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Recent GILTI Guidance and Proposed Tax Increase

Recent GILTI Guidance and Proposed Tax Increase

When Congress passed the Tax Cuts and Jobs Act (TCJA) in 2017, a new tax was added on income earned by foreign affiliates of U.S. taxpayers from intangible assets, known as global intangible low-taxed income (GILTI). Under the TCJA, GILTI is calculated as the total...
2021 Spending Bill – Tax Provisions (Part 2)

2021 Spending Bill – Tax Provisions (Part 2)

On December 27, 2020, President Trump signed the Consolidated Appropriations Act, 2021 (the “Act”) into law, which funds the government for 2021. Tax-related provisions include temporary and permanent extensions of expiring tax credits and provisions and a temporary...
2021 Spending Bill – COVID Provisions (Part 1)

2021 Spending Bill – COVID Provisions (Part 1)

On December 21, 2020, Congress released the Consolidated Appropriations Act, 2021 (the “Act”), which funds the government for 2021 and contains many tax-related provisions. If signed into law, the Act will be one of the largest spending measures ever passed by...