Tax

Tax Reform Legislation

The most significant tax legislation in the past 30 years is now law. Many taxpayers will see changes in how they compute taxable income and to their income tax liability. Businesses and individuals will see changes to their income tax rates, elimination or modification to credits, deductions and other tax preferences, and a host of other changes. Every taxpayer should expect and prepare accordingly for how this new legislation will affect their tax situation.

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Tax Compliance

DHG understands the complexities you face and can help you effectively navigate the course.

Organizations large and small face the burden of tax compliance at various levels. The more territories in which you conduct business, the higher the regulatory demand; however, even basic requirements such as federal income tax returns can pose unwanted stress and exhaust resources that could otherwise be directed towards profitable business activity. Additional concerns include:

Avoiding reported material weaknesses for financial reporting due to tax dilemmas
Streamlining tax compliance processes with the right tools and technology
Filling a resource gap you may have in your tax department
Avoiding non-compliance penalties
Managing regulatory demands across multiple territories, states and countries

At DHG, we will work side by side with you to help ensure you meet compliance at all levels in a cost-efficient and resourceful manner.

Our service approach focuses on you, not us.

Our goal is to meet your needs. Some companies need assistance in all compliance areas while others may just need assistance in a specific, more complex area. From outsourcing to co-sourcing, we are here for you. The combination of industry insight, national resources, competitive fees and a relationship-driven engagement boosts DHG past our competition as the right choice.

Tax Advisory

The tax scene can be complex and challenging to pilot. DHG is prepared from all angles.

DHG’s Tax Advisory professionals always keep current with evolving tax regulations and trends, allowing us to provide you with timely insight and tools and help you confidently handle challenges such as:

Overlooked opportunities for tax breaks and credits
Outdated tax software and technology
Complex tax planning at the local, state, federal and international levels
Non-compliance penalties
Selecting the appropriate accounting method
IRS controversy
Tax structuring for complex transactions, like a merger or acquisition

You seek to mitigate risk and elevate opportunity from a tax perspective. We collaborate to help you achieve your goals and more.

Our resourceful professionals are dedicated to gaining a comprehensive understanding of our clients’ unique businesses. Furthermore, DHG’s presence in a multitude of industries contributes to a large pool of knowledge from which we draw to help identify solutions. We combine responsive, personal service with collaborative industry and tax experience to meet your needs and exceed your expectations.

DHG leverages global resources, nationwide relationships and local appeal to meet your tax needs, inside and out.

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IRS Releases Proposed Guidance on Excise Tax of Net Investment Income

On June 28, The Internal Revenue Service (IRS) and the U.S. Department of Treasury (Treasury) released proposed guidance on Section 4968, which was created by the Tax Cuts and Jobs Act (TCJA) in 2017.

North Carolina Issues Refund Claim Guidance Related to the U.S. Supreme Court’s Kaestner Trust Decision

Alert | Jul 12, 2019
More About | Tax | State & Local Tax | Risk & Regulatory

On June 21, 2019, the U.S. Supreme Court (Court) issued their unanimous decision in North Carolina Department of Revenue v. Kimberley Rice Kaestner 1992 Family Trust (Kaestner) upholding a North Carolina Supreme Court ruling that declared a statute automatically subjecting a trust to income tax solely on the basis of the beneficiary’s in-state residency invalid on the grounds the statute violates the Due Process Clause of the Fourteenth Amendment under the U.S. Constitution. The Court noted their decision was limited to the specific facts presented in Kaestner, did not automatically imply approval or disapproval of state trust taxes premised on in-state resident beneficiaries without understanding the beneficiaries’ relationship to the trust assets. DHG has previously issued an alert on the Court’s decision.

DHG Announces Promotion of Janice Kong to Principal

Dixon Hughes Goodman (DHG) announced that Janice Kong has been admitted as principal, effective June 1, 2019. Janice joined DHG in 2017 as a Tax Director. She currently leads cross-functional teams in the DHG Private Equity practice, executing tax due diligence and tax strategies for private equity groups and their portfolio companies.

Supreme Court Blocks North Carolina’s Taxation of Trust Income on the Basis of In-state Residency

Alert | Jun 26, 2019
More About | Tax | State & Local Tax | Risk & Regulatory

On June 21, 2019, the U.S. Supreme Court (Court) issued their unanimous decision in North Carolina Department of Revenue v. Kimberley Rice Kaestner 1992 Family Trust (Kaestner) upholding a North Carolina Supreme Court ruling that declared a statute automatically subjecting a trust to income tax solely on the basis of the beneficiary’s in-state residency was invalid on the grounds that the statute violates the Due Process Clause of the Fourteenth Amendment under the U.S. Constitution. The Court noted their holding was limited to the specific facts presented in Kaestner and that they did not automatically imply approval or disapproval of state trust taxes premised on instate resident beneficiaries without understanding the beneficiaries’ relationship to the trust assets.

Tennessee Enacts State Subtraction Modifications to Federal Tax Cuts and Jobs Act Foreign Repatriation Income

On May 8, 2019, Governor Bill Lee signed Senate Bill 558 (SB558), which allows for the subtraction of foreign repatriation income related to IRC §965 Transition Toll Tax on foreign earnings and IRC §951A Global Intangible Low-Taxed Income (GILTI) to the extent included in federal taxable income in computing Tennessee franchise and excise (income) tax. SB558 applies retroactively for all tax years beginning on or after January 1, 2018.

Webinar Recordings

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Top Issues Affecting Private Companies

Join DHG Assurance, Tax & Advisory professionals on January 9th as we discuss top issues affecting private companies. We’ll facilitate an interactive conversation to discuss the impacts of recently released guidance from FASB and the IRS.

Understanding the Partnership Audit Rules

Webinar Recording |
More About | Tax

IRS has recently enacted partnership tax changes which may have a significant impact on you. These changes, commonly referred to as the “partnership audit rules”, are expected to dramatically increase the IRS audit rates for partnerships and will require partners to carefully review, if not revise, their partnership’s operating agreement now.