We previously posted on March 24, 2017 Breaking News - Possibly No Tax Reform This Year! where we discussed that Warren Payne, a former House Ways and Means Committee policy director now with Mayer Brown LLP, believes that passing tax reform by August will be ‘‘impossible’’ this year. Rather, he suggested during a conference call…
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Choices for Taxpayers Who Can Not Pay Their Tax Bill(s)
As the April 18th deadline for filing 2016 income tax returns draws near, practitioners may encounter some clients who don't have cash to pay the balance due on their returns. Clients can avoid penalties but not interest if they can get an extension of time to pay from IRS. But such extensions merely postpone the…
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Treasury Lists Countries Requiring Cooperation With an International Boycott
The U.S. Treasury Department (Treasury) has published a current list of countries that may require participation in, or cooperation with, an international boycott for purposes of Code Sec. 999, the rule that denies certain tax benefits to a person that participates in or cooperates with an unsanctioned international boycott. On the basis of the…
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How a Proposed Cash Flow Tax Could Impact the Finance Industry
The taxation of financial intermediaries has been a perennial problem for the design and administration of VATs. This has required countries around the world to resort to ad hoc solutions that are invariably inefficient and often complex. The House Republican destination-based cash flow tax, which is closely related to a VAT, could be headed down…
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