Return of Superfund Excise Taxes Will Burden US Companies, Experts Say
Two reinstated excise taxes on the chemical industry are likely to create significant compliance challenges, to the detriment of U.S. …
Path Clearer to Finalizing Global Tax Deal, Yellen Tells Lawmakers
Poland is expected to drop its opposition to a global minimum tax on multinational corporations, clearing the way toward finalizing …
Chief Counsel Discusses Allocating Deferred Compensation Expense When Calculating FDII
In a Legal Advice, Chief Counsel discusses how to allocate and apportion deferred compensation expense relating to services provided before …
Planning Around Major Changes to the Foreign Tax Credit
By Patricia Brandstetter and Jonathan D. Grossberg Final regulations, issued December 28, 2021 (TD 9959), significantly change longstanding principles for …
ABA Tax Section Hosts Key Meeting May 12-14
The American Bar Association’s Section of Taxation will host its annual May meeting in Washington, D.C., this week, and Checkpoint …
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 …