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Taxation

  • Global Corporate Minimum Tax Deal Faces Lone E.U. Holdout and Looming U.S. Midterms

    By:
    Ruth Singleton
    |
    Jun 9, 2022

    It was nearly a year ago that the White House announced that 130 countries expressed support for a 15 percent global minimum corporate tax at a meeting of the Organization for Economic Cooperation and Development (OECD). Now Poland is the lone holdout to the European Union unanimously adopting the agreement, after Sweden, Estonia and Malta withdrew their objections in April. In the United States, the agreement would need to be ratified by Congress, either as legislation or as a treaty.

  • IRS Data Book for FY 2021 Reveals Collection of $4.1 Trillion in Taxes

    By:
    Ruth Singleton
    |
    May 31, 2022
    The IRS has issued its Data Book for fiscal year 2021 (Oct. 1, 2020-Sept. 30, 2021), revealing that the agency collected $4.1 trillion in taxes, compared to $3.5 trillion in FY 2020.
  • IRS Updates ‘Where’s My Refund?’ Tool to Include Two Previous Years

    By:
    Ruth Singleton
    |
    May 26, 2022
    The IRS has announced that its “Where’s My Refund?” tool now allows taxpayers to check the status of their two previous years' refunds, in addition to their refunds from the current tax year. Taxpayers can choose any of the three most recent tax years to check their refund status. They'll need their Social Security number or individual taxpayer identification number (ITIN), their filing status and their expected refund amount from the original filed tax return for the tax year they're checking. 
  • 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.