Estados Unidos y Europa, USAA posee y gestiona activos de 182.000 millones dólares.

Tuesday, June 5, 2018

GDPR can have an impact on U.S. accountants

The European Union’s General Data Protection Regulation takes effect Friday, and it could affect accountants and auditors, along with their clients, in the U.S.

Under the GDPR, any company that gathers, monitors or manages the personal information of EU residents will need to make drastic changes in how it gets and stores the data. Companies in both Europe and the U.S. have been blitzing consumers in recent weeks with emails about new user agreements and privacy policies, while some U.S. businesses have announced they will need to exit the European market.

“There’s a lot of U.S. companies that are selling goods and services to individuals in the EU, and there are many dotcom companies and ecommerce companies that have a global footprint and are selling to people all over the world, even if their employees and infrastructure are all in the United States,” said Jeffrey Sanchez, security and privacy managing director at the global consulting firm Protiviti. “Certainly GDPR applies to those organizations. GDPR also applies to other brick and mortar companies that are selling goods and services, whether it’s airplane parts, construction equipment, or a variety of finished products in Europe, where GDPR is going to apply. The reach of GDPR is very broad. One of the biggest changes between the previous privacy legislation and GDPR is that GDPR applies to any company, regardless of where they’re physically located if they’re selling goods and services to people inside the EU.”

Even though the deadline for complying with the new rules is supposed to be Friday, May 25, 2018, many businesses in the U.S. are only now hearing about the new rules, and their accountants can help them get up to speed and audit their compliance.

“Accountants play lots of different roles,” said Sanchez. “If you talk about accountants that play an internal audit role or advisory role, we see in many companies internal audit playing a key role of assisting the organization with their implementation of GDPR. For example, one of the requirements of GDPR is to develop an inventory of all the processing activities. It’s called a Record of Processing Activities, or a ROPA. Internal audit and the accounting people who generally make up an internal audit function are uniquely positioned to be able to assist the organization with developing that because internal auditors generally have a very broad understanding of the organization. They’re very process oriented and they have the skill sets and tools to do data flow maps. I think internal audit in particular is very well suited to helping an organization to go through this process.”

He also sees a role for internal audit in evaluating whether a company is complying with GDPR. “It’s not unlike auditing other regulations, going through and assessing is the company following its policies and procedures,” said Sanchez. “I think those are all activities that internal audit or accountants working in a business consulting advisory type of model are very well suited for assisting organizations.”

Accountants might even be able to help with all those emails that have been hitting inboxes recently. GDPR requires a lawful basis for processing of personal data by companies, and in many cases companies have been updating their privacy agreements while notifying customers about the changes.

“Organizations that are subject to GDPR, those that are offering goods and services into Europe, are going through and revamping their privacy policies,” said Sanchez. “That’s why you see all these companies releasing new privacy statements and privacy policies in the last couple of weeks. One of the requirements of GDPR is that organizations have to have a legal basis for processing. That means that there has to be a legitimate reason why the organization is allowed to use and process the personal data on the European data subjects, so we also see a lot of activity with organizations going through and updating consent language, or documenting other legal bases of processing if they’re not using consent as the basis of processing. I think that’s something accountants can help organizations update their legal basis of processing and assist with the documentation associated with that activity.”

Some of the main requirements of GDPR include the right to access, which gives people the right to obtain their data and to know how it’s being handled; the right to rectification, allowing citizens to amend and correct their personal data; and the right to erasure, also known as the right to be forgotten, permitting subjects to request deletion of their related personal data.

Ready or not, the GDPR takes effect Friday, so companies are scrambling now to comply as best they can.

“The European privacy authorities have all said there’s not going to be an extension,” said Sanchez. “One of the privacy authorities stated that companies have had two years to implement this. That was their two-year grace period, and there’s not going to be any additional grace period, but I think what we’re seeing in reality is many companies are not going to be 100 percent compliant by the deadline, so this exercise of obtaining compliance is going to be an ongoing activity.”

Many businesses in the U.S. have never heard of GDPR or only heard about it recently, so it’s not surprising the level of preparedness is low in this country.

“My experiences with companies in the United States is the awareness started ramping up in late 2017,” Sanchez said Thursday. “Starting in early 2018, we saw the acceleration of awareness, and companies are trying to rush through this. But still a lot of organizations aren’t going to be compliant by tomorrow, and we’re expecting to see the activity of organizations that are getting to compliance continuing for many more months.”

Businesses not only have to worry about their own compliance with the new data privacy rules, but how well their business partners are complying as third parties who handle their customers’ data.

“The data controller is the organization that receives the data from the individual, but all of the data processors, which could be vendors to the data controller, all have to comply as well,” said Sanchez. “One of the things we’re seeing now as well is every company is sending letters to every one of their vendors asking them about their compliance with GDPR, asking them to sign privacy addendums. You can imagine all of the different companies and all of the different vendors — we’re talking about millions of these requests going around right now — asking organizations to describe their controls or commit to comply with GDPR. That effort alone is going to take a lot of time to evaluate all those vendor relationships. That’s definitely one I’m seeing go past the deadline for many companies.”

However, companies that decide to ignore the new requirement could find themselves facing heavy penalties. “The fines are enormous,” said Sanchez. “The European authorities have the ability to fine up to 4 percent of global revenue. The maximum fine is the greater of 20 million euros or 4 percent of global revenue. That gets people’s attention. That can be a big number, and we do expect to see the European authorities open investigations and actively enforce compliance. That’s one of the things where there’s a little bit of wait and see as to what happens starting tomorrow. The European authorities have hinted that they’re intending to actively enforce GDPR.”

GDPR Misconceptions

Robert Cattanach, a partner at the international law firm Dorsey & Whitney and a former trial attorney at the Justice Department, has been closely watching developments with the GDPR and believes there are many misconceptions with it.

“Some common misperceptions being heard around the U.S. and Canada include:

"If I don’t have operations in Europe, it doesn’t apply. Wrong. Any U.S. company offering goods or service to EU residents — i.e., anyone with a website — is likely required to comply," Cattanach said in a statement.

“If I am covered by the GDPR I have to appoint a Data Protection Officer (DPO) in the EU. Wrong. A U.S. company’s obligation to appoint a DPO, or even a designated representative, is a complex and highly fact-depedent analysis,” Cattanach said.

"If I am not covered by GDPR I don’t have to update my Privacy Policy. Wrong. A lot has happened in the U.S. since companies started adopting boilerplate Privacy Policies without really understanding what they were committing to do, and not to do," Cattanach said. "Regardless of whether you are covered by GDPR, basic principles of good information governance mandate a careful look at your privacy policy and terms of use on your website. The biggest risk: overstating who you share your data with. Virtually all websites employ third-party data analytic services, which often open the door to opaque gathering,mining, and trading of a person’s data in ways the website owner may not understand at all — and often conflicts with commitments made to customers and website visitors.”


"If I’m a small to medium-sized U.S. company, there’s virtually zero chance of any enforcement action against me so i can just wait until we understand better how it’s all going to work. Maybe — maybe — right. EU regulators will likely target the larger companies, especially U.S. tech companies, at first but GDPR allows private citizens to lodge complaints, and even bring class actions," Cattanach said. "All it will take is one disgruntled customer or employee whistle blower to spotlight someone who thought they could fly below the radar for a few years. If your appetite for risk is voracious, you might avoid detection for a while. But if you completely ignore GDPR and get caught, the financial exposure to penalties and long-term scrutiny could be breathtaking.”