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Archive for January 14, 2021

Learn How TaxConnections Members Are Increasing Revenue For Tax Colleagues In Small, Medium, Large Tax Practices

TaxConnections Referral Network

Over the years, we have observed tax professionals helping tax professionals in other firms. We encourage our members to partner and network with each other to add new services to their practices. TaxConnections network effect is of great value to small and medium sized practices who want to add specialty expertise to their practices.

The purpose of this post is to lead you to experts who will work with you when you refer new business to them. You maintain 100% control over your clients! We encourage all tax professionals who want to add specialty expertise to their practices to reach out to these TaxConnections Members:

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On-Line Retailers And Remote Sellers: Sales And Use Taxes

On-Line Retailers And Remote Sellers: Sales And Use Taxes

The Supreme Court of the United States’ decision in Wayfair, in June 2018, changed the landscape for sales and use taxes nexus for on-line retailers and remote sellers.  Due to budgetary deficits the states are facing due to the downturn in the economy and the Covid-19 Pandemic, states will increase audit activity to raise money.  Companies must be prepared and be proactive in order to avoid or reduce any state tax assessments.

The Wayfair decision lowered the bar in which a company has nexus with a state.   Prior to Wayfair, a company needed a physical presence in the state to be required to collect and remit sales and use taxes.  After Wayfair, states now require an economic presence, generally based on a threshold of sales into the state to create nexus with the state.  Please note, even if a company does not meet the economic thresholds for sales or transactions, as the case may be, but has a physical presence in the state, then the company has nexus with the state because of the physical presence and must register for sales and use taxes in such state.

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Tax Treaties: United States And Netherlands

Tax Treaties: United States And Netherlands

Quick Summary:  The Netherlands is comprised of 12 provinces with a capital at Amsterdam.  Following the dissolution of The Netherlands Antilles in 2010, the Caribbean Netherlands officially became part of The Netherlands. The Netherlands is a member of the North Atlantic Treaty Organization (NATO) and the European Union (EU).

Its corporate tax system provides for a full participation exemption on certain participations and several preferential tax regimes, including with respect to certain income derived from intellectual property.  The Netherlands introduced a special tax regime to encourage research and development, known as an innovation box, providing corporate income tax credits for certain profits derived from preferential innovations.

The Netherlands has a general anti-abuse rule (GAAR) under its longstanding fraus legis doctrine.  In 2019, the European Union Anti-Tax Avoidance Directive (EU ATAD 1) entered into effect in The Netherlands.  As part of its implementation, The Netherlands adopted a controlled foreign corporation (CFC) regime, as well as earnings stripping rules.  Effective in 2020, the Netherlands also adopted EU directive ‘ATAD II’, providing for hybrid mismatch rules. Read more

IRS Selects New Internal Revenue Service Advisory Council “IRSAC” Members For 2021

IRS Selects New Internal Revenue Service Advisory Council "IRSAC" Members For 2021

The Internal Revenue Service today announced the appointment of 13 new members to the Internal Revenue Service Advisory Council.

The IRSAC, established in 1953, is an organized public forum for IRS officials and representatives of the public to discuss various issues in tax administration. The council provides the IRS commissioner with relevant feedback, observations and recommendations. It will submit its annual report to the agency at a public meeting in November 2021.

The IRS strives to appoint members to the IRSAC who represent the taxpaying public, the tax professional community, small and large businesses, tax exempt and government entities and information reporting interests.

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