Monte Silver: TCJA still a major problem, but some progress seen in recent GILTI revisions

President Trump's Tax Cuts and Jobs Act 2017, which took effect on Jan. 1, 2018, has been a huge issue for many Americans who own as little as 10% of a small overseas business. Caught up in a clumsy legislative effort aimed at such large multi-national American companies as Google and Apple, these small business owners are, as has been frequently reported by this media organization and others, being forced to pay a 17.5% transition tax on income from their small business entities that dates back as far as the 1980s. 

  • Tax

Treasury official reported to hint at plans to address GILTI concerns

The U.S. Department of the Treasury is planning to address a much-criticised aspect of the Tax Cuts and Jobs Act that currently would see individual American taxpayers facing potentially higher taxes on their overseas income, a report published on Thursday said, citing a Treasury official. 

  • Tax

Kevin Brady publishes draft of proposed TCJA corrections, seeks feedback

Outgoing House Ways and Means Committee chairman Kevin Brady yesterday appeared to respond to concerns that President Trump's Tax Cuts and Jobs Act – signed into law in late December 2017 – set the stage for a number of unintended and potentially damaging consequences, with the publication of a discussion draft document that invites public comment on a number of proposed "fixes."

  • Tax
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Opinion

Bright!Tax's Allyson Lindsey: 'Yes, expats w/o a U.S. bank account can still get the payment'

Bright!Tax's Allyson Lindsey: 'Yes, expats w/o a U.S. bank account can still get the payment'

 As Bright!Tax partner and managing Certified Public Accountant Allyson Lindsey explained last month, Americans who are resident outside the U.S. are potentially eligible to receive a "recovery rebate" check or...

May-14-2020