Advice

The ranking Republican on the House Financial Services Committee proposed an amendment that would stop the panel from even thinking about taxing trades of stocks, bonds and derivatives. Representative Patrick McHenry, the ranking Republican on the panel, offered an amendment Thursday that would prevent the committee from considering financial transaction taxes, a proposed new tax
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While the Supreme Court decision in Wayfair has led many states to expand their sales and use tax base to include digital transactions, Maryland and Nebraska have introduced bills that would tax gross receipts from digital advertising — a move that could hit major tech companies hard if it’s taken up nationally. To an extent,
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The filing season currently underway is the second season following the changes brought by the Tax Cuts and Jobs Act, and is naturally going somewhat smoother than last year at this point, according to Tom Wheelwright, a CPA and CEO of WealthAbility. “We know the forms have already changed from the 2018 filing season, beginning
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Low-income taxpayer clinics represented 19,513 taxpayers dealing with a federal tax problem in 2019, according to the latest report from the IRS Low-Income Taxpayer Clinic Program Office, and gave advice to 16,595 taxpayers. The clinics helped taxpayers secure more than $4.7 million in refunds, and decreased or corrected over $123 million in tax liabilities. They
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Leaders from the Internal Revenue Service’s Criminal Investigation unit and tax authorities from Australia, the United Kingdom, Canada and the Netherlands met in Sydney, Australia, this week to set priorities for the year ahead in the fight against international tax crimes. In response to a directive from the OECD Taskforce on Tax Crime, the five
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A group of Democrats in the House and Senate has introduced legislation that would require large multinational corporations to provide country-by-country financial reports indicating whether they are using offshore tax havens. The Disclosure of Tax Havens and Offshoring Act would require the Securities and Exchange Commission to mandate public disclosure of country-by-country reports of their
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After months of waiting, Congress finally moved forward with tax extenders in late 2019. Included in this extenders package was an extension to the Section 179D Energy Efficient Building Deduction. The extension of this deduction is seen as a win for both building owners and designers. However, in the case of building owners, it’s important
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The Internal Revenue Service provided guidance and a safe harbor Wednesday for businesses that claim carbon capture credits in an effort to reduce emissions of carbon dioxide. As part of the Bipartisan Budget Agreement that Congress enacted in February 2018, the Tax Code provided a tax credit of $20 per metric ton of qualified carbon
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Even though each digital service provider differs from the next, all DSPs are forced to navigate a complicated, evolving and non-harmonized set of tax rules that govern their businesses around the world. The most common DSP businesses that are impacted by such rules include online search engines, social media platforms, online learning and education platforms,
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Want to open Pandora’s Box? Talk to a tax professional about digital services taxes. In nearly every incarnation they have taken on, digital services taxes have proven controversial. Whether domestically, where at least half of the states in the U.S. have made waves by enacting digital provisions of some kind, to foreign governments like France
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