News

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  • 22 Jul 2021 4:06 AM | Lindsay McCabe (Administrator)

    Today, BritishAmerican Business is proud to announce the launch of the latest edition of its bi-annual Trade and Investment Guide to the U.S.

    Updated for 2021/22, BAB's Trade and Investment Guide for the U.S. is a key resource for ambitious companies to find practical advice, guidance and insight when expanding and growing within the transatlantic corridor.

    Whether it be on the taxes you can expect and how you can file them, to the types of visas you may need to move workers across the Atlantic, or great places to do business, this Guide features insights, advice, sources, case studies, initiatives, and relevant contacts from government, business bodies, service providers, and economic development agencies; all of which can be useful in helping you hit the ground running as your business grows internationally.

    This year's Guide is a must-read for any business looking across the Atlantic to expand The U.S. offers fantastic opportunities for growth for businesses of all sizes, whether you wish to export your goods or services, or set up a physical base, this Guide can serve as your one-stop-shop for advice to help get you started.

    We hope you enjoy reading it, and look forward to hearing your transatlantic story soon! #GoTransatlantic

    Use the links below to read the publication online.

    Click Here to Read Finding Your Way - The Trade and Investment Guide to the U.S.

    Printable Version

  • 13 Jul 2021 9:39 AM | Lindsay McCabe (Administrator)


    PACIFIC NORTHWEST

    PNAA 1st Annual Aerospace Technical Conference 

    Tuesday July 13, 2021
    8:00AM - 5:00 PM PST

    As aerospace begins to rebound, we have created this one-day in-person conference to dive deeply into the technical aspects of aerospace manufacturing and the upcoming technologies that can transform your production system to meet the needs and demands of the future, keeping you relevant and competitive.  


    MICHIGAN

    CUSBA & AmCham Toronto Present: USMCA/CUSMA/T-MEC at One Year 
    Tuesday, July 13, 2021
    1:00 - 2:30 PM EST

    BIRMINGHAM

    Trading with EU Partners - Ireland 

    July 14, 2021

    10:00 - 11:00 AM BST  /  5:00 - 6:00 AM EST

    TEXAS

    Webinar from EY - What are the challenges and opportunities of eDiscovery automation 
    July 14, 2021
    10:00 - 11:00 AM CST  /  11:00 AM - 12:00 PM EST  

    NORTHERN CALIFORNIA

    Fintech Trends of the Future 

    July 14, 2021

    8:00 - 9:30 AM PST  /  11:00 AM - 12:00 PM EST


  • 12 Jul 2021 9:34 AM | Lindsay McCabe (Administrator)

    US INVESTORS ARE CONFIDENT IN THE UK, BUT CONCERNS OVER FUTURE UK-EU RELATIONS PERSIST

    A new survey published today by BritishAmerican Business and Bain & Company finds that business confidence is high for US companies in the UK, but future confidence may largely depend on the UK’s relationship with the EU.

    LONDON – July,12, 2021 – Today, BritishAmerican Business and Bain & Company launched the inaugural Transatlantic Confidence Index. The Index measures the confidence of US companies active in the UK, including their views on investing in UK operations over the next two to three years and in the overall health of the UK’s relationship with both the US and the EU.

    BritishAmerican Business and Bain & Company surveyed 68 large cap American companies representing a combined 3,500 years of business experience and employing more than 275,000 individuals across every region of the UK.

    READ MORE HERE

  • 09 Jul 2021 9:00 AM | Lindsay McCabe (Administrator)

    BAB Statement on Reports of Global Tax Plan to Allow UK to De-Apply Digital Services Tax

    9 July 2021
    Contact: Dominic Parker, Communications & Media Manager dparker@babinc.org | 020 7290 9882 | +44 7500 115352

    London/New York – In response to today’s report that G20 finance ministers are preparing to approve a global tax plan that would allow for the UK to de-apply the Digital Services Tax (DST), BAB’s Director for Policy & Trade, Emanuel Adam, said:

    “If what the reporting suggests is true, we would very much welcome that. Since the UK first discussed the introduction of a Digital Services Tax, BAB has argued that the issue would be best addressed through a multilateral solution that guarantees a high level of consistency across markets (see BAB’s White Paper here).

    It would be timely to have a solution to be found at this time given the threat of U.S. punitive tariffs on UK products, whose introduction is currently paused. As we always said and continue to say, punitive tariffs don’t make good trade policy. Agreements between governments to solve a global issue does.”

