Ray Wiacek, a senior partner in Jones Day’s Tax Practice, testified before the House Ways and Means Committee on February 24, 2016. He stressed that failure to reform the corporate income tax was costing American jobs and hurting local communities otherwise supported by iconic American companies.
Future of the Corporate Income Tax in the World: Is this the end of the CIT as we know it?
9.00 – 9.30 REGISTRATION AND MORNING COFFEE
9.30 – 9.45 WELCOME ADDRESS AND INTRODUCTORY OUTLINE Mr. Dmitri Jegorov, Deputy Secretary-General, Ministry of Finance
9.45 – 11.15 CIT IN THE WORLD: FROM THE PAST AND INTO THE FUTURE
International developments of the CIT over decades: how did we get to where we are and where do we go from here?
Prof. Dr. Jeffrey Owens, Director, WU Global Tax Policy Center, Institute for Austrian and International Tax Law, Vienna University of Economics and Business (by video)
Is our corporate tax system fit for the challenges of the 21st century?
Dr. John Vella, Associate Professor of Taxation, University of Oxford, (keynote speaker)
11.15 – 11.45 COFFEE BREAK
11.45 – 13.00 HANDLING THE CIT CHALLENGES: RECENT EXPERIENCE AND FUTURE EXPECTATIONS
United States’ role as an international tax rules influencer: overview of discussed ideas, adopted changes, and issues left for the future
Prof. Mindy Herzfeld, Professor of Tax Practice, Director of International Tax LLM, University of Florida (keynote speaker)
The Future of Corporate Income Tax and the Tax Function of Tomorrow: insights and lessons from EY’s Future of Tax initiative
Carlos Lobo, Partner of EY Portugal, Tax Policy Leader for the Mediterranean area, Professor at the Law School of Lisbon
13.00 – 14.00 LUNCH
14.00 – 15.30 THE EUROPEAN AND THE INTERNATIONAL BODIES:
PAST DELIVERIES AND FUTURE EXPECTATIONS
BEPS and Beyond: An OECD perspective on the challenges facing the corporate income tax and its prospects for the future
Mr. David Bradbury, Head of the Tax Policy and Statistics Division, Centre for Tax Policy and Administration, OECD
Common (Consolidated) Corporate Tax Base – a response to 21st century CIT challenges? Which problems will C(C)CTB solve and which will remain?
Mr.Uwe Ihli, Head of section, Unit TAXUD D1 – Company Taxation Initiatives, DG Taxation and Customs Union, European Commission
Expert view: what is a competitive tax system and which systems will be competitive in the future?
Mr. Scott Hodge, President of the Tax Foundation
15.30 – 16.00 COFFEE BREAK
16.00 – 17.30 PANEL DISCUSSION
Better the devil you know? Comparing the views of business, academia, and rule- shapers on problems and solutions
Mindy Herzfeld, John Vella, David Bradbury, Uwe Ihli, Scott Hodge, Maria Volanen (Chair of Tax Committee, Digital Europe; Head of Tax Policy, Tech Industries of Finland)
17.30 – 17.45 CONCLUDING REMARKS
Mr. Dmitri Jegorov, Deputy Secretary-General, Ministry of Finance
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Three of the world’s most-recognised brands – Starbucks, Google and Amazon – are under fire in the UK for depriving Britain of millions of pounds through elaborate tax avoidance schemes – READ FULL STORY http://on.rt.com/slvu8s
The tricks have caused public outrage, and one action group has even come up with an unconventional plan to highlight what’s been dubbed the companies ‘immoral’ tactics.
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It is easy to get into international trouble with the IRS.
First, some things you may think of as non-taxable are things the IRS wants to know about… and collect taxes on. Foreign pensions, foreign life insurance, foreign gifts and trusts, and foreign bank accounts. If you own any of these, you probably have a reporting requirement.
Second, something called “Universal Tax Jurisdiction” creates a lot of confusion. What it boils down to is that the US is the only country in the world that effectively taxes based on citizenship status. So, even if you’re a US citizen living and working overseas, you’re still subject to the IRS.
The IRS has made it clear that they are looking for tax returns and incorrect voluntary disclosures with technical errors to scrutinize. They are looking at taxpayers as targets for quotas, and not as actual people.
The IRS is the most complicated thing in the history of history. International taxation is even more complicated! We do not expect our clients to have a full (or even partial) understanding of the IRS. We know that you are probably confused, and don’t know the right questions to ask. We expect you to be nervous —with everything at stake, who wouldn’t be?
If you’re concerned and need help, contact us to set up a consultation. Your information is subject to the attorney client privilege. 888-727-8796 or email@example.com.
IRSMedic is the law office of Parent & Parent LLP, and we have over 10 years of experience in dealing with international tax issues like yours. We can answer questions like:
Do you really have to pay the 27.5% (0r 50%) offshore, FBAR penalty?
