The deal agreed to by President Joe Biden and GOP House Speaker Kevin McCarthy this weekend shaves more than $21 billion from the IRS’s $80 billion in supplemental funding, but the White House said it shouldn’t deter the agency’s overhaul plans.
PwC Australia is putting nine senior partners on leave and appointing independent directors to its board as the embattled firm seeks to claw back confidence in the wake of a tax scandal.
An emerging debt-limit deal could be a small step toward Republicans achieving their goal of rolling back the IRS funding in the Inflation Reduction Act.
The IRS has published a private letter ruling on Section 1400Z and Treasury Regulation Section 301.9100 regarding extensions of time to self-certify as a Qualified Opportunity Fund. [PLR 202321003]
The IRS has published a private letter ruling on Section 1362 regarding S corporation election, revocation, or termination. [PLR 202321002]
The IRS has published a private letter ruling on Section 4942 regarding taxes on failure to distribute income. [PLR 202321017]
Differences in the application of extensions, retroactivity, estimated payments, and credits remain the key elements that practitioners must navigate when dealing with the varying approaches to pass-through entity taxes.
Despite a lack of mandatory reporting requirements in the US, more companies are choosing to adopt environmental, social, and governance (ESG) frameworks.
In Estate of Block v. Commissioner, the Tax Court scrutinized the purported charitable remainder annuity trust (CRAT) and denied the estate’s claimed charitable deduction for the remainder interest because the CRAT’s income interest provision did not comply with the law and the trustees failed to correct the error quickly enough.
Financial transactions are considered to be one of the most significant areas of transfer pricing controversy between taxpayers and tax authorities. On Feb. 11, 2020, the OECD released transfer pricing rules with respect to financial transactions that were then included in chapter X of the 2022 OECD Transfer Pricing Guidelines, and in 2021, the UN included Chapter 9.13 of the 2021 UN Practical Manual to provide guidance for taxpayers and tax authorities on how to analyze and price financial guarantees in transfer pricing.
IFRS 17, international reporting standards for insurance contracts, has implications not only for accounting and finance, but also taxes, policies, and processes, says Mhalou Abadiano of Stout’s Transaction Advisory group.
ATOZ Tax Advisers authors Oliver R. Hoor, Keith O’Donnell, and Samantha Schmitz analyze potential implications of Luxembourg’s January 2023 Administrative Tribunal’s ruling on the tax treatment of the redemption of a class of shares by a Luxembourg company.
The deal agreed to by President Joe Biden and GOP House Speaker Kevin McCarthy this weekend shaves more than $21 billion from the IRS’s $80 billion in supplemental funding, but the White House said it shouldn’t deter the agency’s overhaul plans.
President
China is considering new tax incentives for high-end manufacturing companies, according to a person familiar with the matter, as Beijing seeks to bolster the economy and encourage more innovation in technology to counter US competition.
South African Finance Minister
PwC Australia is putting nine senior partners on leave and appointing independent directors to its board as the embattled firm seeks to claw back confidence in the wake of a tax scandal.
This week, our experts covered topics ranging from the Supreme Court’s opinion in Tyler v. Hennepin to Maryland’s digital ad tax. For a look at the latest commentary and analysis, check out our weekly roundup.
White House and Republican negotiators reached a tentative deal late Saturday to raise the US debt ceiling and avert a default that threatened to send tremors through the global economy.
Since going all-in on
Crypto exchange
A businessman who claimed to operate a high-end concierge service featuring custom credit cards crafted from solid gold was actually operating an illegal private bank that provided discreet financial services to high-net-worth customers, prosecutors said.
The typically hyper-volatile
Gulf Binance, a joint venture between Binance and Gulf Innova, has received digital asset operator licenses from Thailand’s Ministry of Finance for a digital asset platform, according to a statement from Binance.
Republican and White House negotiators are moving closer to an agreement to raise the debt limit and cap federal spending for two years, according to people familiar with the matter. The details agreed to are tentative and a final accord is still not in hand. Plus, the two sides have yet to agree on the amount of the cap.
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