Friday, May 22, 2020

Tax Regulations | ICLG.com Briefing

Among the several measures taken under the current health emergency, the Argentine Supreme Court ordered the suspension of judicial terms between March 16, 2020 and May 24, 2020 by means of Resolution Nos. 4/2020, 8/2020, 12/2020, 13/2020 and 14/2020.

Likewise, other public entities that carry out administrative proceedings followed the same criterion. Among those, the Argentine Tax Court (the “TFN”, after its Spanish acronym) and the Argentine Tax Authority (the “AFIP”, after its Spanish acronym) ordered an extraordinary term suspension.

Publisher: ICLG.com/briefing
Author: Fraser Allan
Twitter: @ICLG_GLG
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While you're here, how about this:

IRS Proposes UBTI Regulations - Lexology

A tax-exempt organization, such as a university, foundation, or pension fund, generally is not taxed on income earned from its tax-exempt activities, but is taxed at regular corporate rates on its unrelated business taxable income (UBTI). UBTI generally includes income or gain from “debt-financed” investments.

The Tax Cuts and Jobs Act added Section 512(a)(6) to the tax code. Under that section, an exempt organization with more than one unrelated trade or business must compute UBTI separately with respect to each business, and cannot offset income from one business with losses from another.

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Everything You Need to Know about a Tax Attorney - TheStreet

Tax attorneys are knowledgeable about tax laws, regulations, and policies at several levels—federal, state, and municipal. In addition to preparing tax returns, tax attorneys can:

To become a tax attorney, a person must usually, graduate from college and then law school, obtaining a Juris Doctor degree (also known as a J.D.) Many tax attorneys continue their education on tax law to earn a master of laws (LL.M.) degree in taxation.

To obtain a license to practice law in the United States, a law school graduate must pass a state bar examination.

Publisher: TheStreet
Date: 2020-05-22T20:35:38Z
Author: TurboTax
Twitter: @thestreet
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AGA Wants Trump Administration to Revise Tax Threshold on Slots

The association is calling on the government to bring the reporting threshold on par with inflation. That would require tax forms to be issued on wins of about $5,000 or greater. However, AGA President and CEO Bill Miller said the proposed reform would have more than just financial benefits in a post-COVID-19 world.

The increased threshold would not only enable the IRS to focus its limited enforcement resources on those taxpayers who are most likely to have net slot winnings at the end of the taxable year, but would also significantly reduce close interactions required between gaming employees and patrons to issue tax forms," Miller said in a statement Wednesday.

Publisher: Casino.org
Date: 2020-05-22T16:21:51-07:00
Author: Steve Bittenbender
Twitter: @Casino_Org
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Not to change the topic here:

INSIGHT: Supreme Court Ruling on Permanent Establishment under India–UAE Tax Treaty

Also, in the absence of PE in India, no profits of the UAE company is attributable to tax in India under Article 7 of the tax treaty.

Under forex regulations, expenses of the LO are funded by the UAE head office through normal banking channels. Hence, no fee/commission is charged or received by the Indian LO for any prescribed services in India, in fact fund remittance services are provided by the taxpayer to nonresident Indians (NRIs) in the UAE, for which remittance contracts are executed between the taxpayer and the NRI remitter outside of India in the UAE.

Twitter: @tax
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INSIGHT: Covid-19 Tax Measures in Portugal

Rogério M. Fernandes Ferreira and lawyers from RFF & Associados provide an overview of the tax measures introduced by the Portuguese government to address the Covid-19 crisis.

Since the start of the Covid-19 pandemic, the Portuguese parliament and government have adopted a wide range of measures aimed at easing and mitigating the direct and indirect effects of the pandemic, including measures to support companies, businesses, families and private individuals.

Twitter: @tax
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IRS Publishes Proposed Regulations for the Historic Rehabilitation Tax Credit

The proposed amendments will be discussed May 29 in the Novogradac Qualified Improvement Property Changes for Historic Rehabs Webinar .

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Date: 2020-05-21T08:18:08-07:00
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Preparing Tax Returns for Inmates - The CPA Journal

Tax preparers may have many questions with respect to incarcerated individuals. For example, are inmates exempt from taxes? If not, how do they file tax returns while in prison? Are inmates able to hire a tax professional to prepare their taxes? Are there any additional responsibilities for tax preparers when the client is an inmate?

It might not cross one’s mind that an incarcerated person has to file a tax return, but many of these individuals do meet the requirements to file. Inmates may earn income for work in prison, such as kitchen and laundry duties, although their earnings are a fraction of those of their unincarcerated counterparts. Correctional institutions may also employ an inmate due to their participation in a "correctional industry," such as manufacturing license plates.

Publisher: The CPA Journal
Date: 2020-05-22T12:00:21 00:00
Twitter: @thecpajournal
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