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Monthly Archives: March 2019

SC Ruled that Injured Rail Workers' Compensation is Taxable

According to Law360, the U.S. Supreme Court ruled on March 4, 2019, that a railroad company’s payments to an injured employee for lost wages are taxable, saying the definition of “compensation” for railway workers is similar to “wages” under the Social Security system. In overturning the Eighth Circuit’s decision that personal injury awards for railroad…
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New Section 250 Regulations Allow Individuals to Get a Foreign Tax Deduction

According to Law360, Individual taxpayers with businesses abroad can elect for corporate treatment and receive a deduction on their intangible income worth up to 50 percent, according to regulations released by the U.S. Treasury Department on March 4, 2019.   The regulations, on Section 250 , outline that individuals can use Section 962 ,to have…
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IRS Issues Proposed Regulations on Deduction for Foreign-Derived Intangible Income and Global Intangible low-taxed income

The Internal Revenue Service issued proposed regulations under section 250 of the Internal Revenue Code, which offers domestic corporations deductions for foreign-derived intangible income (FDII) and global intangible low-taxed income. Section 250, as well as section 951A dealing with global intangible low-taxed income, was added by the 2017 Tax Cuts and Jobs Act (TCJA). These…
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