Taxation Law


The wealthy get the biggest benefit from House Republican tax plan, analysis finds

Los Angeles Times

Trump opens Asia trip with Japan's Abe against backdrop of tensions with North Korea Just one in three Americans trust Trump to handle North Korean tensions well Japan's Abe treats Trump to a day of personal diplomacy, including golf and trucker hats Brazile says Democratic primaries weren't'rigged' though some see evidence in her new book Trump is silent on Saudi king's purge though he and Salman spoke by phone Japan's Abe treats Trump to a day of personal diplomacy, including golf and trucker hats Brazile says Democratic primaries weren't'rigged' though some see evidence in her new book Trump is silent on Saudi king's purge though he and Salman spoke by phone The greatest benefit from the House Republican tax bill would go to upper-income households, according to an analysis released Monday by the nonpartisan Tax Policy Center. Middle-income taxpayers -- those earning between $48,600 and $86,100 annually -- would receive an average tax cut of $700 next year, or about 1% of their after-tax income, the analysis said. The top 20% of the nation's earners -- those making more than $149,400 a year -- would receive an average tax cut of $4,850, or about 1.4% of after-tax income. Those top earners would also receive 60% of the total tax benefits under the plan. Of that, the top 1% of earners, defined as those making more than $730,000 a year, receive about 22% of the total amount of tax cuts in 2018, the Tax Policy Center said.


Google denies Korean tax evasion allegation

ZDNet

Google has denied allegations from Lee Hae-jin, founder of Naver, South Korea's largest search engine, that it doesn't pay proper taxes in the country. Google, in a rare statement, strongly denied the allegation made by Lee at a National Assembly inspection meeting earlier this week, saying it is paying taxes properly in Korea and is "abiding by local tax laws and treaties". Lee -- who was defending Naver over user criticism for manipulating its news feed -- also alleged that Google hired little compared to the money they made in the country, and that it was skirting taxes by having servers abroad when traffic was comparatively high. Lee also said there is discrimination against local companies towards foreign companies that have not been formerly inspected. Google looked "relatively clean" on news abuse because it has a low web search share in Korea, Lee added.


Boston area stakes Amazon HQ pitch on technology talent

Boston Herald

In the high-stakes contest to land Amazon's new headquarters, many consider Boston to be a serious contender competing against other big technology hubs around the United States and Canada. But it's also competing against its neighbors: Several smaller Massachusetts cities -- along with Rhode Island and southern New Hampshire -- are each submitting their own pitches to Amazon, using proximity to Boston's tech talent as a major draw. "Talent really is the unquestionable, huge priority," said Brian Dacey, president of the Cambridge Innovation Center and a former Boston economic development director who says the region could make a strong case for luring the Seattle e-commerce company. Local research strengths -- such as in artificial intelligence and robotics -- are important to Amazon's business model, he said. The Seattle company is promising $5 billion of investment and 50,000 jobs in whichever North American region it chooses to build a second headquarters.


AI and Big Data – three years in the evolution of accounting

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While some attendees were still evaluating whether Big Data was impacting accounting, speakers and others demonstrated how big data and related technologies like machine learning and blockchain were making bigger impacts. At that show, Big 4 firms showed how they were creating new tax tools using vast amounts of corporate transaction and regulatory/compliance data to prepare better corporate tax filings. Each of these recent graduates described how they were not interested in transaction posting audit related tasks that have defined the early career years of many in accounting. At one point in his remarks, he said that instead of talking about this stuff, he'd show the real world application of Big Data, workflow, natural language processing, AI and other technologies in three short financial accounting applications.


Ford's 2Q Profit Better Than Expected Despite CEO Turmoil

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Total revenue rose 1 percent to $39.85 billion. The elevated performance in the second quarter was due mostly to a lowering of the company's corporate tax rate, from 30 percent down to 10 percent, Chief Financial Officer Bob Shanks acknowledged. But analysts pointed out that with the lower tax rate, that likely means a lower full-year net income than the $9 billion Ford previously guided. Ford Credit's revenue rose 7 percent to $2.7 billion in the quarter.


