The Estate and Trust Tax Committee of the Real Property, Probate and Trust Law Section of The Florida Bar drafted the act and the glitch bill to exclude existing FTCs operating under OFR exemption letters from compliance with the act.
* Registration of Unlicensed FTCs --For FTCs that don't wish to become licensed FTCs, compliance with the act's initial registration requirements should not be difficult.
When contractors who are otherwise covered by a SoFA have a second job, they may be eligible for the foreign earned income exclusion and FTCs for that employment.
The applicability of the foreign earned income exclusion and FTCs are substantially modified for government contractors working abroad.
(7) The bill's introduction of an overall domestic loss provision would remedy an inequity faced by taxpayers attempting to claim FTCs
. This reform would not eliminate the need to address current section 904(f) (relating to overall foreign losses), which limits a taxpayer's ability to claim FTCs
Both licensed and unlicensed FTCs
are required to maintain a minimum capital account of at least $250,000; have a principal office in Florida; maintain a minimum of three directors (if a corporation) or managers (if an LLC); and have a deposit account with a state-chartered or national financial institution that has a principal branch in Florida.
considered endorsements that the Federal Trade Commission (FTC
In this case, the FTC
had alleged Lord & Taylor deceived consumers by placing what appeared to be a "news" article in Nylon, an online publication, and creating a Nylon Instagram post, without disclosing that the placements "actually were paid native advertisements for the company's 2015 new Design Lab clothing collection," the FTC
According to (http://www.businessinsider.com/ftc-alleges-t-mobile-bogus-charges-2014-7?nr_email_referer=1&utm_source=Triggermail&utm_medium=email&utm_term=Business%20Insider%20Select&utm_campaign=BI%20Select%20%28Tuesday%20Thursday%29%202014-07-01&utm_content=emailshare) Business Insider , FTC
claimed that T-Mobile has been earning "hundreds of millions of dollars" via the hidden costs.
So that income is not taxed twice, a company is allowed to claim an FTC
for income taxes paid or accrued to foreign countries (up to the amount of the U.S.