<p>Andersen Global expands the depth of its geographic coverage in Asia through a Collaboration Agreement with Bangladesh-based professional services firm ACE Advisory.</p>

<p>Andersen Global continues to expand the breadth of its Middle Eastern platform with the addition of collaborating firm Almoayed Chambers Consultancy in Bahrain.</p>

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

<p>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.</p>

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).

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.