We originally posted on March 31, 2014 Caterpillar Saved Billions in US Tax By Shifting Profits to a Swiss Subsidiary where we discussed that Caterpillar Inc., an American manufacturing icon, used a wholly owned Swiss affiliate to shift $8 billion in profits from the United States to Switzerland to take advantage of a special 4…
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IRS Issues Draft Versions of Country-By-Country Reporting Instructions
On August 29, 2016 we posted U.S. Treasury Seeks Comments on Form 8975 - CbC Reporting Form where we discussed that the Treasury published a notice in the Federal Register seeking comments on IRS Form 8975 (Country-by-Country Report), which ultimate parent entities of U.S. multinational enterprise (MNE) groups will use for country-by-country (CbC) reporting purposes.…
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US Businesses Split on U.S. Border Tax
On February 22, 2017 we posted US Border Tax Runs Into Obstacles where we discussed that U.S. corporations are going to war in Washington over a Republican “border adjustment” tax proposal meant to boost exports over imports, with lawmakers in Congress coming under pressure from some of the nation's biggest employers. The political split that…
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Another Travel Ban: Starting Next Month Your US Passport Will Be Revoked For Tax Debts!
On December 21, 2015 we posted Have An Unpaid Tax Bill? Your US Passport Is In Jeopardy of being Revoked in 2016! where we discussed that H.R. 22, Fixing America’s Surface Transportation Act (FAST Act), which It includes amendments to the tax code that would allow authorities to revoke or deny the passport of any US taxpayer…
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