Advice

The Internal Revenue Service provided guidance and a safe harbor Wednesday for businesses that claim carbon capture credits in an effort to reduce emissions of carbon dioxide. As part of the Bipartisan Budget Agreement that Congress enacted in February 2018, the Tax Code provided a tax credit of $20 per metric ton of qualified carbon
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Even though each digital service provider differs from the next, all DSPs are forced to navigate a complicated, evolving and non-harmonized set of tax rules that govern their businesses around the world. The most common DSP businesses that are impacted by such rules include online search engines, social media platforms, online learning and education platforms,
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Want to open Pandora’s Box? Talk to a tax professional about digital services taxes. In nearly every incarnation they have taken on, digital services taxes have proven controversial. Whether domestically, where at least half of the states in the U.S. have made waves by enacting digital provisions of some kind, to foreign governments like France
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The Internal Revenue Service could be doing more to help taxpayers who own Bitcoin and other forms of cryptocurrency to comply with their tax obligations, according to a new report from the Government Accountability Office. The report, issued Wednesday by the GAO, acknowledged that the IRS has provided some guidance in 2014 and 2019 on
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Stanford University faces as much as $43 million in taxes under a new levy on college endowments included in President Donald Trump’s tax overhaul, the first time private colleges will pay such a fee. The provision, which was passed as part of the Republican tax bill in December 2017, affects about 30 wealthy schools including
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When it comes to research and development tax credits, certain costs related to wages, supplies and contract research are eligible. Often, though, taxpayers — and more specifically, the engineers doing the work — overlook various processes and routine work that can be tapped for extra tax savings. R&D credits aren’t limited to what’s never been
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The sharp divergence between Republicans and Democrats over the 21 percent corporate income tax rate was on display Tuesday at the House Ways and Means Committee as Democrats began making the case for a large increase should their party succeed in November’s elections. Several Democratic presidential candidates — including Senators Bernie Sanders, Elizabeth Warren, and
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Two major issues dominated the conversation around state and local tax in 2019, according to Jamie Yesnowitz and the team at Grant Thornton’s SALT National Tax Office: the 2017 Tax Cuts and Jobs Act and the Supreme Court decision in South Dakota v. Wayfair Inc. in June 2018. They’ll both continue to have a major
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