Obama to return to campaign trail to stump for Northam

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RICHMOND, Va. (AP) — Former president Barack Obama will return to the U.S. campaign fray to stump for Democrat Ralph Northam in the Virginia governor’s race.

Northam spokesman David Turner said Obama agreed to campaign this week. No events have yet been planned.

An aide to the former president says Obama called Northam to congratulate him and agreed to support his campaign, though a date for an event hasn’t been set. The aide wasn’t authorized to comment by name and requested anonymity.

Obama did not endorse a candidate in the Democratic primary between the lieutenant governor and former congressman Tom Perriello, who served in the Obama administration.

Obama carried Virginia in 2008 and 2012. The Virginia governor’s race is one of just two gubernatorial contests this year.

The post Obama to return to campaign trail to stump for Northam appeared first on WTOP.

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Lobbyist injured in baseball shooting now out of ICU, gets visit from Nats’ Werth

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WASHINGTON — The lobbyist injured in last week’s shooting at a congressional baseball practice is now in good condition and out of George Washington University Hospital’s intensive care unit.

Matt Mika, an executive in Tyson Foods’ D.C. office who’s being treated for multiple gunshot wounds, got a special bedside visit from Nationals star Jayson Werth.

The hospital released a photo of a smiling Mika, a former congressional staffer, holding up jersey No. 28 next to the outfielder.

James Hodgkinson, 66, opened fire June 14 at an Alexandria ball field where Republican members of Congress were gathered to practice for an upcoming charity game, critically injuring Mika and Majority Whip Steve Scalise, the No. 3 Republican in the House.

Another congressional staffer was shot in the leg and released from the hospital last week. Two Capitol Police officers were also injured during an exchange of gunfire with Hodgkinson, who was fatally shot by police.

Mika had participated in the Congressional Baseball Game for years.

Scalise, who was shot in the hip, was at “imminent risk of death” when he arrived at D.C.’s MedStar Washington Hospital Center but had improved to “fair condition” by earlier this week after a series of operations.

The FBI this week released preliminary details of its investigation into the shooting, revealing Hodgkinson fired 60 rounds from a 7.62 mm caliber SKS rifle and a 9 mm handgun and had a list with the names of six members of Congress on him when he carried out the early morning attack.

Hodgkinson had ranted on social media about Republicans and Republican policies, but hadn’t made any threats. The shooting appeared to be “more spontaneous” than planned, an FBI official said.

The post Lobbyist injured in baseball shooting now out of ICU, gets visit from Nats’ Werth appeared first on WTOP.

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The Increased Importance of Transfer Pricing Planning

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In their new NVTC member blog post, Alvarez & Marsal Taxand discusses how companies in the tech industry can prepare for proposed tax reforms that may be implemented in the near future. Alvarez & Marsal Taxand, an affiliate of Alvarez & Marsal (A&M), a leading global professional services firm, is an independent tax group made up of experienced tax professionals dedicated to providing customized tax advice to clients and investors across a broad range of industries. Alvarez & Marsal Taxand is a founder of Taxand, the world’s largest independent tax organization, which provides high quality, integrated tax advice worldwide. 


AM_Taxand_Logo_Wordmark_color (2)Under the House Republican “Blueprint for Tax Reform” (the Blueprint), companies would be able to deduct interest expense against interest income, but no current deduction would be allowed for net interest expense. Any net interest expense would be carried forward indefinitely and allowed as a deduction against net interest income in future years. In addition, the proposed reduction of U.S. tax rates may also reduce the value of U.S. interest deductions. These proposals should impact decisions right now around multinational intercompany financing structures for tech companies, as well as other aspects of their intragroup contractual arrangements.

Until now, the high U.S. corporate income tax rate of 35 percent has created an environment that favors foreign related-party lending to U.S. affiliates, particularly when the loan is advanced from a low-tax jurisdiction. U.S. taxable income may be reduced via an interest deduction and the corresponding interest income may be captured in the lower tax jurisdiction. Alternatively, tax considerations may have made it desirable to incur third-party debt in a U.S. group company, rather than in lower-taxed group companies. The feasibility and/or desirability of these sorts of “earnings stripping” benefits would be greatly diminished by the Blueprint.

So, how are forward-looking companies, particularly in the tech industry, preparing for these potentially dramatic changes? We are seeing a number of them explore the following questions:

1. Should the debt level of U.S. group companies be reduced and, if so, how?
2. Should the interest rate be reduced on intragroup debt financing of U.S. group companies?
3. Can we replace debt financing with other forms of financing arrangements that may yield deductions other than interest expense for the U.S. company (e.g., rent expense on sale / leaseback transactions, royalty expense on intellectual property (IP) licensing transactions)?
4. Should U.S. group companies make interest-bearing loans to other group companies that can benefit from interest deductions in their countries, thereby creating interest income in the U.S., against which the U.S. company could then deduct its own interest expense (e.g., should a U.S. company be a group finance company)?
5. Can lost interest deductions be replaced by more aggressive transfer pricing for other intragroup transactions (e.g., the intragroup purchase and/or sale of goods or services)?

All of these questions regarding intragroup transactions have important transfer pricing implications. For most intragroup transactions (other than those rare instances when the comparable uncontrolled price method is the best method), the prevailing transfer pricing theory permits a range of choices for the intercompany transfer price. So, whether the decision relates to the level of U.S. indebtedness, the substitution of interest expense with other types of deductions, or the creation of interest income in the U.S., the after-tax impact of those decisions can be significantly enhanced by proactive transfer pricing planning. This is true regardless of whether the objective is the more traditional one of minimizing taxable income in the U.S., or a new one to increase taxable income in the U.S. (with the offsetting decrease in other countries with higher tax rates) in light of dramatically changed U.S. tax rules. Our international tax and transfer pricing specialists can help your company to determine the most desirable course of action and to substantiate an appropriate / defensible range of choices for intercompany prices that will yield the optimal results.

