EACC & Member News

PNC EXECUTIVES TO SPEAK AT BERNSTEIN CONFERENCE ON JUNE 1st

PITTSBURGH, May 18, 2023 /PRNewswire/ — The PNC Financial Services Group, Inc. (NYSE: PNC) announced today that Chairman, President and Chief Executive Officer William S. Demchak and Executive Vice President and Chief Financial Officer Robert Q. Reilly will discuss business performance, strategy and banking at 1:30 p.m. (ET) Thursday, June 1, at the Bernstein Strategic Decisions Conference in New York City.

The following will be accessible at www.pnc.com/investorevents: a link to the live webcast; related materials, including cautionary statements regarding forward-looking information, available prior to the start of the webcast; and a webcast replay available for 30 days.

The PNC Financial Services Group, Inc. is one of the largest diversified financial services institutions in the United States, organized around its customers and communities for strong relationships and local delivery of retail and business banking including a full range of lending products; specialized services for corporations and government entities, including corporate banking, real estate finance and asset-based lending; wealth management and asset management. For information about PNC, visit www.pnc.com.

CONTACTS

MEDIA:
Tim Miller
(412) 762-4550
media.relations@pnc.com

INVESTORS:
Bryan Gill
(412) 768-4143
investor.relations@pnc.com

EACC & Member News

TAXES & INCENTIVES: South Carolina’s business-friendly taxation and incentive structures, by Upstate SC Alliance

TAXES & INCENTIVES

South Carolina’s business-friendly taxation and incentive structures are designed to reduce costs and maximize return on investment for companies considering a location within the United States. At 5%, the South Carolina corporate tax rate is among the lowest in the Southeast. And, there are many tax incentives that can reduce or eliminate corporate income taxes.

South Carolina’s Taxes & Incentives

The state of South Carolina offers the following statutory tax benefits:

  • No state property tax
  • No local income tax
  • No inventory tax
  • No sales tax on manufacturing machinery, industrial power or materials for finished products
  • No wholesale tax
  • No unitary tax on worldwide profits
  • Favorable corporate income tax structure

Click here for South Carolina’s Business Incentive Guide for Manufacturing, with details on Statutory Income Tax CreditsSales and Use Tax and IncentivesLocal Property Tax & Incentives, and Discretionary Incentives.

Workforce Training at No-Cost

One of the strongest incentives provided to growing companies in South Carolina is the workforce recruitment and training programs offered by the state through readySC™ and Apprenticeship Carolina™, which includes recruiting, screening and training that is tailored to the company’s needs.

Community-Offered Incentives

In South Carolina, only local governments levy property taxes. And, property tax and other incentives are offered by county and city governments for qualified business expansions or locations. Contact us today to explore available Upstate properties and connect directly with our county governments.

Workers’ Compensation & Unemployment Costs

  • South Carolina’s unemployment insurance rates for employers are below the national average.
  • The South Carolina State Unemployment Tax Act (SUTA) unemployment insurance tax is based on the first $12,000 in wages for each employee.
  • For more information, contact the SC Department of Employment & Workforce.

CONTACT US

SAMANTHA SPRATT

Business Recruitment Officer

Phone: 864.283.2315
Original post HERE, by Upstate SC Allience
EACC & Member News

Global Risks Report 2023, by Marsh & McLennan Agency, LLC

Global Risks Report 2023, by Marsh & McLennan Agency, LLC

The Global Risks Report 2023, published by the World Economic Forum in collaboration with Marsh McLennan, examines how widening geopolitical, economic, and societal fissures will trigger and exacerbate crises to come.

Drawing on insights from more than 1,200 experts and policymakers worldwide, the report unpacks some of the key dangers in the short term, highlights escalating risks over the next decade, and examines how competition for critical resources such as food and minerals may play out in alternate futures.

 

Original Report HERE, by Marsh & McLennan Agency, LLC

EACC & Member News

American Airlines expands international travel schedule, adds third flight from CLT to London, by Charlotte Regional Business Alliance

American Airlines announced its largest-ever summer schedule for London this week, including a third flight that will depart from Charlotte Douglas International Airport (CLT).

American is marking its largest operation to London, flying from 11 North American cities with 26 daily flights. The schedule includes three daily, direct flights from CLT, and one from Raleigh-Durham (RDU).

The beefed up international travel schedule is part of the airline’s long-haul expansion plans for summer 2023.

“Travel to and from the U.S. and England is increasing in popularity, and we are thrilled to cater to the growing demand from passengers,” Rhett Workman, American Airlines managing director of strategic performance and UK operations, said.

The additional flight will launch on April 15 and run through October. It is scheduled to leave CLT at 11:25 p.m. and arrive in London the next day at 12:15 p.m.The airline’s other two daily flights here to London currently depart Charlotte at 6:35 p.m. and 8:33 p.m.

American operates its second-largest hub from CLT.

 

Original post HERE by CHARLOTTE REGIONAL BUSINESS ALLIANCE.

