first_imgWork is also being done to restore power to the Telegraph Creek area as quickly as possible.Here is audio from a press conference held on Thursday with updates on efforts to stop the forest fires all around British Columbia. FORT ST. JOHN, B.C. – The City of Fort St. John will be sending three firefighters to help with forest fires near Dease Lake and Telegraph Creek.In a post to Facebook on Thursday, the City said they would be sending three firefighters and a specialized four-wheel-drive wildland fire engine to work with a Structure Projection Specialist and task group to protect homes and businesses affected by the wildfire.- Advertisement -The post from Facebook goes onto say “Our Firefighters will be working with crews from Thornhill, Houston, Burns Lake and Salmon Arm; because that is what we do…. we pitch in when our neighbours need us.”This is not the first time The City of Fort St. John and other local firefighters have been sent to help fight forest fires.  In 2017, several local fire departments sent crews to help fight fires in the Caribou.The Alkali Lake Fire has merged with the South Stikine River fire and has caused people to be evacuated and many on evacuation alert.The fire is now over 28,000 hectares in size. Crews and air support are working to minimize further impact to the community of Telegraph Creek. Crews are also working to protect culturally significant sites and infrastructure in the area. Burn operations will be used, if conditions allow, to secure the south flank of the fire.Advertisementlast_img read more

first_imgThe IRS has requested comments on a proposed revision to the template used in drafting Advance Pricing Agreements (APAs). The template will be used for APAs requested under Rev. Proc. 2015-41, I.R.B. 2015-35, 263. Moreover, the template contains certain modifications to conform to Rev. Proc. 2015-41. The proposed template is longer than previous templates because it is more comprehensive. The template will also assist taxpayers by providing an APA drafting roadmap.Proposed RevisionsThe revision is intended to: (1) enable quicker and more accurate drafting of APAs; (2) provide additional guidance to taxpayers in preparing the proposed draft APA that is required as part of an APA Request; (3) help Advance Pricing and Mutual Agreement Program’s (APMA’s) review of draft APAs; and (3) aid the Mutual Agreement process for bilateral and multilateral APAs. In order to achieve these goals, the template provides menus of options for selection. These options include a variety of situations, to minimize the need for custom drafting and negotiation over the text of the APA.Further, the template also includes: (1) a large table of defined terms; (2) more detail on certain topics such as financial statements, conforming adjustments and the early termination of an APA; and (3) certain select options that will require special justification by a taxpayer that proposes to use them. Moreover, Appendix A of the template, that addresses covered issues, covered methods, income reporting and conforming adjustments and Appendix B, which addresses critical assumptions, are written to be easily adapted for use in a competent authority Mutual Agreement if a treaty partner is willing to use them.In addition, Microsoft Word and Adobe PDF files for both the template and the filled-in example can be requested by sending an email to lbi.ttpo.apma.feedback@irs.gov . The subject line should read “request.”Comments RequestedComments should be submitted by October 31, 2017, and sent to lbi.ttpo.apma.feedback@irs.gov with the subject line “comments.” Narrative form rather than markup should be used. Particular page references to the template or example are required to follow the pagination of the Adobe PDF files.Need to know more about APAs? CCH CPELink has lots of international tax classes Login to read more tax news on CCH® AnswerConnect or CCH® Intelliconnect®.Not a subscriber? Sign up for a free trial or contact us for a representative.last_img read more

first_imgThe Senate Finance Committee (SFC) began a markup of its tax reform proposal on November 13, starting a committee debate that is expected to last most of the week. Senate Republicans released a Joint Committee on Taxation (JCT) description of the Chairman’s Mark of the Tax Cuts and Jobs Bill last week .Markup Kicks OffThe first day consisted largely of members’ opening statements on the GOP proposal. As expected, Republicans praised the measure while Democrats criticized it.“What started out as a promise of a significant middle class tax cut has become a multi-trillion dollar bait and switch. A massive handout to multinational corporations and a bonanza for tax cheats and powerful political donors,” SFC ranking member Ron Wyden, D-Ore., said. In particular, Wyden criticized the GOP proposal for increasing taxes on the middle class. Additionally, Wyden condemned the GOP’s choice to craft a partisan bill rather than work with Democrats.Bipartisan IdeasIn his opening remarks, SFC Chairman Orrin G. Hatch, R-Tex., stated that many of the tax reform provisions in the bill were proposals that Democrats supported in the past. He also pointed to a number of areas on which Republicans and Democrats agree. These areas include keeping deductions for mortgage interest and charitable contributions, as well as popular retirement savings programs such as 401(k)s and Individual Retirement Accounts (IRAs).However, Hatch also remarked that it was “the Democrats’ own preconditions that kept them from engaging on tax reform. There was an open seat at the negotiating table; they collectively chose not to sit in it,” Hatch added. He made direct reference to an August 1 letter from 45 Senate Democrats listing “prerequisites to any bipartisan tax reform effort.”Changes to ComeHatch noted that the Chairman’s Mark, as originally introduced, would not pass Senate reconciliation requirements. Thus, the current tax reform proposals could not be permanent. “We are, of course, aware of this problem and are working to ensure that the reduce rates and additional reforms designed to bring investment back to the United States and create more American jobs remain in place past the 10-year budget window,” Hatch said.To that end, a modified Chairman’s Mark is expected to be released on November 14, according to SFC staff. Generally, modifications include amendments that were filed and other changes. As of the afternoon on November 13, 355 amendments had been filed. A full discussion of the GOP proposal is scheduled for November 14. JCT and committee staff will be present. While debate and votes on amendments could come as early as Tuesday, they are expected to begin November 15. The “goal” is to have the bill approved by the committee by the end of the week, SFC staff told reporters.By Jessica Jeane, Wolters Kluwer News StaffWant to know more? Join Wolters Kluwer Principal Analyst Mark Luscombe on Nov. 29 for Tax Legislation Update: Tax Cuts and Jobs Act, a 2-CPE webinar from CCH® CPElink. Mark will present a complete discussion of the proposed legislation and its impact on taxpayers.Login to read more tax news on CCH® AnswerConnect or CCH® Intelliconnect®.Not a subscriber? Sign up for a free trial or contact us for a representative.last_img read more