Treasury Department Archive

TweetShareSharePin0 Shares Top Ways & Means Republican Brady won’t run for re-election. Kevin Brady announced that he’ll retire from Congress upon completion of his current term. As chair of the House Ways & Means Committee, the Texan helped lead GOP effort to pass the 2017 Tax Cuts and Jobs Act. Brady said one reason he’s

TweetShareSharePin0 Shares As with capital investment, businesses cannot immediately deduct the full cost of inventory purchases against taxable income. Instead, the cost of inventories is deducted when sold. The deduction amount depends on the inventory valuation method. Today’s map shows which of the three main inventory valuation methods European OECD countries require their businesses to

TweetShareSharePin0 Shares This is a guest post from Sol Picciotto, Coordinator of the BEPS Monitoring Group, emeritus professor of law at the University of Lancaster in the UK, and one of the Tax Justice Network’s senior advisers. Sol is also a global leader in international tax law, and his work has for decades informed the

TweetShareSharePin0 Shares For the past two years, the Organisation for Economic Co-operation and Development (OECD) has been debating how to change the tax treatment of large multinationals so that countries can tax corporate profits not just where their headquarters, employees, and assets are but also where a company’s customers are located. The implications of such

TweetShareSharePin0 Shares The Biden administration has continued its charge to drive through international corporate tax reforms. Yesterday we evaluated Treasury Secretary Yellen’s call for an end to the race to the bottom. At the same time, the Biden administration released its ‘Made in America tax plan’, and the headlines of its international proposals were more

TweetShareSharePin0 Shares by Mike Godfrey, Tax-News.com, Washington 22 February 2021 The Internal Revenue Service launched tax season for individuals on February 15, 2021, highlighting the various supports available for taxpayers when preparing their returns. Taxpayers have until Thursday, April 15, 2021, to file their 2020 tax return and pay any tax owed. The IRS