TweetShareSharePin0 Shares President Biden and G-7: Yes to a global minimum corporate tax of 15 percent. Biden and leaders of the Group of 7 nations publicly endorsed on Friday a 15 percent minimum global corporate tax rate. They also agreed to replace individual country digital services taxes with a destination tax based on where multinational
TweetShareSharePin0 Shares The IRS posted two sets of FAQs to its website on Friday, explaining changes to various credits made by the American Rescue Plan Act (ARPA), P.L. 117-2. New Child and Dependent Care Tax Credit FAQs discuss changes made by ARPA that increased the maximum amount of work-related expenses for qualifying care that may
TweetShareSharePin0 Shares There has been some confusion about how some parts of the recent G7 agreement on new tax rules for multinational companies might work. The new policies would target the largest and most profitable multinationals and bring in a global minimum tax. The G7 agreement is subject to further debate and further agreement at
TweetShareSharePin0 Shares It took until the last day of the session, but Louisiana lawmakers succeeded in passing a tax reform package Thursday that would simplify a complicated tax code and make the state more economically competitive. Because these measures are reliant on constitutional amendments, voters will ultimately decide the success of the plan in October.
TweetShareSharePin0 Shares I wrote about documents bouncing back from the Tax Court last month in connection with the Tax Court policing the timely filing of petitions. The post caused commenter in chief Bob Kamman to pay careful attention to the orders coming out of the Tax Court and he noticed a particularly bad day for
TweetShareSharePin0 Shares Treasury: Tax gap could grow to $7 trillion over ten years. Treasury estimates that the difference between how much Americans owe in taxes and how much they pay will grow to $7 trillion over the next decade. Deputy Assistant Secretary Mark Mazur says a growing gap results in higher tax rates, and urged
TweetShareSharePin0 Shares In new final regulations (T.D. 9950), Treasury and the IRS have attempted to resolve ambiguities about when a federally declared disaster will lead to a mandatory 60-day postponement of certain time-sensitive tax-related deadlines. The final regulations adopt, with some changes, proposed regulations issued in January (REG-115057-20). The mandatory postponement provision, Sec. 7508A(d), was
TweetShareSharePin0 Shares This post includes information about the IRS’s plans to use AI to assist taxpayers. For more insight on the legal risks tax administrations face from using AI-enabled systems, including risks to taxpayer rights, there is a Zoom lecture hosted by Antwerp and VIA Universities, HMRC, the Prosperity Collaborative, and the Center for Taxpayer
TweetShareSharePin0 Shares Corporate income taxes are commonly levied as a flat rate on business profits. However, some countries provide reduced corporate income tax rates for small businesses. Out of 27 European OECD countries covered in today’s map, eight levy a reduced corporate tax rate on businesses that have revenues or profits below a certain threshold.
TweetShareSharePin0 Shares We are starting to see some fallout from last month’s CIC Services opinion. For example, Tax Notes’ Kristen Parillo discusses[$] Hancock Land Acquisitions v US , another microcaptive case. Parillo’s article explores the parties’ post CIC Services supplemental filings in a case where the taxpayer brought an action alleging that the IRS’s failure to refer its case