EACC & Member News

Learn a Second or Third Language with International Upstate/2023 Spring Semester Classes Registration is now open!

Learn a Second—or Third—Language!

Join us at the center Upstate International calls home — 9 S. Memminger Street, Greenville, SC 29601 — or participate in an Online class to take your language skills to the next level. Upstate International’s language classes are unique in several ways.

All language classes offered by Upstate International for the current term are available through the link below. Those on our email list will receive notice as soon as the upcoming schedule is posted. To be added to our email list, complete the form at the bottom of this page.

2023 Spring Semester Classes Registration is now open! CLICK HERE for available classes, pricing, and registration.

 

How to choose what level fits you best?

At UI, our curricula are structured according to class needs. We do not use tests or grades in our format. Students come because they want to learn another language and culture; our teachers teach because they want to share their language and culture.

Our class structure follows the guidelines of the Common European Framework of Reference (CEFR). The CEFR is a language-neutral guideline used to describe the achievements of any foreign language learners at different stages of their learning. Described below are the CEFR’s 6 broad levels of ability and what learners can do across 5 language skills; spoken interaction, spoken production, listening, reading, and writing.

A1 – Can understand and use familiar everyday expressions and very basic phrases aimed at the satisfaction of needs of a concrete type. Can introduce him/herself and others and can ask and answer questions about personal details such as where he/she lives, people he/she knows and things he/she has. Can interact in a simple way provided the other person talks slowly and clearly and is prepared to help.

A2 – Can understand sentences and frequently used expressions related to areas of most immediate relevance (e.g. very basic personal and family information, shopping, local geography, employment). Can communicate in simple and routine tasks requiring a simple and direct exchange of information on familiar and routine matters.  Can describe in simple terms aspects of his/her background, immediate environment, and matters in areas of immediate need.

B1 – Can understand the main points of clear standard input on familiar matters regularly encountered in work, school, leisure, etc. Can deal with most situations likely to arise whilst traveling in an area where the language is spoken.  Can produce simple connected text on topics which are familiar or of personal interest. Can describe experiences and events, dreams, hopes & ambitions and briefly give reasons and explanations for opinions and plans.

B2 – Can understand the main ideas of complex text on both concrete and abstract topics, including technical discussions in his/her field of specialization. Can interact with a degree of fluency and spontaneity that makes regular interaction with native speakers quite possible without strain for either party. Can produce clear, detailed text on a wide range of subjects and explain a viewpoint on a topical issue giving the advantages and disadvantages of various options.

C1 – Can understand a wide range of demanding, longer texts, and recognize implicit meaning. Can express him/herself fluently and spontaneously without much obvious searching for expressions. Can use language flexibly and effectively for social, academic and professional purposes. Can produce clear, well-structured, detailed text on complex subjects, showing controlled use of organizational patterns, connectors and cohesive devices.

C2 – Can understand with ease virtually everything heard or read. Can summarize information from different spoken and written sources, reconstructing arguments and accounts in a coherent presentation. Can express him/herself spontaneously, very fluently and precisely, differentiating finer shades of meaning even in more complex situations.

Still don’t know which class you should be in? Look at the language self-assessment tableavailable in your native language, to find out.

¿No sabes en qué clase deberías estar? Mire la tabla de autoevaluación del idioma, disponible en su idioma nativo, para averiguarlo.

Average number of hours it takes to reach a B2 level in a language as a native English speaker- Chart

Chapter News, EACC & Member News

EACC-Carolinas welcomes new Member, PNC Bank

EACC-Carolinas is thrilled to welcome a new member, PNC Bank

PNC Bank                                                                                                                                   

PNC Bank, National Association, is a member of The PNC Financial Services Group, Inc. (NYSE: PNC). PNC is one of the largest diversified financial services institutions in the United States, organized around its customers and communities for strong relationships and local delivery of retail and business banking including a full range of lending products; specialized services for corporations and government entities, including corporate banking, real estate finance and asset-based lending; wealth management and asset management. For information about PNC, visit www.pnc.com.

 

Learn more at  www.pnc.com

 

EACC & Member News

Inflation Reduction Act – Impact on Small to Medium-Sized Foreign Businesses, by Rödl & Partner

Original post by Rödl & Partner (see here the original)

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Rödl & Partner Tax Matters Volume 2022-5, published October 4, 2022

On August 16, 2022, President Biden signed into law the Inflation Reduction Act (“IRA”). Although the bill is focused on climate related investments, it also includes changes to corporate tax to pay for the programs. However, we expect that the impact on our clients with activities in the U.S. will be limited. Below is an overview of the tax-related changes.

Book Minimum Tax

The IRA introduces a 15% alternative minimum tax (book minimum tax, BMT) based on financial statement net profits for tax years beginning after December 31, 2022. The net profits will typically be calculated using U.S. GAAP or IFRS, depending on the financial statement of the tested corporation, with some adjustments.


