RIYADH — Japanese finance minister Taro Aso criticized on Sunday a U.S. tax reform proposal that he said could undermine global efforts to agree new rules on taxing big tech companies.
Yet the OECD efforts were stalled late last year by last-minute changes demanded by Washington, including a proposed "safe harbor" regime which critics say would let multinationals choose whether to abide by the new set of rules or stick to existing regulations.
"I told my counterparts that Japan is very concerned about the 'safe harbor' proposal," Aso told reporters after attending the G20 gathering.
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Consumer Advocate: Know the strengths and qualifications of different tax preparers | Business |
Many people choose a tax preparer to avoid dealing with complex tax laws, but not all tax preparers have the same level of experience and training. Find someone you can trust — and understand — with your sensitive financial and personal information.
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• Enrolled Agent (EA): An EA is an IRS-approved tax preparer. They must also complete education credits in accounting methods and tax regulations each year. An EA is a good option if you have a complex tax situation. Make sure their expertise applies to your case. They most likely will charge less than a CPA. An EA is also qualified to help you with financial planning and give you tips that could help you reduce your taxes in the future.
Bloomberg takes aim at Wall Street with financial transactions tax and regulations
Michael Bloomberg is leaning to the left with a new plan to regulate the financial industry that includes a financial transactions tax, a toughening of banking regulations, and a new Justice Department team to fight corporate crime.
"Mike will restore and strengthen key measures taken in the wake of the 2008 financial collapse that Donald Trump has worked to eliminate," Bloomberg's new financial reform plan says.
"He will restore critical consumer protections overturned by the Trump administration — including rules to rein in payday lending, ensuring investment advice prioritizes people's best interests, and preserving customers' right to sue financial institutions," the Democratic presidential candidate's website says.
G-20 summit: US and Europe divided on how to tax tech giants
RIYADH — G-20 leaders in Saudi Arabia are using a summit in Riyadh to find an "urgent solution" to international digital taxation, exposing global divisions over how to tax big technology firms.
"You need to have an international tax system," U.S. Treasury Secretary Steven Mnuchin told an audience of high-level dignitaries on Saturday.
"You cannot have, in a global economy, different national tax systems that conflict with each other. That is bad for the individual countries, bad for the multinationals, and it just doesn't work," he said, flanked by finance ministers from Saudi Arabia, India, Germany and France.
Many things are taking place:
IBOR Transition: Proposed US Federal Tax Regulations
On February 6, 2020, Russell Nance, Steven Garden and Brennan Young presented an overview of the proposed regulations addressing the US federal tax consequences of replacing an interbank offered rate (IBOR) with a successor rate as part of Mayer Brown's Global Financial Markets Initiative.
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This Mayer Brown article provides information and comments on legal issues and developments of interest. The foregoing is not a comprehensive treatment of the subject matter covered and is not intended to provide legal advice. Readers should seek specific legal advice before taking any action with respect to the matters discussed herein.
Bloomberg - Are you a robot?
U.S. Tax Laws: A Review of 2019 and a Look Ahead to 2020 - Lexology
Even after two years of frenzied activity, the IRS has yet to issue several major sets of regulations under the TCJA. The IRS has stated that one of its main goals for 2020 is to finish developing guidance under the TCJA. Accordingly, U.S. tax practitioners expect to see significant progress in this area throughout 2020.
In the international context, 2019 was a year in which some countries, frustrated by the glacial pace of the efforts of the Organisation for Economic Co-operation and Development (OECD) to combat international tax avoidance, took unilateral measures to combat base erosion by large companies such as Google and Amazon.
Delafield code change opposition grows | Business | gmtoday.com
Attorney George Erwin represented the Thomas family during a Waukesha County Parks and Planning Commission hearing, where he told county officials that the Town of Delafield's strict commercial zoning code had prevented the 150-acre farm from being sold for development. Erwin also represents Hendricks Commercial Properties, downtown Delafield's biggest landlord, and represented Delafield developer Bob Lang on many of his development projects.
There is growing opposition to Town of Delafield plans to create a new commercial zoning district on the Thomas Farm, designated in the red, along Golf Road, between Glen Cove and Elmhurst Roads and north of Interstate 94.
Happening on Twitter
Japan criticizes U.S. digital tax proposal at G20 https://t.co/sSxRCh27DU https://t.co/HIMZaxWpmQ Reuters (from Around the world) Sun Feb 23 20:25:30 +0000 2020
Japan criticizes U.S. digital tax proposal at G20 https://t.co/znWNo6Zpcm https://t.co/j9u9mnB72G Reuters (from Around the world) Sun Feb 23 17:10:46 +0000 2020
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