This week we look at royalties paid by IBM's "alien affiliates"; what stood out in the final opportunity zone regulations; the risk of not reporting virtual currency transactions; the benefits of leasing instead of buying; country-by-country reporting—or not—in the EU; CFC legislation in Italy; what executives need to worry about in their compensation packages; the negatives of required retiree minimum distribution rules; and international investment in Ireland. We'll hear from:
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Ohio DOT Proposes to Amend Commercial Activity Excise Tax Regulations
The Ohio Department of Taxation Jan. 1 proposed regulations to amend the rules on the commercial activity excise tax.
France's digital minister says tax on big tech is just the start | World news | The Guardian
O said internet and technology regulation was now a major part of French soft power on the international diplomatic stage. He said the domination of a tiny number of tech giants on the way people search for information, communicate and interact was now challenging public power and nation states. France is not the only country that has devised a tax on tech firms – the UK is considering its own measures.
O said tech giants, as monopolies, now presented a democratic challenge to governments. "Certain tech platforms have become the building blocks of our economy and democracy," he said. "They have acquired a monopoly position today which gives them a footprint no other company has on the economy, so they need to see specific regulations applied … A company which has 1.4 billion citizens on its social networks can't be treated like just any other company, with the same rules.
State legislators huddle with Summit County officials to get on the same page ahead of general
Related: “Quinn, Christensen disagree over education funding at Summit County forum”
All five of the men elected to represent Summit County at the state Legislature attended a forum in Coalville this week with county officials, exchanging updates on priorities and the happenings in Salt Lake City over croissant sandwiches and appetizers ahead of this month's start of the legislative session.
The recently passed tax reform legislation dominated parts of the conversation at the Ledges Event Center, with county officials wondering how much time would be devoted to it in the upcoming session and how and whether it would be implemented with a push underway for a statewide referendum to overturn it .
While you're here, how about this:
Final regs. issued on foreign tax credits - The Tax Adviser
The Sec. 901 foreign tax credit allows U.S. taxpayers to offset their taxes by the amount of foreign income taxes paid or accrued. The TCJA made significant changes to the Code with respect to the foreign tax credit rules and related rules for allocating and apportioning expenses for purposes of determining the foreign tax credit limitation.
T.D. 9882 finalizes regulations that were proposed in 2018 (REG-105600-18), as well as regulations proposed in 2012 (77 Fed. Reg . 37837) and portions of regulations that were proposed in 2007 (72 Fed. Reg. 62805). The 389-page final regulations retain the basic approach and structure of the 2018 proposed regulations, with some revisions.
House Democrats Push Environmental Bills, but Victories Are Few - The New York Times
WASHINGTON — Speaker Nancy Pelosi delivered a triumphant message on Friday as the House moved on legislation, long sought by environmentalists, to force the Environmental Protection Agency to regulate toxic chemicals that can contaminate drinking water.
"The Trump Administration's E.P.A. is breaking its own promises every day that it delays and puts polluters ahead of the American people," she said before 24 Republicans joined all but one Democrat to pass the act, 247 to 159, on the chemicals, known as PFAS . "In stark contrast, the House is taking action."
He exposed nepotism and questionable hiring at a California tax agency.
SACRAMENTO, Calif. — Three years ago California Treasurer Fiona Ma asked a California public employee to help uncover wasteful spending and nepotism at a tax agency that was collecting more than $60 billion a year in revenue.
Mark DeSio delivered, funneling records to the state auditor, Finance Department and State Personnel Board for what became damning investigations into the California Board of Equalization.
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Ma today is trying to make things right for DeSio, a former communications director for the Board of Equalization who was dismissed by Gov. Jerry Brown's administration in October 2017. Ma has hired DeSio in her office, and she's been testifying on his behalf in DeSio's lawsuit over his termination.
Summit County Council Receives Recommendations For RAP Tax Recreation Grants | KPCW
The Summit County Council on January 8th reviewed the recommendations for funding recreation projects, out of the Recreation, Arts and Parks tax.
Out of 16 applicants, only one was turned down entirely by the county's Citizens Advisory Committee. But County Council Members were sympathetic to finding some other source of funding for the candidate.
The chair for the Citizens Committee, Peter Tomai, said they had $465,000 in RAP funds to disperse.
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