  • 08 Jul 2021 8:37 AM | Lindsay McCabe (Administrator)

    BAB Statement on Quarantine-Free Travel to the UK for Fully Vaccinated Travellers from Amber List Countries

    8 July 2021
    Contact: Dominic Parker, Communications & Media Manager dparker@babinc.org | 020 7290 9882 | +44 7500 115352

    London/New York – In response to the news that fully vaccinated passengers returning from amber list countries to the UK won’t have to quarantine after 19 July, BritishAmerican Business published the following statement:

    “This is a step in the right direction and we welcome the UK Government’s decision to remove quarantine requirements for fully vaccinated residents returning to the UK from amber list countries.

    “We do note, however, that U.S. residents, whether they are citizens or British residents who were vaccinated in the U.S., would not be able to take advantage of the change from the 19th of July. This once again highlights the need for our travel-related certificates to be mutually recognised and interoperable.

    “We strongly support the Government’s stated ambition to extend the approach to all vaccinated passengers from the U.S. later this summer. We will continue to work with both the U.S. and UK Governments to find ways to safely reopen our travel corridor which currently remains effectively closed for business on both sides.”

  • 10 May 2021 3:17 PM | Lindsay McCabe (Administrator)

    Please take a look at all of these fabulous events from our friends at other BAB Chapters:

    BRITISH AMERICAN BUSINESS

    The Future of Everything Festival 

    May 11-13, 2021

    9:00 AM EST - 5:00 PM EST

    Join The Wall Street Journal’s Future Of Everything Festival from May 11-13, 2021 online. You’ll hear from the most revolutionary minds in business, technology, culture and more to explore the ideas forming what comes next, and get a first look at the seismic shifts happening in how we live, work and play. Hear from speakers like Ray Dalio, Gabrielle Union, Bill Ackman, Rachael Ray, Dwyane Wade and more. BAB is proud to be a media partner for the Future of Everything Festival.

    Trade and Geopolitics in 2021 and Beyond: from Fish to Chips

    Wednesday, May 12, 2021
    2:00 – 3:00 PM BST  / 9:00 – 10:00 AM EST

    A New ESG Era: Impacts & Trends in 2021  

    May 13, 2021

    11:00 AM – 12:00 PM EST

    PHILADELPHIA


    Update from PHL and Hub Carrier, American Airlines 
    Wednesday, May 12, 2021
    2:30 – 4:00 PM EST

    SAVE THE DATE

    TRIANGLE NC / CAROLINAS

    Scottish Chambers Virtual Trade Mission to NC  

    May 18, 2021 & May 19, 2021
    10:00 AM - 12:00 PM EST

    This trade mission aims to promote business opportunities in North Carolina for Scottish companies, as well as to provide a platform for valuable business and cultural connections to be established between Scotland and NC.


    PACIFIC NORTHWEST

    Complying with DoD Cybersecurity Requirements – Where to Start  
    Tuesday, May 18, 2021

    9:00 AM - 12:00 PM PST  /  12:00 - 3:00 PM EST

    BABA-WASHINGTON D.C.

    I am vaccinated. Now, may I travel? And to where? And where will I stay? 
    Tuesday, May 18, 2021 

    2:00 - 3:00 PM EST

    MICHIGAN

    Buying, Selling or Not So Sure? Transaction Service Basics for Business Owners - Session 2: The Art of the Deal   

    May 20, 2021

    11:00 AM - 12:00 PM EST
    Clayton & McKervey will be hosting a 4-part transaction series with the Michigan Manufacturers Association. 

    BRITISH AMERICAN BUSINESS

    2021 Virtual Transatlantic Business Awards 

    May 20, 2021

    6:00 pm – 7:15 pm EDT

    BIRMINGHAM

    Research and Development Tax Incentives Webinar  

    May 25, 2021

    10:00 - 11:00 AM GMT  /  6:00 - 7:00 AM EST

    BRITISH AMERICAN BUSINESS

    LEAP FORWARD: The 2021 European-American Business Trends Series - Live Healthier 

    May 27, 2021

    12:00  – 1:30 PM EST

    Biotechnology, gene therapy and the use of artificial intelligence are changing the face of healthcare, with European and American firms at the forefront of research, development, and commercialization. Start-up ventures now compete around the world with entrenched players to develop the next lifesaving treatment. Policy and ethical issues are stirring considerable debate in European-American life sciences circles, while many are seeing investment opportunities that attract global capital.

