The department moves to address the “basis shifting” of business partnerships to lower tax brackets. The Treasury Department proposed new rules this week to hold high-profile tax evasion…
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IRS to Begin Audits of CEO Company Jet Use
The agency will review business expense claims for private travel. The Internal Revenue Service (IRS) announced that they are proceeding with tax audits to review the accuracy of…
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IRS Releases Corporate Alternative Minimum Tax Information
The guidance clarifies the 15% minimum policy introduced through Inflation Reduction Act. The Department of the Treasury and the Internal Revenue Service (IRS) have released official guidance for…
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Treasury Releases Multinational Tax Guidance Document
“Pillar Two“ provides details on global minimum tax for corporations. The Organisation for Economic Co-operation and Development (OECD), an international financial forum that participates in all G20 meetings,…
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President Calls for Oil Companies to Reinvest Profits
He urged Congress to raise their taxes if production is not increased. President Joe Biden has urged Congress to increase taxes on oil and gas companies’ profits if…
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Secretary Yellen Prepares IRS for Inflation Act Policy
She says the budget increase will not impact middle-class tax audits. Secretary of the Treasury Janet Yellen sent a letter to the Internal Revenue Service (IRS) last week…
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Senator Wyden Proposes Oil Company Tax Hike
Tax would be on “excess profits.” Senator Ron Wyden of Oregon is introducing the Taxing Big Oil Profits Act, which he says will accentuate the tax burden of…
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IRS to Raise Interest Rates in April
They set new rates every quarter per federal code. As of Friday, April 1, interest rates on amounts due to the Internal Revenue Service will increase for the…
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White House Floating New Tax Increase Plan
The current bill does not have enough Senate support. The White House is giving consideration to a new tax increase plan to get enough senators on board to…
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G7 Nations Agree to 15% Global Tax
Announcement was made by U.S. Treasury Secretary Yellen, a proponent of the tax. The Group of Seven (G7) nations have committed to moving toward a 15% global minimum…
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