tax professionals

How to Calculate BEAT Tax | Bloomberg Tax

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How to Calculate BEAT Tax | Bloomberg Tax

Bloomberg Tax offers expert resources for international tax planning and compliance, including information on foreign tax credits, transfer pricing, cross-border transactions, and global tangible low-taxed income. They provide a BEAT Final Regulations OnPoint for detailed analysis of final BEAT regulations issued by the IRS, as well as a BEAT calculation template to simplify challenging calculations and save time during compliance and provision. Bloomberg Tax Workpapers combines spreadsheet control with automatic data transformation and timesaving tax functions in one solution.

Global trade disruptions and their impact on tax and trade

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Global trade disruptions and their impact on tax and trade

Fact: The disruptions in global trade routes, such as those at the Suez Canal and Panama Canal, have significant tax implications for multinational corporations, affecting transfer pricing, profit attribution, intangible property, withholding taxes, and customs duties.

Increase to capital gains inclusion rate has led some business owners to re-evaluate their plans

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Increase to capital gains inclusion rate has led some business owners to re-evaluate their plans

The change to the capital gains inclusion rate has created distress among those approaching retirement, particularly business owners, who now face a much higher tax bill than they had planned.

Most Tax Pros, Corporate and Public, Believe AI Should Be in Their Toolbox

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Most Tax Pros, Corporate and Public, Believe AI Should Be in Their Toolbox

– More than three-fourths (77%) of tax professionals believe AI technology can be applied to their work, and more than half (56%) of in-house corporate tax teams think their external tax advisers’ firms should be using AI, according to a report by Thomson Reuters.
– An overwhelming 60% of corporate tax professionals now believe Gen AI should be applied to their industry work, an increase from 53% in 2023.
– Industry-specific AI tools are predicted to outpace open-source tools like ChatGPT to minimize risk for businesses.
– Tax professionals see increased productivity, streamlined work processes, and improved quality and accuracy of work as primary benefits of AI in their industry.
– Thomson Reuters has announced Checkpoint Edge with CoCounsel, its first Gen AI product for tax professionals.
– Over half (51%) of tax professionals see AI as either a minimal threat or no threat at all to jobs in their industry.

Weekly IRS Roundup April 22 – April 26, 2024 | JD Supra

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Weekly IRS Roundup April 22 – April 26, 2024 | JD Supra

The IRS released guidance on proposed regulations for transferring tax return information to the US Census Bureau and disclosed additional tax return information to the US Secretary of Commerce.

The Tax Cuts And Jobs Act Mainly Expires In 2025

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The Tax Cuts And Jobs Act Mainly Expires In 2025

The fact described in the text is that the 21% corporate flat tax rate enacted under the TCJA is permanent and does not expire.

IRS Offers Resources and Advice During National Small Business Week

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IRS Offers Resources and Advice During National Small Business Week

The Internal Revenue Service is offering tax-related information to entrepreneurs in anticipation of National Small Business Week.

NYC Corporate Tax Rules to Have ‘Notable’ Differences From State

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NYC Corporate Tax Rules to Have ‘Notable’ Differences From State

The New York City Finance Department is seeking feedback from tax professionals and others on corporate tax changes being drafted for release later this year. The state adopted regulations in December to implement significant restructuring of New York State’s corporate tax framework.