Week in Insights: Keeping Tax Information Up to Date
I am fond of games and puzzles that involve numbers. I am constantly looking for perfect cubes, add numbers in my head and check what a prime number is in a list of numbers, yes even in tax forms. That’s, I think, one of the reasons I love taxation: it’s the equivalent of a big puzzle.
So, since I love putting numbers together in a fun way, I was pretty excited to learn a new word this week, thanks to Nick Turner, chief technology editor at Bloomberg Businessweek. pseudo tweeted that December 2, 2021 – or 12/02/2021 – is not just a palindrome, but an ambigram.
A palindrome is a word, phrase, or sequence that reads the same backward as it does forward. An example using words is level — this is the level by reading it back and forth. And the example using numbers is 12321 — again, the same forward and backward.
But an ambigram? That I had to look up. An ambigram is a word, phrase, or sequence that is unchanged by being inverted, rotated, or inverted. In other words, it reads the same upside down or upside down. Typography is important, but an example could be a stylized version of the bird. It also works with numbers, as noted in Nick’s tweet.
Of course, it should be noted that I am using the US version of the date. Like Robert McClelland, Principal Investigator at the Tax Policy Center underline, the non-American style palindrome passed us by on February 12, 2021, which would be written in Europe as 02/12/2021.
But this theme of interpretation – how you see the text and the numbers, and quite frankly, the world – has come up a lot this week. It is an important part of tax law. It’s not that simple on the page. Sometimes you have to look it back and forth and turn it right side up or upside down to make sense of it all. Fortunately, this week, as always, our experts have the latest federal, state and international tax analysis to keep you in the loop.
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Quick numbers quiz
Dr. Aziz Inan, professor of electrical engineering at the University of Portland, Oregon, says 2021 is special because how many palindromic dates there are in the United States?
This week, our experts covered a wide range of topics, from foreign declarations to tax treaties. For a look at what’s in the news, here’s our not-so-confusing rundown:
buıɯoɔ sı əbuɐɥɔ (Upside down for: Change is coming.) The Covid-19 has completely changed the game of business. Tax dinosaurs who hope the old way of doing things returns will be deeply disappointed, says Isaac Saft, founder and CEO of Blue dot in How Tax Compliance Must Evolve in a Transformed Corporate Culture.
WHAT IS THE TAX IMPACT OF THE PROVISION OF SERVICES? (Alternative case for: what is the tax impact of the provision of services?) An Indian tax court confirmed that a company providing independent services under a business services agreement that exceeded the time limit in India for its employees to render services constituted a service PE in India under the India-Norway tax treaty. Shailendra Sharma explains what this means in the tax court ruling on the permanent establishment of services in India.
? emoh kcab gnivoM (Reverse text for: Going home?) Some well-paid New Yorkers and Californians are returning home. Topia’s Nishant Mittal warns that some who claim they weren’t residents in 2020 – or 2021 – will be audited, and most will lose. Here’s what he says to watch out for in Welcome Back to New York. Where are your 2020 taxes?
Ovd kvlz kvtpjpsl ptwhja fvby ahelz? (Caesar figure for: How does the domicile affect your taxes?) In UK Domiciled Versus Non-Domiciled: Why Does It Matter Post Brexit ?, Liz Cuthbertson of Mercer & Hole explains how domicile in the UK can affect an individual’s tax position, including the potential impact on their assets in the world, and discusses the practical steps they need to take to manage their tax situation.
233452143415433315524335153314243322243235111344442315124514221544 (Carré Polybe for: What is the impact of new spending on the budget?) The Build Back Better reconciliation bill includes a number of green energy and environmental justice provisions. Ike Brannon, principal investigator at the Jack Kemp Foundation, and Dan Kowalski, owner of Wizard of OZ, write in Build Back Better Green Provisions Subject to Budget Sequestration that new spending is subject to existing budget rules imposed by previous congresses, including kidnapping. .
CldoYXQgbWlnaHQgaW5mcmFzdHJ1Y3R1cmUgbG9vayBsaWtlIGluIE5pZ2VyaWE / Cgo = (Base 64 for: What could infrastructure look like in Nigeria?) In Harnessing Nigerian Government Tax Incentives for Road Construction, Temitope Samagbeyi of EY discusses a tax incentive introduced by the Nigerian Federal Government to encourage private sector funding for road construction and repair, in particular in economically disadvantaged areas, and examines how businesses can apply for and operate the scheme.
