Sec. 901(m)(1) provides that, in the case of a covered asset acquisition (CAA), the disqualified portion of any foreign income tax determined with respect to the income or gain attributable to RFAs is not taken into account in determining the Sec. 901(a) foreign tax credit, and in the case of foreign income tax paid by a Sec. 902 corporation, is not taken into account for purposes of Sec. 902 or 960. Instead, the disqualified portion of any foreign income tax is allowed as a deduction.
Quite a lot has been going on:
FRI MAR 20 COVID-19 UPDATES: Omaha-metro's third community-spread case confirmed
(WOWT) -- Here's a review of Friday's local, state, and national developments in the COVID-19 outbreak:
7:24 p.m. -- Former star of "The Bachelor" Colton Underwood and talk-show host Andy Cohen have joined the growing group of celebrities who have tested positive for coronavirus.
7:16 p.m. -- Sarpy/Cass County Health Department announced its fourth case : a man in his 20s who had recently returned from traveling in Europe. Also, the health department determined the third case, confirmed Thursday, was community-spread — the third such case in the Omaha-metro area.
Employers May Offer Tax-Free Financial Assistance to Employees Affected By Coronavirus under
Although there is no requirement for the employer to have a written qualified disaster relief payment plan, employers should consider establishing procedures to inform employees of the reimbursement process and for collecting and reviewing requests for relief. Factors to consider include:
* * *
DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.
INSIGHT: Transfer Pricing Disputes and Litigation—Main Issues and Implications
The government's wins and losses in recent transfer pricing litigation highlight what arguments are working for taxpayers. Harvey Poniachek of Rutgers Business School sees the generally unfavorable results for the government as motivating regulatory changes that are designed to provide greater clarity in the intercompany pricing practices and reduce controversy between taxpayers and the IRS.
Globalization of world markets turned transfer pricing into one of the dominant sources of international tax disputes between taxpayers and taxing authorities. International differences in regulations and revenue motivation further proliferated tax controversies.
And here's another article:
IRS Limits Foreign Tax Credits Companies Can Claim in Rules (3)
To contact the editors responsible for this story: Patrick Ambrosio at pambrosio@bloombergtax.com ; David Jolly at djolly@bloombergtax.com
DECLARATIONS: President, governor temporarily change regulations | Crete News |
Federal and state governments are relaxing regulations for companies and individuals by extending deadlines and waiving some fees.
• TRAVEL: Late last week, Trump issued travel restrictions closing the United States' borders to foreign nationals. American citizens and permanent residents returning from other countries are still allowed in, but they will be screened extra heavily upon arrival to the United States and will be instructed to isolate themselves for 14 days.
Gov. Kim Reynolds; Iowa suspends property tax collection, evictions | KAALTV.com
(ABC 6 News) - Iowa Governor Kim Reynolds issued an additional State Public Health Emergency Declaration providing additional regulatory relief to Iowans impacted by the coronavirus outbreak. It suspends the collection of property taxes and halted most home evictions.
The declaration relaxes a number of restrictions and regulations and provides relief from other statutes and state regulations:
Coronavirus update: Tax Day, Mexico border, California lockdown, NY
States across the nation took even stronger approaches to fighting the coronavirus Friday and President Trump Trump announced new federal actions to try and halt the growing economic chaos from the pandemic.
Tax Day has been moved back to July and U.S. students won't have to take annual state tests this year . California, New York, Illinois and Pennsylvania took bold action to slow the spread and in so doing ordered millions to stay in their homes unless absolutely necessary.
Happening on Twitter
Pay attention to the part about directing Treasury and DOL re: regulations - that's the solution drawn up to addres… https://t.co/MnwfXlo5ke Phil_Mattingly (from Washington, DC) Sat Mar 14 00:46:23 +0000 2020
No comments:
Post a Comment