Pepsi

REM Cycle Review: Amazon divorce and a GILTI proposal

Ahhhh, Friday. The work week is almost over, the weekend is almost upon us, and it’s time to lean back in your chair and relax with another edition of the REM Cycle Review, the only weekly tax roundup written on an Apple MacIntosh. (The last part of this statement is not true.) We’ve got tax news that might have slipped under your radar this week, as well as this week’s staff video picks. Let’s dive in!

When Amazon founder Jeff Bezos couldn’t re-Kindle Fire into his marriage, the entire world took note—including tax professionals. One thing Jeff and MacKenzie Bezos may not have Primed themselves for is the new divorce rules under the Tax Cuts and Jobs Act (TCJA)... [Fox Business]

There is no average taxpayer anymore—not that there was an average taxpayer to begin with. But now that the TCJA has turned filing requirements upside down, New Yorkers will find their requirements even more complex, as NYS has decoupled its tax policies from the new federal laws. [Rochester Democrat & Chronicle]

A GILTI proposal. The American Institute of CPAs has requested that the IRS and Department of the Treasury change proposed regulations to the Global Intangible Low Tax Income provision in the TCJA. [Tax Pro Today]

Cryptocurrency markets plunge 11% in a single day. As of this writing, the biggest losers are Bitcoin Cash, EOS, Tron, and Cardano. So…not a super-great day to be a crypto investor. [Ethereum World News]

This week we’re watching…

The REM Cycle editorial staff recommends one professional development video and one funny or thought-provoking video each week.

Craig Wortmann shares five elements to running a high-impact business meeting.

Did Pepsi really run a commercial promising drinkers a military aircraft? Uhhh…

The REM Cycle Review is a weekly compilation of newsworthy articles pertaining to taxation, accounting, and life in general. Got a hot tip? Email us at REMCycle@rem-co.com.