Proposed REGs Update Actuarial Tables used to Value Annuties
The IRS has issued proposed regs relating to the use of actuarial tables in valuing annuities, interests for life or …
Chief Counsel Discusses Automatic Revocation of Exemption and Notification Requirement
In a legal advice, the IRS’s Chief Counsel has addressed Whether the automatic revocation of exemption provisions apply to exempt …
Reminder: Penalty Relief Available for Employers Claiming Employee Retention Credits
The IRS has reminded taxpayers that penalty relief is available for businesses that owe penalties for additional income tax due …
US Committed to Global Corporate Minimum Tax Conformity, Biden Team Says
Treasury Secretary Janet Yellen this week is pressing counterparts from the world’s major economies to advance a rewrite of global …
IRS Adds to Schedule K-2 and K-3 FAQs
The IRS has added new FAQs related to various Schedules K-2 and Schedules K-3. The FAQs relate to: Schedule K-2 …
Yellen Warns of Economic Fallout From War in Ukraine
The global economy can expect “enormous repercussions” from the war in Ukraine, U.S. Treasury Secretary Janet Yellen warned lawmakers on …
Biden Calls for Replacing Anti-Erosion Tax with OECD Rule on Offshore Profits
President Joe Biden’s administration has proposed eliminating a Code provision that limits deductions U.S. companies can claim on payments to …
Biden Budget Proposal Includes ‘Billionaire Tax’
The White House on March 28 released its 2023 budget proposal, which includes a new tax on billionaires, targeting the …
IRS Chief Emphasizes Paper Backlog, Modernization Challenges in Progress Update
The IRS is feeling positive about its progress toward processing outstanding tax returns and modernizing agency systems, but sustained, multiyear …
TC: US Shareholder Must Use Same Method as CFC to Characterize Stock
The U.S. Tax Court has held that the American shareholder of a controlled foreign corporation (CFC) had to use the …