The BMT only applies to corporations who have an adjusted financial statement 
net income (AFSI) of more than $1 billion on average over a 3-year period.

Once a corporation exceeds the $1 billion threshold, it generally remains subject to BMT even if its AFSI falls below $1 billion.

U.S.-parented multinational groups generally include worldwide income for the $1 billion test.

Foreign-owned multinational group application: If there are U.S. domestic corporate taxpayers that are included in the AFS of a foreign-parented multinational group, the U.S. taxpayers may be liable for the BMT if:

  1. The AFSI of the entire worldwide group exceeds $1 billion, and
  2. The AFSI of the U.S. members of the group, including U.S. branch activities of foreign members, exceeds $100 million.

If a foreign corporation is directly engaged in a trade or business within the United States without using a U.S. subsidiary (i.e. branch activities reported on Form 1120-F), the U.S. activity is treated as a separate domestic corporation that is wholly owned by the foreign corporation.

Examples of adjustments to book income:

  • If the corporation is a partner in a partnership, the corporation includes the distributive share of AFSI from the partnership.
  • If the corporation owns CFCs, the corporation includes its share of CFC income, although losses are disallowed and carried forward.
  • AFSI does not allow a deduction for U.S. federal income taxes.
  • AFSI generally replaces book depreciation with tax depreciation.
  • AFSI allows for a reduction based on financial statement net operating loss (NOL) carryovers.

 1% Excise Tax on Repurchase of Corporate Stock

There is a perceived tax avoidance when earnings, which could be distributed as taxable dividends, are instead used to repurchase shares and increase individual stock value. The increased stock value might benefit certain shareholders while still allowing for a deferral of tax. To address this issue, the IRA introduced a new 1% tax on the FMV of repurchased shares.

The tax will apply only to “Covered Corporations”. A Covered Corporation is any domestic corporation whose stock is traded on an established securities market. The definition of established market is very broad and includes both U.S. national and local exchanges as well as foreign national exchanges.

The 1% tax is applied when there is a repurchase of stock. The broad definition of a repurchase may include the following:

  • Standard stock redemptions with cash from the corporation paid to repurchase shares.
  • Certain reorganizations where stock is exchanged for property, although exceptions may apply. Asset-type reorganizations in particular should be reviewed.

Exceptions to the 1% Excise Tax:

  • Tax-free reorganizations under Sec. 368.
    • However, it is unclear how the rule applies to partially exempt transactions, for example a generally tax-free transaction also subject to “boot” taxation.
  • Repurchased stock contributed to certain retirement or employee stock ownership plans.
  • When the total value of repurchases during the year is below $1 million.
  • If the repurchase is treated as a dividend under the income tax rules.

 

Increase in IRS funding

The IRA assigns about $80 billion to the Internal Revenue Service which will be used to hire new auditors, improve customer service and modernize technology. Approximately $46 billion will be used for additional enforcement and an increase in audits of U.S. taxpayers is expected. It is not yet known if the IRS will increase audits in particular fields or on a broad range.

 

If you have any questions, please contact your local Rödl & Partner representative.

This publication contains general information and is not intended to be comprehensive or to provide legal, tax or other professional advice or services. This publication is not a substitute for such professional advice or services, and it should not be acted on or relied upon or used as a basis for any decision or action that may affect you or your business. Consult your advisor.
We have made reasonable efforts to ensure the accuracy of the information contained in this publication, however this cannot be guaranteed. Neither Rödl Langford de Kock LP nor any of its subsidiaries nor any affiliate thereof or other related entity shall have any liability to any person or entity which relies on the information contained in this publication, including incidental or consequential damages arising from errors or omissions. Any such reliance is solely at user’s risk.
Any tax and/or accounting advice contained herein is based on our understanding of the facts, assumptions we have been asked to make, and on the tax laws and/or accounting principles in effect as of the date of this advice. No assurance is given that the conclusions would be the same if the facts or assumptions change, or are not as we understand them, or that the tax laws and/or accounting principles will not change subsequent to the issuance of these conclusions. In addition, we do not undertake any continuing obligation to advise on future changes in the tax laws and/or accounting principles, or of the impact on the conclusions herein.
No part of this document may be reproduced, retransmitted or otherwise redistributed in any form or by any means, electronic or mechanical, including by photocopying, facsimile transmission, recording, rekeying, or using any information storage and retrieval system, without written permission from Rödl Langford de Kock LP.
Copyright © October 2022 Rödl Langford de Kock LP
All rights reserved.

CONTACT

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Elisa Fay

CPA

Partner-in-Charge Rödl National Tax

+1 404 525 2600

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GERMAN SPEAKING CONTACT

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Matthias Amberg

StB, CPA

Partner, German Speaking

+1 312 857 1950

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ITALIAN SPEAKING CONTACT

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Filiberto Calascibetta

CPA, Dottore Commercialista, Honorary Consul of Italy in Atlanta

Partner, Italian Speaking

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