2021년 3월 31일, 바이든 행정부는 약 2조 달러의 투자를 필요로하는 American Jobs Plan을 발표했다. 이러한 재정을 감당하기위해 바이든은 Made in America Tax Plan (“조세 정책”)을 같이 제안하였다. 조세 정책에 대한 규정은 아직 공개되지 않았지만, 몇가지 핵심 사항은 다음과 같다.

법인 세율: 법인 세율이 21% 에서 28% 로 인상될 예정이다.

GILTI: 미국 기업이 해외 자회사를 통해 벌어들인 수익에 대한 최저세율 (GILTI) 이 21% 로 인상되며 국가별로 계산될 예정이다. 또한, 조세 정책은 특정요건을 충족하는 해외 자회사의 투자자산(“QBAI”) 의 10% 를 공제해주는 규정을 폐지한다.

강력한 최저 세금: 조세 정책은 미국을 포함한 다른 국가들이 기업에 대한 강력한 최저 세금을 채택하도록 권장한다. 또한, 이와 같은 최저세금을 채택하지 않은 국가에 기반을 두고 있는 외국 기업의 경우, 미국에서의 이익을 외국으로 옮길 수 있는 지불에 대한 공제가 거절된다.

세금전도 및 조세피난처: 조세 정책은 조세피난처로의 미국 기업의 인버전을 어렵게 만들 것이다. 인버전(inversion)은 미국 다국적 기업들 사이에서 성행하는 합병거래 유형의 하나로,최근 미국에 본사를 둔 다국적 기업이 미국의 높은 법인세율의 적용을 피하기 위하여 세율이 낮은 국가의 동종 경쟁 회사와 합병, 본사를 옮겨 ‘국적’을 이전하는 국제인수·합병의 형태로 이루어지고 있다.

미국 내/외 급여에 대한 공제: 미국내 일자리 강화를 위하여, 해외에서 발생하는 급여비용은 공제되지 않는다. 또한 미국 내 일자리를 지원하기 위한 세금 공제 혜택을 제공할 것이다.

FDII: FDII 공제 혜택이 폐지될 예정이다. FDII 공제 혜택 폐지로 인한 수익은 R&D 투자 인센티브 확대를 위해 사용될 것이다.

대기업 장부상 손익에 대한 최저 세금: 조세 정책은 “매우 큰 대기업”에게 장부상 손익의 15% 의 최저 세금을 부과 할 것이다. “매우 큰 대기업”에 대한 정의는 포함되어 있지 않다.

화석 연료에 대한 세금 특혜 폐지: 화석 연료 산업에 대한 세금 혜택을 폐지한다. 조세 정책은 환경 정화 비용을 지불하기 위해 공해 유발 기업의 지불금을 Superfund Trust Fund 로 복원 할 것이다.

집행 강화: 조세 정책은 쉽게 남용되는 세법의 일부를 폐지하여 대기업이 조세를 회피하는 것을 어렵게 할 것이다. 또한, 이 정책을 통하여 정부는 세법 집행에 필요한 투자를 하게 되며, 이를 통하여 미국 IRS에게 기업에 대한 세법을 집행하는데 필요한 자원을 보유하게 한다.

자세한 내용은 백악관 공식문서를 참고하기 바란다. https://www.whitehouse.gov/briefing-room/statements-releases/2021/03/31/fact-sheet-the-american-jobs-plan/

On March 31, 2021, the Biden administration announced the American Jobs Plan which calls for investment of about $2 trillion this decade. To pay for these expenditures, Biden also proposed the Made in America Tax Plan (the “Tax Plan”). Although the proposed statutory language for the plans have not yet been released, here are some key takeaways:

Corporate Tax Rate: corporate tax rate will be increased from 21% to 28%.

Global Intangible Low Taxed Income (GILTI): the GILTI tax rate will be increased to 21% and GILTI will be calculated on a country-by-country basis. The Tax Plan will also eliminate the rule which allows 10% of qualified business asset investment (“QBAI”) deduction on GILTI inclusion.

