All Tax articles – Page 3
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Blog
Crackdown on tax inversions blamed for killing Pfizer/Allergan merger
The Treasury Department has issued temporary and proposed regulations intended to limit the use of corporate tax inversions by undermining their benefits. Included are rules to address earnings stripping, a commonly used technique to further minimize taxes. Within hours of their issuance, pharmaceutical giant Pfizer terminated its $150 billion merger ...
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Blog
U.S. Treasury Proposes Country-by-Country Tax Reporting
The U.S. Treasury Department has issued proposed regulations that would require the ultimate parent entity of multinational enterprises to report tax info to Treasury annually on a country-by-country basis. Companies would be required to provide information related to the multinational entity’s income and taxes paid in each tax jurisdiction along ...
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Blog
FASB Drops Deferred Tax Classification Requirement
Companies seeking an easier way to classify deferred taxes on the balance sheet have gotten their way: FASB has eliminated that requirement, as part of its effort to simplify accounting standards. The change to accounting rules now makes U.S. GAAP requirements more consistent with those in International Financial Reporting Standards. ...
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Blog
OECD Measures Would Tie Off International Tax Loopholes
The Organization for Economic Cooperation and Development has offered the G-20 nations measures intended to plug the holes that let companies engage in offshore tax planning that reduces the total global tax base. The package includes minimum standards to thwart the use of conduit companies to channel investments. It also ...
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Blog
IRS Ponders Tax Issues of New Revenue Recognition Rules
The Internal Revenue Service is asking for comments on how the new revenue recognition accounting standards will affect tax reporting. Tax rules require companies to secure permission from the IRS if they are making accounting method changes for federal income tax purposes, so the agency is now growing concerned over ...
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Blog
Study Shows No Better Reporting After Auditors Cut Tax Services
U.S. auditor independence rules targeted at tax work have done nothing to improve financial reporting quality, according to new academic research out of Singapore. The study found a big shift in non-audit services provided by audit firms, leading to a significant drop in auditor-provided tax services, especially among firms that ...
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Blog
UBS Faces Probe Over Tax Evasion Scheme
Federal regulators this week launched an investigation into whether Swiss bank UBS assisted U.S. clients in evading taxes or engaged in securities fraud. Prosecutors also are looking into whether any of the bank’s executives took part in any criminal activity to cover up the alleged conduct. Details inside.
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Blog
OECD Completes FATCA-Like Regime With More Reporting Obligations
Image: Title: PlowgianThe Organization for Economic Co-Operation and Development has finished the Common Reporting Standard to govern the exchange of tax information among more than 50 countries. While the United States is not a participant, says KPMG principal Michael Plowgian, subsidiaries or branches of U.S. entities will need to comply ...
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