Tax Strategies

The American Institute of CPAs has asked the Internal Revenue Service for more guidance on a provision of the Tax Cuts and Jobs Act that imposes a 21 percent excise tax on tax-exempt organizations that pay over $1 million in compensation, or so-called “excess parachute payments,” to top executives.

They’re still valuable, but require stricter attention to the rules than ever.

Michael Bloomberg is proposing a financial transactions tax of 0.1 percent and merging Fannie Mae and Freddie Mac as part of a proposal for regulating Wall Street for a financial system “strong enough to weather crises without harming the broader economy or requiring taxpayer bailouts.”

Spain will introduce a digital services tax at the end of the year that would hit the revenue of companies such as Facebook Inc. and Alphabet Inc.’s Google in a move likely to draw the ire of the U.S. administration.

Updating global tax rules could boost government revenue by as much as $100 billion, the Organization for Economic Cooperation and Development said Thursday in an effort to spur complex negotiations between world powers.

Each year, corporations and pass-throughs across industries fail to claim R&D tax credits because they aren’t aware that many day-to-day activities qualify for this dollar-for-dollar reduction in income tax liability.

Here’s what host families need to know about taxes and payroll.

One way for C corporations to reduce taxable income is to utilize an interest charge – domestic international sales corporation (IC-DISC). However, when dealing with C corps, it is imperative the IC-DISC’s ownership structure is correctly established at the onset.

Extenders and technical corrections could require revisions to earlier work.

Grant Thornton compares the contenders’ proposals in five categories.