How Accounting Giants Craft Favorable Tax Rules From Inside Government

Lawyers from top accounting firms do brief stints in the Treasury Department, with the expectation of big raises when they return.

#accounting-and-accountants, #corporate-taxes, #deloitte-touche-tohmatsu-ltd, #ernstyoung, #ethics-and-official-misconduct, #federal-taxes-us, #internal-revenue-service, #kpmg, #lobbying-and-lobbyists, #pricewaterhousecoopers, #regulation-and-deregulation-of-industry, #rsm, #tax-credits-deductions-and-exemptions, #tax-cuts-and-jobs-act-2017, #tax-shelters, #taxation, #treasury-department, #united-states-politics-and-government

House Bill Raises Chance for Global Pact to Curb Corporate Tax Havens

Several big details remain to be worked out before an international October deadline.

#biden-joseph-r-jr, #corporate-taxes, #federal-taxes-us, #group-of-twenty, #house-committee-on-ways-and-means, #law-and-legislation, #organization-for-economic-cooperation-and-development, #tax-shelters, #united-states-economy, #united-states-international-relations, #united-states-politics-and-government

Democrats Eye Taxing Stock Buybacks and Partnerships

Senate Democrats say a 2 percent tax on the money companies use to buy back stocks and tightened rules around taxing partnerships would raise $270 billion for their $3.5 trillion social policy bill.

#brown-sherrod, #corporate-taxes, #federal-taxes-us, #high-net-worth-individuals, #stock-buybacks, #tax-cuts-and-jobs-act-2017, #tax-evasion, #tax-shelters, #united-states-politics-and-government, #wyden-ron

Democrats and Lobbyists Gird for Battle Over Far-Reaching Tax Increases

Congressional committees this week begin drafting tax increases on the wealthy and corporations to pay for a $3.5 trillion social policy bill, but the targets are putting up a fight.

#biden-joseph-r-jr, #capital-gains-tax, #corporate-taxes, #democratic-party, #federal-budget-us, #federal-taxes-us, #heitkamp-heidi, #high-net-worth-individuals, #house-committee-on-ways-and-means, #income-inequality, #income-tax, #inheritance-and-estate-taxes, #law-and-legislation, #lobbying-and-lobbyists, #senate-committee-on-finance, #tax-shelters, #taxation, #united-states-chamber-of-commerce, #united-states-politics-and-government, #wyden-ron

Global Tax Overhaul Gains Steam as G20 Backs New Levies

The approach marks a reversal of years of economic policies that embraced low taxes as a way for countries to attract investment and fuel growth.

#corporate-taxes, #corporations, #europe, #european-union, #federal-taxes-us, #foreign-investments, #group-of-twenty, #organization-for-economic-cooperation-and-development, #tax-shelters, #taxation, #united-states-economy, #united-states-international-relations, #united-states-politics-and-government, #yellen-janet-l

Finance Ministers Meet in Venice to Finalize Global Tax Agreement

The G20 gathering begins a crucial stretch in yearslong negotiations.

#amazon-com-inc, #biden-joseph-r-jr, #corporate-taxes, #federal-taxes-us, #group-of-twenty, #international-trade-and-world-market, #organization-for-economic-cooperation-and-development, #tax-shelters, #united-states-economy, #venice-italy, #yellen-janet-l

As Money Launderers Buy Dalís, U.S. Looks at Lifting the Veil on Art Sales

Secrecy has long been part of the art market’s mystique, but now lawmakers say they fear it fosters abuses and should be addressed.

#art, #art-dealers-assn-of-america, #auctions, #bouvier-yves, #dali-salvador, #finances, #financial-crimes-enforcement-network-treasury-department, #great-britain, #money-laundering, #philadelphia-pa, #rybolovlev-dmitry-evgenevich, #senate-permanent-subcommittee-on-investigations, #tax-shelters, #united-states-politics-and-government

The U.S. Enables Corporate Tax Avoiders. Can Biden Fix It?

American policymakers have sabotaged the nation’s ability to collect taxes from its corporations. Will Congress agree to change course?

#corporate-taxes, #ireland, #tax-shelters, #united-states-economy

How Private Equity Firms Avoid Taxes

The I.R.S. almost never audits private equity firms, even as whistle-blowers have filed claims alleging illegal tax avoidance.

#apollo-global-management, #bain-capital, #biden-joseph-r-jr, #blackstone-group-the, #capital-gains-tax, #carlyle-group-lp, #federal-taxes-us, #government-accountability-office, #high-net-worth-individuals, #income-inequality, #income-tax, #internal-revenue-service, #kirklandellis, #kkrco-lp, #mnuchin-steven-t, #private-equity, #rettig-charles-p, #schwarzman-stephen-a, #tax-cuts-and-jobs-act-2017, #tax-evasion, #tax-shelters, #tpg-capital, #treasury-department, #trump-donald-j, #united-states-politics-and-government, #whistle-blowers

ProPublica Report Has Congress Rethinking How to Tax Superrich

A report showing that the richest Americans, including Jeff Bezos, Elon Musk and Warren Buffett, pay almost no taxes has refocused attention on the tax code.