It's time to make the Canadian AI ecosystem bloom

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Over the past few months, industry and government have pledged more than $500-million toward AI, a commitment that has led to the rise of powerful institutions such as the Montreal Institute for Learning Algorithms, the Vector Institute and the Alberta Machine Intelligence Institute. These structures are well positioned to keep churning out cutting-edge research, train the next generation of AI leaders, and advance the innovation and technology transfer of AI. Our three AI Institutes are set up to offer Canadian businesses similar training programs and there's good reason for them to use these resources: Canadian enterprises that consider investing in state-of-the-art machine-learning and data infrastructure can enjoy results such as increased efficiency in manufacturing, better management of underwriting risk, minimization of fraud and reduction of health-care costs. Among the most urgent are ensuring the market is well supplied by streamlining immigration, ensuring higher education and industrial research-funding programs are well capitalized and targeted, modifying tax policies to encourage entrepreneurship and streamlining research and development tax credits to support AI investments.


It's time to make the Canadian AI ecosystem bloom

#artificialintelligence

Over the past few months, industry and government have pledged more than $500-million toward AI, a commitment that has led to the rise of powerful institutions such as the Montreal Institute for Learning Algorithms, the Vector Institute and the Alberta Machine Intelligence Institute. These structures are well positioned to keep churning out cutting-edge research, train the next generation of AI leaders, and advance the innovation and technology transfer of AI. Our three AI Institutes are set up to offer Canadian businesses similar training programs and there's good reason for them to use these resources: Canadian enterprises that consider investing in state-of-the-art machine-learning and data infrastructure can enjoy results such as increased efficiency in manufacturing, better management of underwriting risk, minimization of fraud and reduction of health-care costs. Among the most urgent are ensuring the market is well supplied by streamlining immigration, ensuring higher education and industrial research-funding programs are well capitalized and targeted, modifying tax policies to encourage entrepreneurship and streamlining research and development tax credits to support AI investments.


It's time to make the Canadian AI ecosystem bloom - The Globe and Mail

#artificialintelligence

Over the past few months, industry and government have pledged more than $500-million toward AI, a commitment that has led to the rise of powerful institutions such as the Montreal Institute for Learning Algorithms, the Vector Institute and the Alberta Machine Intelligence Institute. These structures are well positioned to keep churning out cutting-edge research, train the next generation of AI leaders, and advance the innovation and technology transfer of AI. Our three AI Institutes are set up to offer Canadian businesses similar training programs and there's good reason for them to use these resources: Canadian enterprises that consider investing in state-of-the-art machine-learning and data infrastructure can enjoy results such as increased efficiency in manufacturing, better management of underwriting risk, minimization of fraud and reduction of health-care costs. Among the most urgent are ensuring the market is well supplied by streamlining immigration, ensuring higher education and industrial research-funding programs are well capitalized and targeted, modifying tax policies to encourage entrepreneurship and streamlining research and development tax credits to support AI investments.


The Fallacy of Re-Training after AI – Anthony Repetto – Medium

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And, the farms passed lower costs on to a broad base of consumers. When those simple tasks become automated, re-training again places 20% with better-paying work, while the remainder move into occupations that are similarly threatened by automation. Using my 20% figure, Amazon's 200k jobs lost would incur a cost of re-training 200k workers, then 160k workers, then 128k, … a total of 1000k instances of re-training, before those workers find un-automatable jobs. As long as investors pay a lower tax rate than income-earners, automation and re-training will profit only them.


Research and Markets - Cognitive Systems & Artificial Intelligence in BFSI Market to Grow at a CAGR of 45.9% by 2022 - Key Players are IBM, Synechron, Micro Strategy, Infosys, Next IT Corp & Rocket Fuel

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The increasing usage of cloud-based solutions in the BFSI industry, rising demand for the data-driven solutions, increasing internet banking penetration, and scope of deriving market risk are fostering the market growth. The system replaces the human thought process with a simulated digital model that includes a self-learning system, which derives patterns by using data mining, speech recognition, and language processing techniques. The cognitive systems require AI platform to derive the complicated business issues. Globally, the growing demand for digital technology and changing customer demands have led the BFSI players to adopt cognitive systems and AI implementation in their operations to deal with ever-changing regulatory & compliance laws to face the market risk and understand both income tax & corporate tax laws in an efficient way.