Taxation

  • Treasury Secretary Says Italy, U.K. Face Tariffs Over Digital Taxes

    By:
    Ruth Singleton
    |
    Jan 21, 2020
    Treasury Secretary Steven Mnuchin warned Italy and the United Kingdom that they would face U.S. tariffs if they impose taxes on digital companies such as Facebook, Google, Amazon and Apple.
  • Conference Speakers: IRS Promising Focused Guidance for Exempt Organizations in 2020

    By:
    Chris Gaetano
    |
    Dec 17, 2019
    The IRS Office of Chief Counsel, which writes all the notices and guidance that practitioners rely upon, is aiming to release several new proposed and final regulations relevant to exempt organizations over the course of next year, mostly pertaining to changes brought about by the Tax Cuts and Jobs Act (TCJA). Speaking at the Foundation for Accounting Education's Exempt Organizations Conference on Dec. 17, IRS attorneys Stephanie Robbins and David Repass talked about how the IRS has changed its approach to the Priority Guidance Plan (PGP), an annually released document that outlines which regulations the IRS intends to focus on in the coming year
  • House Passes Spending Bill That Would Repeal Some Obamacare Taxes

    By:
    Chris Gaetano
    |
    Dec 17, 2019
    The House of Representatives has passed a spending bill that contains provisions to drop several taxes that were implemented to fund the Affordable Care Act.
  • Newsmaker: New Tax Commissioner Reveals His Priorities

    By:
    Chris Gaetano
    |
    Dec 10, 2019

    Michael R. Schmidt was nominated by Gov. Andrew Cuomo in January to be commissioner of the New York State Department of Taxation and Finance, and was confirmed by the state Senate in June. Prior to his current position, Schmidt served as deputy secretary for economic development, where he oversaw policy and operations for 12 state agencies and authorities.  He took the time to talk to The Trusted Professional and go over his policies and priorities. The Q&A has been edited for length and clarity.

  • IRS Commissioner Asks CPAs to Provide Feedback on the Taxpayer First Act

    By:
    Ruth Singleton
    |
    Nov 15, 2019
    IRS Commissioner Charles Rettig, speaking at the AICPA National Tax Conference in Washington, D.C., said that he wants to hear from CPAs and other tax professionals about the Taxpayer First Act of 2019, enacted on July 1.
  • Study: 400 Richest Families Pay Lower Tax Rate Than Middle Class

    By:
    Ruth Singleton
    |
    Oct 10, 2019
    An analysis by two economics professors has found that, as a result of the Tax Cuts and Jobs Act, America's 400 richest families now pay taxes at a lower rate than people in the middle class.
  • Supreme Court to Consider Hearing Case Challenging NYS over Interstate Double Taxation

    By:
    Ruth Singleton
    |
    Sep 18, 2019

    At a conference scheduled for Oct. 1, the U.S. Supreme Court will decide whether to hear a case involving taxpayers who meet the definition of  “statutory resident” in both New York and Connecticut and thus are subject to income taxation in both states.