Tax Law360 provides breaking news and analysis on federal, state, and international tax law, with a focus on business enterprises. Coverage includes high-stakes litigation, government enforcement actions, and auditing issues, as well as related policy developments.
The leader of the chief tax-writing committee in the House of Representatives said that it “wouldn’t make sense” for the White House to release its own tax plan when the House Republicans already have a blueprint ready to go.
A foreign shipping company incorporated in the Marshall Islands failed to get a tax exemption for $3.6 million in the U.S. after the U.S. Tax Court on Tuesday upheld the validity of IRS regulations pertaining to the ownership of foreign corporations’ stocks.
The Internal Revenue Service on Tuesday issued a request for comments on proposed procedures to allow taxpayers to change financial accounting methods under new international standards for recognizing revenues and the impact of those changes on differences between financial accounting and tax accounting rules.
Fortune 500 companies are holding $2.6 trillion in profits offshore largely in tax havens, avoiding as much as $767 billion in U.S. corporate income tax, according to a report from the Institute on Taxation and Economic Policy released Tuesday.
The Internal Revenue Service was hit with a lawsuit on Monday over a notice it issued in November identifying potential tax-avoidance maneuvers involving in-house insurers, with two managers of such companies accusing the agency of unfairly tainting them as tax scammers.