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Taxation

  • Sen. Wyden Asks Mazars for More Information About Trump Tax Returns

    By:
    Ruth Singleton
    |
    May 25, 2022
    Sen. Ron Wyden (D-Ore.), the chairman of the Senate Finance Committee, has sent a letter to Mazars USA LLP, asking for more information about the financial and tax documents that the firm prepared for Donald Trump and the Trump Organization. 
  • Study: Worldwide Corporate Tax Rates Reach New Low

    By:
    Ruth Singleton
    |
    May 24, 2022
    A recent study has found that the average corporate tax rate for major economies fell to a new low of 25.1 percent in 2020-21, from 25.2 percent in 2019-20. But the study, issued by the UHY international accounting firm network, predicts that the downward trend in corporate rates would not continue much longer, as countries grapple with the economic fallout from the pandemic.  
  • TIGTA Report: IRS Issued Potentially Improper Recovery Payments Totaling $898M

    By:
    Ruth Singleton
    |
    May 24, 2022
    A report issued by the Treasury Inspector General for Tax Administration (TIGTA) has found that the IRS issued potentially improper Recovery Rebate Credit payments, pursuant to the CARES Act, totaling $898 million.  
  • Bipartisan Bill Introduced in Senate Would Bar Tax Breaks for Companies Paying Taxes to Russia, Belarus

    By:
    Ruth Singleton
    |
    May 13, 2022
    A bipartisan bill introduced in the Senate on Thursday would bar companies that pay taxes to Russia or Belarus from receiving foreign tax credits or other benefits.  Senate Finance Committee Chair Ron Wyden (D-Ore.) and Sen. Rob Portman (R-Ohio) sponsored the legislation, which would add those two countries to a list of countries already ineligible for foreign tax credits, including North Korea, Iran, Syria and Sudan.  
  • Congress Confronts Approaching Expiration of Several TCJA Provisions

    By:
    Ruth Singleton
    |
    May 10, 2022
    As provisions of the Tax Cuts and Jobs Act (TCJA) of 2017 approach their expiration dates, Congress has to make decisions about which ones to extend. Congressional Republicans passed the TCJA, using familiar budget strategies, including setting many provisions to expire in a few years and scheduling some taxes to increase. Their expectation was that future members of Congress would extend the popular provisions and repeal the unpopular ones. 
  • Study: IRS Has Ability to Accurately Autofill Over 40 Percent of Individual Tax Returns

    By:
    Ruth Singleton
    |
    May 9, 2022
     A study by the National Bureau of Economic Research has found that the IRS has the capability to accurately autofill between 62 and 73 million individual returns (41 to 48 percent of them) using only current-year information returns and the prior-year return. The study’s authors used a random sample of 344,400 individual income tax returns for 2019 constructed by the Statistics of Income Division of the IRS.  
  • IRS to Transfer Services for Tax Professionals to ID.me, Despite Concerns About Company

    By:
    Ruth Singleton
    |
    May 6, 2022
    The IRS plans to transfer its online services for tax professionals to ID.me, a third-party authentication service provider, this summer, in spite of objections to the company raised by members of Congress.