As U.S. banks were tallying up the billions of dollars in extra profits they’ll reap from the sweeping tax cuts signed into law by President Donald Trump, they were quietly delivering unwelcome news to local governments: The interest rates on their loans were about to go up.
Bloomberg Tax released a new line of corporate tax software Wednesday known as Advantage, providing technology for handling fixed assets, federal and state tax, net operating losses, provision analysis, and sales and use tax rates.
The Financial Accounting Standards Board is moving forward with a proposed accounting standards update to reclassify the stranded tax effects from the Tax Cuts and Jobs Act of 2017, although at least one investor group has some concerns.
The Internal Revenue Service and the Treasury Department announced changes Tuesday in the procedures for changing the accounting period of foreign corporations owned by U.S. shareholders subject to the transition tax under the Tax Cuts and Jobs Act.
The political network backed by billionaires Charles and David Koch is launching a $4 million advertising campaign against two Senate Democrats facing re-election in 2018, as it starts to fulfill a pledge to spend $20 million selling the federal tax overhaul passed late last year.
The Trump administration has no formal proposal on the table for a so-called reciprocal tax on imports, according to a U.S. official who sought to clarify whether a levy that risks escalating tensions with key trading partners would be enacted.
Oil companies that have claimed more than a billion dollars in tax credits for burying carbon dioxide underground just got a windfall from Congress, which expanded that incentive as part of the government spending bill signed into law on Friday.
The American Institute of CPAs is asking the Internal Revenue Service to provide relief from tax penalties to taxpayers who are required for the first time to file information returns related to Controlled Foreign Corporations.
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