The private collection agencies that contract with the Internal Revenue Service to collect long overdue tax debts were able to garner only about 2 percent of the taxes owed on the more than 700,000 taxpayer accounts assigned to them since 2017, according to a new government report. The report, from the Treasury Inspector General for…
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States Seek To Tax Foreign Income!
According to Law360, recent bills in Montana and Oregon that would require multinationals to report their global profits present a legally sound option for recouping tax revenue from overseas, but the method has a history of foreign resistance that could remain a challenge. Although the U.S. Supreme Court affirmed worldwide combined reporting in multiple rulings…
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2017 TCJA's “Transition Tax” Continues To Impact 2018 Tax Returns
According to the Advocate Daily Americans living overseas are being warned that the 'transition tax' introduced by the Tax Cuts and Jobs Act 2017 will again have to be taken into account in their 2018 tax returns. Those who own shares in foreign corporations whose have a fiscal year end other than 31 December must remit…
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Treasury Issue Final Regulations and Guidance on New Qualified Business Income Deduction
The Treasury Department and the IRS issued final regulations and three related pieces of guidance, implementing the new qualified business income (QBI) deduction (section 199A deduction). The new QBI deduction, created by the 2017 Tax Cuts and Jobs Act (TCJA) allows many owners of sole proprietorships, partnerships, S corporations, trusts, or estates to deduct up…
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