News Foreign Income & Taxpayers By Dave Strausfeld, J.D. The IRS on Tuesday finalized regulations that provide additional guidance on the base-erosion and anti-abuse tax (BEAT) (T.D. 9910). The BEAT final regulations retain the basic approach and structure of the proposed regulations (REG-112607-19) that were issued in December 2019, with certain revisions. Like the proposed […]
Archives for September 2020
Preventing algorithmic discrimination
Awesome, not awesome.#Awesome“Machine learning can assess the effectiveness of mathematical tools used to predict the movements of financial markets, according to new Cornell research based on the largest dataset ever used in this area. The researchers’ model could also predict future market movements, an extraordinarily difficult task because of markets’ massive amounts of information and […]
COVID-19 decisions create data dilemma for businesses
Businesses have struggled for years to control and track the movement of data throughout the organization. The COVID-19 pandemic has further exacerbated this issue. Problems with connectivity and interoperability between legacy systems and software-as-a-service (SaaS) platforms prompted employees to consistently use personal instances of cloud-based services to aid in the completion of their work. As […]
Regulations coming on S corporations with accumulated E&P and GILTI
The IRS announced in a notice Tuesday (Notice 2020-69) that it intends to issue regulations addressing the application of Secs. 951 and 951A to certain S corporations with accumulated earnings and profits (AE&P). The regulations will allow S corporations to elect to have global intangible low-taxed income (GILTI) inclusions increase the S corporation’s accumulated adjustments account (AAA). […]
TQAs discuss nongovernmental health care entities’ pandemic-related issues
Nongovernmental health care entities’ accounting for coronavirus pandemic-related governmental assistance is addressed in Technical Questions and Answers issued by the AICPA on Wednesday. TQAs 6400.63–.70 were developed by the AICPA Health Care Expert Panel and provide background and nonauthoritative accounting information for nongovernmental health care entities, which include business entities and not-for-profits. Information is provided […]
India bans 118 more Chinese apps including PUBG
India banned an additional 118 Chinese-owned apps, including the popular game PUBG, on concerns over “stealing” user data and for engaging in activities prejudicial to the country’s “sovereignty and integrity.” Apart from Tencent’s PUBG, which has its most users in India, the fresh ban includes apps from the stable of Chinese internet giant Baidu and […]
New collaboration to create “forever battery” for IoT
Atmosic Technologies is teaming up with SMK Electronics to power connected devices like remote controls and sensors with a battery that do not need to be replaced, the companies say. Image: iStock In the always-connected workplace, keeping devices powered and ready for use is not just important, but critical—a dead battery is not just a […]
Amazon woos consumers with insurance & gold products. Makes India centre of fintech push
Amazon has added insurance and even gold to its menu of financial services in India, to expand its customer base and attract more subscribers to its Prime loyalty programme in a battleground growth market. The push ramps up competition as financial technology (fintech) rivals and their deep-pocketed foreign backers struggle for profitability in a predominantly […]
SoftBank leads $150M funding in Unacademy, valuation jumps to $1.5 billion
Illustration: Rahul Awasthi Unacademy will receive $150 million in a fresh funding round led by Japan’s SoftBank Vision Fund, the Bengaluru-based education technology company said on Wednesday. The capital infusion, which has yet to hit the bank, will push the firm’s valuation to $1.45 billion, the company said, second only to industry leader Byju’s and […]
Setback for Netflix, SC refuses to entertain plea in ‘Bad Boy Billionaires’ case
In a setback for Netflix, the Supreme Court on Wednesday refused to entertain its writ petition challenging a Bihar Court order which last month restrained it from using Subrata Roy’s name in its upcoming web series “Bad Boy Billionaires”. The series was slated for release on Wednesday at 12 noon. However, owing to two Courts- […]