Tax authorities around the world are introducing new reporting and compliance requirements for businesses. Joe Healey of Taxback International, Martin Leonard of SAP Concur and Joe Power of Medtronic contend that, in a world where business is truly global and increasingly digital, an understanding of digital tax processes is vital for business.
A broadening international reach is a goal for all businesses and a huge part of this is driven by digitization and information. For many companies, the scope for international reach has moved from a dream to a realistic and tangible reality—at least since they have had access to technology and logistics to aid this process. The business an organization secures is no longer limited by borders.
Quite a lot has been going on:
Are Disgorgement Payments to the SEC Tax-Deductible? U.S. Supreme Court's Decision in Liu v.
Liu raises new questions about the deductibility of disgorgement payments. Generally, fines or penalties paid to a government (whether U.S., State, or foreign) are not deductible under Internal Revenue Code Section 162(f). However, compensatory payments, including amounts paid as “restitution,” generally are deductible expenses under 162(f), even when ordered by a court in a criminal or civil case.
Proposed regulations such as those under 162(f), which deem SEC disgorgement payments non-deductible penalties, generally do not have the full force and legal effect that final regulations have. The IRS, however, generally follows proposed regulations when making determinations during audits or taking positions in litigation.
MGM Springfield casino reopens under strict state regulations
After four months of being shut down from the coronavirus pandemic , Massachusetts casinos have reopened among some of the strictest and most-detailed health and safety regulations in the nation.
"This is a big day for us," Chris Kelley, MGM Springfield's president and chief operating officer told CNBC. "The opportunity to welcome back our guests and service this community again is a wonderful feeling."
The Massachusetts Gaming Commission capped occupancy at 25%, and it remains to be seen whether the casinos can turn a profit with such severe limits on visitation.
The plan of attack on general business credits - POLITICO
DRIVING THE MONTH: It's certainly slow going on negotiations for the next coronavirus package. But those talks are sure to heat up soon, and a new coalition is poised to pound the table for new tax relief for businesses.
The Recovery Coalition , which launches today, will push to allow businesses to accelerate general business credits, something that advocates say would help get needed liquidity to companies and give a boost to the eventual recovery.
Quite a lot has been going on:
Cryptocurrency Exchange Platform Binance.US Selects Sovos for Tax Information Reporting
Cryptocurrency exchange platform Binance.US has selected Sovos for its 1099 crypto tax information reporting needs
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"The reporting obligations for cryptocurrency continue to evolve at a breakneck pace, often lacking clear guidance from regulatory authorities. By implementing Sovos, Binance.US can be assured of always having the latest changes pushed to us through an automated platform," said Joshua Sroge, interim CFO, Binance.US. "This industry will continue to evolve over the next several years, and having Sovos in our corner will ensure we provide the correct reporting guidance to our users."
Mississippi Supreme Court reaffirms end of state-level Chevron deference; Georgia legislation to
The Mississippi Supreme Court on May 28 unanimously held in a tax and gambling case that a state tax statute requiring judicial deference to a state agency's interpretation of an unclear law—a doctrine known as Chevron deference at the federal level—was unconstitutional because it prohibited the court from exercising its constitutional duty to interpret the law.
The court reaffirmed its 2018 ruling in King v. Mississippi Military Department , which ended the state-level Chevron deference doctrine on the grounds that the practice violated the separation of powers prescribed by the state constitution. The King decision instituted a new standard of de novo review.
Tortoise Power and Energy Infrastructure Fund, Inc.
Tortoise Advisors UK Limited, TEAF's sub-adviser, has changed its name to Ecofin Advisors Limited.
TPZ estimates that it has distributed more than its income and net realized capital gains; therefore, a portion of the distribution may be return of capital. A return of capital may occur, for example, when some or all of the money that you invested in TPZ is paid back to you. A return of capital distribution does not necessarily reflect TPZ's investment performance and should not be confused with "yield" or "income."
Caldier faces two challengers in 26th District House primary
State Rep. Michelle Caldier will face two opponents in her bid for re-election to the 26th Legislative District, including a former challenger and a new opponent from her own party.
Caldier, R-Port Orchard, has represented the 26th in the House, Position 2 seat, since 2015. Her opponents in the Aug. 4 primary election are Joy Stanford, a Democrat who ran and lost to Caldier in 2018, and Republican Alisha Beeler. The top two candidates will advance to the Nov. 3 general election.
Happening on Twitter
I don't understand why dudes feel the need to tell me things like "I agree with some of the things you say, but not… https://t.co/6mvA97HBLB anne_theriault (from Toronto, Ontario) Sun Jul 12 22:43:36 +0000 2020
Today, the US rejected most of China's maritime claims in the South China Sea. Recently, @BonnieGlaser and @USNavy'… https://t.co/bfP9aKp3lZ ChicagoCouncil (from Chicago, IL) Tue Jul 14 00:46:01 +0000 2020
Why is the creepy little worm George Stephanopoulos so quiet about Jeffrey Epstein. He spent time having dinner wit… https://t.co/4roT7x8Gla MarkSimoneNY (from New York) Tue Jul 07 23:42:53 +0000 2020
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