On June 24th, Ways and Committee Chairman Brady released a blueprint for tax reform labeled as “A Better Way for Tax Reform.” The agenda is a result of a committee formed to study and develop policy recommendations under Speaker Ryan’s direction to create new jobs, grow the economy, raise wages by reducing tax rates, and to make the code simpler and fairer.
The result is a blueprint of the current House’s view of tax reform. The intent of the blueprint is to be ready for legislative action in 2017. Key provisions of the reform blueprint include: (more…)
By Sylvia Chan, Tax Senior
There has been much discussion about restructuring the California Tax System. Currently, California relies significantly on personal income tax collection to fund its state expenditures. Tax revenue based on personal income relies heavily on the unpredictability of capital gains which makes it impossible to forecast the state’s future revenue. This puts California in a very vulnerable situation should the stock market collapse, creating an abrupt shortfall in the State budget. Most people would agree that the California tax system is outdated, unfair, unreliable and long overdue for tax reform. (more…)
Facebook may have understated the value of intangible property transferred to its Irish holding company by “billions of dollars.” That’s according to a petition the U.S. Justice Department and the IRS filed in the U.S. District Court for the Northern District of California.
The petition was filed to enforce certain summonses served on the social media company in connection with outstanding information requested as part of an IRS audit. It makes the following claims: (more…)