by usoftax_admin | Dec 12, 2024 | Tax News
The Internal Revenue Service is working to preserve flexibility for taxpayers in rules aimed at preventing companies from using the same economic loss twice, after concerns were raised about how the rules could negatively interact with the Pillar Two global minimum... by usoftax_admin | Dec 12, 2024 | Tax News
The Internal Revenue Service will consider whether rules included in recently proposed guidance on previously taxed earnings and profits to limit instances where U.S. multinationals may use basis to offset gain are too restrictive, an official said Thursday. by usoftax_admin | Dec 12, 2024 | Tax News
Congress should reverse a $20 billion IRS funding gap in a year-end budget bill to help the agency modernize its technology, improve customer service and collect unpaid taxes from wealthy businesses and individuals, Internal Revenue Commissioner Daniel Werfel said... by usoftax_admin | Dec 12, 2024 | Tax News
The Second Circuit will not review its September decision finding that a dual U.S.-French citizen is liable for tax penalties for failing to file reports of foreign bank and financial accounts, the court said Thursday. by usoftax_admin | Dec 12, 2024 | Tax News
The Internal Revenue Service’s business tax account online self-service tool is now available to C corporations, while the agency is opening access to the program to certain officers of both C and S corporations, the agency said Thursday. by usoftax_admin | Dec 12, 2024 | Tax News
Treasury is working to finish its guidance on the simplified transfer pricing approach to baseline marketing and distribution known as Amount B by the end of the year, a U.S. official said Thursday.