On July 9, 2020, the US Department of the Treasury (Treasury) and Internal Revenue Service (IRS) released Final Regulations (Final Regulations) that provide guidance on the section 250 deduction for foreign-derived intangible income (FDII) and global intangible low-taxed income (GILTI). Enacted as part of the Tax Cuts and Jobs Act (TCJA), section 250 currently provides a deduction for domestic corporations equal to the sum of 37.5% of their FDII and 50% of their GILTI and section 78 gross-up.
This may worth something:
Election offers contrast in approaches to recovery | Columns | gjsentinel.com
I was inspired listening to President Trump's powerful Fourth of July speech under the majesty of the monument at Mount Rushmore. The president's message centered around American exceptionalism and echoed the vision our founders had for building a system of government that empowers every person to succeed.
On July 15, we celebrated the second year since the president signed his Tax Cuts and Jobs Act. In fact, the Tax Cuts and Jobs Act has allowed Americans to keep an extra $100 a month in their paycheck.
Local News: State House 157th District Questionnaire: Wally Long (7/25/20) | Monett Times
Past Experience: I served 10 year in the US Marine Corps. I worked 20 years in the Federal Prison in Springfield, Missouri. I worked in Jefferson City as a Legislative Assistant during the 2014 legislative session
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I want to work to reduce state regulation on small business. Often, our small businesses are strangled by regulation that makes it hard to stay in business. We need to unleash the entrepreneurial spirit of our people, not restrain them with unnecessary regulation. The people in Lawrence County are industrious and hardworking. I will work to get the government �off the backs� of our people and businesses.
July 23, 2020: Public Policy Briefing – CARES Act, Tax
The enhanced unemployment benefits created by the March 27 CARES Act are set to expire in eight days. The US Congress will need more time than that to determine a path to passage of the next major bipartisan pandemic response legislation – assuming Republicans and Democrats in Washington are able to eventually reach agreement on such a measure at all.
Topics covered today include: US federal budget and appropriations, tax and economic development, health, international trade, government oversight and investigations, and US state level developments.
Many things are taking place:
Oregon Business Report
NFIB filed an amicus brief in the case CIC Services LLC, v. Internal Revenue Service requesting the Court clarify that the Anti-Injunction Act's scope is limited to its terms and that it does not prohibit pre-enforcement judicial review of tax rules.
"Ever-changing federal tax laws have traditionally been a significant concern for small businesses across the country who need to be able to understand and rely on when and how they will be taxed," said Karen Harned, Executive Director of NFIB's Small Business Legal Center.
IRS/Treasury Sec. 250 Deduction Guidance: Documentation Req. Modified
The US Department of the Treasury (Treasury) and the Internal Revenue Service (IRS) have issued highly anticipated guidance (the Final Regulations) regarding the substantiation requirements necessary to claim a section 250 deduction with respect to foreign-derived intangible income.
On July 9, 2020, the Treasury and the IRS issued final section 250 regulations that address, among other items, the substantiation requirements that a taxpayer must satisfy to take a section 250 deduction on its foreign-derived intangible income (FDII).
IRS Issues Rules on Virus-Related Excess Employment Tax Credits
The IRS clarified how businesses can recapture or correct pandemic-related employment tax credits that were paid in error or refunded beyond the allowable amount.
India's exporters rue new red tape requirements from government - Reuters
MUMBAI/NEW DELHI, July 24 (Reuters) - Thousands of Indian exporters have been hit hard by new tax regulations, forcing some to close as doing business becomes more difficult.
New Delhi said in June it had identified thousands of exporters that had claimed tax rebates based on bogus invoices and would require them to submit receipts before issuing refunds.
But the process has hit legitimate businesses, already struggling with a fall in orders since March amid a nationwide lockdown to slow the spread of the novel coronavirus, according to interviews with five exporters.
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