What if your bank is “blacklisted”?
How to find out if you are really “willful.”
Are there alternatives to using the Offshore Disclosure Program?
How can you keep your wits about you through this whole process? Remember, you have the moral high ground — not the IRS.
We have clients all around the globe, and while every case is unique, your issues — no matter how complicated — are probably things we have seen before and have dealt with successfully.
IRSMedic, the Law offices of Parent & Parent, LLP
Located in Connecticut, serving taxpayers around the globe
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Conservative columnist Dr. Gina Loudon on tax reform, the Mueller investigation and calls to investigate the Department of Justice and FBI.
Learn more at PwC.com – https://pwc.to/2BWfVtP
The 2017 Tax Cut and Jobs Act creates significant changes and new challenges for accounting for income taxes. Tax reform significantly changes the US taxation of foreign earnings. Despite the changes in US tax law, companies will need to continue to evaluate their indefinite reinvestment assertion.
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Deloitte CEO Cathy Engelbert on the impact of the tax reform legislation and the trends in the workforce with the increasing use of technology.
Alexander Efros, MBA, EA, CPA, CFP® from Efros Financial details the changes applicable to tax year 2018 per the Tax Cuts and Jobs Act (TCJA) as well as other major changes (including the New Form 1040).
You may skip ahead to any particular section using the links below (please click the pertinent timestamp):
0:28 – 1. The Brand New Form 1040 (Postcard Filing)
7:59 – 2. Increased Standard Deductions
10:12 – 3. Exemptions Are No Longer Applicable
12:06 – 4. New ,000 Limitation for State and Local Taxes
15:20 – 5. Miscellaneous Itemized Deductions (2%) Have Been Eliminated
17:45 – 6. New Limitations for Mortgage Interest Deductions
19:33 – 7. Alternative Minimum Tax Changes for Individuals
20:36 – 8. Limits on Itemized Deductions Have Been Eliminated
21:14 – 9. New Qualified Business Income (QBI) Deduction (Section 199A)
24:18 – 10. DANCE PARTY
24:35 – 11. Changes to the C-Corporation Tax Rate and the Alternative Minimum Tax (AMT)
25:21 – 12. Wrap-Up
Efros Financial is a Los Angeles-based CPA firm providing financial planning and tax preparation/resolution services. Learn more at www.efrosfinancial.com.
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MUST WATCH !! The Easy way to understand CA Final Direct Tax Topic Special Tax Rates under Income Tax Act 1961 Section 112, Section 111A By CA Vijay Gaurav Faculty CA Final Direct Tax, Indirect Tax, International Taxation and CA-IPC Taxation. During Lectures the students get handwritten notes made by them in just around 300 pages (Full Coverage) along with more than 300 Practical questions are taken up in the class. The benefit of taking classes from Sir is that the student become able to revise the syllabus of Direct Tax and Indirect Tax just in 1 or 2 days time.
ABOUT CA VIJAY GAURAV
CA VIJAY GAURAV is graduated from “University of Delhi” and a fellow member of “The Institute of Chartered Accountants of India” qualified in 2002.
He is a reputed tax consultant practicing in the field of Direct & Indirect Taxes.
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Teaching is passion for him. He is providing specialized classes for CA-Final: Direct Tax & Indirect Tax and CA–IPC: Taxation & Law. He is having vast teaching experience of more than 10 years.
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His objective is to prepare the students of CA with intellectual and practical skills so that they can compete in the challenging future.
CA Vijay Gaurav puts great emphasis on practical aspect of the subject along with case studies and practical examples so that students will easily understand the implications of Sections and Rules of Taxes and Laws.
He is having vast practical experience and deals every aspect of the subject, whether theoretical or practical, with flowcharts and practical examples. He guides his students not only for his subject but also for other subjects at CA-IPC & Final level. He also teaches them the better ways of presentation in exams so that students can score better marks.
He has also authored many books including:
“Simplified Notes on DIRECT TAX”for students of CA-Final,
“Simplified Notes on INDIRECT TAX”for students of CA-Final,
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His books contain the Provisions of each section of subject in a simplified & comprehensive manner including the latest amendments. The books have been most judiciously prepared and are self sufficient, fully updated most comprehensive and most reliable text for CA students.
President Trump’s tax reform, the Tax Cuts and Jobs Act of 2017, is some of the most sweeping tax legislation that we’ve seen since the Tax Reform Act of 1986 under Ronald Reagan. This new tax reform is effective for tax year 2018 and beyond, and as of this recording, the changes are scheduled to sunset in 2025.
In this video, Matt Horsley, CFP® from Pure Financial Advisors gives a brief overview of how these tax cuts affect you.
