Reopening and depreciation; cutting your AR; butts in seats; and other highlights from our favorite tax bloggers.
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Tax Practice
June 18, 2020
Upcoming Events June 18, 2020
In the blogs: Phases on stun
By Jeff Stimpson      3 min read
Reopening and depreciation; cutting your AR; butts in seats; and other highlights from our favorite tax bloggers.
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How are companies navigating the return to work?
Work hasn’t stopped but it certainly has changed as companies navigate new business conditions resulting from the coronavirus pandemic. When you complete our confidential survey to help us understand if, how, and when businesses will resume normal activities and work routines, we will donate $10 to Direct Relief.
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U.S. has pulled out of global digital tax talks, Lighthizer says
By Jenny Leonard and Laura Davison     4 min read
Treasury Secretary Steven Mnuchin withdrew the U.S. from international talks over a digital tax deal after failing to reach an agreement with countries looking to place levies on the revenue of American tech companies, U.S. Trade Representative Robert Lighthizer said.
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Trump tax break fails to deliver for communities, study finds
By Noah Buhayar     2 min read
President Donald Trump recently highlighted the “opportunity zone” tax breaks he signed into law in late 2017 as a reason his administration “has done more for the Black Community than any president since Abraham Lincoln,” but a new study casts doubt on the program's effectiveness.
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IRS warns nursing homes: Don’t grab patients’ coronavirus stimulus payments
By Michael Cohn     4 min read
The Internal Revenue Service told nursing homes and other care facilities Tuesday that they shouldn’t be seizing their residents’ economic impact payments.
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CARES Act offers overlooked opportunities for tax refunds, but first check cross-border prices
By Alex Martin     4 min read
Some multinational companies can generate additional carryback tax loss relief through transfer pricing planning.
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The tax rule that inspired billionaires and movie stars to back climate moonshots
By Ben Steverman     6 min read
A little-used part of the U.S. tax code allows foundations to use some of their endowments as “program-related investments.”
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Reprieve offered on New Markets Tax Credit transactions delayed by coronavirus
By Michael Cohn     2 min read
The IRS and the Treasury gave tax relief to businesses and investors who were engaged in New Markets Tax Credit transactions but couldn’t get them done in time due to the COVID-19 pandemic.
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IRS urged to pursue preparers with overdue returns, debts and penalties
By Michael Cohn     3 min read
The Internal Revenue Service should make more of a priority of going after tax preparers who haven’t filed their own tax returns or paid their tax liabilities and penalties, according to a new report.
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For less than $400K you can now get Uruguay tax residency
By Ken Parks     2 min read
Uruguay will soon be even more welcoming to wealthy foreigners looking for a new home following a presidential decree that makes it cheaper to obtain tax residency in the South American country.
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Mega-rich urged to unleash $121B for desperate charities
By Ben Steverman     6 min read
Nonprofits, lawmakers and others want to see more giving from fund donor-advised funds, which have grown popular recently because they’re so flexible.
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Local compliance in a global business environment: issues & challenges
Each jurisdiction has a different complexity profile which presents specific challenges and opportunities for businesses.
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