1. Articles in category: International Tax

    1-24 of 44 1 2 »
    1. How Proposed Tax Reform May Change International Tax Planning

      How Proposed Tax Reform May Change International Tax Planning

      In all my years of practice in public and private accounting, I have never known a U.S. corporate tax structure much different than what we have today. Yes, there have been changes throughout the years, but there has not been fundamental corporate tax reform since President Reagan signed the Tax Reform Act of 1986 on the South Lawn of the White House on Oct. 22, 1986. Among its many changes, the 1986 Act lowered the top corporate tax rate from 46 percent to 34 percent. In 1993, that top rate was raised to 35 percent where it has remained ...

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    2. Tax executives see tax reform as biggest challenge | Accounting Today

      An 85 percent majority of corporate tax executives perceive tax reform as the biggest challenge they’re facing in the months ahead, according to a new survey. The survey, by Bloomberg BNA, polled more than 250 corporate tax executives at public and private corporations around the country. Most of them perceive the overhaul of the federal tax code as their chief concern as they worry about the impact it will have on their companies.

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    3. IRS Investigated 3,400 Cases of Tax ID Theft, Laundering, Cybercrime and Terrorism in 2016

      In 2016, the Criminal Investigation (CI) division of the Internal Revenue Service initiated 3,395 cases in fiscal year 2016 that focused on tax-related identity theft, money laundering, public corruption, cybercrime and terrorist financing. That's according to the IRS Criminal Investigation annual report, reflecting the significant accomplishments and criminal enforcement actions taken in fiscal year 2016.

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    4. How Apple and Ireland Are Taking on the European Union

      How Apple and Ireland Are Taking on the European Union

      In 2014, the European Union (EU) accused Ireland of bypassing international tax rules by allowing Apple to avoid paying taxes on tens of billions of dollars of income, in exchange for maintaining jobs and a presence in Ireland. The European Commission (EC), which acts as executive of the EU, charged that Ireland violated the EU rules which prevent members from using targeted tax breaks to gain an edge over other EU members.

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    5. Pinning Down Apple s Alleged 0.005% Tax Rate: Mission Impossible

      Pinning Down Apple s Alleged 0.005% Tax Rate: Mission Impossible

      (Bloomberg) The European Commission’s finding that Ireland must collect as much as an attention-getting 13 billion euros ($14.5 billion) in back taxes from Apple Inc. contained a second stunning number: 0.005 percent. In a news release, the commission said that figure represented the effective corporate tax rate Apple paid on its European profits in 2014. At that rate, someone who earned $1 million would pay $50 in tax.

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    6. How Brexit May Affect Your Business’s Indirect Taxes - Windham Brannon

      How Brexit May Affect Your Business’s Indirect Taxes - Windham Brannon

      On June 23, 2016 Great Britain voted to leave the European Union (EU). This British Exit, or “Brexit” as it is more commonly known, sent the stock markets plunging amidst uncertainty of its effect on the global economy. Now that the dust has settled and the realization has set in, the potential impacts of the succession are being analyzed.

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    7. Owe Back Taxes? Lose Your Passport

      Owe Back Taxes? Lose Your Passport

      (Bloomberg) The roughly 8 million Americans who live abroad automatically get a couple additional months each year to file their taxes. Don’t expect them to be grateful. Filing to the Internal Revenue Service from overseas is more confusing, complicated and expensive than it is for Americans at home (and that's saying something). Unlike almost every other country in the world, the U.S. demands its citizens pay taxes on all foreign income.

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    8. IRS Opens FATCA Data Exchange Service

      IRS Opens FATCA Data Exchange Service

      The Internal Revenue Service has introduced an International Data Exchange Service that financial institutions and tax authorities in other countries will use to report tax information under the Foreign Account Tax Compliance Act, or FATCA. Financial institutions and host country tax authorities will use IDES to securely send their information reports on financial accounts held by U.S. persons to the IRS under FATCA or pursuant to the terms of an intergovernmental agreement, as applicable.

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    9. Tax Inversions Win When Government Lawyers Join Private Firms

      Tax Inversions Win When Government Lawyers Join Private Firms

      (Bloomberg) Hal Hicks cleared his throat and addressed a roomful of peers in a midtown Manhattan auditorium. The topic: the tax-avoidance technique called inversion, in which a U.S. company claims a foreign legal address. Waving his hands back and forth as if tracing a pendulum’s swing, Hicks explained how four government attacks over three decades had failed to stop the practice. “There’s been lots of law thrown at these transactions,” he said at the January session. Hicks ought to know.

