The European Commission has committed to tabling a proposal for a digital tax in October, whether or not an international agreement surfaces from OECD-led talks on new international tax rules for the world's largest firms.
The Hong Kong Government has said it is looking at potential measures to support the shipping industry following the decision by the US Government to terminate the two territories' agreement that exempted shipping industry income from tax.
The US Senate has approved the inclusion of new provisions in the bipartisan infrastructure bill to require intermediaries involved in cryptocurrency trading to report details about transactions.
Senate Finance Committee Chair Ron Wyden (D-OR) has introduced legislation to overhaul the 20 percent deduction for pass-through income introduced into US tax law in 2017.
The US Internal Revenue Service has issued a reminder to taxpayers who pay estimated taxes that they have until June 15 to pay their estimated tax payment for the second quarter of tax year 2021 without incurring a penalty.
Experts speaking at the UN's Economic and Social Council's annual Special Meeting on International Cooperation in Tax Matters concluded that the international community must do more to tackle tax base erosion and profit shifting and offshore tax evasion.
The final regulations, which the IRS issued Friday, also provide rules regarding the critical mineral and battery component requirements for the new clean vehicle credit, and they add a new test for mineral content.
The IRS aims to improve service on the tax practitioner phone line and build a better online account for tax professionals, Commissioner Danny Werfel said Thursday.
The IRS on Tuesday provided a comprehensive list of changes in tax accounting methods to which the automatic change procedures in Rev. Proc. 2015-13 apply. The list includes 21 changes described as significant.
The IRS issued final regulations regarding the election to transfer certain clean energy tax credits. The regulations include specific rules for partnerships and S corporations as eligible taxpayers and transferee taxpayers.
The draft form, which when finalized will be used by brokers to report digital asset transactions, reflects the language of the proposed regulations, including a broad definition of “broker.”
The IRS had mixed success in its first efforts to find employers who evade taxes, doing better in its criminal pursuit than on the civil side, the Treasury Inspector General for Tax Administration said in a recent report.