Taxation

  • U.S. Proposes 15 Percent Global Minimum Corporate Tax During OECD Negotiations

    By:
    Ruth Singleton
    |
    May 21, 2021

    A May 20 proposal by the Biden Administration to set a global minimum corporate tax of 15 percent has garnered a mostly positive response from European officials. Representatives from the U.S. Treasury Department met with the economic leaders of 24 countries during recent international tax negotiations at the Organisation for Economic Co-operation and Development (OECD).

  • Swiss Life Agrees to Pay $77.3 Million to Settle Criminal Tax-Avoidance Charges

    By:
    Ruth Singleton
    |
    May 14, 2021

    Swiss Life Holding AG and several subsidiaries have admitted to conspiring with U.S. taxpayers to conceal more than $1.452 billion in offshore insurance policies from the IRS. The company has agreed to enter into a deferred prosecution agreement and to pay approximately $77.3 million to the U.S. Treasury, which includes restitution, forfeiture of all gross fees and a penalty.

  • IRS Issues Guidance on Interaction of Employee Retention Credit With PPP Loans

    By:
    Ruth Singleton
    |
    Mar 2, 2021

    The IRS has issued guidance on the employee retention credit under the CARES Act, in particular, how it interacts with the Paycheck Protection Program (PPP). While both the credit and the PPP were included in the CARES Act, passed last March, they were originally viewed as separate programs. However, the relief package that Congress passed in December made it easier for employers to participate in both programs.

  • Many Companies Defer Their Own Share of Payroll Taxes Without Deferring Their Employees' Share

    By:
    Ruth Singleton
    |
    Sep 15, 2020
    While most U.S. employers have opted not to implement the employee payroll tax deferral that was part of a presidential executive order, many are deferring their own share of payroll taxes.
  • IRS Announces New Office for Digital Resolution of Issues

    By:
    Ruth Singleton
    |
    Jul 22, 2020
    The IRS has created a new Enterprise Digitalization and Case Management Office, in order to enable taxpayers and IRS employees to "rapidly resolve issues in a simplified digital environment."
  • Treasury Secretary Says Italy, U.K. Face Tariffs Over Digital Taxes

    By:
    Ruth Singleton
    |
    Jan 21, 2020
    Treasury Secretary Steven Mnuchin warned Italy and the United Kingdom that they would face U.S. tariffs if they impose taxes on digital companies such as Facebook, Google, Amazon and Apple.
  • Conference Speakers: IRS Promising Focused Guidance for Exempt Organizations in 2020

    By:
    Chris Gaetano
    |
    Dec 17, 2019
    The IRS Office of Chief Counsel, which writes all the notices and guidance that practitioners rely upon, is aiming to release several new proposed and final regulations relevant to exempt organizations over the course of next year, mostly pertaining to changes brought about by the Tax Cuts and Jobs Act (TCJA). Speaking at the Foundation for Accounting Education's Exempt Organizations Conference on Dec. 17, IRS attorneys Stephanie Robbins and David Repass talked about how the IRS has changed its approach to the Priority Guidance Plan (PGP), an annually released document that outlines which regulations the IRS intends to focus on in the coming year