OECD Releases Synthesized Text Guidance for BEPS MLI
The OECD recently released guidance on synthesized texts for the MLI. Countries are encouraged use the guidance when preparing texts that show how their MLI…
New International Tax Forms for 2018: GILTI and FDII
International taxpayers will spend additional time on tax compliance with new forms for GILTI and FDII in 2018. Draft forms to meet filing requirements under…
EU finance ministers fire a warning on U.S. tax plan
BRUSSELS – The European Union’s top five economies are warning the U.S. that its massive tax overhaul could violate some of its international obligations and risks…
FATCA – A Status Report
Many people doubted whether the United States Foreign Account Tax Compliance Act – commonly referred to by its acronym FATCA – was a viable piece…
Help Grandma with Her PFIC Compliance: She Earned It.
Income tax liability from a Passive Foreign Investment Company (PFIC) may apply to more people than you think. We all love Grandma. How many Thanksgiving meals did Grandma…
CBO Releases Score of Revised Senate GOP ACA Repeal, Replace Bill
The Congressional Budget Office (CBO) and Joint Committee on Taxation (JCT) released an updated cost estimate on July 20 of Senate Republicans’ revised, third discussion…
Illinois ~ Sales and Use Tax: Guidance on Changes to Gasohol Taxation
An Illinois Department of Revenue news release updates motor fuel retailers on the gasohol sales and use tax rate increase and the repeal of the…
Iowa ~ Personal Income Tax: Filing Deadline Extension Provisions for Civilian Personnel Amended
The Iowa Department of Revenue has amended a regulation regarding the individual income tax filing deadline extension for certain civilian personnel. The amendment provides updated…
Delaware ~ Property Tax: Longer Residency Requirement for Senior School Property Tax Credit Enacted
Effective for county tax and fiscal years beginning on or after January 1, 2018, the residency requirement for the Delaware senior school property tax credit…
Ways and Means Tax Policy Subcommittee Continues Tax Reform Hearings
The House Ways and Means Tax Policy Subcommittee held another hearing on July 19 examining comprehensive tax reform. In particular, the subcommittee discussed the individual…