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b7e6ac1ceb9a5773fc7b8a85c5ce5be4 Archive

TCJA Led Foreign-Owned Corporations to Retain More Earnings in the US

TweetShareSharePin0 Shares Corporate tax reforms introduced by the 2017 Tax Cuts and Jobs Act (TCJA) encouraged foreign-owned US companies to reinvest more of their earnings here, according to a new TPC study. The study also finds a positive relationship between the TCJA tax cuts and foreign-owned companies’ investment in US tangible assets. Foreign investment accounts

Inflation and Oil Price Spikes Revive Case for LIFO Repeal

TweetShareSharePin0 Shares The recent runup in oil prices and general inflation have boosted tax benefits from the “last-in, first-out” (LIFO) inventory accounting tax break. LIFO tax expenditures, or foregone federal tax revenues, are concentrated in the petroleum industry, which is posting record profits. Repealing the LIFO option now would efficiently raise substantial revenue while reducing

Biden’s “Undertaxed Profit Rule” Would Complete US Adoption of BEPS Pillar 2

TweetShareSharePin0 Shares President Biden’s 2023 budget would replace the current 10 percent base erosion anti-avoidance tax (BEAT) on US subsidiaries of foreign corporations with a 15 percent minimum tax called the undertaxed profit rule (UTPR). Together with global intangible low-tax income (GILTI) regime reforms proposed earlier, the UTPR would fully align the US corporate tax

Looming R&D Capitalization Would Hit Manufacturing And Tech Sectors Hardest

TweetShareSharePin0 Shares US taxation of intellectual property (IP) is facing big changes. Starting next year, research and development (R&D) expenditures, now fully expensed (written off in the year in which they are acquired), must be capitalized and amortized over a period of 5 to 15 years. Additionally, President Biden would repeal a special tax deduction
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