Maybe the old canard should be "regulations, like sausages, cease to inspire respect in proportion as we know how they are made." Except Otto von Bismarck doesn't seem to have made that assertion about lawmaking, and it's untrue of regulation drafting at Treasury and the IRS. There's much transparency in the process, and recent changes have made it even more open.
Vaughan's letter is correct in saying that critical pieces of the regulatory process are deliberately public and that taxpayers are invited to participate in the process. Treasury and the IRS make it relatively easy to tell them what you think the rules should look like, either in writing or in person.
This may worth something:
Investors seek tax savings for fees they can no longer deduct | Accounting Today
It's been two years since investors were able to claim tax write-offs for investment costs and advice, but lawyers have found a potential workaround hidden in years-old Internal Revenue Service regulations and case law that may cut tax bills for some private equity and hedge fund investors.
The strategy likely won't generate a deduction as large as what was previously allowed for financial advisory fees. However, if investors are hiring third-party advisers for assistance picking complicated assets, including distressed debt and thinly traded stocks, they may be able to recoup some of the lost tax benefits, according to a note that advisory firm RSM US LLP sent clients on Thursday.
Off to Riyadh - POLITICO
— Time for some hard Arabian nights: Negotiators seeking a global tax deal are set to brief G-20 finance ministers in Riyadh this weekend, with some key disputes still needing to be resolved.
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— Is that good? A lawyer for Maryland's legislature says a proposal for a digital tax in the state is not "clearly unconstitutional."
EVEN THE SHORT WEEKS seem to stretch out sometimes, but Friday has arrived — and we've learned that everything is bigger in Texas now extends to leaning towers .
What's in the Cloud?
The long wait is over – the Internal Revenue Service (IRS) has finally issued proposed regulations (the Cloud Regulations) addressing the tax treatment of cloud transactions. 1
Until now, there was no guidance specifically addressing the tax treatment of cloud computing transactions, and as a result, taxpayers were forced to rely upon analogous authorities, not knowing with any certainty whether they were complying with applicable law. 2 Below is a summary of the proposed rules and a few examples and observations on the same.
While you're here, how about this:
Expanding state sales tax to pay for school improvements would 'destroy our economy,' Maryland
Maryland Gov. Larry Hogan vowed Thursday to oppose a proposed change in the sales tax that would reduce the rate but expand who pays it by charging it on an array of services from landscaping to lawyers.
"It's not ever going happen while I'm governor, I can promise you," the Republican governor said during a State House news conference.
Democratic lawmakers introduced a bill earlier in the day to expand the sales tax, saying that would raise the billions of dollars needed to improve public schools while having a minimal impact on most Maryland families. The rate would drop from 6% to 5% , but the tax would apply to a vastly broader range of business and services transactions.
Documenting New Qualified Plans Still Tricky After Secure Act - Law360
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Free tax workshops offered in Hays, Colby by SBDC
It's that time of year again! Join the Small Business Development Center for our FREE tax workshops.
These workshops are presented by Carl York with the Kansas Department of Revenue and Brett Gerber with the Kansas Department of Labor.
March 10 in Colby at the Thomas Co. Office Complex: Small Business Tax at 9:00 a.m.-12:00 p.m. Labor: Understanding Regulations KDOL Unemployment Tax at 12:15 p.m.-1:15 p.m. Contractors Tax 1:30 p.m.-4:30 p.m.
In Our View: Boeing wanted those tax breaks until it didn’t - Columbian.com
When a corporation is willing — nay, eager — to give up tax breaks that save it hundreds of millions of dollars a year, perhaps those breaks were ill-considered in the first place.
That is the situation with Boeing, where legislation to roll back state tax breaks has added to a pattern of missteps as the company tries to regain its footing. We hope it is successful; a sturdy Boeing is essential to the economy and the identity of Washington.
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