Lincoln Institute of Land Policy’s Post

🌍🏛️ Supreme Court Leans Towards Upholding Tax on Foreign Income 🏛️🌍 In a recent session, the U.S. Supreme Court signaled its inclination to uphold a tax on foreign income, addressing a critical aspect of the 2017 tax bill. During discussions, both conservative and liberal justices expressed concerns that overturning this provision might destabilize other parts of the tax code. 👨⚖️ Justice Neil Gorsuch noted the possibility of finding "some narrow ground" to decide the case, aiming to preserve what Solicitor General Elizabeth Prelogar estimated as "several trillion dollars in lost revenues" if the provision were overturned. Meanwhile, the broader issue of a potential wealth tax remains unaddressed, with the Court setting aside the debate on Congress' ability to impose taxes based on wealth rather than income for another day. As the landscape of U.S. taxation continues to evolve, this decision could have significant implications for individuals and businesses dealing with foreign income. Stay tuned for further developments in this pivotal case. -------------- 📢 Be sure to follow our LinkedIn page for additional updates and information.  #criminaltaxattorney #civiltaxattorney #taxes #taxlaw #ABATaxFraudConvention #LegalExpertise #LawyerForsythe #ContinuousLearning #ProfessionalGrowth #LegalAdvice #TaxResponsibility #IRS #TaxAccounting #FinancialOversight #TaxPreparation #BusinessFinance #SupremeCourt #TaxLaw #ForeignIncome

The Australian Taxation Office (ATO) has released Taxation Determination TD 2024/1 on 13 March 2024. The guidance provided in this determination clarifies key concepts from the hybrid mismatch rules in Division 832 of the Income Tax Assessment Act 1997. A&M Tax's experts delve into the details of the Determination, shedding light on concepts such as Liable entity and Hybrid payer. They illustrate how these concepts are interpreted through hypothetical scenarios, focusing on a broader perspective rather than real tax liabilities. For more information, visit: https://okt.to/8UujW1 #IncomeTax

The Australian Taxation Office (ATO) has released Taxation Determination TD 2024/1 on 13 March 2024. The guidance provided in this determination clarifies key concepts from the hybrid mismatch rules in Division 832 of the Income Tax Assessment Act 1997. A&M Tax's experts delve into the details of the Determination, shedding light on concepts such as Liable entity and Hybrid payer. They illustrate how these concepts are interpreted through hypothetical scenarios, focusing on a broader perspective rather than real tax liabilities. For more information, visit: https://okt.to/h6E9Xr #IncomeTax

"Less than 10 years ago, the U.S. Supreme Court issued its ruling in Wynne. "Wynne stands for two basic rules under the U.S. Supreme Court’s dormant commerce clause jurisprudence on the state and local taxation of interstate commerce: The first affirms that the constitutional limitations on discriminatory state taxation of interstate commerce apply not only to state income taxes but also to local income taxes. "And the second, and perhaps more significant, is that these constitutional limitations were intended to protect from unequal taxation by other states not only nonresidents but also a state’s own residents who engage in commercial activities outside their home states." ➡️ On the cover of Tax Notes State: Steve Wlodychak explores the U.S. Supreme Court’s ruling in Wynne and looks at how the Pennsylvania Supreme Court’s decision in Zilka compares.

🔹📢 New Blog Post Alert 📢🔹 Exploring the nuances of property exchange and its implications on Income Tax, our latest blog post delves into the details of taxation exemptions clarified by the Brazilian Federal Revenue Service. Don't miss out on essential insights! Read more at: https://ift.tt/jHvYIbZ

ICYMI: Yesterday, the U.S. Supreme Court, in Charles G. Moore v. United States (No. 22-800), rejected a constitutional challenge to the Mandatory Repatriation Tax. The challenge to the MRT — a one-time #tax on accumulated but undistributed foreign earnings under subpart F, enacted in the Tax Cuts and Jobs Act of 2017 — focused on Congress’s taxing power under the 16th Amendment. Though the court upheld the MRT by a 7-2 vote, the court’s majority took an intentionally narrow approach that is likely to leave the door open to future challenges to Congress’s authority to tax various types of income or gains under the 16th Amendment, and taxpayers assuredly will answer the call. #SCOTUS #taxlaw #constitutionallaw #taxcontroversy https://lnkd.in/gszqKC7G

Attention professionals and taxpayers! Stay informed about the latest updates on who is obliged to declare Income Tax in 2024. Find out more about the requirements and ensure compliance with the regulations. Read the full article here: https://ift.tt/Zg0JnNU

Rectification proceedings u/s. 154 - Unexplained investment addition u/s 69 - The case involved the treatment of surrendered undisclosed income under the head of Business Income versus taxation u/s 115BBE of the Income Tax Act. The appellant argued against the rectification notice issued to tax the surrendered income u/s 115BBE, contending that it should be taxed as business income. The Tribunal, citing precedent cases, ruled in favor of the appellant, stating that if the surrendered income is related to regular business activities, it should be taxed as business income. Therefore, the order passed u/s 154 to tax the income u/s 115BBE was quashed, and the appeal was allowed. http://dlvr.it/T485cW #IncomeTax #Highlights #TaxLaws #TaxTMI

The Australian Taxation Office (ATO) has released Taxation Determination TD 2024/1 on 13 March 2024. The guidance provided in this determination clarifies key concepts from the hybrid mismatch rules in Division 832 of the Income Tax Assessment Act 1997. A&M Tax's experts delve into the details of the Determination, shedding light on concepts such as Liable entity and Hybrid payer. They illustrate how these concepts are interpreted through hypothetical scenarios, focusing on a broader perspective rather than real tax liabilities. For more information, visit: https://okt.to/IWSdL3 #IncomeTax

Tax Deadline Extended! The Federal Board of Revenue (FBR) has extended the income tax return filing deadline to October 14, 2024, responding to requests from various trading bodies across Pakistan. This extension provides additional time for individuals and businesses to meet their tax obligations and ensure compliance without incurring penalties. #TaxFiling #FBR #PakistanTax #BusinessCompliance #TaxExtension #AimJNF #BusinessConsulting