1. Articles in category: International Tax

    25-44 of 44 « 1 2
    1. President’s FY 2015 Budget Promotes Tax Incentives for Family, Education; Boosts IRS Funding

      President Obama’s fiscal year (FY) 2015 budget proposals reflect an emphasis on expanding tax incentives for middle-income taxpayers, Treasury officials said at a March 4 news conference in Washington, D.C. Treasury officials highlighted proposals to expand the Earned Income Credit (EIC), enhance the child and dependent care credit, and make permanent the American Opportunity Tax Credit (AOTC).

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    2. OECD Sets Standard for Automatic Exchange of Tax Information between Countries

      OECD Sets Standard for Automatic Exchange of Tax Information between Countries

      The Organization for Economic Cooperation and Development has developed a new global standard for automatic exchange of tax information among nations in response to a mandate from finance leaders of the G20 countries to combat tax avoidance and evasion. Developed by the OECD together with the G20 countries, the standard calls on jurisdictions to obtain information from their financial institutions and exchange the information automatically with other jurisdictions on an annual basis.

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    3. U.S. Signs FATCA Pacts with Canada and Hungary

      U.S. Signs FATCA Pacts with Canada and Hungary

      The Treasury Department said Wednesday the U.S. has signed intergovernmental agreements with both Canada and Hungary to implement the Foreign Account Tax Compliance Act, or FATCA, in an effort to discourage offshore tax evasion. FATCA was included as part of the HIRE Act of 2010 and requires foreign financial institutions to report on the holdings of U.S. citizens or else face stiff penalties.

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    4. Top Six Questions Companies Should Ask Before Going International

      Top Six Questions Companies Should Ask Before Going International

      The increasing globalization of the economy is resulting in more small and medium-size businesses seeking to expand internationally. While companies are extending their products and services across borders, many don’t consider the compliance and planning issues that come with doing so. Beth Van Leeuwen, CPA, tax manager at MarksNelson, said that more and more businesses are setting up subsidiaries overseas, or the businesses themselves are being purchased by a foreign person or company.

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    5. Congressmen Urge Accounting Flexibility in Small Business Tax Reform

      Congressmen Urge Accounting Flexibility in Small Business Tax Reform

      A bipartisan group of lawmakers is asking the tax-writing House Ways and Means Committee to avoid enacting any proposed tax reforms that would limit accounting flexibility for small businesses. A letter signed by Reps. Mike Quigley, D-Ill., Blaine Luetkemeyer, R-Mo., Brad Schneider, D-Ill., and Richard Hudson, R-N.C., along with 67 other members of the House, urged the Ways and Means Committee to fully consider the negative ramifications of such proposals.

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    6. Senator Unveils Proposals for International Tax Reform

      Senator Unveils Proposals for International Tax Reform

      Senate Finance Committee chairman Max Baucus, D-Mont., has released the first in a series of discussion drafts for overhauling the Tax Code, with the first set of proposals focusing on international tax reform. Max Baucus The proposal details ideas on how to reform international tax rules to spark economic growth, create jobs and make U.S. businesses more competitive. Additional tax reform discussion drafts will be released later this week.

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    7. Guest Commentary: How to Find Your Way in Emerging Markets

      Guest Commentary: How to Find Your Way in Emerging Markets

      As large and varied as the U.S. stock market is, non-U.S. global markets are now twice as large, with $32 trillion in total market capitalization compared with $15 trillion in this country. That number has been steadily rising during the past decade. But, what does that mean for you? As an investor, keeping your portfolio well-diversified is key, and investing in emerging markets is one way to do so.

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    8. GAO Points to Problems with Corporate Tax Deferral

      GAO Points to Problems with Corporate Tax Deferral

      A new report from the Government Accountability Office examines corporate tax deferral, highlighting the distortionary impact on the economy. Corporate tax deferral expenditure confers the benefit of effectively reducing a multinational corporation’s taxes by delaying the taxation of certain income of foreign subsidiaries of U.S. corporations until it is repatriated to the U.S. parent as dividends.

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    9. Deductions Resulting from Participation in Tax Shelter Transactions Disallowed; Gross Valuation Misstatement Penalty Imposed (Buyuk Llc, Tcm)

      Deductions that were claimed by limited liability companies (LLCs) for the tax year at issue, as a result their partnership and participation in a series of transactions involving an investment in foreign consumer receivables with a high cost basis and low fair market value and with the purpose of recognizing an inherent loss in the consumer receivables, were disallowed. The deductions were disallowed on three bases.

