by Mike Godfrey, Tax-News.com Washington 03 July 2020 US Trade Representative Robert Lighthizer told a congressional hearing on June 17, 2020, that the US Government has withdrawn from international negotiations on new global tax rules for digital companies at the OECD. Lighthizer told a hearing of the House of Representatives Ways and Means Committee that...Read More

by Ulrika Lomas, Tax-News.com, Brussels 28 May 2020 French Finance Minister Bruno Le Maire has said that the Government intends to introduce a digital services tax this year. The French DST is a three percent tax on the revenue of digital companies providing advertising services, selling user data for advertising purposes, or performing intermediation services....Read More

by Mike Godfrey, Tax-News.com Washington 28 May 2020 On May 15, 2020, the United States House of Representatives approved the HEROES Act, which amends previous COVID-19-related stimulus legislation by changing loss carryback rules and providing further tax support for businesses and individuals. Highlights of the bill include the following: Losses The Coronavirus Aid, Relief, and...Read More

by Mike Godfrey, Tax-News.com Washington 28 May 2020 On May 19, 2020, the United States Treasury Department and the Internal Revenue Service issued an Announcement which clarifies the interpretation of references in US income tax treaties to the North American Free Trade Agreement (NAFTA) once it is replaced by the Agreement between the United States,...Read More

by Mike Godfrey, Tax-News.com Washington 15 May 2020 On May 1, 2020, the United States Internal Revenue Service (IRS) Large Business and International Division (LB&I) announced a new compliance campaign focusing on the 2017 Tax Cuts and Jobs Act and the recently enacted Coronavirus Aid, Relief and Economic Security (CARES) Act. The TCJA was signed...Read More

by Mike Godfrey, Tax-News.com Washington 15 May 2020 On May 4, 2020, a bill was introduced in the United States House of Representatives to limit the impact of the Global Intangible Low Tax Income (GILTI) regime on businesses based in US territories and possessions. According to Stacey E. Plaskett, who represents the US Virgin Islands...Read More

by Mike Godfrey, Tax-News.com Washington 15 May 2020 On May 7, 2020, the United States Internal Revenue Service issued a reminder to employers affected by COVID-19 about the tax credits made available to them under the Coronavirus Aid, Relief, and Economic Security Act. These relief measures include: The employee retention credit The employee retention credit...Read More

by Ulrika Lomas, Tax-News.com, Brussels 01 May 2020 On April 16, 2020, the United States Internal Revenue Service issued a set of frequently asked questions and answers to help inform taxpayers about transfer pricing documentation best practices. The IRS said that the FAQs are based on its observations of best practices and common mistakes in...Read More

by Mike Godfrey, Tax-News.com Washington 01 May 2020 On April 15, 2020, the United States Internal Revenue Service unveiled the “Get My Payment” online tool that will allow taxpayers to receive economic impact payments under the Coronavirus Aid, Relief, and Economic Security (CARES) Act. Under the CARES Act, all US residents with adjusted gross income...Read More

by Mike Godfrey, Tax-News.com Washington 15 April 2020 On March 27, 2020, the United States Treasury Department and the Internal Revenue Service issued a notice which extends COVID-19-related filing and payment relief to federal gift and generation-skipping taxes. For taxpayers with gift and generation-skipping transfer tax returns and payments due on April 15, 2020, Notice...Read More