The US Supreme Court has ruled in South Dakota v Wayfair, Inc. that retailers can choose to charge tax on online purchases, regardless of whether the consumers have a physical presence in the same state, overturning 26 years of precedent barring states from taxing out-of-state sellers. This is sure to be regarded as a landmark decision for…
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IRS is Back! House & Senate Approve $11.6 Billion to Fund IRS.
The House Appropriations Committee on June 13, 2018 approved a $23.4 billion Financial Services and General Government funding bill for fiscal year 2019 that includes increased spending for IRS. The Spending Bill Allots $11.6 Billion to IRS, Which is $186 Million More Than the 2018 Funding Level. The measure provides an additional $77 million as requested…
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Think of Retirement Plans To Address Excise Taxes on Exess Compensation
All entities are now pursuant to the 2017 Tax Cuts & Jobs Act (TCJA) liable for penalties due to overpaying employees. For-profit companies have been at risk for losing their tax deduction for excessive salaries, with publicly-traded companies subject to a specific $1 million limit that the TCJA made easier to exceed.Certain nonprofit organizations have…
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TCJA Favors Corporations With Outbound Tax Planning – Part 2
On January 26, 2018 we posted TCJA Favors Corporations With Outbound Tax Planning where we discussed that The Tax Cuts and Jobs Act (“TCJA”) imposed international tax law changes which relate directly to U.S. corporations doing business outside the United States. Despite these shifts toward partial territoriality, the new law retains the Subpart F rules…
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