Visit A&M Taxand’s Tax Advisor Minute for more helpful insights for executives in the technology sector.

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Northern Virginia Digital Marketing Agency

The Increased Importance of Transfer Pricing Planning

Grow Your Business in Northern Virginia with digital marketing services from The W Agency

In their new NVTC member blog post, Alvarez & Marsal Taxand discusses how companies in the tech industry can prepare for proposed tax reforms that may be implemented in the near future. Alvarez & Marsal Taxand, an affiliate of Alvarez & Marsal (A&M), a leading global professional services firm, is an independent tax group made up of experienced tax professionals dedicated to providing customized tax advice to clients and investors across a broad range of industries. Alvarez & Marsal Taxand is a founder of Taxand, the world’s largest independent tax organization, which provides high quality, integrated tax advice worldwide. 


AM_Taxand_Logo_Wordmark_color (2)Under the House Republican “Blueprint for Tax Reform” (the Blueprint), companies would be able to deduct interest expense against interest income, but no current deduction would be allowed for net interest expense. Any net interest expense would be carried forward indefinitely and allowed as a deduction against net interest income in future years. In addition, the proposed reduction of U.S. tax rates may also reduce the value of U.S. interest deductions. These proposals should impact decisions right now around multinational intercompany financing structures for tech companies, as well as other aspects of their intragroup contractual arrangements.

Until now, the high U.S. corporate income tax rate of 35 percent has created an environment that favors foreign related-party lending to U.S. affiliates, particularly when the loan is advanced from a low-tax jurisdiction. U.S. taxable income may be reduced via an interest deduction and the corresponding interest income may be captured in the lower tax jurisdiction. Alternatively, tax considerations may have made it desirable to incur third-party debt in a U.S. group company, rather than in lower-taxed group companies. The feasibility and/or desirability of these sorts of “earnings stripping” benefits would be greatly diminished by the Blueprint.

So, how are forward-looking companies, particularly in the tech industry, preparing for these potentially dramatic changes? We are seeing a number of them explore the following questions:

1. Should the debt level of U.S. group companies be reduced and, if so, how?
2. Should the interest rate be reduced on intragroup debt financing of U.S. group companies?
3. Can we replace debt financing with other forms of financing arrangements that may yield deductions other than interest expense for the U.S. company (e.g., rent expense on sale / leaseback transactions, royalty expense on intellectual property (IP) licensing transactions)?
4. Should U.S. group companies make interest-bearing loans to other group companies that can benefit from interest deductions in their countries, thereby creating interest income in the U.S., against which the U.S. company could then deduct its own interest expense (e.g., should a U.S. company be a group finance company)?
5. Can lost interest deductions be replaced by more aggressive transfer pricing for other intragroup transactions (e.g., the intragroup purchase and/or sale of goods or services)?

All of these questions regarding intragroup transactions have important transfer pricing implications. For most intragroup transactions (other than those rare instances when the comparable uncontrolled price method is the best method), the prevailing transfer pricing theory permits a range of choices for the intercompany transfer price. So, whether the decision relates to the level of U.S. indebtedness, the substitution of interest expense with other types of deductions, or the creation of interest income in the U.S., the after-tax impact of those decisions can be significantly enhanced by proactive transfer pricing planning. This is true regardless of whether the objective is the more traditional one of minimizing taxable income in the U.S., or a new one to increase taxable income in the U.S. (with the offsetting decrease in other countries with higher tax rates) in light of dramatically changed U.S. tax rules. Our international tax and transfer pricing specialists can help your company to determine the most desirable course of action and to substantiate an appropriate / defensible range of choices for intercompany prices that will yield the optimal results.

Visit A&M Taxand’s Tax Advisor Minute for more helpful insights for executives in the technology sector.

Share and Enjoy


FacebookTwitterDeliciousLinkedInStumbleUponAdd to favoritesEmailRSS

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Northern Virginia Digital Marketing Agency

Head of drug trafficking operation gets 16 years in prison

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RICHMOND, Va. (AP) — A Panamanian man who ran an international cocaine trafficking ring has been sentenced to 16 years in prison.

The Richmond Times-Dispatch reports that 48-year-old Javier King Ariano apologized for his crime during a sentencing hearing on Friday. Speaking through a translator, Ariano said he “committed a great sin.”

Ariano ran an operation that brought cocaine on ships into U.S. ports. Judge Henry E. Hudson said the man was responsible for bringing 125 pounds of cocaine into the U.S.

Prosecutors said Ariano shipped more than 40 kilograms of cocaine to Charleston last March. Authorities replaced 2 kilograms with tracking devices before the drugs could be delivered to couriers and the drugs were seized near Richmond.

Ariano had faced up to life behind bars.

The post Head of drug trafficking operation gets 16 years in prison appeared first on WTOP.

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7-year-old, father shot while waiting for bus in Virginia

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RICHMOND, Va. (AP) — Officials say a 7-year-old boy and his father were shot while waiting at a bus stop in Virginia’s capital city.

Richmond police tell local news outlets the child and his father were taken to the hospital Thursday evening with injuries that aren’t thought to be life threatening.

Police Chief Alfred Durham was emotional while talking to reporters about the shooting of “another innocent child.” He says “people have to get tired” of the shootings that are plaguing the city.

The Richmond Times Dispatch reports that officers have responded to more than 100 shootings and 36 killings so far this year.

Authorities say they’re looking for a light colored Hyundai Tucson with New York plates.

The post 7-year-old, father shot while waiting for bus in Virginia appeared first on WTOP.

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