Tax & Accounting Blog

Australia: Making BEPS CbC reports public – “a shame to kill the golden goose”

Australia: Making BEPS CbC reports public – “a shame to kill the golden goose”

At an Australian Senate Estimates hearing on October 25, 2017, Australian Tax Commissioner Chris Jordan was asked to respond to calls for making country-by-country (CbC) reports public. He was asked whether releasing those reports to the public would be of help to the Australian Taxation Office (ATO). Mr. Jordan said if the reports were … Read More

Minimum Wage Changes for 2018

Minimum Wage Changes for 2018

Several states and localities have announced minimum wage changes for 2018. Twenty-seven states — plus Washington, D.C. — index their minimum wages to rise automatically with the cost of living. More states will index minimum wage increases annually, starting in the following years, like: Minnesota (2018), Michigan (2019) and Vermont (2019). The following charts show … Read More

India Extends Deadline for Filing Country-by-Country Reports

India Extends Deadline for Filing Country-by-Country Reports

On October 25, 2017, India’s Central Board of Direct Taxes (CBDT) issued Circular No. 26/2017 on the deadline for submitting a country-by-country (CbC) report. See BEPS Action 13. CBDT has extended the due date for submission of the CbC report, by the parent/reporting entity that is an Indian resident, for the reporting accounting … Read More

U.S. IRS Requests Comments on Disclosure of Reportable Transactions

U.S. IRS Requests Comments on Disclosure of Reportable Transactions

On October 20, 2017, the U.S. Treasury Department and the Internal Revenue Service (IRS) published a notice in the Federal Register requesting comments on Form 13976 (Itemized Statement Component of Advisee List), which provides material advisors a format for preparing and maintaining an itemized statement with respect to a reportable transaction. The IRS … Read More