Recognizing risk; the price of conformity; Desmond’s confirmation; and other highlights from our favorite tax bloggers. A relaxing pace Summing It Up (http://blog.freedmaxick.com/summing-it-up): Seems like a day never goes by without a story about a large, reputable organization in hot water for a failure of management to recognize and manage a risk. The news is
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Last week the Organisation for Economic Co-operation and Development (OECD) hosted a public consultation on several proposals to rearrange international tax rules. The policies up for discussion include three separate approaches to reallocate taxing rights among countries and two proposals to institute a minimum level of taxation for multinational corporations. In the context of the
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IBM fueled a Bitcoin and Stellar rally recently. On Monday, Big Blue announced that its Blockchain World Wire, a real-time global payments network for regulated financial institutions on the Stellar network, has expanded in more than 50 countries. IBM’s Blockchain World Wire global payment network has a couple of advantages over conventional global network payment
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Last year, Kentucky adopted a major tax overhaul: it dropped its income and corporate taxes by a point, removed numerous credits and carveouts from the income and sales taxes, reduced the archaic inventory tax, and adopted single-sales factor apportionment and combined reporting for business taxes. Altogether, the package (enacted over Governor Bevin’s veto) raised some
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Most U.S. businesses are not subject to the corporate income tax. Instead, most U.S. businesses are pass-through businesses, such as partnerships, S corporations, LLCs, and sole proprietorships. These businesses “pass” their income “through” to their owners, which is reported on the owners’ individual income tax returns. Overall, pass-through businesses account for more net income than
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