    Flexibility and The Future Of Work: Changes, Choices and Expectations - Will There Be a New Normal?  
    Wednesday, June 2, 2021
    2:00 – 3:00 PM EDT / 9:00 – 10:00 AM BSTThe pandemic has accelerated a seismic shift in the way the world works and the demand for flexibility. The world of work as we know it is changing dramatically, driven by technology, demographic shifts and the changing expectations of talent.  As the future of work evolves, companies must respond now to harness new technologies and effectively lead and engage the workforce of today and tomorrow.


    PHILADELPHIA

    30th Anniversary Celebration Featuring Ambassador Pierce & A Taste of Wales 
    Tuesday, June 8, 2021 
    4:00 - 5:00 PM EST

    The British American Business Council of Greater Philadelphia has been connecting professionals and building transatlantic business ties between the US and the UK for three decades. You are cordially invited to this first in a series of three programs honoring our 30th anniversary. 


    MICHIGAN

    Buying, Selling or Not So Sure? Transaction Service Basics for Business Owners - It’s All About Due Diligence   NEW TO LIST

    June 10, 2021

    1:30 - 2:30 PM EST
    Clayton & McKervey will be hosting a 4-part transaction series with the Michigan Manufacturers Association. 

    MIAMI

    JOIN US TO CELEBRATE HER MAJESTY THE QUEEN’S BIRTHDAY!   NEW TO LIST

    June 10, 2021

    4:30 - 6:00 pm EST

    BRITISH AMERICAN BUSINESS

    Accelerate: UserTesting the Market  
    Monday, June 14, 2021

    4:00 – 5:00 PM BST /  11:00 AM – 12:00 PM EST

    MICHIGAN

    Buying, Selling or Not So Sure? Transaction Service Basics for Business Owners - Post Closing…Now What?   NEW TO LIST

    June 24, 2021

    8:30 - 9:30 AM EST
    Clayton & McKervey will be hosting a 4-part transaction series with the Michigan Manufacturers Association. 

  • 26 Apr 2021 1:41 PM | Lindsay McCabe (Administrator)

    [British-American Business Council (BABC) Board Member and KPMG U.S. Principal Paul Harnick recently joined KPMG U.S.-U.K. Corridor Leader Howard Wiener and KPMG U.K.’s Michelle Quest for a discussion on the potential impact of the new U.S. administration’s policies and Brexit on BABC members’ business.]

    http://babcphl.com/2021/01/kpmg/

  • 26 Apr 2021 12:54 PM | Lindsay McCabe (Administrator)

    Please take a look at all of these interesting events from our friends at other BAB Chapters: 

    TRIANGLE NC

    Partner Event: SelectUSA Road to the Summit 

    April 28, 2021

    8:00 - 9:30 AM EST

    TEXAS

    How to Increase Supplier Diversity  

    Wednesday April 28, 2021 

    11:00 AM EST  /  10:00 AM CST

    Would you like to increase your supplier diversity and have greater access to minority-owned or small and medium businesses? Blue Wave Corporation is working with major international companies, NGO’s and governments to develop minority-owned and small and medium businesses by helping them to understand and comply with the standards and requirements of major international corporations, state-owned companies, and government entities.


    NORTHERN CALIFORNIA

    Brits and Aussies in the Bay! - Immigration, International Tax, UK Pensions /Superannuation and More  
    April 28, 2021
    3:45 - 5:15 PM PST  /  6:45 - 8:15 PM EST

    BIRMINGHAM

    Revitalising the Economy with the Rt Hon Pat McFadden MP, Shadow Economic Secretary  

    Thursday, April 29, 2021

    2:30 - 3:30 PM GMT  /  10:30 - 11:30 AM EST

    BRITISH AMERICAN BUSINESS

    Accelerate: Incorporating the ESG Agenda to Drive Growth 

    April 29, 2021

    11:00 AM – 12:00 PM EST

    For businesses looking to grow and operate across the US, UK, and globally, placing a focus on organizational purpose and sustainability is no longer an option, but rather a gauge of success

    OHIO

    GlobalView 2021 webinar series: Conducting Business in the United Kingdom  
    Thursday, April 29, 2021
    11:00 AM EST / 4:00 PM GMT


    CHICAGO

    The Future of Travel 

    Friday, April 30, 2021

    12:00 - 1:00 PM CST /  1:00 - 2:00 PM EST

    BRITISH AMERICAN BUSINESS

    World Trade Week NYC 2021 

    May 1-31, 2021

    World Trade Week NYC is part of an annual nationwide celebration of international trade observed by business and trade-related organizations across the United States during May.

