According to International Investment, the number of expats hits a record high of 258 million, this increasing global movement of people is driving significant demand for international tax advice. Quoting the International Organization of Migration, one in every 30 (about 258 million people) were living outside their country of origin in 2017. That is both a record…
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Tax Court Decision May Create Challenges To Deduction Denials for Legal Marijuana Businesses!
According to Law360, a recent U.S. Tax Court decision may open up a new avenue to challenge a tax code provision that prohibits deductions and credits for marijuana businesses, as several court judges said the provision may amount to an unconstitutional excessive penalty. Earlier this month, the Tax Court in an opinion with multiple partial dissents,…
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2nd Circ Orders Trump's Accountant To Hand Over Tax Returns
According to Law360, President Donald Trump and his accounting firm must comply with a subpoena from the Manhattan district attorney and hand over tax returns, the Second Circuit ruled on November 4, 2019, in a decision that will likely be appealed to the U.S. Supreme Court. The Second Circuit disagreed with U.S. District Judge Victor…
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IRS Auditors Set to Audit Companies that Owe Repatriation Tax
The Internal Revenue Service said on November 4, 2019 that it would begin examinations of U.S.-based multinational companies’ 2017 and 2018 returns to ensure they comply with the repatriation tax provision of the tax overhaul enacted two years ago. To promote compliance with Internal Revenue Code Section 965 , the IRS said it would start scrutinizing…
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