news Archive
Wyden Takes Aim At US Pass-Through Income Tax Break
August 6, 2021
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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
US IRS Flags Deadline For Q2 Estimated Tax Payments
June 9, 2021
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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
Countries Discuss Post-Pandemic Tax Agenda At UN Council Meeting
May 12, 2021
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TweetShareSharePin0 Shares by Ulrika Lomas, Tax-News.com, Brussels 12 May 2021 Experts speaking at the UN’s Economic and Social Council’s annual Special Meeting on International Cooperation in Tax Matters concluded that the international community must do more to tackle tax base erosion and profit shifting and offshore tax evasion.
Among other pressing topics, tax policy
Have Tax Problems or Questions?
April 15, 2021
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Tax Problem Resolution Sachse, Tx.
US IRS Reminds Of FBAR Filing Obligation
April 15, 2021
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TweetShareSharePin0 Shares by Mike Godfrey, Tax-News.com, Washington 15 April 2021 The Internal Revenue Service is reminding US citizens, resident aliens, and any domestic legal entity that the deadline to file their annual Report of Foreign Bank and Financial Accounts (FBAR) is still April 15, 2021.
The extension of the federal income tax filing due
US Tax Season Begins
February 22, 2021
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TweetShareSharePin0 Shares by Mike Godfrey, Tax-News.com, Washington 22 February 2021 The Internal Revenue Service launched tax season for individuals on February 15, 2021, highlighting the various supports available for taxpayers when preparing their returns.
Taxpayers have until Thursday, April 15, 2021, to file their 2020 tax return and pay any tax owed. The IRS
BVI Rules Out New Taxes In 2021 Budget
November 17, 2020
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TweetShareSharePin0 Shares by Jason Gorringe, Tax-News.com, London 17 November 2020 The Government of the British Virgin Islands has announced that it will seek to boost tax collections by modernizing tax administration, not by imposing new taxes.
In his 2021 Budget statement, Andrew Fahie, the territory’s Finance Minister, said: “The transition into e-Government will be
Cayman Tables Law For Digital Asset Business Regime
November 17, 2020
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TweetShareSharePin0 Shares by Jason Gorringe, Tax-News.com, London 17 November 2020 The Government of the Cayman Islands has published legislation in its Official Gazette to introduce a regulatory regime for virtual asset service providers (VASPs).
The Virtual Asset (Service Providers) Law, 2020 is intended to strengthen the Cayman Islands’ ability to regulate and attract persons
OECD Indicates New Focus On Virtual Currency Tax Issues
October 20, 2020
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TweetShareSharePin0 Shares by Ulrika Lomas, Tax-News.com, Brussels 20 October 2020 The OECD has released a new report on countries’ tax rules for virtual currencies, alongside an announcement that the Common Reporting Standard will be expanded next year to newly cover virtual currency assets.
The report and announcement indicate that crypto assets will be a
Cyprus, US To Begin Exchanging CbC Reports
September 22, 2020
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TweetShareSharePin0 Shares by Lorys Charalambous, Tax-News.com, Cyprus 22 September 2020 Cyprus has announced that a deal for the exchange of country-by-country reports between the territory and the US is expected to become effective and cover reporting years starting on or after January 1, 2020. Secondary filing of CbC reports in Cyprus will therefore be necessary
