Corrections to proposed regulations that would provide guidance relating to the allocation and apportionment of deductions and creditable foreign taxes, the definition of financial services income, foreign tax redeterminations, availability of foreign tax credits under the transition tax, and the application of the foreign tax credit limitation to consolidated groups, issued by the IRS May 14. The corrections update inaccurate I.R.C.
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Kovaliv: Bill on amendments to Tax Code to take effect soon | KyivPost -
Bill No. 1210 on amendments to the Tax Code of Ukraine aimed at the improvement of tax administration and elimination of technical and logic discrepancies from the tax legislation will take effect soon, Deputy Head of the Office of the President of Ukraine Yulia Kovaliv has said.
“The bill adopted by the parliament will allow us to continue reforming the State Tax Service through its transformation into a single legal entity and ensuring transparency of its work. In addition, the bill contains several important regulations aimed at the improvement of the tax administration system, it envisages implementation of the BEPS plan for fight against tax base erosion, expands investment incentives via the introduction of accelerated depreciation, etc.
Righting Wrongs: IRS Guidance on Deducting Fines, Penalties (1)
All eyes are on the CARES Act these days, which means that it's easy to forget about the Tax Cuts and Jobs Act. But the TCJA, which was signed into law on Dec. 22, 2017, was the most sweeping tax legislation since the Tax Reform Act of 1986.
The TCJA changes are so broad that the Internal Revenue Service has been updating tax forms and issuing guidance almost constantly ever since.
Just the other day the IRS issued more proposed regulations , this set offering guidance to taxpayers and governments concerning fines, penalties, and other amounts paid in certain legal disputes.
White House opens door to more state aid amid coronavirus scramble with Congress - The Washington
White House officials have privately signaled that they are willing to provide tens of billions of dollars in relief to states as part of a bipartisan deal with Democrats in the coming weeks, despite President Trump's reluctance and strong opposition from conservative groups, according to seven people familiar with the internal deliberations who spoke on the condition of anonymity to discuss the matter.
"The White House is moving to set up where a deal could be," said a veteran Republican close to Trump. "The first thing is getting Republicans in Congress to come around on some money for states and that's happening. It's progress, for sure, but it's only the first part of bringing it all together in a deal."
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New York Tax and Finance Department Proposes Regulations on Special Entities' Business Income Tax
The New York Department of Taxation and Finance May 12 proposed regulations concerning Qualified Manufacturers, Corporate Partners, S Corporations, Real Estate Investment Trusts, Regulated Investment Companies, and Domestic International Sales Corporations for corporate income and trust income tax calculation purposes.
IRS Issues Exceptions to Rules Aimed at Corporate Inversions (2)
The IRS issued final rules providing limited exceptions to regulations aimed at preventing corporations from lowering their U.S. tax bills by borrowing from related foreign companies.
The final regulations, released Wednesday, clarify how the debt re-characterization rules apply to transactions involving certain partnerships and consolidated groups.
The rules adopt the proposed version of the regulations without making major changes. The proposal cross-referenced temporary rules that expired in October—at which point the IRS in Notice 2019-58 advised companies to continue relying on the then-proposed, now-final, rules.
IRS Urges Supreme Court to Pass on Case Watched by Big Tech
The Supreme Court doesn't need to review a challenge to tax regulations on assets shifted abroad because the regulations went through the proper procedures before being issued, the IRS argued in a court filing.
The brief , filed Thursday, urged the court to reject a petition from Intel-owned Altera Corp. seeking review of a decision by the U.S. Court of Appeals for the Ninth Circuit. The appeals court upheld Treasury regulations impacting the tax treatment of stock-based compensation, including when companies give employees the right to buy company stock at a specific price in the future through stock...
Wisconsin DOR Issues Scope Statement Proposing to Repeal Certain Excise Tax Regulations
The Wisconsin Department of Revenue (DOR) May 11 issued a scope statement proposing to repeal regulations listing the conditions and provisions for a refund of excise tax paid on fermented malt beverages sold to the armed forces and requiring the DOR to prepare and post a list of all intoxicating liquor wholesaler permittees on the internet. The statement is approved by the Governor.
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