If you want to learn how to invest in cryptocurrency, then look no further. This article will help you with everything you need to know. Surprisingly, it is not as hard as it may seem to invest in these popular digital assets. Let’s go through some of the vital steps needed in order to buy […]
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Tax Deadlines: The official deadline to file your federal income tax return for your 2018 tax return is indeed April 15 in 2019. The Internal Revenue Service (IRS) will begin processing tax returns in 2019 on January 28. Here are some other important deadlines to keep in mind. Below is a list of tax filing dates and important
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On November 28, 2018, the US Department of Treasury (“Treasury”) and Internal Revenue Service (“IRS”) released proposed regulations (“Proposed Regulations”)1 on the determination of foreign tax credits, which is related to the global intangible low-taxed income (GILTI) regime and other changes made by last year’s tax reform legislation, known as the Tax Cuts and Jobs
Proposed New Regulations on Foreign Tax Credits (FTC) Read More »
President Trump signed the sweeping tax reform bill “Tax Cuts and Jobs Act” on December 22, 2017, ushering in a broad range of changes including new tax rates and deductions, estate planning, corporation taxes and international taxes. The new bill represents the biggest changes to the US tax system in 30 years. The tax plan
2018 Tax Reform Bill Highlights Read More »
IRS has posted a useful comparison of nineteen tax changes for business in the Tax Cuts and Jobs Act (“TCJA”). TCJA changed deductions, depreciation, expensing, tax credits and other tax items that affect businesses. This side-by-side comparison can help businesses understand the changes and plan accordingly. Some provisions of the TCJA that affect individual taxpayers can also
It’s Tax Season – How new changes to TCJA affect you Read More »
The Internal Revenue Service has issued Notice 2018-97 offering guidance on a recent tax law change that allows qualified employees of privately-held corporations to defer paying income tax, for up to five years, on the value of qualified stock options and restricted stock units (RSUs) granted to them by their employers. The tax law change was included
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The Global Intangible Low-taxed Income (GILTI) is a new provision, enacted as a part of the Tax Cuts & Jobs Act (TCJA) tax reform legislation. The provision defines GILTI income as the amount of income earned by a U.S. foreign subsidiary above a certain threshold amount. Under the TCJA, a U.S. person (includes U.S. individuals,
As of January 1, 2018, the 2017 Tax Cuts & Jobs Act (TCJA) changes the taxation regime for U.S. multinational corporations. The international provisions in TCJA introduce a new territorial system for the taxation of foreign company income. Before these new tax provisions take effect, the new law imposes a mandatory one-time tax (the “Transition
Do I need to worry about “One Time Transition Tax”? Read More »
Introduction The recently enacted 2017 Tax Reform Act embraces major sweeping changes to US international tax rules. President Donald J. Trump has endorsed large changes to the federal tax code, and as per sources, the steps such as lowering rates for individuals and corporations, and further changing the taxation of overseas profits, will increase the
How Will the New Territorial Tax System Affect U.S. Competitiveness? Read More »
The Internal Revenue Service – IRS – is the revenue service department of The United States Federal Government. The government agency works under the Department of Treasury and is under the command of Commissioner of Internal Revenue who is appointed by the President of United States for a term of 5 years. The duties of
Six Main US Tax Amnesty Programs and How They Work Read More »
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