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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Individuals Who Need Their Passports for Imminent Travel Should Promptly Resolve Their IRS Tax Debts
The Internal Revenue Service on February 27, 2019 reiterated its warning thattaxpayers may not be able to renew a current passport or obtain a new passport if they owe federal taxes. To avoid delays in travel plans, taxpayers need to take prompt action to resolve their tax issues. In January of last year, the IRS began…
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