The European Union published proposals Wednesday for a 3 percent Digital Turnover Tax on the European B2B revenues of digital giants such as Google, Apple, Facebook, Amazon (termed GAFA in Europe), Uber and Airbnb.
When 2018 taxes are due in April 2019, millions of Americans could find themselves owing the government far more than was withheld. Millions of others could find they paid too much in 2018, resulting in unusually large refunds.
The Internal Revenue Service’s announcement that it plans to issue regulations clarifying the limitations on carried interest aims to head off a flurry of activity aimed at getting around a provision of the Tax Cuts and Jobs Act.
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