Andersen Global secures its foothold in Asia's southern edge through a Collaboration Agreement with Sri Lanka-based tax firm Gajma & Co., adding complementary tax capabilities to the legal capabilities of the organization's collaborating firm in the country.

Tax legislation (S.B. 113) signed by Governor Gavin Newsom makes several important tax changes, including expanding the availability and benefit of the state's pass-through entity (PTE) tax credit, with most provisions taking effect during the 2021 tax year; reinstating the net operating loss (NOL) deduction without limit for tax years beginning on or after January 1, 2022; and eliminating the $5 million tax credit limitation for tax years beginning on or after January 1, 2022.

Following its recent expansion into the British Virgin Islands (BVI), Andersen Global adds dimension to its platform in the territory with collaborating firm Chorus International Services (BVI) Limited (Chorus-Global).

Tucked within the sweeping Tax Cuts and Jobs Act of 2017 (TCJA) was a change to the treatment of research and experimental (R&E) expenses under Sec. 174 of the Internal Revenue Code.

Managing Director Joe Calianno's comments were included in the recent Tax Notes article, New PFIC Rules Favor Aggregate Approach to Partnerships. New proposed rules on passive foreign investment companies (PFICs) recently released by IRS pivot from entity treatment of domestic partnerships to an aggregate approach. Calianno noted that there appeared to be real movement by IRS to conform to a more aggregate approach for partnerships.

Andersen Global welcomes member firm KALLAY & PARTNERS, a Zagreb-based law firm and collaborating firm since 2019.

Andersen Global continues to expand its platform in the Asian market through a Collaboration Agreement with Varners, one of the largest full-service law firms in Sri Lanka.

Andersen Global continues its Caribbean expansion with the addition of collaborating firm McW Todman & Co., a law firm located on the island of Tortola in the British Virgin Islands.

A Value Added Tax (VAT) is imposed by nearly all countries outside of the United States and can apply to any organization, trade or business with international activities/transactions.