#alternative-minimum-tax, #biden-joseph-r-jr, #capital-gains-tax, #corporate-taxes, #democratic-party, #federal-taxes-us, #high-net-worth-individuals, #income-tax, #internal-revenue-service, #pro-publica, #propublica, #republican-party, #senate-committee-on-finance, #stocks-and-bonds, #tax-credits-deductions-and-exemptions, #tax-cuts-and-jobs-act-2017, #tax-shelters, #taxation, #toomey-patrick-j, #united-states-economy, #united-states-politics-and-government, #warren-elizabeth, #wyden-ron

Yellen’s New Alliance Against Leprechauns

Is the world finally ready to take on tax havens?

#apple-inc, #corporate-taxes, #corporations, #european-commission, #ireland, #tax-shelters, #taxation, #yellen-janet-l

Global Finance Leaders Start Talks for Tax Overhaul

The overhaul under discussion includes a minimum tax that companies would pay regardless of where their headquarters were.

#corporate-taxes, #federal-taxes-us, #group-of-seven, #politics-and-government, #tax-shelters, #yellen-janet-l

Can the Rich Pay for a Better America?

Biden has it mostly right. But will Congress water down his plans?

#biden-joseph-r-jr, #corporate-taxes, #federal-budget-us, #federal-taxes-us, #high-net-worth-individuals, #tax-cuts-and-jobs-act-2017, #tax-shelters, #taxation, #united-states-politics-and-government

How ViacomCBS’s Content Deals Cost U.S. Taxpayers $4 Billion

A new report details ViacomCBS’s use of a labyrinthine tax shelter to sell rights to its shows and films overseas.

#cbs-corporation, #corporate-taxes, #intellectual-property, #international-trade-and-world-market, #law-and-legislation, #media, #mission-impossible-movie, #redstone-shari, #spongebob-squarepants-cartoon-character, #tax-shelters, #taxation, #viacom-inc, #viacomcbs-inc, #video-recordings-downloads-and-streaming

U.S. Backs Global Minimum Tax of at Least 15% to Curb Profit Shifting Overseas

The Biden administration wants other countries to back a minimum tax as part of its plan to raise the U.S. corporate tax rate to 28 percent from 21 percent.

#corporate-taxes, #federal-taxes-us, #group-of-seven, #organization-for-economic-cooperation-and-development, #tax-shelters, #taxation, #treasury-department, #united-states-politics-and-government, #yellen-janet-l

Amazon Paid No Corporate Tax to Luxembourg

The e-commerce giant’s European retail business had record sales in 2020, but its headquarters on the continent reported a $1.4 billion loss.

#amazon-com-inc, #company-reports, #corporate-taxes, #e-commerce, #income-tax, #institute-on-taxation-and-economic-policy, #luxembourg, #politics-and-government, #tax-credits-deductions-and-exemptions, #tax-shelters, #united-states-economy

Biden Seeks $80 Billion to Beef Up I.R.S. Audits of High-Earners

The president’s “American Families Plan,” which he will detail this week, will be offset in part by a tax enforcement effort that administration officials believe will raise $700 billion over a decade.

#biden-joseph-r-jr, #corporate-taxes, #federal-budget-us, #federal-taxes-us, #high-net-worth-individuals, #income-tax, #internal-revenue-service, #tax-evasion, #tax-shelters, #united-states-economy, #united-states-politics-and-government

Make Tax-Dodging Companies Pay for Biden’s Infrastructure Plan

The corporate income tax has been gutted. Raising rates and cracking down on evasion are sensible ways to come up with trillions of dollars.

#corporate-taxes, #federal-taxes-us, #tax-credits-deductions-and-exemptions, #tax-shelters, #united-states-economy, #united-states-politics-and-government

Trump’s Corporate Tax Cut Was a Flop

The abject failure surprised even the critics.

#corporate-taxes, #federal-taxes-us, #international-monetary-fund, #tax-cuts-and-jobs-act-2017, #tax-shelters

Biden, Yellen and the War on Leprechauns

Bribing corporations with low taxes isn’t the way to create jobs.

#biden-joseph-r-jr, #corporate-taxes, #federal-taxes-us, #foreign-investments, #tax-cuts-and-jobs-act-2017, #tax-shelters

What’s in Biden’s Tax Plan?

The proposal includes provisions to raise the corporate tax rate to 28 percent, make it harder for companies to move profits overseas and beef up the Internal Revenue Service.

#oil-petroleum-and-gasoline, #tax-cuts-and-jobs-act-2017, #tax-shelters, #united-states-economy

Biden’s Tax Plan Aims to Raise $2.5 Trillion and End Profit-Shifting

The plan detailed by the Treasury Department would make it harder for companies to avoid paying taxes on both U.S. income and profits stashed abroad.

