On June 28th 2019, HB 7127 was signed by Florida Governor Ron DeSantis, requiring additional information to be submitted to the Florida Department of Revenue. Now every taxpayer that is required to file a Florida Corporate Income Tax Return for taxable years beginning during 2018 or 2019 calendar years, must ALSO submit ADDITIONAL information to the…
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Cyprus Tightens Investor ‘Golden Visa’ Rules
The Cyprus' government has approved changes to its citizenship-by-investment scheme following pressure from the European Union and the OECD. Applicants will, in future, have to undergo background checks by a specialist firm, and must already possess a Schengen visa allowing them to travel in the Schengen area for up to 90 days. It’s the largest…
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IRS Grants Relief for Certain Foreign Stock Ownership!
New regulations from the Internal Revenue Service provide relief to some U.S. taxpayers who own stock in certain foreign corporations. Rev. Proc. 2019-40 and the proposed regulations limit the inquiries required by U.S. taxpayers to determine whether certain foreign businesses are controlled foreign corporations.The Revenue Procedure limits the inquiries required by U.S. persons to determine whether certain foreign…
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Inter Company Pricing – Bye-Bye Benchmarking?
According to Robert Feinschreiber and Margaret Kent, Transnational transfer pricing audit experts are now in the process of remaking the transfer pricing landscape. Tax administrations are challenging both the scope and the depth of comparability databases. These governments are increasing asking the question, “What products or services are to be benchmarked?” Consider one such example in which…
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