WASHINGTON — Large companies like Apple and Bristol Myers Squibb have long employed complicated maneuvers to reduce or eliminate their tax bills by shifting income on paper between countries. The strategy has enriched accountants and shareholders, while driving down corporate tax receipts for the federal government.
President Biden sees ending that practice as central to his $2 trillion infrastructure package, pushing changes to the tax code that his administration says will ensure American companies are contributing tax dollars to help invest in the country's roads, bridges, water pipes and in other parts of his economic agenda.
Dems Look To Treasury Regs To Simplify GILTI Tax Changes - Law360
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NBAA Article Assists Members With Tax Regulations On Meals And Entertainment - Transport - United
The National Business Aviation Association (NBAA) has had substantial engagement with the Internal Revenue Service (IRS) and the U.S. Department of the Treasury over the last several years in regard to tax regulations for business meals and entertainment activities.
The Tax Cuts and Jobs Act in 2018 introduced significant changes to the Internal Revenue Code, including to Section 274, with the elimination of deductions for business entertainment expenses. Through the NBAA's efforts with the IRS, the final regulations include important clarifications on how meals and entertainment deductions may impact the deductibility of flights on business aircraft.
Argentina: The Federal Tax Authoritymodified some regulations regarding the Regime for the
The Federal Tax Authority (FTA) modified some regulations of the Regime for the Promotion of the Knowledge Economy (“ Regime “). These regulations relate to, among others, the procedure of registration in the registry of beneficiaries of the Regime; the procedure for the use, consultation and imputation of the tax credit bonds; the information that the beneficiaries must provide on social security matters; and the annual revalidation of benefits.
On 22 March 2021, Resolution No. 4949/2021 (“ Resolution “) was published in the Official Gazette, through which the FTA modified the following regulations regarding the Regime:
$1M in tax revenue, regulations prompt Babylon town supervisor to change stance on legal pot
Foreign Corporations and Taxable Income: Breaking Down Regulation Key to GILTI—Part 2
A regulation that was issued when many of the tax professionals now faced with interpreting it were not yet born is now key to computing an amount required by the relatively young global intangible low-taxed income (GILTI) under the 2017 tax law. Cory Perry of Grant Thornton breaks down Treasury Regulation Section 1.952-2 in a two-part article. Part 1 explored why the regulation is so important to U.S. multinationals and dissected several of its provisions.
Treasury Regulation Section 1.952-2 sets the fundamental ground rules for determining taxable income of foreign corporations for purposes of Subpart F and global intangible low-taxed income (GILTI). As discussed in more detail in Part 1, Treas. Reg. Section 1.952-2 generally requires that a controlled foreign corporation's (CFC's) taxable income be determined by treating the CFC as a domestic corporation.
Analysis: U.S. voting law debates stoke tussle over airline tax breaks | Reuters
CHICAGO (Reuters) - Airlines are bracing for challenges to tax breaks they receive from U.S. states as a result of wading in to a political debate over voting rights, rekindling a domestic tug of war between politics and profits.
A Republican backlash faced by Delta Air Lines in its home state of Georgia after it called new restrictions unacceptable is spreading to Texas as some corporations clash with Republican lawmakers there.
American Airlines and United Airlines have spoken out against measures that restrict voting access, sparking a furious response from Republicans who say the bills counter fraud.
Maryland's New Tax – The Nation's First State Tax on Digital Advertising | Foster Garvey PC -
Maryland recently enacted the nation’s first tax on digital advertising. The new tax, the Digital Advertising Gross Revenues Tax (the “Tax”), became law on February 12, 2021.
The Tax has been surrounded by controversy from the very moment it was introduced in the Maryland House of Delegates. In fact, a lawsuit to prevent the Comptroller of the Treasury of Maryland from enforcing the Tax was recently filed by a group of affected taxpayers.
When can I deduct business meal and entertainment expenses under current tax rules? - MarketWatch
The federal income tax treatment of business-related meal and entertainment expenses has been a moving target. If you're confused about what rules currently apply, I don't blame you. This column aims to eliminate confusion. That's an optimistic goal, but here goes.
A taxpayer-friendly change in the CAA — the COVID-19 relief bill that became law late last year — allows you to write off 100% of the cost of business-related food and beverages provided by restaurants in 2021 and 2022. The "provided by" language apparently means the temporary 100% deduction rule applies equally to sit-down meals and take out. Before this change, deductions for business meals at restaurants were limited to only 50% of cost.
Happening on Twitter
I'm excited to see the Biden Made in America tax plan. @POTUS is right: we need tax reform that's fair; that closes… https://t.co/NfcCO7LvSW SenWhitehouse (from Rhode Island) Thu Apr 08 19:50:03 +0000 2021
The Treasury Department has issued more than 156 million payments as part of President Biden's COVID relief plan, i… https://t.co/BHjatyJR5A kylegriffin1 (from Manhattan, NY) Wed Apr 07 15:30:00 +0000 2021
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