#american-jobs-plan-2021, #biden-joseph-r-jr, #democratic-party, #federal-taxes-us, #infrastructure-public-works, #republican-party, #tax-cuts-and-jobs-act-2017, #tax-shelters, #treasury-department, #trump-donald-j, #united-states, #united-states-economy, #united-states-politics-and-government, #yellen-janet-l

Targeting Overseas Tax Shelters

How one U.S. multinational used overseas shelters to slash its tax bill — and how the Biden administration plans to crack down on such practices.

#bristol-myers-squibb-company, #corporate-taxes, #drugs-pharmaceuticals, #federal-taxes-us, #tax-shelters, #treasury-department, #united-states

An Accidental Disclosure Exposes a $1 Billion Tax Fight With Bristol Myers

The I.R.S. believes the American drugmaker used an abusive offshore scheme to avoid federal taxes.

#accounting-and-accountants, #bristol-myers-squibb-company, #corporate-taxes, #federal-taxes-us, #internal-revenue-service, #legal-profession, #pricewaterhousecoopers, #tax-evasion, #tax-shelters, #whitecase

Whistle-Blower Says Credit Suisse Helped Clients Skip Taxes After Promising to Stop

A former bank employee contends that the Swiss bank continued to help American clients avoid taxes long after its 2014 plea deal with the U.S. government

#boente-dana-j, #cole-james-m, #credit-suisse-group-ag, #dougan-brady-w, #federal-taxes-us, #high-net-worth-individuals, #internal-revenue-service, #justice-department, #tax-evasion, #tax-shelters, #united-states-politics-and-government, #whistle-blowers, #wray-christopher-a

It May Be Time to Start Worrying About the Estate Tax

Most people have been able to pass on assets like a family home without federal tax, but that could be changing.

#biden-joseph-r-jr, #content-type-service, #federal-taxes-us, #high-net-worth-individuals, #inheritance-and-estate-taxes, #personal-finances, #real-estate-and-housing-residential, #tax-credits-deductions-and-exemptions, #tax-shelters, #taxation, #wills-and-estates

Biden Wants to Raise Taxes, Yet Many Trump Tax Cuts Are Here to Stay

While Democrats have vowed to repeal the former president’s signature 2017 law, his successor is more likely to tinker with it, given constraints.

#corporate-taxes, #federal-budget-us, #federal-taxes-us, #infrastructure-public-works, #tax-credits-deductions-and-exemptions, #tax-cuts-and-jobs-act-2017, #tax-shelters, #taxation, #trump-tax-returns, #united-states-politics-and-government

There’s a Way Biden Can Raise More From the Rich Without Higher Taxes

Increased spending to enforce the existing tax code would pay for itself and then some.

#biden-joseph-r-jr, #income-tax, #internal-revenue-service, #tax-credits-deductions-and-exemptions, #tax-evasion, #tax-shelters, #trump-donald-j

China Envisions a New Hong Kong, Firmly Under Its Control

The government hopes to turn Hainan Island into a financial and shopping destination. Matching the former British colony won’t be easy.

#china, #communist-party-of-china, #corporate-taxes, #hainan-island-china, #income-tax, #international-trade-and-world-market, #luxury-goods-and-services, #politics-and-government, #shopping-and-retail, #tax-shelters, #travel-and-vacations

How a Century of Real-Estate Tax Breaks Enriched Donald Trump

The real estate industry has long enjoyed uniquely favorable tax treatment — thanks in part to Mr. Trump’s actions before and after he became president.

#federal-taxes-us, #income-tax, #presidential-election-of-2016, #presidential-election-of-2020, #real-estate-commercial, #tax-credits-deductions-and-exemptions, #tax-shelters, #taxation, #trump-tax-returns, #trump-donald-j, #united-states-politics-and-government

Tax Officials Investigate Euro Pacific Bank in Puerto Rico

Tax enforcers from five nations are investigating Euro Pacific Bank, which operates in a U.S. territory criticized in the past for its lax financial regulation.

#banking-and-financial-institutions, #corporate-taxes, #euro-pacific-intl-bank-inc, #federal-taxes-us, #money-laundering, #peter-schiff, #puerto-rico, #tax-evasion, #tax-shelters

U.S. Brings ‘Largest Ever Tax Charge’ Against Tech Executive

Federal prosecutors said Robert T. Brockman had used a web of entities based in Bermuda and Nevis, as well as secret bank accounts in Bermuda and Switzerland, to hide $2 billion in income from the I.R.S.

#brockman-robert-t, #federal-taxes-us, #internal-revenue-service, #smith-robert-f-1962, #tax-evasion, #tax-shelters, #vista-equity-partners

Trump’s Tax Avoidance Is a Tax on the Rest of Us

The majority of taxpayers can’t afford the expensive professional advice on which successful tax-avoidance strategies depend.

#federal-taxes-us, #income-tax, #tax-shelters, #trump-tax-returns, #trump-donald-j, #united-states