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    10. Senate Bill Aims to Simplify Income Taxes for People Working in Multiple States

      Senate Bill Aims to Simplify Income Taxes for People Working in Multiple States

      A bipartisan bill has been introduced in the Senate with the goal of simplifying income tax collections for taxpayers who work in multiple states. Senators Sherrod Brown, D-Ohio, and John Thune, R-S.D., led a bipartisan group of senators Tuesday to introduce the Mobile Workforce State Income Tax Simplification Act, legislation that would simplify and standardize state income tax collection for employees who travel outside of their home state for temporary work assignments.

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    11. The Three Reforms China Must Enact: Land, Social Services, and Taxes - Oliver Barron

      The Three Reforms China Must Enact: Land, Social Services, and Taxes - Oliver Barron

      China’s global economic power continues to grow, yet the decision-making dynamics of its top leadership remain a mystery. This complicates the ability of outsiders to understand the purpose for and implications of policy changes. Gaining insight into this process is particularly important as China’s new leaders prepare to unveil an economic roadmap at the Third Plenum, which begins this coming week.

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    12. The “Green Chemistry” Program Requires Safer Chemicals in Products

      As of October 1, California has officially begun its “green chemistry” program, intended to require industry to use safer chemicals in some products.  The program implements a 2008 state law, AB 1879.  Regulations governing how California’s Department of Toxic Substances Control (DTSC) will determine the affected chemicals and products and measures that must be taken [...]

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    13. Treasury Proposes FATCA Guidance for Foreign Banks

      Treasury Proposes FATCA Guidance for Foreign Banks

      The Treasury Department and the Internal Revenue Service have released a document containing proposed guidance for foreign financial institutions as the next step in implementing the Foreign Account Tax Compliance Act in an effort to combat offshore tax evasion. FATCA, which was included as part of the HIRE Act of 2010, requires foreign financial institutions to provide information to the IRS on the holdings of U.S. taxpayers or else face stiff penalties.

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    14. Tax Execs Growing Concerned over Transfer Pricing

      Tax Execs Growing Concerned over Transfer Pricing

      While keeping up with legislation and regulations remains the top risk facing corporate tax directors, global transfer pricing is quickly becoming a more serious concern for them, according to a recent survey The survey, announced at Ernst & Young’s 32nd Annual International Tax Conference, explores the combination of external pressures and internal corporate plans for growth that international tax and finance executives are managing.

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    15. No Boost to Tax Reform Efforts Seen with G20 Endorsement of New Global Tax Standard

      The Group of 20 (G20) on September 6 declared its commitment to a new global model for automatic exchange of tax information agreements. The model, which was approved during a summit meeting in St. Petersburg, Russia, was advanced by the U.S. and developed by the Organisation for Economic Co-operation and Development (OECD).

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    16. How an Interest Charge-Domestic International Sales Corporation Can Benefit U.S. Exporters

      A business that exports products manufactured, produced or grown in the United States may be able to cut the tax bill on its export profits by one-fourth by taking advantage of an Interest Charge-Domestic International Sales Corporation (IC-DISC). The IC-DISC is essentially a statutorily-created “paper” entity that often takes the form of a commission sales agent for the business exporter.  The IC-DISC, once incorporated, files an election statement with the IRS.  The IC-DISC must be capitalized with a minimum of $2,500, but it does not need to have employees or any other assets.  The administration may be performed mostly ...

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    17. Congress Plans Hearing on Tax Havens and Corporate Profit Shifting

      Congress Plans Hearing on Tax Havens and Corporate Profit Shifting

      The House Ways and Means Committee plans to hold a hearing next Thursday on the use of tax havens by multinational corporations to shift their profits. The hearing will examine U.S. and foreign multinational corporations’ use of tax havens in low- and no-tax jurisdictions to avoid tax and shift profits outside the U.S. and erode the U.S. tax base, as part of the committee’s continued work on comprehensive tax reform. “The use of tax havens as part of corporate tax avoidance strategies narrows th

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    18. The Chinese Way – An Insight Into Doing Business in China

      While the Chinese Government’s procedures have improved a lot in past decades, they are still inefficient and arbitrary. Investors need to be prepared to cope with delays and unexpected changes in requirements. With the US economy and the Eurozone generally sluggish, reducing costs by manufacturing or buying components from BRIC … The post The Chinese Way – An Insight Into Doing Business in China appeared first on Windham Brannon.

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    19. IRS Warns Taxpayers with Foreign Assets of Filing Obligations

      IRS Warns Taxpayers with Foreign Assets of Filing Obligations

      The Internal Revenue Service issued a reminder Thursday to U.S. citizens and resident aliens, in addition to dual citizens, that their tax-filing deadline is approaching. The warning included those with dual citizenship who have lived or worked abroad during all or part of 2012. The IRS said they may have a U.S. tax liability and a filing requirement in 2013. The filing deadline is Monday, June 17, 2013, for U.S. citizens and resident aliens living overseas, or serving in the military outside th

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    25-44 of 44 « 1 2
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