Tuesday, December 15, 2020

A Two-Pronged Approach For Challenging Tax Regulations

For a taxpayer, it must be disappointing when the courts uphold your challenge to a state revenue agency auditor's application of a regulation that resulted in an assessment for additional tax.

Yet substantive challenges — including a taxpayer's assertion that the auditor included transactions that are not taxable under state law, or that the auditor made calculation or sampling errors in the audit — are not the only means to prevail against an assessment.

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Publisher: Forbes
Date: 2020-12-15
Author: Roxanne Bland
Twitter: @forbes
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While you're here, how about this:

Talking With The Tax Court Chief Judge: A Year Of Change

U.S. Tax Court Chief Judge Maurice B. Foley discusses his path to the bench, the court's new case management system, and pivoting to virtual during the coronavirus pandemic.

* * *

Nathan Richman:  You were appointed to the Tax Court after serving the federal government for several years. Can you share your journey to the courtroom with us?

During this class, we studied enterprise zones, which at the time was just a fledgling concept. It had been tried in England and some of the states were starting to adopt it. The federal government was just beginning to explore it. That really fascinated me. It actually gave me an incentive to become a tax attorney.

Publisher: Forbes
Date: 2020-12-15
Author: Tax Notes Staff
Twitter: @forbes
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Actualisations: Blockchain Technology Utilisation and Nigerian Tax Optimisation - Lexology

However, whilst the FIRS more often than not did not meet its targets, it recorded improvements in collection profiles.

The foregoing has left the FIRS with no choice but to be at the forefront of strategic internal revenue mobilisation through erstwhile unutilised tax avenues such as more aggressive enforcement of stamp duties provisions and the collection of taxes on non-resident digital companies.

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OneAmerica Overcomes Obstacles with Combo Retirement Plans Approach | Business Wire

The streamlined ComboPlan solution, continuously refined through years of experience, allows plan sponsors of tax-exempt organizations to administer multiple plans simultaneously.

Four in 10 employers in the non-profit and governmental space offer more than one type of retirement plan, according to the Plan Sponsor Council of America. This means a complex mix of 401(a), 401(k) or 403(b) and 457 plans may all be in play, depending on the organization and how it allocates dollars to those with different job classifications.

Date: 2020-12-15
Twitter: @businesswire
Reference: (Read more) Visit Source



Other things to check out:

First Trust Energy Infrastructure Fund Issues Notice Regarding December 2020 Distribution |

The Fund has declared a distribution payable on December 15, 2020, to shareholders of record as of December 2, 2020, with an ex-dividend date of December 1, 2020. This Notice is meant to provide you information about the sources of your Fund's distributions. You should not draw any conclusions about the Fund's investment performance from the amount of its distribution or from the terms of its Managed Distribution Plan.

The following tables set forth the estimated amounts of the current distribution and the cumulative distributions paid this fiscal year to date for the Fund from the following sources: net investment income ("NII"); net realized short-term capital gains ("STCG"); net realized long-term capital gains ("LTCG"); and return of capital ("ROC").

Date: 2020-12-15
Twitter: @businesswire
Reference: (Read more) Visit Source



Indonesia Omnibus Law And The Impact On Tax Laws - Tax - Indonesia

(11 December 2020) The Indonesian Government recently passed Law No. 11 of 2020 regarding Job Creation (the " Omnibus Law "). The stated aim of the Omnibus Law is to bolster investment and create jobs by streamlining regulations and simplifying the licensing process to improve the ease of doing business in Indonesia.

The Omnibus Law, among other things, introduces and amends a number of provisions on taxation matters in Indonesia. Specifically, it amends provisions of:

Author: mondaq Indonesia Omnibus Law And The Impact On Tax Laws Tax Income Tax Sales Taxes VAT GST Tax Authorities
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Where Raimondo stands on taxes, nursing home staffing, marijuana

PROVIDENCE — Gov. Gina Raimondo is not keen on hiking the income tax rate for Rhode Island's top earners, but she is not closing the door if Congress fails to deliver another big package of stimulus dollars.

Looking ahead, Raimondo said the state cannot afford to rule out any moves during the new legislative year that begins on Jan. 5 to plug a projected $400-million to $500-million deficit next year.

She confirmed her intent to push again for the legalization and sale of marijuana at state-operated stores.

Publisher: The Providence Journal
Author: Katherine Gregg and Patrick Anderson
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Corrected Year-End Capital Gains Distribution Information for RiverNorth Flexible Municipal

The RiverNorth Flexible Municipal Income Fund, Inc. has determined that no year-end capital gains distribution is necessary. The December 4, 2020 press release incorrectly included a distribution amount consisting of $0.22830 of short-term capital gains and $0.04687 of long-term capital gains.

The correct distribution amount applicable to the year-end capital gains distribution for the RiverNorth Opportunistic Municipal Income Fund, Inc. is as follows:

Date: 2020-12-15
Twitter: @businesswire
Reference: (Read more) Visit Source



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