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EU To Table A Digital Tax Proposal In October

TweetShareSharePin0 Shares by Ulrika Lomas, Tax-News.com, Brussels 15 September 2021 The European Commission has committed to tabling a proposal for a digital tax in October, whether or not an international agreement surfaces from OECD-led talks on new international tax rules for the world’s largest firms. The pledge was made after members of the European Parliament

US Lawmakers Approve New Cryptoassets Reporting Rules

TweetShareSharePin0 Shares by Mike Godfrey, Tax-News.com, Washington 25 August 2021 The US Senate has approved the inclusion of new provisions in the bipartisan infrastructure bill to require intermediaries involved in cryptocurrency trading to report details about transactions. Despite concerns raised by various lawmakers that the provisions fail to provide clarity about who the reporting

Hong Kong Discusses US Termination Of Shipping Tax Pact

TweetShareSharePin0 Shares by Mary Swire, Tax-News.com, Hong Kong 25 August 2021 The Hong Kong Government has said it is looking at potential measures to support the shipping industry following the decision by the US Government to terminate the two territories’ agreement that exempted shipping industry income from tax. US authorities announced in October 2020

Wyden Takes Aim At US Pass-Through Income Tax Break

TweetShareSharePin0 Shares by Mike Godfrey, Tax-News.com, Washington 06 August 2021 Senate Finance Committee Chair Ron Wyden (D-OR) has introduced legislation to overhaul the 20 percent deduction for pass-through income introduced into US tax law in 2017. The deduction – also called the Section 199A deduction – allows individuals to deduct up to 20 percent

Notice provides information on claiming the employee retention credit for third and fourth quarters of 2021

TweetShareSharePin0 Shares The IRS issued Notice 2021-49 Wednesday that includes guidance on the extension and modification of the employee retention credit (ERC) under Sec. 3134, added by the American Rescue Plan Act (ARPA), P.L. 117-2. The notice amplifies Notices 2021-20 and 2021-23 (see also “IRS Issues Employee Retention Credit Guidance” and “How to Claim the

US IRS Flags Deadline For Q2 Estimated Tax Payments

TweetShareSharePin0 Shares by Mike Godfrey, Tax-News.com, Washington 09 June 2021 The US Internal Revenue Service has issued a reminder to taxpayers who pay estimated taxes that they have until June 15 to pay their estimated tax payment for the second quarter of tax year 2021 without incurring a penalty. Estimated tax is the method

Accessing Information About Tax Services

TweetShareSharePin0 SharesAccessing Information About Tax Services The Federal, State, and local Governments have established a long list of publications to help taxpayers learn about the tax system. Businesses need access to a variety of tax services to perform daily business operations and these publications will teach small business owners how to fill out tax forms

Follow Up Information on Tax Court Service of Petitions

TweetShareSharePin0 Shares Yesterday, we published some data from Carl Smith showing that the service of a new Tax Court petition on the office of Chief Counsel was taking about two months.  Following that observation, Carl did some additional digging and found the service time to vary considerably.  Below is a chart of his most recent
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