U.S. Tax News
The Internal Revenue Service on February 28, 2018, released an updated Withholding Calculator and a new version of Form W-4 to help taxpayers check their 2018 tax withholding, following the passage of the Tax Cuts and Jobs Act in December.
Coinbase, a virtual currency wallet and virtual currency exchange service provider, has confirmed it will soon transmit information on the transactions of 13,000 customers to the Internal Revenue Service, as a result of an earlier court ruling.
The Government of the Netherlands has announced a comprehensive package of tax anti-avoidance proposals designed to bring the jurisdiction's rules into line with new European Union anti-avoidance laws and fulfill its obligations under the international BEPS agenda.
Value-added tax avoidance will be considered by a new EU anti-tax avoidance committee, the creation of which is expected to be endorsed at an EU parliamentary plenary on March 1, 2018.
Canadian think tank the C D Howe Institute has published its recommendations for Tuesday's Budget, which include measures to compete with the US on tax.
The American Institute of CPAs has made a number of recommendations to the House Ways and Means Committee and Senate Finance Committee about areas of the Tax Cuts and Jobs Act that it believes require technical changes by Congress.
The Internal Revenue Service has reminded the farming and fishing industry of the March 1, 2018, deadline to take advantage of special rules that can allow them to forgo making quarterly estimated tax payments.
The Internal Revenue Service (IRS) will issue guidance soon to close a tax loophole that is said to be enabling hedge fund managers to access lower rates of tax reserved for carried interest.
The Canadian Government is conducting an analysis of the potential impact of the recent US tax reforms, Finance Minister Bill Morneau.
Kevin Brady, Chairman of the House Ways and Means Committee, and his counterpart in the Senate, Orrin Hatch, have called on the Internal Revenue Service to better screen bonuses paid to staff.
Very few US taxpayers are reporting cryptocurrency gains in their tax returns, according to preliminary figures published by a tax return preparation company.
The Internal Revenue Service (IRS) has offered taxpayers several tips and time-saving resources, in anticipation that there will be a surge in filing activity during President's Day weekend (February 17-19).
On February 13, 2018, the US House of Representatives voted 400-2 to pass a bipartisan bill to renew the Generalized System of Preferences.
US President Donald Trump has announced his intent to nominate tax lawyer Charles P Rettig as Commissioner of the Internal Revenue Service for the remainder of a term of five years beginning on November 13, 2017.
The Internal Revenue Service has announced steep declines in tax-related identity theft in 2017, attributing the success to its Security Summit initiative, a private-public sector partnership formed in 2015 to combat identity theft.
The Indian Central Board of Direct Taxes on February 7 announced that it entered into its first ever bilateral advance pricing agreement with a US firm, in cooperation with authorities in the US.
The OECD has recently launched a new program – the International Compliance Assurance Programme – being spearhead by the Forum on Tax Administration that is aimed at providing assurance to multinationals with regards to their transfer pricing affairs.
The Internal Revenue Service has been successful in implementing processes to identify and prevent fraud but could do more to strengthen pre-refund verification, according to a new report from the US Government Accountability Office on last year's tax filing season.
The United States District Court for the District of Columbia on January 31 ruled in favor of Starr International Company in a case concerning an erroneous refund paid to the taxpayer, which the IRS sought to reclaim.
The Internal Revenue Service has warned tax professionals of a new filing season scam.
An association of US CEOs has stressed the importance for their businesses of access to the preferential terms of the US-South Korea free trade agreement.
New poll results from the independent Monmouth University Polling Institute show that support for the new tax plan has increased significantly since December 2017, with attitudes towards President Trump also improving as a result.
One month after the US slashed its corporate tax rate to 21 percent, 287 companies have announced wage hikes or plans to expand their investments in the US, according to Americans for Tax Reform.
The Netherlands will seek to resume discussions towards double taxation avoidance treaties with several countries in 2018, including the United States, the Government has said.
Switzerland is seeking a swift conclusion to the US Justice Department's investigation into Swiss Category 1 banks.
Americans for Tax Reform has urged Congress to endorse legislation that would tighten rules concerning Internal Revenue Service hires.
New York, New Jersey, and Connecticut have launched a coalition to sue the federal government to challenge provisions in the Tax Cuts and Jobs Act that eliminate full state and local tax deductibility.
Most US taxpayers do not know they will no longer face a tax penalty under the Affordable Care Act's individual mandate, which was shuttered in the recently enacted Tax Cuts and Jobs Act.
US taxpayers are equally divided on whether the recent US tax bill, the Tax Cuts and Jobs Act, will benefit or negatively impact them, with a marked partisan divide, according to a survey by the Pew Research Center.
US President Donald Trump has approved safeguard tariffs on imported large residential washing machines and imported solar cells and modules.