  • 14 Jan 2021 1:53 PM | Lindsay McCabe (Administrator)

    Authored by Jim Biehl, Tax Accountant, on January 14, 2021

    A new round of PPP loans (PPP2) was ushered in with the passage of the Economic Aid to Hard-Hit Small Businesses, Nonprofits and Venues Act (Economic Aid Act) on December 27, 2020. In addition to the 2nd draw loans, eligible businesses that did not receive a PPP loan in the first round of funding have an opportunity to apply for a PPP loan.

    Eligible borrowers include small businesses, nonprofit organizations, cooperatives, veteran’s organizations, certain self-employed individuals, sole proprietors, and independent contractors that meet the following criteria:

    300 employees or less; and
    Experienced a 25% reduction in gross receipts for one calendar quarter (2020 vs 2019)

    Borrowers with original PPP loans (PPP1) may be eligible for PPP2 provided they meet the eligibility requirements and have used the full amount of their original PPP loan.

    Eligible Loan Amounts

    The formula to determine the eligible loan amount is not unlike PPP1, at 2.5 times the average monthly 2019 payroll, but there is now an option to base the computation on the average monthly payroll for a one-year period before the date of the loan. The PPP2 loans/grants are limited to $2 million.

    Applicants with a NAICS code starting with 72 (restaurants, hotels, etc.) are eligible to utilize 3.5 times the average monthly payroll amount and the cap is $4 million.

    Additional eligibility requirements, terms and conditions:

    300 or fewer employees, including affiliates; NAICS 72 entities – per physical location

    Loans 100% guaranteed by the government

    No collateral is required

    The interest rate at 1%

    The maturity is 5 years

    Expanded list of eligible businesses to include 501c(6) organizations

    Ineligible businesses (lobbying, certain businesses with ties to China and/or Hong Kong, live venues with grants, public entities)

    Affiliation rules require all employees are counted, including those of foreign affiliates. In the first round of funding these rules were not clear until guidance was issued in May. Borrowers are required to follow all guidance issued at the time of application; therefore, it is important to understand how guidance may have changed since the first application if you believe you are qualified.

    Loan Forgiveness

    Loans can be forgiven and turned into a grant, like the PPP1 program, provided borrowers spend at least 60% of the PPP funds on payroll costs and maintain employee headcount and compensation, but the new rules expand the definition of “payroll costs” to include group benefits such as life insurance, disability, vision and dental. In addition, the new rules expand the definition of “non-payroll costs” to include payments for software, cloud computing services, property damage costs (due to looting during 2020 not covered by insurance), certain supplier costs and costs for worker protection expenditures.

    Finally, as required under PPP1, the borrower will need to certify in good faith that the “current economic uncertainty makes this loan request necessary to support the ongoing operations of the applicant”. However, although the SBA has maintained that it will not question/audit the necessity certification of borrowers who have aggregate loans not exceeding $2 million, the additional PPP2 funds could result in a borrower exceeding the threshold, thereby requiring submission of Form 3509 and subjecting them to SBA audit, and additional SBA scrutiny. Therefore, we recommend you review your situation with your CPA and attorney prior to applying for PPP2 funds.

    Contact Us

    As additional guidance is issued on PPP2, we will be sure to keep you informed. For additional information, call us at 248.208.8860 or click here to contact us. We look forward to speaking with you soon.

    Our team is always ready to help.

    Please contact us for more information.

    James Biehl

    Shareholder, Manufacturing & Distribution

    Contact Jim   |   Read Jim's bio

  • 12 Jan 2021 1:58 PM | Lindsay McCabe (Administrator)

    Authored by Miroslav Georgiev on January 12, 2021

    In a world that is becoming more global, many companies have focused their resources on dealing with new international markets. While important, it is also imperative businesses do not take their eyes off the ball at home.

    Every year state and local taxes play a larger role in the corporate tax season. Combined with the fact that companies are doing business in more places than ever before, the result is that no tax consideration can be missed when preparing taxes. Evolving tax codes, recent court cases, and the impacts of COVID-19 are only a small portion of the full picture.

    To help make that picture a little fuller, we have put together eight state and local tax planning considerations that companies should be sure they cover before tax season.

    State and Local Tax Planning Considerations

    1. Nexus

    Every sale, every employee, every asset. Understanding nexus is an important first step when assessing state and local tax considerations. It includes a comprehensive list of every connection that a business has with a state or municipality, including sales, payroll, inventory, rent, and fixed assets. Nexus considerations will help ensure awareness if the business trips any thresholds for various types of taxes at the state and city levels such as sales and use taxes, income taxes, and taxes not based on income.

