I have been focused this past week on understanding the impact and implementation of the House Ways & Means and Senate Finance Committee proposals on U.S. businesses foreign source income. Two proposals that interest me are the ones aimed at transfer pricing, being (1) the minimum deemed distribution of a foreign subsidiary’s earnings above a statutorily defined return on tangible capital and (2) the 20% excise tax on payment to foreign related corporations.
Tag Archive for Government
Governments have dismantled, or are in the process of amending, nearly 100 preferential tax regimes as part of the OECD/G20 BEPS (Base Erosion & Profit Shifting) standards to improve the international tax framework, according to a progress report released this month.
The report provides details on the outcome of peer reviews undertaken of 164 preferential tax regimes identified amongst the more than 100 jurisdictions participating in the OECD Inclusive Framework on BEPS.
What are Government Taxes Payable on a Balance Sheet?
The Government Taxes Payable category appears under Current Liabilities on a Balance Sheet as it is expected that the amounts owing will be paid within one year. It represents funds that a company has an obligation to pay to government bodies such as Canada Revenue Agency (CRA).
Current Articles
California’s AB 2829 Digital Advertising Tax ProposalCalifornia has proposed a new digital advertising tax (AB 2829) that has been met with mixed reactions from businesses and consumers alike. If passed, the tax would be levied on large-scale […]
The Tax Relief for American Families And Workers Act of 2024Part 1: Tax Relief for Working Families Calculation of Refundable Credit on a Per-Child Basis. —Under current law, the maximum refundable child tax credit for a taxpayer is computed by multiplying […]
IRS Issues Frequently Asked Questions Related To The Tax Treatment Of Work-Life Referral Services Provided To EmployeesThe Internal Revenue Service issued frequently asked questions (FAQs) in Fact Sheet 2024-13 related to the tax treatment of work-life referral services provided to employees under an employer’s […]
Spotlight Interview: Chuck Levun On Educating CPAs And Attorneys On Partnership, LLC, And S Corporation Flow-Through Planning On Four Costly Business Mistakes They Make (Part 1)Each year there is a must attend complimentary webinar hosted by Tax Forum educators Chuck Levun, Michael Cohen, and Scott Miller. This is a special presentation for educating attorneys and CPAs on […]
Navigating A Sales Tax Audit: A Comprehensive Guide To Protecting Your BusinessIf you’re reading this, you’ve probably received a letter of audit from a government entity. You’ve also likely now gotten over your initial anxiety and are looking for help with the next steps. […]
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