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October 20, 2021 | Year-End Tax Topics for Cryptocurrency Investors
Now is the time for investors in cryptocurrencies to recognize approaching year-end considerations and possible planning opportunities. Potential legislative developments that might affect cryptocurrency transactions and the cryptocurrency ecosystem more broadly should also be considered. In this KPMG What's News in Tax article, the authors review the classification of cryptocurrencies, issues concerning specific lot identification and tax loss harvesting, and current legislative proposals that may impact information reporting, wash sale rules, and constructive sale rules.
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October 19, 2021 | Proposed Reinstatement of Superfund Taxes Would Reintroduce Three Excise Taxes to the Petroleum and Chemicals Industries at Double the Rates
Remember when a variety of excise taxes on the petroleum and chemicals industries funded the Superfund? They may be returning. Three excise taxes, reintroduced in Bipartisan Infrastructure Funding Bill and the Build Back Better Act proposals, are discussed in this KPMG What's New in Tax article.
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October 12, 2021 | Broker Crypto Tax Information Reporting Is Here, But It May Not Be Just for Brokers Anymore
In this article, which appeared in the Journal of Taxation of Financial Products, the authors consider the cryptocurrency information reporting provisions in the Senate Infrastructure Bill and the broader implications of tax information reporting for crypto transactions. The proposed legislation would require “brokers” to provide Code Sec. 6045 cost basis reporting for sales of digital assets and Code Sec. 6045A transfer reporting on transfers of such assets.
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September 20, 2021 | Bad Haircuts? Evaluating Policy Choices Under Biden's International Tax Proposals
In this article, the author considers the policy considerations for limitations in the taxation of controlled foreign corporations in the Biden administration’s recent proposals to change the global intangible low-taxed income and foreign tax credit rules. | Tax Notes International
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September 17, 2021 | Senate Finance Chairman Wyden Discussion Draft to Reform Taxation of Passthrough Entities
This KPMG report describes the proposals in the September 10 Wyden Discussion Draft of legislation intended to reform the taxation of passthrough entities and provides initial observations and analysis.
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September 14, 2021 | Ways and Means Tax Proposals Relating to Infrastructure, Energy, Housing, Retirement, and Social Safety Net
This KPMG Report provides a summary and analysis of many of the legislative tax proposals released by the Chairman of the House Ways and Means Committee on Friday, September 10, as well as retirement tax savings proposals approved by the Ways and Means Committee on September 9.
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July 26, 2021 | More Sledgehammers, Fewer Flies: The Green Book's Anti-Inversion Proposals
In this article, which appeared in Tax Notes Federal, the authors explain how the Biden administration’s proposals to amend section 7874 could affect commonly structured foreign acquisitions of U.S. businesses, and they recommend changes and clarifications to better achieve the goals of those anti-inversion proposals.
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June 14, 2021 | Treasury Releases the American Families Plan Tax Compliance Agenda
President Biden’s tax compliance proposals evidence a comprehensive plan providing IRS funding for enforcement activities. The proposals for substantial and sustained investment in the IRS—if effectuated—would allow the IRS to strengthen and grow its workforce and technological capabilities. This KPMG article discusses the potential marked uptick in enforcement activity that may affect many types of taxpayers.
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May 17, 2021 | U.S. Tax Reform 2.0–BEAT Down, SHIELD Up?
This article, published by Bloomberg Tax, outlines the authors' current understanding of the SHIELD proposal, put forth in the Biden Administration's Made in America Tax Plan to replace the TCJA's BEAT, and flags key questions about the proposal.
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May 3, 2021 | Outlook for what’s ahead for energy tax incentives (updated)
This KPMG report briefly describes the potential for additional extensions and enhancements as proposals from the Biden Administration and Congress take shape.
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April 14, 2021 | Charts reflecting provisions in President Biden’s business tax proposals
This edition of KPMG TaxNewsFlash provides charts summarizing the business tax proposals in President Biden’s “Build Back Better” recovery plan.
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April 14, 2021 | Comparing Biden and Wyden International Tax Proposals
These KPMG charts compare the Biden Administration proposal (The American Jobs Plan) and the Wyden proposal (Overhauling International Taxation).
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February 26, 2021 | Outlook for what’s ahead for energy tax incentives
This KPMG report briefly summarizes current law and describes the potential for additional extensions and
enhancements.
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February 8, 2021 | U.S. federal tax policy and decarbonization
This KPMG article outlines the role that tax policy and decarbonization plays in creating opportunities and challenges for companies.
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February 4, 2021 | The Biden Administration and the 117th Congress: Possible Tax Legislation
This KPMG report includes preliminary observations regarding the potential tax legislative agenda of the Biden Administration and the Democratic controlled Congress.
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