The South Korean government recently announced their intention to impose a tax on cryptocurrency, leading to backlash. Korean Yonsei University economist, Sung Tae-yoon, warned that the decision to tax crypto capital gains may slow the technology's emerging market, according to Koreatimes on June 21.
Sung said that taxing the crypto market while it is still in its infancy is a "premature" decision. He worries that tough regulations or taxation may prevent the crypto industry from flourishing in South Korea. He also believes:
This may worth something:
Making sense of the court - POLITICO
— The Supreme Court declined to take up a major transfer pricing case, a decision that's likely to cost companies billions of dollars. But what does it mean for tax regulations in the future?
— Wayfair update: Four Democratic senators, from two states that don't have a sales tax, are pressing companies that make tax compliance software about potential accuracy issues.
— Did you know that IRS employees could use pseudonyms for their own protection? A new watchdog report found the agency didn't have a clear reason for allowing those fake names in a healthy chunk of cases.
Supreme Court Declines to Hear Tech Challenge to IRS Rules - WSJ
WASHINGTON—The U.S. Supreme Court declined to hear a challenge to corporate tax regulations, delivering a victory to the IRS that will cost tech companies billions of dollars.
The court, in a brief written order, said Monday it wouldn't consider an appeal brought by Altera Corp., now owned by Intel Corp. That leaves intact an appeals-court ruling that upheld Internal Revenue Service regulations issued in 2003.
Public Pension Accounting Revised to Reflect Tax Code Updates
States and cities have new guidance that extends pension accounting to certain other employee benefit plans.
The Governmental Accounting Standards Board issued a final rule Tuesday that better aligns financial reporting with changes to federal tax regulations. The rule, Statement No. 97 , also streamlines how governments determine whether certain employee benefit plans should be reported as component units.
Not to change the topic here:
IRS Issues Proposed Regulations For Tax-Exempt Organizations Paying Excess Executive Compensation
By way of background, Section 4960 imposes an excise tax equal to the corporate tax rate (21 percent for 2020) on that portion of a covered employee’s pay that exceeds $1 million or is treated as an excess parachute payment. The tax applies to an applicable tax-exempt organization (called an “ATEO”) or a related organization paying excess remuneration to a covered employee. The tax also applies to an ATEO’s payment of an excess parachute payment.
IRS Commuting Tax Rules Offer Some Relief for Executives
Employee parking spaces were spared in IRS regulations reining in the other transportation benefits, like company-sponsored air travel for commuting.
"It says the 'employee's residence and place of employment,' and you would think that's the employee's house and that's them driving to work," said Christa Bierma, a principal at...
IRS Proposes New Like-Kind Exchange Regulations | McGlinchey Stafford - JDSupra
The 2017 Tax Cut and Jobs Act (TCJA) limited like-kind exchanges occurring after 2017 to “real property held for productive use in a trade or business or investment if such real property is exchanged for real property of a like kind …” Taxpayers can no longer defer gain on the exchange of personal property or certain intangible property held for productive use in a trade or business or for investment under Section 1031 of the Internal Revenue Code of 1986 (Code).
The proposed regulations take a broad (and taxpayer-favorable) approach to defining “real property” in order to implement Congressional intent in amending Code Section 1031.
Tech giants on the hook for billions of dollars after Supreme Court rejects tax-law
WASHINGTON — The U.S. Supreme Court declined to hear a challenge to corporate tax regulations, delivering a victory to the IRS that will cost tech companies billions of dollars.
The court, in a brief written order, said Monday it wouldn't consider an appeal brought by Altera Corp., now owned by Intel Corp. INTC, -0.28% . That leaves intact a lower-court ruling that upheld Internal Revenue Service regulations issued in 2003.
The regulations determine how companies split costs with their foreign subsidiaries, which are typically in lower-taxed jurisdictions. The costs at issue here are stock-based compensation, often used in the tech industry. Tax law generally requires that companies determine those internal splits based on what unrelated companies would do in a similar transaction, but the IRS approaches for how to determine that have come under repeated scrutiny.
Happening on Twitter
REPORT: South Korea says John Bolton's claims on Korean nuclear talks in his memoir are 'distorted' and DO NOT repr… https://t.co/yFWYKsxbTO ChuckCallesto (from Florida, USA) Mon Jun 22 16:13:58 +0000 2020
REPORT: South Korean national security says much of Bolton's memoir on Korea DISTORTED,' urges U.S. gov't to addres… https://t.co/mS2K2JAYXy ChuckCallesto (from Florida, USA) Tue Jun 23 05:46:02 +0000 2020
They've helped South Korean stars dominate charts and break records on social media. Now, some K-pop fans are clai… https://t.co/f0SvUtiU42 CNN Mon Jun 22 14:11:05 +0000 2020
A South Korean activist says hundreds of thousands of leaflets have been launched by balloon across the border with… https://t.co/dhxov5DVX4 AP (from Global) Tue Jun 23 03:04:21 +0000 2020
No comments:
Post a Comment