Global Agreement on Minimum Tax: the Tax Plan proposes to encourage other countries to adopt strong minimum taxes on corporations. The Tax Plan also denies deductions to foreign corporations on payments that could allow them to shift profit out of the United States if they are based in a country that does not adopt a strong minimum tax.

Inversions and Tax Havens: the Tax Plan will make it harder for U.S. corporation to invert.

Offshoring and Onshoring Jobs: the expenses coming from offshoring jobs will not be deductible. The Tax Plan will also provide a tax credit to support onshoring jobs.

Foreign Derived Intangible Income (FDII): FDII deductions will be eliminated. The revenue from repealing the FDII deduction will be used to expand R&D investment incentives.

Minimum Tax on Large Corporation’s Book Income: the Tax Plan will impose a 15% minimum tax on the book income, which would apply only to the “very largest corporations.” The Tax Plan does not include a definition for the “very largest corporations”.

Elimination Tax Preferences for Fossil Fuels: the Tax Plan will eliminate the tax preferences for fossil fuel industry. The Tax Plan also proposes to restore payments from polluters into the Superfund Trust Fund to pay for environmental clean up.

Ramping up Enforcement: the Tax Plan will make it harder for the largest corporations to avoid or evade taxes by eliminating parts of the tax code that are too easily abused. The Tax Plan will also allow the government to invest in enforcement; the Internal Revenue Service will have the resources it needs to enforce the tax laws against corporations.

For details, please refer to the White House Fact sheet: https://www.whitehouse.gov/briefing-room/statements-releases/2021/03/31/fact-sheet-the-american-jobs-plan/

2021년 3월 29일, IRS에서 납세자들의 세금보고 기한을 연장하는 내용을 발표하였다.

• 해당 납세자 조건:

• Form 1040 series 세금 보고자
• Form 5498 series 세금 보고자
• 세금 환급 요청 소멸 시효 날짜가 2021년 4월 15일 이후 2021년 5월 17일 이내인 납세자

• 2021년 기존 4월 15일에서 5월 17일로 마감일이 연장된 세금보고는 다음과 같다:
  • Form 1040 series 관련 세금 보고 및 납부

(5월 17일로 마감일 연장은 특별히 서류를 준비할 필요 없이 자동 연장)

• 2020년도 은퇴연금(IRAs and Roth IRAs), 건강 저축 계좌(HSAs), 아처 의료저축계좌(Archer MSAs), 그리고 코버넬 교육저축계좌(Coverdell ESAs)에 지불하는 개인 부담금
• 은퇴연금 및 회사 기반 퇴직금으로 받은 금액 중 총수입에 포함되는 금액의 10%에 대한 추가세금 보고 및 납부

• 세금 보고 마감일이 2021년 6월 30일로 연장된 세금보고는 다음과 같다:
  • Form 5498 series 관련 보고 및 납부

• 새로 발표된 세금 보고 마감일 연장에 해당되지 않는 세금 보고들은 다음과 같다:
  • Form 1040 series를 제외한 다른 개인 세금 보고 및 비지니스관련 세금 보고
  • 앞서 언급된 연방세를 제외한 다른 연방세 (연방 예납세 등)
  • 2020 년 Form 1040 series 및 Form 5498 series 관련된 세금 보고를 제외한 다른 연방 세금 보고
  • Form 1040 series 및 Form 1040-X 가 아닌 다른 세금 환급 요청 소멸 시효 날짜가 2021년 4월 15일 이후 2021년 5월 17일 이내인 납세자

또한, California에서도 개인세금보고 (Form 540, 540EZ, 및 540NR)의 기한을 2021년 5월 17일로 연장하였다.

The IRS issued new notice 2021-21 as of March 29, 2021. This notice provides relief from tax deadlines to the individuals. A summary of this notice is as follows:

• Affected taxpayers are:
  • Any person with a Federal income tax return filed on Form 1040 series, or a Federal income tax payment reported on one of these forms.
  • Any person who are required to file and furnish Form 5498 series.
  • Any individual with a period of limitations to file a claim for credit or refund of Federal income tax that absent this notice would expire on or after April 15, 2021, and before May 17, 2021.

