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Reduction in corporate tax rate in U.S. leads to global change

Governments can increase their revenue by bringing businesses into their countries. One way to do this: reduce tax rates. This is a move President Donald Trump has put into play here in the United States, but the U.S. is not the only country that has positioned itself to be more lucrative to businesses throughout the world.

Two ways the new tax law impacts multinational businesses

President Donald Trump was able to keep his promise before taking leave for the holidays. He signed the tax bill presented by Congress into law. This new tax law has resulted in many changes to the tax system in the United States. These changes extend to impact individuals and businesses alike. One particular area of interest involves businesses that operate in multiple countries. 

Tax bill likely to lead to spike in tax preparation services

Tax preparation firms will likely see a spike in demand for tax services as the year closes out. Both houses approved the tax bill and sent it to President Donald Trump’s desk. Upon receipt, the president fulfilled his promise. He signed the bill into law prior to heading out for his holiday break.

Tax reform and business owners: Two things to watch

Keeping up to date with the proposed changes and the debates regarding tax reform occurring within the Senate and House is a daunting, potentially impossible task. A number of changes are under discussion, but two big ones that specifically impact business owners are the corporate tax rate and pass-through taxes.

Is the FATCA hurting small businesses?

The Foreign Account Tax Compliance Act became law in 2010. It requires that foreign financial entities report certain accounts that are owned by citizens of the United States. A failure to comply with this law can result in stiff penalties, including a 30 percent withholding tax on income from the United States.  

DOJ, IRS investigating Swiss banks, insurers for tax issues

American authorities at the Department of Justice and the Internal Revenue Service are continuing their ongoing investigation into Swiss banks to determine compliance with the regulations set forth by the Foreign Accounts Tax Compliance Act (FATCA). Their investigation has now branched out to include Swiss insurance companies.

IRS warns of latest tax scam: 3 ways to avoid becoming a victim

The Internal Revenue Service (IRS) and Federal Bureau of Investigations (FBI) recently announced that the public should be on the lookout for the latest scam. The scam is successful because it is deceptively realistic. It involves an email with a claim that one of these federal agencies is attempting to contact the recipient. The email provides the recipient with a questionnaire. When the recipient clicks the link to download the questionnaire, ransomware is installed onto the computer.

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