Chinese police have arrested 32 members of a group they said had made and sold up to 100 million yuan ($15 million) worth of counterfeit luxury goods from brands such as Louis Vuitton and Loewe, state news agency Xinhua said.The case highlights the challenge faced by brands in China, where products, such as cosmetics and even automobiles, run the risk of being copied.Police in the commercial capital of Shanghai also closed two assembly lines used to make the counterfeits and seized more than 4,000 bags, clothes and accessories, each of which they said cost the group 200 yuan ($30.00) to make.- Sponsor – Authorities launched the investigation last year, following a tip that knock-off luxury handbags were being sold on Chinese mobile messaging app WeChat, which is operated by Tencent Holdings. They also made some arrests in January in the southern province of Guangdong and eastern Jiangsu, Xinhua said. [Source: VOA News] Stay UpdatedGet critical information for loss prevention professionals, security and retail management delivered right to your inbox. Sign up now
The November 6 weekly report covers the House Republicans’ introduction of the Tax Cuts and Jobs Act. Also, the Senate Republicans continued work on their tax reform package. The IRS announced more relief for victims of Hurricane Maria and the California wildfires. The IRS also announced that e-filing for 2016 returns closes November 18.CongressHouse Republicans introduced the Tax Cuts and Jobs Act. Senate Republicans continue to work on a tax reform package.HouseHouse Republicans unveiled the Tax Cuts and Jobs Act HR 1. The bill would, among other measures, lower the corporate tax rate, repeal many individual and business tax breaks, and eliminate the alternative minimum tax (AMT). The bill is scheduled for scheduled for markup by the Ways and Means Committee November 6.SenateRepublicans on the Senate Finance Committee continue to work on a tax reform package. Senate Republicans could release tax legislation during the week of November 6 with markup during the week of November 13.IRSThe IRS provided additional disaster relief, guidance on ITIN renewal and LB&I compliance campaigns. Also, it announced that e-filing for 2016 will end November 18.Disaster ReliefThe IRS announced streamlined procedures for loans and distributions from retirement plans to help victims of Hurricane Maria and California wildfires. Employers that sponsor retirement plans for their employees may provide this relief to employees, along with some family members, who live or work in the disaster area, the IRS explained (IRS Ann. 2017-15).ITINsThe IRS reminded taxpayers to renew their Individual Taxpayer Identification Numbers (ITINs). Taxpayers with ITINs set to expire this year, and who need to file a tax return in 2018, must submit a renewal application (IR-2017-184).Compliance CampaignsThe IRS Large Business and International Division announced new compliance campaigns. The new compliance campaigns relate to the Swiss bank program, foreign earned income exclusion, and energy efficient buildings, among other issues.e-FileThe IRS announced that e-filing for 2016 returns closes November 18. Taxpayers may file paper returns for 2016 after November 18 (IR-2017-183).Health CareThe IRS has released guidance for small employers who want to provide health reimbursement arrangements (QSEHRAs). These plans help employees offset the cost of health insurance (Notice 2017-67).CybersecurityIRS Commissioner John Koskinen said that the Service has successfully defended against millions of cyberattacks. Koskinen steps down as commissioner later this month.NonacquiescenceThe IRS announced that it will not acquiesce in a district court decision awarding a married couple a refund because the Service incorrectly recharacterized the couple’s nonpassive income as passive (AOD 2017-7 ).By Jessica Jeane, George Jones and George L. Yaksick, Jr., Wolters Kluwer News StaffLogin 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.
For the event next week @ VMWorld we have created a virtual booth, check it out here: Intel Virtual BoothAlso follow Hank Lea as he explores vmworld and blogs about the event.