Ⓒⓡⓨⓟⓣⓞ? (Bubble text for: What’s next for crypto?) As financial institutions and businesses rapidly embrace cryptocurrency, Antoine Scalia of Cryptio explains in Financial Institutions — Crossing the Crypto Accounting Chasm the significant challenges around regulatory and technical infrastructure that must be addressed to respond to growing pressure regulators and tax authorities.
India Sierra (space) Papa Echo November Alfa Lima Tango Yankee (space) Romeo Echo Lima India Echo Foxtrot (space) Oscar November (space) Tango Hotel Echo (space) Whiskey Alfa Yankee? (NATO / ICAO phonetic alphabet for: is penalty relief on the way?) The penalties for U.S. taxpayers who fail to comply with foreign information filing requirements can be severe. In Does IRS Finally See Light on Foreign Information Reporting ?, Virginia La Torre Jeker explains the problem, but, citing a recent IRSAC report, wonders if some relief might be on the way.
Opinion and commentary
Some centrist Democrats in Congress are pushing for a suspension of the gasoline tax. Many of them face a high chance of re-election next year, and rising fuel costs are affecting every one of their constituents. While the idea has some political and economic appeal, writes Karl W. Smith, Democrats should not suspend the gasoline tax.
We’ve all seen the headlines suggesting that multinational corporations are using paper tax games to shift profits and avoid paying taxes to the United States. In US Tax Law Helps Multinationals Place of Domestic Companies, Zach Mottl of Atlas Tool Works, argues that multinational corporations should not be allowed to avoid taxes by reporting one set of books to their shareholders and another to the IRS.
The countdown to the end of the year is always accompanied by generic tax advice. In Four Smart Ways to End a Confusing Fiscal Year, Alexis Leondis offers an overview of the most important changes that are expected to take effect, and how to capitalize on them or at least minimize the pain they could cause.
Columnists and contributors
Over ten billion dollars. It is the amount of money identified by the IRS Criminal Investigations Department, sometimes referred to as CI, from tax evasion and financial crimes in the past fiscal year. That’s a jaw-dropping figure, almost as much (around 90%) as the IRS ‘entire budget for the fiscal year ended September 30, 2021, according to CI’s recent annual report. See some additional highlights in the report in IRS Criminal Investigation Report Highlights Pandemic Year Work.
Our Spotlight series shines a light on the careers and lives of tax professionals around the world. The focus this week is on Catherine Tindall, an entrepreneurial CPA.
We are now at the stage where businesses, and not just individuals, are investing in cryptocurrencies. But that means accountants must find a way to quantify crypto’s notoriously volatile price movements in their company’s financial statements. On this week’s Talking Tax podcast, Bloomberg Tax’s Nicola M. White hears from Vivian Fang, professor of accounting at the Carlson School of Management at the University of Minnesota. Fang explains why investors care about the value of companies’ crypto assets and what future crypto accounting rules might look like.
What effect does corporate culture have on employees? On this week’s episode of the Taxgirl podcast, Kelly Phillips Erb of Bloomberg Tax is joined by Jay Steinfeld to discuss the impact that corporate culture can have on a company’s workforce. Steinfeld was the Founder and CEO of Global Custom Commerce, which operates the world’s # 1 online window covering company, blinds.com. He started the business in 1996 from his garage with just $ 3,000; Global Custom Commerce was acquired by Home Depot in 2014, and Steinfeld remained the CEO of the company, later joining The Home Depot’s online leadership team.
Exclusive content for Bloomberg tax subscribers
Are you receiving conflicting messages about reconciliation (HR 5376)? Check out our Bloomberg Tax and Accounting Watch page, which brings together resources on related tax provisions, including the latest news from our team of journalists on Capitol Hill, links to key documents and our growing body of work. analyzes.
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Quick response to numbers
22. They break down as follows:
- One is a four-digit palindrome — 1/2/21;
- 19 are five-digit palindromes; and
- Two are six-digit palindromes.
They are already factored into the totals above, but January 20, 2021 is also considered a seven-digit palindrome date (01/20/2021) while December 2, 2021 is also an eight-digit palindrome date ( 02/12/2021).
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What did you think
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