For several weeks, Ryan and Hatch appeared to be abandoning efforts to pass a comprehensive tax reform bill that would lower both corporate and individual rates.

The Second Circuit Court of Appeals has affirmed the Tax Court’s decision in Union Carbide Corp. v. Commissioner (No. 11-2552), which disallowed certain supply costs used in process research activities as qualified research expenses (QREs) for purposes of the research and development (R&D) tax credit under Section 41.

Grant Thornton’s Washington National Tax Office has published a side-by-side comparison of President Barack Obama and Republication presidential candidate Mitt Romney’s positions on tax reforms.

The research and development (R&D) tax credit has been extended through 2013 as part of the American Taxpayer Relief Act of 2012, and the legislation makes several modifications in how the credit is computed for controlled groups and how acquisitions are treated.

The findings, from Grant Thornton's most recent quarterly global survey of 2,600 businesses in 37 economies, suggest that business leaders are putting a period of uncertainty...

House Ways and Means Chair Dave Camp, R-Mich., continued to push tax reform last week after the president offered only tepid support for reform in his State of the Union address and top Senate taxwriter Max Baucus, D-Mont., prepared to leave Congress.

The IRS released final regulations (T.D. 9779) eliminating the requirement for an individual to attach a Section 83(b) election to his or her individual income tax return for the year the election is made.

On a high level, Advance Pricing Agreements ("APA") allow multinational entities to enter into an agreement with one or more tax authorities were the taxpayer(s) and revenue...

Robert Stack, deputy assistant secretary, International Tax Affairs at the Department of Treasury, recently said that the IRS is working to accept voluntary country-by-country (CbC) reports for the 2016 tax year.

The First Circuit has vacated (Docket Nos. 11-2017 & 11-2033) the Tax Court opinion in Kaufman v. Commissioner (136 T.C. No. 13), denying a charitable deduction for the contribution of a façade easement on a Boston townhouse.

Failure to file the election with CRA on a timely basis may result in assessments for the otherwise applicable tax plus associated interest.

In an IRS chief counsel advice memorandum released Sept. 26 http://www.irs.gov/pub/irs-wd/201439001.pdf (CCA 201439001), the IRS concluded that it generally would not support imposing the simplified production method on restaurants if the taxpayers are willing to develop and implement a reasonable facts-and-circumstances method instead.

The IASB issued an Exposure Draft (ED) on 28 July 2021 on a proposed narrow-scope amendment to IFRS 17 to permit a classification overlay for financial assets in the comparative period if certain conditions are met.

Many employers that sponsor a retirement plan, such as a Section 401(k) plan, rely on a bank, broker, insurance company or similar party to provide them with the legal document that sets forth...

The IRS has announced that it plans to propose regulations allowing state and local retirement systems to cover employees of a charter school within a governmental plan under Section 414(d).

The Treasury Department recently announced that it will begin to wind down the myRA program after a review by the government found it not to be cost-effective.

On Aug. 11, the IRS published a revenue procedure (Rev. Proc. 2017-45) providing a set of procedures that a publicly offered REIT or a publicly offered RIC can follow to ensure that certain distributions...

The Sixth Circuit Court of Appeals ruled on Oct. 1, 2014, that the taxpayer wasn't entitled to approximately $445 million in additional interest from the government.

The IRS provided relief (Announcement 2012-44) to victims of Hurricane Sandy who participate in qualified retirement plans.

Multinational companies should evaluate how these proposals will affect their financial statements and evaluate their preparedness if the proposal become required.