The IRS has spent 10%, or $5.7 billion, of its supplemental funding from the Democrats’ 2022 tax-and-climate law, with employee compensation still receiving the most, the Treasury Inspector General for Tax Administration said in its quarterly report.
The Supreme Court’s decision to uphold the 2017 GOP tax law’s foreign earnings tax gave new hope to progressive Democrats and tax-fairness advocates who back a wealth tax, but that enthusiasm may be short lived.
Officials at the OECD are still making progress on readying a treaty to reallocate global taxing rights for countries to sign by the end of June, according to a top official at the organization.
Petitioners did not meet the burden for establishing reasonable cause and good faith by relying on professional advice and were therefore liable for accuracy-related penalties, held the U.S. Tax Court ...
Notice of partial suspension of the U.S.-Russia tax treaty, the IRS announced. The United States provided formal notice to the Russian Federation on June 17, 2024, to confirm the suspension ...
Petitioners were bound by a stipulation agreed to at trial that income reported on 2013 Form 1040, Schedule E, should be increased by $1 million, and failed to justify overruling ...
The OECD issued a report outlining the rules under Pillar One - Amount B of its global tax deal.
A legislative tool that makes it easier for Congress to overturn federal agency regulations has become a flashpoint this year as the Biden administration races to finalize key rules ahead of the elections.
The IRS and Treasury Department issued new rules to help taxpayers working on foreign tax credit calculations, both for 2023 and going forward, continuing to add options and flexibility to foreign tax credit rules it issued in early 2022 (T.D. 9959). Corporations and other taxpayers that claim foreign tax credits (FTCs) need to layer in the impact of the §904 limit when evaluating the options now available.
For HR and Global Mobility specialists, navigating the complexities of public CbCR requires an understanding of the nuances of employee data reporting and the ability to communicate this information effectively to stakeholders, say KPMG practitioners.
ASEAN-based companies will need to identify and assess the financial impact of the EU’s Carbon Border Adjustment Mechanism and then position themselves to take advantage of the incentives to support the transition to a low-carbon future, say EY practitioners.
There are two types of clients: those who plan ahead and those who don’t. Those who do, usually save first and then spend what’s left over and those who don’t usually spend first and then save what’s left over.
This week, our experts covered ways to make the Internal Revenue Code more equitable, the OECD’s additional transfer pricing guidance on Amount B, and more. For a look at the latest commentary and analysis, check out our weekly roundup.
<-bsp-bb-link state="{"bbHref":"bbg://screens/COUN%20FR%20RISK","_id":"00000190-4733-d497-a7fb-ef3fdf170000","_type":"0000016b-944a-dc2b-ab6b-d57ba1cc0000"}">France’s leftist alliance would raise the top marginal income tax rate to 90% if it were to take over the government following legislative elections that run through July 7.
A new minimum wage for California health care workers will be delayed until at least Oct. 15 under an agreement between state legislators and Democratic Gov. Gavin Newsom.
An Indian tax panel will begin talks on rate rationalization under the Goods and Services Tax beginning August, Federal Finance Minister <-bsp-person state="{"_id":"00000190-4737-d497-a7fb-ef3fdcab0000","_type":"00000160-6f41-dae1-adf0-6ff519590003"}">Nirmala Sitharaman said Saturday.
France’s billionaire Saade family spent more than four decades discreetly building a global shipping empire from their base in the southern city of Marseille. The late founder mostly shirked elite Parisian social circles and the publicity that comes with politics.
A business owned by prominent Atlanta executive Richard Jackson owes $38 million in taxes and penalties because it underreported $72 million in taxable income for 2019, the IRS told the US Tax Court Friday.
The top scorer in the history of Colombia’s national team is coming home, but only for six months because he doesn’t want to pay the nation’s wealth tax.
The Maltese Inland Revenue June 19 announced the July 15 extended deadline for the manual filing of income tax returns for individuals. The announcement also includes the July 31 deadline ...
The Sri Lankan Inland Revenue June 20 announced the June 30 deadline for: 1) making final payments for VAT on financial services (FS) for the taxable period 2023-2024; 2) filing ...
The Latvian Official Gazette June 20 published a law transposing specific measures of EU Directive 2022/2523, on ensuring a global minimum tax rate of 15 percent for multinational enterprise (MNE) ...
The Swedish Official Gazette June 19 issued Regulation No. SFS 2024:474, amending tax procedure regulations to incorporate changes for multinational enterprises (MNEs). The regulation includes measures: 1) permitting a reporting ...
The Hungarian Official Gazette June 18 published Decision No. 57/2024 (VI. 18) ME, authorizing the Ministry of Construction and Transport to sign an air transport agreement with Tanzania. [Hungary, Government ...
The Australian Official Gazette June 18 published Act No. 1, Compilation No. 207, on the consolidated text of the Taxation Administration Act 1953, as of June 1. [Australia, Government Legal ...
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