The Internal Revenue Service has recently announced the launch of country-by-country (CbC) reporting pages on irs.gov which will provide background information on CbC reporting, frequently asked questions and other helpful resources, including a list of jurisdictions that have concluded competent authority arrangements with the United States.
In 2015, the PATH Act (Protecting Americans from Tax Hikes Act) was passed. Starting in 2016, the PATH Act was enacted which extended additional benefits to business owners.
According to UHY partner Christopher Byrne, the Internal Revenue Code provides that, in general, income from the sale of personal property is sourced based on the residence of the seller. Therefore a sale of personal property by a US resident is sourced in the United States, while such property sold by a non-resident of the United States is treated, for US tax purposes as sold outside the US.
As part of the Affordable Care Act (ACA), one of the many excise taxes imposed by this act is again quickly approaching. The Patient-Centered Outcomes Research Institute (PCORI) fee is an excise tax imposed on health insurance issuers and plan sponsors of self-insured health plans effective for plan years ending on or after Oct. 1, 2012.
On May 4, the House of Representatives passed the American Health Care Act (AHCA) by a vote of 217 to 213. However, instead of promptly sending the bill to the Senate, the House instead waited for the Congressional Budget Office's (CBO) analysis. The CBO, along with the Joint Committee on Taxation (JCT) issued its report on May 24.
Yesterday, the House of Representatives passed the American Health Care Act (AHCA) in a narrow vote of 217 to 213 after the bill had been amended from its previous version proposed a few weeks earlier. The AHCA is new proposed legislation that will repeal and replace parts of the Affordable Care Act (ACA) which is currently the law of the land. While this is only the first step of the new legislation, here are a few of the highlights of the bill.
Yesterday, the White House released President Donald Trump's tax reform plan to the public. The proposal aims to drastically cut corporate taxes as well as provide tax relief for individuals, with middle-income families as the primary target. The goal of the tax reform is to create economic growth, and American jobs, and to lower the business tax rate to one of the lowest in the world. The proposed tax reform plan is being touted as one of the biggest individual and business tax cuts in American history.
Now that the initial April 18 personal income tax deadline has passed, the Internal Revenue Service has released six major changes to collection policies. Taxpayers that have outstanding balances due to the IRS can expect to be impacted in more ways than the traditional paper notices that arrive by mail every few weeks. The changes are designed to be motivation for delinquent taxpayers to settle all tax debts sooner rather than later.
The IRS has proposed several rule changes that could bode well for taxpayers. The biggest proposed change would affect the earned income tax credit that has been in effect since 1994.With the proposed changes both taxpayers are eligible to claim the earned income tax credit; one can claim the full portion of the credit and the other can claim the reduced credit for childless taxpayers if certain requirements are met.
There have been a lot of questions lately surrounding the 1095 reporting requirements for the 2016 reporting period. Read more to review some bullet points from frequently asked questions.
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