Democrats argued that Treasury Department regulations were overly favorable to businesses as a result of lobbying from corporations.
Republicans, however, defended the Treasury Department's rule-making process and pushed back against the idea that the regulations will lead to additional increases in the deficit.
Trump's 2017 tax law cut the corporate tax rate from 35 percent to 21 percent, created a 20-percent deduction for income from noncorporate businesses known as pass-throughs, and made significant changes to the taxation of U.S. corporations' foreign earnings. No Democrats voted for the measure because they thought the law was too generous to corporations and wealthy individuals.
This may worth something:
Tech Groups Want Help to Avoid Cloud Transaction Tax Hit
Business groups and tech giants want the IRS to clarify new cloud computing tax rules and ensure companies won't take an unexpected tax hit.
The proposed rules ( REG-130700-14 ), under tax code Section 861 , are largely consistent with how companies have interpreted outdated guidance from 1998, companies and organizations have told the IRS. But questions remain over how transactions are classified and income is sourced. Companies are concerned that without more certainty the rules could force them to withhold tax or affect how income tax and tax credits are calculated.
IRS proposes update to income tax withholding rules | Accounting Today
The Internal Revenue Service and the Treasury have proposed regulations updating the income tax withholding rules to reflect the changes in the Tax Cuts and Jobs Act, the recently redesigned Form W-4 and the IRS's new Tax Withholding Estimator.
The proposed regulations also deal with various other tax-withholding issues. They offer some more flexibility in how employees who don't fill out a W-4 should be treated. Starting this year, employers are required to treat new employees who fail to furnish a properly completed Form W-4 as single and withhold using the standard deduction and no other adjustments. Before this year, employers in this situation were required to withhold as if the employee was single and claiming zero allowances.
Council Post: A Topsy-Turvy 2019: Cryptocurrency Tax Year In Review
cryptocurrency tax calculator ) that helps Bitcoin investors generate their capital gains taxes.">Robin is the Founder and CEO of Koinly (a cryptocurrency tax calculator ) that helps Bitcoin investors generate their capital gains taxes.
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Last year was a roller-coaster ride for cryptocurrencies. While the market cap increased substantially in the first half of the year, it subsequently did a nosedive from July onward. In fact, from July 8 to October 8, the market cap of the top 10 cryptocurrencies fell by a whopping $88 billion, according to Coin Rivet.
Not to change the topic here:
Companies Shifted Deductions, Income to Maximize 2017 U.S. Tax-Rate Cut - WSJ
WASHINGTON—U.S. corporations accelerated deductions and deferred income to maximize the benefits of the 2017 tax-rate cut, contributing to a large temporary drop in federal corporate-tax revenue in 2018, according to newly released data.
The rate divide - POLITICO
— Today's hearing on the corporate tax is a reminder of just how divided the two parties are over the current 21 percent rate.
— The conservative-leaning Tax Foundation isn't a big fan of the payroll tax increase proposals coming from Democratic presidential candidates.
— Looking for any signs of President Donald Trump's next tax plan in his latest budget? You'll be looking a long time.
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WELCOME TO A PRIMARY DAY edition of Morning Tax, where we're sad to say that we were late to the news that the surface of the sun looks like caramel popcorn .
Bloomberg Tax Enhances Advantage Fixed Assets Tool
Bloomberg Tax & Accounting announced an enhancement to its Advantage Fixed Assets software that addresses the challenges of bonus depreciation calculations.
The latest software update is aimed at states whose rules do not conform with the Internal Revenue Code. Since the introduction of bonus depreciation to the federal tax code in 2001, many states have disallowed this tax benefit either partially or in full.
Weekly IRS Roundup February 3-7, 2020
Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of February 3 – 7, 2020.
February 3, 2020: The IRS and the Departments of Labor and Health and Human Services jointly announced frequently asked questions about the implementation of the Affordable Care Act. The agencies noted that they are tasked with developing standards for use by a group health plan and a health insurance issuer offering group or individual health insurance coverage in compiling a summary of benefits and coverage (SBC).
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