• The due date postpones to May 17, 2021 for following:
  • Filing Federal income tax returns in the Form 1040 series and making Federal income tax payments in connection with one of these forms having an original due date of April 15, 2021.

(No necessary to file any form to obtain this relief)

• 2020 contributions to their individual retirement arrangements (IRAs and Roth IRAs), health savings accounts (HSAs), Archer Medical Savings Accounts (Archer MSAs), and Coverdell education savings accounts (Coverdell ESAs).
• Reporting and payment of the 10-percent additional tax on amounts includible in gross income from 2020 distributions from IRAs or workplace-based retirement plans.

• The due date postpones to June 30, 2021 for following:
  • Filing and furnishing the Form 5498 series.

• This due date postponement is not affected on:
  • Businesses and any other type of taxpayer who file Federal income tax returns on forms outside of the Form 1040 series.
  • The payment or deposit of any other type of Federal tax, including Federal estimated income tax payments.
  • Filing of any Federal return other than the Form 1040 series and the Form 5498 series for the 2020 taxable year.
  • Individuals with a period of limitations to file a claim for credit or refund of Federal income tax for tax forms other than the Form 1040 series and the Form 1040-X expiring on or after April 15, 2021, and before May 17, 2021.

California has also postponed the income tax filing and payment due date for individuals (those who file forms 540, 540EZ, and 540NR) for the tax year 2020 tax year from April 15, 2021, to May 17, 2021.

멕시코에서 제조활동을 하는 다국적 기업들에게 영향을 끼칠 만한 세법이 발효될 것으로 보여 관련사항에 대해서 관심을 기울일 필요가 있겠다. 멕시코에서는 회사의 수익 중 10%를 직원에게 나누는 이익분배제도가 있다. 다만, 외부용역자 및 하청계약을 통한 인건비에 대해서는 이익분배가 적용되지 않았는데, 이를 통해 이익분배를 최소화 하는 업체들을 방지하기 위해서 멕시코의 대통령인 Andres Manual Lopez Obrador이 이와 같은 외부용역 및 하청계약 비용은 세무상 비용으로 인정받지 못하는 법안을 제시하였다. 관련 법안은 아직 정부 내외로의 토론이 필요한 사항이지만 현재로써는 이 법안이 통과될 것으로 보인다.

자세한 내용은 멕시코 CPA법인인 Maurcio Monroy Contadores에서 발표한 뉴스레터를 참고하시기 바랍니다. Newsletter about outsourcing reform

Multinational enterprises with manufacturing facilities in Mexico may soon be faced with significant changes to Mexico tax law which may limit their ability to enter into labor outsourcing or subcontracts.  In Mexico, 10% of a company’s taxable profits are required to be shared amongst employees, and many employers have been utilizing service entities and contract labors to minimize their employee profit share obligations.  In an effort to put a stop this labor practices, Mexican President Andres Manuel Lopez Obrador proposed legislation that would effectively eliminate outsourcing of personnel by disallowing deduction for outsourcing cost for tax purpose.  While the proposal continues to be the topic of governmental and industry representative debate, the current view is that is it likely to pass.

Please see the article below published by Maurcio Monroy Contadores, a Mexico CPA firm, provides additional detail regarding the proposal. Newsletter about outsourcing reform

The Restaurant Act, recently enacted as part of the American Rescue Plan, provides $28.6 billion in grants for the restaurant industry which is struggling to make it through the pandemic.  The bill aims to provide grants up to $5 million to individual restaurants and up to $10 million for restaurant groups.  Grant process will be managed by the Small Business Administration.

The bill provides that any restaurant, food truck, food cart, caterer, saloon, inn, tavern, bar, lounge, brewpub, tasting room, taproom, licensed facility or premises of a beverage alcohol producer where the public may taste, sample, or purchase products, or other similar place of business in which the public or patrons assemble for the primary purpose of being served food or drink that owns or operates 20 or fewer establishments is eligible to apply for a grant.