    2. COVID-19

    It’s on every company’s mind this year: will my filing be different because of COVID-19? When it applies to state and local taxes, the answer is: maybe. If a company is working remotely and its people decide to move out-of-state, it probably creates nexus for the company and potentially adds an additional tax obligation. But because many of the workers are only temporarily remote, many states have waived taxable presence for them, many others have simply not addressed the matter at all, and a small group of states have prescribed details on how remote workers affect apportionment. The clearest way to understand whether COVID-19 will affect tax liabilities is to check the impact on a state-by-state basis.

    3. Sales Tax

    $100,000 or 200 separate transactions. After the Supreme Court’s decision in South Dakota v. Wayfair, that is the threshold that a business’ sales need to meet in a given state in order for their online sales to be taxable. While not every state has adopted the ruling’s implications, most have adopted similar thresholds.

    4. Income Tax

    More and more states and cities are taxing out-of-state businesses on income earned in the state based on the economic nexus standard introduced by Wayfair. While the proportion is relatively low right now, it is a trend that Clayton & McKervey is watching. Hawaii, Massachusetts, Pennsylvania, Texas, and Washington have all adopted economic nexus thresholds for income tax purposes, as have the cities of Philadelphia and San Francisco.

    5. Apportionment

    After a business reaches the threshold to establish nexus with more than one state, they must apply the tax codes in each to apportion their tax burden. Depending on the state and the industry, every apportionment will be different, but generally applies some matrix of property, sales tax, and payroll. Cost of performance and market-based sourcing are two common methods states apply when sourcing service revenue. Knowing which applies to a given state is critical. Cost of performance has service revenue sourced to the state where the income was performed. On the other hand, market-based sourcing—quickly becoming the standard-bearer—has service revenue sourced to the state where the service was received. While more states are moving towards the latter, ensuring that a nexus report includes the proper sourcing revenue principles is crucial to correctly calculating tax liabilities.

    6. Pass-Through Considerations

    As pass-through entities, partnerships, LLCs, and S-corporations each have separate tax rules than a C-corporation. When applying state and local code, the two relevant returns are composite and withholding. Composite returns generally fulfill the filing requirement of out-of-state partners and shareholders, and include the apportioned income as a single entity. It is a restrictive method because not all states allow for composite returns and not all taxpayers are eligible to use the format, but in the cases where those restrictions do not apply, composite returns are preferred. On the other hand, generally state withholding tax returns do not satisfy the filing requirements for partners and shareholders, who each must file their own returns with the state taxing authority.

    Whichever method is applied, both are considered distributions to partners or shareholders, and journal entries may be necessary to remove from state tax expense accounts. When these taxes are treated as distributions to individual owners, the federal deductibility is limited by the SALT Cap. This is the $10,000 limitation on the amount that can be claimed for state and local taxes on Schedule A of Form 1040. Several states are considering legislation that would levy the tax at the pass-through entity level instead of the individual level upon an entity’s election. If the tax is levied on the entity instead of the individual, the entity would be able to deduct the tax for federal purposes and it would no longer be treated as a distribution. Business owners will need to keep an eye out to take advantage of these opportunities when a state adopts the appropriate legislation.

    7. Voluntary Disclosure Agreements (VDAs)

    When companies establish nexus with a state, oftentimes they unintentionally omit registering or filing appropriate tax returns for the period starting when taxable presence began. As such, they are liable for fees and even legal liabilities from state taxing authorities and the IRS. Understanding the often-innocent mistake, many states have set up voluntary disclosure programs that allow companies to retroactively acknowledge and pay outstanding taxes owed when the company was operating in the state. Most states and cities offer them, and they are designed to encourage compliance by eliminating large portions of penalties, limiting the look back period for past due returns, and providing audit protections.

    8. Amnesty Programs

    Similar to VDAs, amnesty programs allow penalty-free payment of outstanding taxes. Time windows and eligibility vary by state, but companies should always take advantage of the program if need be.

    Contact Us

    State and local tax planning obligations are a complex aspect of tax season that companies are increasingly having to deal with and spend resources on. Understanding the subtleties of each state and municipality can be challenging, but the tax team at Clayton & McKervey can help businesses of any size make sense of tax season. For additional information, call us at 248.208.8860 or click here to contact us. We look forward to speaking with you soon.

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