Georgia state lawmakers are moving forward with a proposal to further cut the state income tax rate, and shift its structure from a graduated income tax ranging from 2% to 5.75% depending on income to a flat income tax rate: 5.375% for all incomes.
"I believe it's important we keep our promises," said Republican Rep. Brett Harrell, chair of the ways and means committee who championed the bill. Lawmakers passed a state income tax rate in 2018, with the option built in to make an additional cut in 2020. The proposal would go into effect on January 1, 2021.
In case you are keeping track:
The Wayfair burden on small businesses | Accounting Today
The Supreme Court's 2018 ruling in South Dakota v. Wayfair has had momentous ramifications across the board as states, tax practitioners and businesses adapt to the burdens it generated, and the House Committee on Small Business Subcommittee on Economic Growth, Tax, and Capital Access recently held a hearing on the decision's impact.
The states lost no time in reacting to the decision, Grant Thornton principal Jaime Yesnowitz, testifying on behalf of the American Institute of CPAs, told the committee.
IRS offers tax reporting exemption to foreign retirement trust holders | Accounting Today
The Internal Revenue Service is giving holders of foreign retirement trusts an exemption from some of the information reporting requirements, along with the abatement of penalties.
The IRS cautioned that only taxpayers who have complied with their income tax obligations related to the trusts could rely on the revenue procedure. Nevertheless, the document includes procedures describing how eligible taxpayers can request the abatement of penalties that have been assessed or a refund of penalties that have been paid for failure to comply with the information reporting requirements for a tax-favored foreign trust.
An Overview of Current Developments in California and Texas - The CPA Journal
The California Franchise Tax Board (FTB) has announced adjustments to its bright-line "nexus/doing business in California" thresholds, for income/franchise tax purposes, to reflect changes in the California Consumer Price Index as annually required by statute. The revised threshold values for taxable years beginning on and after January 1, 2019, are as follows:
On November 20, 2019, the FTB issued Legal Ruling 2019-02, which stated that a limited partnership (LP) disregarded for federal income tax purposes is not required to pay California’s annual $800 minimum tax on LPs or required to file a California partnership return.
This may worth something:
Richest Nordic Economy Now Faces First Recession Since 2008
Norway risks sinking into a recession for the first time since the financial crisis of 2008, after a collapse in oil prices added to the fallout of the coronavirus.
The government of western Europe's biggest petroleum producer, which is also the richest Nordic economy, is preparing emergency stimulus measures to fight the effect of the virus on trade and travel. Prime Minister Erna Solberg said she's also ready to counter the potentially more damaging fallout of an oil crisis if necessary.
INSIGHT: Challenges of Costa Rica's Value-Added Tax
Costa Rica introduced a new value-added tax regime on July 1, 2019 and some sectors are finding its application challenging to say the least. Anayansi Mora and Cristina Sansonetti, of Consortium Legal, discuss further.
Costa Rica's value-added tax law (VATL) is characterized by a series of special regulations, reduced rates, and a gradual entry into force. it has proven to contain serious technical errors and poor legislative writing that has made its application challenging for certain sectors of the country's economy, such as construction, international trade, education, and administrative contracting.
GAO Calls for Stronger Oversight of Executive Retirement Plans Senator Sanders Introduces
The United States Government Accountability Office (the “GAO”) has made public its January 28, 2020, report to Congress on the oversight of executive retirement plans by the Internal Revenue Service (the “IRS”) and the U.S. Department of Labor (the “DOL”).
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The GAO said that executive retirement plans allow select managers or highly compensated employees to save for retirement by deferring compensation and taxes. As of 2017, more than 400 of the large public companies in the Standard & Poor’s 500 stock market index offered these plans to almost 2,300 of their top executives, with accumulated benefit promises of approximately $13 billion.
Aberdeen Asia-Pacific Income Fund, Inc.
Under U.S. tax rules applicable to the Fund, the amount and character of distributable income for each fiscal year can be finally determined only as of the end of the Fund's fiscal year. However, under Section 19 of the Investment Company Act of 1940, as amended (the "1940 Act") and related Rules, the Fund may be required to indicate to shareholders the source of certain distributions to shareholders.
The following table sets forth the estimated amounts of the sources of the distribution for purposes of Section 19 of the 1940 Act and the Rules adopted thereunder. The table has been computed based on generally accepted accounting principles.
Happening on Twitter
BREAKING NEWS: Russia's parliament is now considering amendments to constitutional reform legislation that could ex… https://t.co/l67anQPkdY meduza_en Tue Mar 10 11:02:30 +0000 2020
Putin's frozen cryogenic head will rule Russia: https://t.co/7nhdIBuVk3 AndreaChalupa (from NYC) Tue Mar 10 13:11:56 +0000 2020
If parliament resets the term limit with the constitutional amendments, Putin could stay in power until 2036. The f… https://t.co/kJFjA9W9uO ASLuhn (from Moscow, Russia) Tue Mar 10 11:08:03 +0000 2020
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