MANILA, Philippines — Two of the country's largest associations of private schools, along with 31 colleges and universities, have petitioned the Court of Tax Appeals (CTA) to stop the Bureau of Internal Revenue (BIR) from increasing their corporate income tax by 150 percent, saying the move violated both the Tax Code and the Constitution.
The Coordinating Council of Private Educational Associations (Cocopea) last week warned that imposing the 25-percent tax rate in the middle of the COVID-19 pandemic would force many private schools to shut down, leading to more students migrating to the already overburdened public schools and adding to the large number of unemployed.
Malta Releases Corporate Income Tax Returns
Malta's Commissioner for Revenue has released year of assessment 2021 electronic income tax returns for companies.
Announcing the forms' release, the Commissioner listed the following changes to the tax return this year:
Early Declaration of Regular Distribution Announced for BlackRock Science and Technology Trust |
The estimated sources of the Trust's distribution as of June 8, 2021 and for its current fiscal year are as follows:
The amounts and sources of distributions reported are only estimates and are not provided for tax reporting purposes. The actual amounts and sources of the amounts for tax reporting purposes will depend upon the Trust's investment experience during the remainder of its fiscal year and may be subject to changes based on tax regulations. The Trust will send you a Form 1099-DIV for the calendar year that will tell you how to report these distributions for federal income tax purposes.
DNP SELECT INCOME FUND INC. Section 19(a) Notice | News | wfmz.com
The following table sets forth the estimated amounts of the current distribution, payable June 10, 2021 , together with the cumulative distributions paid this fiscal year-to-date (YTD) from the following sources. The fiscal year is November 1, 2020 to October 31 , 2021. All amounts are expressed per share of common stock based on U.S. generally accepted accounting principles, which may differ from federal income tax regulations.
Supreme Court In CIC Services LLC v.
On May 17, 2021, in CIC Services LLC v. Internal Revenue Service , a unanimous U.S. Supreme Court held that the Anti-Injunction Act (AIA) does not bar an action challenging the validity of a notice issued by the IRS that imposed information reporting requirements and which sought to enforce the requirements through the imposition of tax penalties.
The Supreme Court clarified several years ago that administrative law principles generally apply with equal force to federal tax law. Accordingly, many observers anticipated that the Court would take the occasion to clarify when pre-enforcement suits can be brought to challenge the validity of Treasury regulations and IRS published guidance, as the principles of administrative law are in some ways in tension with the AIA.
AB Announces May 31, 2021 Assets Under Management
NEW YORK , June 9, 2021 /PRNewswire/ -- AllianceBernstein L.P. ("AB") and AllianceBernstein Holding L.P. ("AB Holding") (NYSE: AB ) today announced that preliminary assets under management increased to $731 billion during May 2021 from $724 billion at the end of April. Firmwide net inflows, coupled with market appreciation, drove the 1% increase. By channel, Retail and Institutional experienced net inflows and Private Wealth was essentially unchanged.
(1) Includes certain multi-asset solutions and services not included in equity or fixed income services.
HealthEquity Updates Business Outlook
DRAPER, Utah, June 08, 2021 (GLOBE NEWSWIRE) -- HealthEquity, Inc. (NASDAQ: HQY) ("HealthEquity" or the "Company"), the nation's largest health savings account ("HSA") non-bank custodian, today announced an updated business outlook, superseding the business outlook announced by HealthEquity on June 7, 2021.
The updated business outlook provided below has been revised as compared to the business outlook issued on June 7, 2021 to change the expected net loss from between $19 million and $15 million previously announced to an expected net loss of between $12 million and $8 million, resulting in a change in expected net loss from $0.23 to $0.18 per diluted share previously announced to an expected net loss of $0.14 to $0.10 per diluted share.
Scholars Debate Whether Donor-Advised Funds Deprive Charities of $300 Billion
As more and more money has flowed into donor-advised funds — allowing organizations like Fidelity Charitable to have more giving power than the Gates Foundation — questions have intensified over whether they are hoarding assets meant for working charities.
Now that question is leading to a feud between scholars who are each connected with different camps in the debate about whether donor-advised funds need greater regulation.
The debate was touched off when Ray Madoff, a Boston College law professor, and James Andreoni, a professor of economics at University of California at San Diego, released a study showing that charities that provide direct programs and services had lost $300 billion over five years because of giving patterns at donor-advised funds and foundations.
Establishing successful digital transformation strategies in Finance
The COVID-19 pandemic has put efficiency and ROI at the forefront of many business leaders' minds. As a result, many businesses have turned to technology to automate and streamline operations across the business — with a heavy focus on finance.
This expansion of digital channels has increased the burden on IT systems , but also on financial systems and operations. Increased burden and need for added scalability has led to a boom in digital transformation efforts across finance — and it couldn't have happened at a more critical time.
Stoke nabs $15.5M to boost its AI-driven freelance management system | VentureBeat
Stoke is announcing it has raised $15.5 million in a series A round of funding. The company, which offers a freelance management system (FMS) to help enterprises manage independent contractors, freelancers, consultants, agencies, and gig workers, will use the funds to build out engineering, product marketing, and sales, Stoke cofounder and CEO Shahar Erez told VentureBeat.
In terms of the product itself, he says the company wants to expand its partner ecosystem for marketplaces with sources for talent, including improving the experience for sourcing and adding a greater variety of sourcing capabilities. The company will also work toward launching global compliance for classification, rounding out compliance offerings for the U.S. and some European countries that Erez said are now "pretty solidified."
Happening on Twitter
Complaints are being received about private unaided schools demanding excess fee. Students who are unable to pay fe… https://t.co/NFMBKHxocW vijayanpinarayi (from Kerala, India) Wed Jun 09 15:47:56 +0000 2021
Protests are escalating in multiple Chinese universities, specifically Nanjing Normal, as the Ministry of Education… https://t.co/CP8tIJsA0A JackPosobiec (from Wuhan Lab Rm 7) Tue Jun 08 14:34:02 +0000 2021
Pharrell Williams to Open New Network of Private Schools for Low-Income Families in Virginia https://t.co/afsexlbgp7 https://t.co/df7mk58oWn TheRoot (from New York, NY) Tue Jun 08 16:33:34 +0000 2021
Pharrell is opening a private school in Virginia for students from low income households 📚 The plan is to open a g… https://t.co/5aMRuqxIgk mymixtapez (from Los Angeles, CA) Tue Jun 08 19:30:58 +0000 2021
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