A group of Democrats on the Senate Finance Committee are pressing the Trump administration over regulations implementing the international provisions of the president's 2017 tax-cut law, seeking information about the extent to which lobbying influenced the rules.
Trump's tax law slashed the corporate tax rate from 35 percent to 21 percent, and included international tax provisions aimed at making the U.S. tax system more competitive while also preventing an erosion of the tax base. No Democrats voted for the bill because they viewed it as predominantly benefiting wealthy individuals and corporations.
Other things to check out:
Whistleblower protections for accountants and tax professionals bolstered by new law | Accounting
During tax season, a tax professional can be placed in the difficult position of trying to stop tax fraud after uncovering their employer or client committing fraud.
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The TFA protects a broad range of disclosures about potential violations of IRS rules or tax fraud. It protects not only disclosures to the IRS, but also internal disclosures, including an employee's disclosure to a supervisor or "any other person working for the employer who has the authority to investigate, discover, or terminate misconduct." In particular, protected conduct includes:
California CDTFA Issues Memorandum Requesting Approval to Amend Regulations on Retailers Use Tax
The California Department of Tax and Fee Administration (CDTFA) Jan. 3 issued a memorandum requesting director approval to amend sales and use, and transactions and use tax regulations on tax collection by retailers.
2020 Property Rules and Regulations: Potential Impacts On Landlords and Agencies
This does rather hammer the Buy-to-Let market, as the expense of operating a rental property becomes difficult to offset due to tax relief reductions.
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Landlords will now have to contend with added compliance as a result of a new 30-day deadline to pay the CTG on additional property sales – currently landlords pay the CGT as part of their annual self-assessment tax returns, so it's not necessary to pay the full amount until the end of the next tax year. The costs will remain the same, but it does put landlords in a tight spot if they're selling for profit, as failing to pay the CTG before the end of the 30-day window will incur penalties.
Other things to check out:
State sales and use tax changes in 2019 and what to expect in 2020 | Accounting Today
The year 2019 was a continuation of the banner year of 2018 for major law and administrative changes in sales and use tax compliance, inspired and driven in large part by the Supreme Court's decision in South Dakota v Wayfair . This landmark decision greatly expanded the reach of states to impose sales and use tax collection and remittance obligations on businesses beyond actual physical presence to also include mere economic presence.
Not only has the Wayfair decision on nexus directly empowered the states to impose sales and use tax collection and remittance obligations on businesses that had been beyond their reach, but it has also indirectly inspired other changes in state taxation rules across the country. This article:
Tax break task force finds spotty oversight in incentive program - NJBIZ
A task force the governor convened to scrutinize the state’s now-expired, controversial corporate tax break programs released a long-awaited report Thursday, potentially paving the way for the administration and legislative leadership to finally hash out a new set of economic incentives.
The release comes as both sides look to enact a replacement for the two programs – the Grow New Jersey corporate tax breaks, and the Economic Redevelopment and Growth gap financing program for residential projects – which both expired on July 1, 2019.
The Coming Economic Policy Debate - AAF
In retrospect, the actions of the administration and congressional Republicans constitute a clear, pro-growth sequence of policies. The sequence began with the House-passed American Health Care Act – the health care bill that reformed two major entitlement programs and cut taxes by $1 trillion – continued with both legislative and administrative deregulation, included the Tax Cuts and Jobs Act (TCJA), and culminated with the administration's efforts – notably the U.S.
Final Regulations on Opportunity Zones: An In-Depth Guide | Greenberg Glusker Fields Claman &
Final regulations on opportunity zones were issued by the IRS on December 19, 2019. There are a few major changes and clarifications in the final regulations compared to the prior proposed regulations, a summary of which is below.
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1. The sale of Section 1231 property (property held for more than one year that is used in a trade or business) is now treated the same as the sale of other property. The proposed regulations had treated all sales of Section 1231 property as occurring on the last day of the tax year, and this rule no longer applies.
Happening on Twitter
Here we go again, another Con Job by the Do Nothing Democrats. All of this work was supposed to be done by the House, not the Senate! realDonaldTrump (from Washington, DC) Wed Jan 15 15:33:21 +0000 2020
Even today, the Speaker and her allies keep contradicting themselves. They say their case is already "overwhelming,… https://t.co/G7zKk4lFlw senatemajldr (from Washington, DC) Wed Jan 15 21:03:16 +0000 2020
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