The Grant is calculated by subtracting the 2020 revenues of the entity from the 2019 revenue.  For those not in operation for the entirety of 2019, the entity can receive the difference between 12 X the average monthly revenue for 2019 and revenue of the eligible entity in 2020 or a formula determined by Treasury.  For those not in operation until 2020, the entity can receive a grant equal to the amount of expense incurred by the entity (which would be covered expenses by the grant) minus any revenues received.  The grant amount will be reduced by the Paycheck Protection Program (PPP) or Economic Injury Disaster Loan (EIDL) funds spent.

The Treasury is expected to implement the process within 15 days after the enactment.

The House-passed legislation, the “American Rescue Plan Act” (the “Bill”), is expected to be considered by the Senate this week.  The Bill includes provisions to provide financial relief to struggling families and ramp up vaccination distribution across the country.  Some of the major provisions included in the Bill are:

Child tax credit

The Bill will modify a refundable child tax credit for the tax year 2021, increasing the amount to $3,000 per child from $2,000.  The credit amount will be $3,600 for children under the age of 6.

Stimulus payments

The Bill includes the third stimulus payment, equal to $1,400 per person, to individuals with an AGI of $75,000 (or $150,000 for married couples) or less.

Unemployment insurance

The Bill extends unemployment programs through August 29, increasing federal payments from $300 per week to $400.

Child and dependent care credit

The Bill makes changes to the Section 21 child and dependent care credit, including making it refundable for 2021.

Family and sick leave credits

The credits for sick and family leave enacted by the Families First Coronavirus Response Act would be extended to September 30, 2021. It increases the limit on the credit for paid family leave to $12,000.

Employee retention credit

The Bill extends the employee retention credit through the end of 2021.  This credit allows eligible employers to claim a credit for paying qualified wages to employees.

Tax exempt EIDL grants

The Bill provides that EIDL grants received from the US SBA are not included in gross income and that this exclusion from gross income will not result in a denial of a deduction.

The FASB issued a proposed Accounting Standards Update that would reduce the complexity for certain private companies and not-for-profit entities when evaluating goodwill impairment triggering events.

Under the current guidance in Subtopic 350-20, Intangibles – Goodwill and Other – Goodwill, an entity is required to monitor and evaluate goodwill impairment triggering events as they occur throughout the year. Because of the uncertainty in the economic environment during the COVID-19 pandemic, some stakeholders expressed concerns about the value of evaluating a triggering event at an interim date when certain private companies and not-for-profit entities report goodwill only on an annual basis.

In response to the concerns expressed by stakeholders, the FASB issued a proposed ASU intended to provide an accounting alternative allowing private companies and not-for-profit entities that only report goodwill on an annual basis to perform the goodwill impairment triggering event evaluation on the annual reporting date only. This option would reduce cost and complexity for preparers and provide more relevant information for users.

This proposed ASU would be effective for annual reporting periods beginning after December 15, 2019 and applied on a prospective basis. The scope of this accounting alternative would be limited to goodwill that is accounted for in accordance with Subtopic 350-20.

Written by Kayla Kwak
Edited by Yejee Won

On February 8, 2021, the IRS announced that certain self-employed individuals who, due to COVID-19, are unable to work or telework for reasons relating to their own health or to care for a family member are eligible for sick and family leave tax credits under the Families first Coronavirus Response Act (FFCRA).

Certain self-employed individuals can claim refundable sick and family leave tax credits to offset their federal income tax using the new IRS Form 7202. To be eligible for the Form 7202, self-employed individuals must meet following requirements:

• Individuals must regularly carry on any trade or business that are qualified as self-employment income.
• Individuals must be eligible to receive qualified sick or family leave wages under the Emergency Paid Sick Leave Act as if the taxpayer was an employee.
• Taxpayers must maintain appropriate documentation establishing their eligibility for the credits.

Eligible self-employed individuals will claim the tax credits on their 2020 Form 1040 for leave taken between April 1, 2020, and December 31, 2020, and on their 2021 Form 1040 for leave taken between January 1, 2021, and March 31, 2021. Maximum amount of credit an eligible self-employed individual can take is limited to $5,110 per year.

Written by Sean Jeong
Edited by Kevin Jang