(00:29) – Lower Tax Brackets
(01:29) – Exemptions, Standard and Itemized Deductions
(01:58) – State and Local Tax Deduction (SALT Deduction)
(02:34) – Home Mortgage Interest Deduction
(03:04) – Home Equity Line of Credit
(03:13) – Estate Tax
(03:30) – New Deduction for Small Business Owners
(03:55) – Roth Conversions
If you would like to schedule a free assessment with one of our CFP® professionals, click here: https://purefinancial.com/lp/free-assessment/
Make sure to subscribe to our channel for more helpful tips and stay tuned for the next episode of “Your Money, Your Wealth.” http://bit.ly/2FDSfK2
Channels & show times: http://yourmoneyyourwealth.com
• Investment Advisory and Financial Planning Services are offered through Pure Financial Advisors, Inc. A Registered Investment Advisor.
• Pure Financial Advisors Inc. does not offer tax or legal advice. Consult with their tax advisor or attorney regarding specific situations.
• Opinions expressed are subject to change without notice and are not intended as investment advice or to predict future performance.
• Investing involves risk including the potential loss of principal. No investment strategy can guarantee a profit or protect against loss in periods of declining values.
• All information is believed to be from reliable sources; however, we make no representation as to its completeness or accuracy.
• Intended for educational purposes only and are not intended as individualized advice or a guarantee that you will achieve a desired result. Before implementing any strategies discussed you should consult your tax and financial advisors.
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Here come the new rules for 2018 all the way through 2023! This is a super important video to watch because if you miss any of those rules the consequences could be catastrophic! Is the Standard Deduction better than Itemizing? Or is itemizing better than the Standard Deduction? Watch my video to find out!
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Small business owners are benefiting from a business deductions in the tax code but the change to the individual tax code expires after 2025. So what does this mean for small business owners going forward? CNBC’s Kate Rogers reports.
Income Tax Demo Lecture with Questions, Applicable for May 2019 and Nov 2019 Exams
Finance ministers from the G20 group of the world’s largest economies are backing the first ever…
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Finance ministers from the G20 group of the world’s largest economies are backing the first ever international plan to rein in tax avoidance by big multinational companies.
They have responded to public anger over tax dodging by supporting an action plan drawn up by the Organisation for Economic Co-operation and Development.
The Secretary-General of the OECD Angel Gurria told reporters at the G20 finance ministers meeting in Moscow: “International tax rules ensure that business don’t pay taxes in two countries. Double taxation – that’s right, we should avoid double taxation. But unfortunately the rules have now produced double non-taxation which is what we are trying to fight now.”
The international tax system has not been changed since the 1920s and currently has no means to stop firms shifting profits to low-tax countries:
French Finance Minister Pierre Moscovici said: “It is clear that multinational companies developed an unprecedented know-how for minimising their world-wide tax pressure. Some big companies managed to have a three or four percent tax rate on their income world-wide.”
The new set of global standards is tailored to better cope with the problems of taxing companies that trade – for example – only online in the so-called digital economy. The plan is have them written into law within two and a half years.
The idea is to close loopholes used by firm such as Apple, Google, Starbucks, Amazon Vodafone, Diageo and Cadburys to avoid paying billions in taxes. They would be forced to pay tax where their sales and profits are made.
The companies defend their actions by saying they follow the law in the countries where they operate and pay what tax is due.
Business groups welcomed the international approach being taken by the G20, saying unilateral action could hinder cross border trade and investment, but they advised caution in changing the current rules.
British business lobby group the CBI said it supported an examination of the loopholes that the OECD said facilitated profit shifting but questioned whether the OECD had “proven serious base erosion and profit shifting issues caused by these structures”.
Mark Nebergall, President of the Software Finance & Tax Executives Council, which represents companies including technology giant Microsoft, dismissed the accusations of profit shifting often levelled against his industry and warned there was a risk any OECD action would fall foul of “the law of unintended consequences”.
Business lobby groups such as the CBI and the United States
Council for International Business (USCIB) have previously
opposed OECD moves that could have tackled tax avoidance, saying
the measures would also hit job creation and innovation.
Non-governmental organisations, especially those focused on development in poorer nations, welcomed the OECD’s recognition of the shortcomings in the international tax system and the commitment to take action.
But Professor Sol Picciotto of the tax Justice Network questioned whether governments would take action in the face of opposition from business that would likely follow the tabling of any firm proposals.
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This episode of Legal Wrangle on International Taxation talks about four important cases i.e. Hasmukh I Gandhi Vs DCIT (2017-TII-214-ITAT-MUM-INTL), Bharat Bijlee Ltd Vs ADIT (Intl Taxation) (2017-TII-211-ITAT-MUM-INTL), CIT-II. Vs Mitsubishi Corporation India Pvt Ltd (2017-TII-64-HC-DEL-INTL) and Sri Shashi Parvatha Reddy Vs DCIT (2017-TII-196-ITAT-HYD-INTL).
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