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    10. Georgia economic development agency losing deputy commissioner

      Georgia economic development agency losing deputy commissioner

      The Georgia Department of Economic Development is losing one of its deputy commissioners to the state of Louisiana. Kathe Falls, the agency’s deputy commissioner of international trade since May of last year, has accepted a similar position with the Bayou State’s economic development department. Falls was a veteran of Georgia’s economic development efforts, working for the DED since 1984. Before being promoted to deputy commissioner, she held several positions of increasing responsibility.

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    11. Treasury Examining Inversion Limits Without Congress Action

      Treasury Examining Inversion Limits Without Congress Action

      (Bloomberg) The U.S. Treasury Department is examining whether it has the authority to bypass Congress and curb corporate inversions, reversing the administration’s prior insistence that it lacked power to act. Jacob Lew “Treasury is reviewing a broad range of authorities for possible administrative actions that could limit the ability of companies to engage in inversions,” the department said in a statement today.

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    12. IRS CUTS PENALTIES AND STREAMLINES ITS OFFSHORE DISCLOSURE PROGRAM

      The IRS has announced sweeping changes to its Offshore Voluntary Disclosure Program (Program) for U.S. taxpayers who have previously been noncompliant.  In its 2014 Program effective July 1, 2014, the IRS reduced penalties to 5%, and in some cases to 0%, in the case of taxpayers whose conduct was not willful.  Non-willful conduct includes a failure to disclose due to negligence, inadvertence, a mistake, or a misunderstanding of the law.

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    13. Good Law, Now Bad Policy? Comments on the Senate Tax Hearings | Windham Brannon

      The on-going Senate hearings on “Offshore Profit Shifting” have publicized and politicized long-standing tax laws used by American businesses with international trade.  The Permanent Subcommittee on Investigations, under the Committee on Homeland Security and Governmental Affairs, is in the midst of a multi-year study to spotlight how U.S. multinational corporations – including stalwarts Apple, Microsoft, HP and Caterpillar — are shifting profits outside the U.S. tax base.   The hearings are intended to expose how taxpayers are using provisions of international tax law to drive results contrary to the policymakers’ objectives.

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    14. Senators Plan to Close Corporate Inversion Tax Loophole

      Senators Plan to Close Corporate Inversion Tax Loophole

      A pair of Democratic senators said they intend to close loopholes in the corporate inversion tax rules that encourage multinational corporations to move their headquarters outside the U.S. by acquiring a company overseas. The practice was recently highlighted by news that the pharmaceutical giant Pfizer is seeking to cut its taxes by proposing a hostile takeover of a rival drug maker, AstraZeneca, which is based in the United Kingdom (see Pfizer Bids for U.K. Address as U.S. Tax Reform Stalls).

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    15. IRS Eases FATCA Enforcement for 2014 and 2015

      IRS Eases FATCA Enforcement for 2014 and 2015

      The Internal Revenue Service said it would regard 2014 and 2015 as a transition period for purposes of IRS enforcement and administration of the Foreign Account Tax Compliance Act, or FATCA, for banks that have made a good-faith effort to comply. FATCA was included as part of the HIRE Act of 2010 and requires foreign financial institutions to report on the holdings of U.S. citizens or else face stiff penalties.

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    16. U.S. CEOs Want International Tax Reform

      U.S. CEOs Want International Tax Reform

      Eighty-one percent of U.S. CEOs believe the current international tax system needs to be reformed, according to a new survey by PricewaterhouseCoopers, PwC surveyed 162 U.S.-headquartered CEOs out of 1,344 global CEOs for a new paper, Tax strategy and corporate reputation: Building trust and growth, and found that U.S. CEOs express a higher level of concern regarding the need for changes to the international tax system than global CEOs, with only 65 percent of all CEOs surveyed around the world feeling the same way. “It is clear from these survey results that there is ...

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    17. IRS to Make Limited Use of Offshore Bank Data from FATCA

      IRS to Make Limited Use of Offshore Bank Data from FATCA

      (Bloomberg) The Internal Revenue Service initially will make limited use of information supplied by other governments about U.S. citizens’ offshore holdings because of budget constraints, Commissioner John Koskinen said. Major pieces of the Foreign Account Tax Compliance Act, or FATCA, take effect July 1 as the U.S. seeks to clamp down on tax evasion by its citizens with money outside the country. The law has led to agreements with governments around the world to exchange information.

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    18. Survey Says Corporate Tax System s Uncompetitive

      Survey Says Corporate Tax System s Uncompetitive

      U.S. business executives are concerned about global competitiveness in light of the disparity between tax rates charged to their overseas competitors and the rates they are charged as U.S. corporations. At the top of the list of tax concerns that they would like to see addressed are the enactment of revenue offsets without a competitive tax system or tax rates, the high statutory tax rate, and the taxation of international operations.

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    1-24 of 44 1 2 »
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