The Internal Revenue Service is confronting challenges with administering and ensuring compliance with the business provisions of the Tax Cuts and Jobs Act, although it has made a considerable amount of progress in implementing them, according to a new government report.
The IRS could also face challenges with ensuring compliance with some of the TCJA's provisions because third-party information reporting isn't always available. One of the primary factors contributing to the tax gap is the extent to which information is reported to IRS by third parties, the GAO has found.
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Egypt Social Tax Ceiling Unification Awaits Executive Regulation
Plans to unify taxable caps within Egypt's system of social insurance taxation by Jan. 1 have not materialized, as the government has not published the executive regulations necessary to implement the change.
Social Insurance Law No. 148/2019 (Arabic), which was issued Aug. 19, 2019, updated and consolidated previous laws and regulations defining employers' obligations for all categories of insured employees, including Egyptians working abroad. The law unified the two separate maximum monthly amounts of compensation paid to an employee, also known as contribution ceilings, on which employer and employee social insurance tax rates could be assessed, pending the publication of...
Buttigieg proposes undoing SALT deduction cap | TheHill
Buttigieg, the former mayor of South Bend, Ind., is proposing removing the $10,000 cap on the state and local tax (SALT) deduction for households earning less than $400,000.
"Removing the SALT cap for families undoes Trump's politically motivated tax increase and enables governors and mayors across the country to enact progressive tax policies," Buttigieg's campaign said in a news release.
Republicans included the SALT deduction cap in their 2017 tax law in order to raise revenue to pay for tax cuts elsewhere in the bill, and to put a limit on the federal tax code subsidizing higher state taxes. They have noted that most taxpayers, even in high-tax states, are gettin a tax cut under the 2017 law.
Generational accumulation of laws, taxes, regulations, bureaucracy
We know that large metropolitan areas become progressively socialistic. This can be easily seen in our state of Minnesota where the large metropolitan areas of Minneapolis-St. Paul vote predominantly Democrat, and outstate votes more independent and conservative.
This has occurred in Europe where taxation has reached over 50% and will only continue to increase. What will become of such a society with this much overhead? Certainly it will erode its own structure and base – this is one of the reasons Americans are fed up with government.
Not to change the topic here:
IRS rules for reporting of unrelated business income for nonprofits close to being released |
The Internal Revenue Service is getting set to unveil its proposed regulations for the reporting of unrelated business income for tax-exempt organizations.
Nonprofits have been waiting for the proposed regulations, as the provision already took effect for the 2018 tax year. But the rules, when they're eventually finalized by the IRS and the Treasury Department, could lead to some extra complexity in reporting. They're likely to affect tax-exempt organizations such as colleges and universities that earn revenue from activities like sports and apparel sales.
Companies say R.I.
“As written, the draft rules make participation extremely difficult and, thus, the overall success of the program uncertain,” Carling Dinkler, vice president of Enhanced Capital, told the Journal on Monday.
The three companies that pushed state lawmakers to create a $42-million tax-credit program say the web of red tape Gov. Gina Raimondo’s administration has spun around it makes the credits practically unusable.
Raimondo opposed the Small Business Development Fund last summer and likened it to the disastrous 38 Studios deal.
Key Clarifications In IRS Carbon Capture Tax Credit Guidance - Law360
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Our new, prosperous economic normal – Orange County Register
The difference between economic conditions now and a few years ago is stark. Since the 2016 election, the unemployment rate has dropped to a five decade low. Year-over-year monthly wage growth consistently surpasses three percent with blue-collar earnings rising faster than those of their managers. And the tight job market is encouraging more Americans to enter the labor force.
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According to Gallup, nearly two-thirds say they are better off now than three years ago. Among election cycles with an incumbent president on the ticket, the indicator has hit a three-decade peak. Optimism for the future is also strong. 74 percent of Americans believe their personal finances will continue improving in 2020—a record high.
Happening on Twitter
The IRS says Facebook owes more than $9 billion in taxes. https://t.co/gSQzE9AsiL FrankLuntz (from All over) Wed Feb 19 16:00:01 +0000 2020
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