Advice

Multinational corporations got some long-awaited clarity from the IRS, which issued new rules on Friday clarifying how they must compute a new international tax. The rules explain how companies should calculate a complex new tax on GILTI, or global intangible low-taxed income. The regulations finalize previous proposals that give companies some leeway to allocate only
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The accuracy of miscellaneous income statements submitted by federal agencies and other entities on the Form 1099-MISC has significantly improved, but better communication and outreach could further reduce the number of incorrect 1099-MISC statements filed each year, according to a new report. The report, from the Treasury Inspector General for Tax Administration, noted that entities
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Dismal Data Book; another state to collect remote sales tax; new polish for old scams; and other highlights from our favorite tax bloggers. What is Uncle Sam’s cut? Turbotax (https://blog.turbotax.intuit.com/): In honor of National Children’s Day just passed, a look ahead at what having a child means for taxes. TaxProf Blog (http://taxprof.typepad.com/taxprof_blog/): A look at
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The American Institute of CPAs submitted more than 140 recommendations to the Internal Revenue Service regarding its 2019-20 Guidance Priority List, identifying and prioritizing guidance projects the AICPA believes the U.S. Department of the Treasury and the IRS should address. The AICPA believes these projects should be addressed through various means, including regulations, revenue rulings,
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Maryland-based Los Taxes, which claims to be the first Latino tax franchisor founded in the U.S., has merged with Nevada-based Toro Taxes, which claims to be the largest Latino tax franchise in the country. This merger encompasses nearly 140 locations across 17 states. The new entity plans to continue to focus on the Latino market,
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Contemptible; an extensive history; energy crisis; and other highlights of recent tax cases. Pawtucket, Rhode Island: Former state senator and businessman James E. Doyle II, 47, has been sentenced to two years in prison for engaging in a $74 million dollar check-kiting scheme in which he wrote tens of thousands of worthless checks and failed
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Most college majors don’t get students ready for handling taxes – and as they start new jobs, face a rapidly changing economy, and bear up under massive amounts of student loan debt, today’s college graduates can’t afford to ignore the perils, pitfalls and opportunities of the Tax Code. “College may have prepared you for your
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