Month: May 2019

The Organisation for Economic Co-Operation and Development (OECD) has just released a 44-page “programme of work” document outlining the process by which the more than 130 member countries in the OECD’s Inclusive Framework will come to an agreement on how to tax multinational businesses in the digital age.[1] While tax professionals pore over the document’s
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This week, the Congressional Research Service (CRS) released a report on preliminary observations of the Tax Cuts and Jobs Act (TCJA). The report provides a broad overview of many of the effects on the economy that one could expect from the TCJA regarding output (GDP), investment, federal revenues, effective tax rates, wages, repatriation, international capital
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Shutterstock Shutterstock There are various types of financial products with different tax treatments, and Section 1256 contracts have the best overall tax advantages. Tax treatment of financial products affects investors, traders, and hedge funds. But sadly, many tax preparers overlook essential differences in tax treatment for these groups, resulting in overpayments. Education is key. It’s
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In response to a call from the Organization for Economic Co-operation and Development for ideas on how to tax a global, digital economy, the Association of International Certified Professional Accountants offered a number of principles. In its submission to the OECD, the association wrote that “a consensus-based, equitable, and successfully durable rebalancing of multi-jurisdictional taxing
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A recent report compares to what extent OECD countries rely on various tax revenue sources. Today’s map looks at property tax revenue, which, compared to other taxes, accounts for a relatively small share of total tax revenue in Europe. In 2017, property taxes accounted for only 4.6 percent of tax revenue on average in the 27
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In a word, the 2019 filing season was “painful,” said Ryan Losi, executive vice president of Virginia CPA firm Piascik. “It was painful because Treasury did not issue the regulations on changes in the Tax Cuts and Jobs Act between January and March, so if you were trying to understand what the law was in
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