Accountancy Age spoke to Kate Barton, global head of tax at EY, about how tax will be at the epicentre of the economic recovery – both at a national and global level – to ensure that organisations remain operational and economies competitive during these turbulent times. Whilst governments have provided financial support in these turbulent times, taxpayers will inevitably see changes in their tax systems as national revenues will need to be increased.
Tax is going to be critical. Right now, the amount of deficit that we have in most countries around the world could only potentially get bigger as many countries face the second wave and go into lockdown. This is far from over. Countries are in debt and will use the tax code at the right time to fiscally stimulate, and then they will pivot, and they will have to raise revenue.
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'I think everybody's taken a deep breath': Biden didn't get a 'blue wave' but here's how
Joe Biden campaigned for president on a vow to raise taxes for the rich and corporations so that they'd pay their "fair share" — a vow that made some affluent families game out various investment and estate planning scenarios.
That pledge was premised on a "blue wave" where Democrats kept the House of Representatives and established a newfound majority in the Senate, which would go along with tax hikes.
Government Revises Base Difference Rules in New Foreign Tax Credit Regulations - Lexology
The 2019 Proposed Regulations provided a detailed framework for allocating and apportioning foreign taxes that was generally consistent with existing law: Taxes are allocated and apportioned on the basis of the income as computed under foreign law on which the tax is imposed. In general, under the 2019 Proposed Regulations, foreign gross income is assigned to the grouping to which the corresponding US item is assigned.
Under the 2019 Proposed Regulations, if an item of foreign gross income is attributable to a base difference, that foreign gross income was assigned to the residual grouping, and, as such, taxes associated with the foreign gross income paid by a controlled foreign corporation (CFC) would not have been creditable. As a result, foreign taxes on common transactions such as a partnership distribution to a CFC partner would not have been creditable.
Central sales tax revenue on the rise despite COVID-19 regulations
CENTRAL – Even though businesses had to temporarily shut down across the state during the pandemic, one city has found a way to keep their economy thriving. Sales tax revenue is through the roof in Central.
According to Mayor David Barrow, collection is up 13 percent from January through September this year compared to last. September alone is up 33 percent compared to September 2019. Business owners have noticed.
“We’re doing great, we’re really busy,” said Darci Perkins, the owner of Central Cross Threads; a shop where customers can customize t-shirts, hats or sweatshirts.
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IRS to Issue Regulations Confirming S-Corporation State Tax Deductions | ABA Banking Journal
The Internal Revenue Service on Monday announced that it intends to issue proposed regulations to confirm the federal deductibility of state taxes at the partnership or S-corporation level for those entities and that the individual limitation does not apply.
The 2017 tax reform law established a $10,000 limitation on the amount of state and local taxes deductible by individuals. Owners of pass-through entities, such as partnerships and S-corporations, pay federal and state taxes on their pro-rata share of pass-through income on an individual basis. Accordingly, the state and local tax limitation is applicable in most cases.
November Tax Law Webinar – Foreign Tax Credit Regulations – November 16, 2020 - Tax - United
Monday, November 16, 2020
10 am PST / 1 pm EST
Join through Zoom (login details provided upon registration)
CLE and CPE credit will be provided to all attendees.
Our November program will discuss the new proposed foreign tax credit regulations and will also cover the changes in final regulation including allocation of R&E expense, allocation of foreign taxes, foreign tax redeterminations, and the definition of a foreign income tax.
Treasury Releases Average Income Set-Aside Proposed Regulations | Miles & Stockbridge P.C.
In 2017, the Tax Cuts and Jobs Act (the “Act”) added a third minimum set-aside option to qualify a project as a qualified low-income project pursuant to Code Section 42(g)(1)(C)—the Average Income Set-Aside. The Average Income Set-Aside permits the owner to designate rest-restricted units to be occupied by qualified tenants so long as the average imputed income limitation for all the low-income units is 60% or less of the area median gross income (“AMGI”).
Under the Proposed Regulations, State Tax Credit Agencies continue to have flexibility in determining the method of designation of the imputed income limitations consistent with the procedures set forth in the State Qualified Action Plans. The imputed income limitation designations must be made before the end of the first year of the credit period.
Podcast: Disputing Tax: What Is A Corporation?
In this episode of Ropes & Gray's podcast series, Disputing Tax , Ellen Gilley, an associate in the tax controversy group, is joined by Kat Gregor, a tax partner and tax controversy group co-founder, and Brittany Cvetanovich, counsel in the tax group, to discuss a recent Federal Circuit case, Charleston Area Medical Center, Inc. v.
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