According to Law360, the past year saw a number of important international tax cases, including rulings about conflicting statutory and regulatory language involving U.S.-held foreign financial accounts and $608 million paid by Boston Scientific Corp. in a transfer pricing dispute. Here, Law360 looks at the top five international tax cases of 2018. U.S. v. Colliot In…
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Private Debt Collection Agencies Collected 2% on Tax Debts
The private collection agencies that contract with the Internal Revenue Service to collect long overdue tax debts were able to garner only about 2 percent of the taxes owed on the more than 700,000 taxpayer accounts assigned to them since 2017, according to a new government report. The report, from the Treasury Inspector General for…
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States Seek To Tax Foreign Income!
According to Law360, recent bills in Montana and Oregon that would require multinationals to report their global profits present a legally sound option for recouping tax revenue from overseas, but the method has a history of foreign resistance that could remain a challenge. Although the U.S. Supreme Court affirmed worldwide combined reporting in multiple rulings…
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2017 TCJA's “Transition Tax” Continues To Impact 2018 Tax Returns
According to the Advocate Daily Americans living overseas are being warned that the 'transition tax' introduced by the Tax Cuts and Jobs Act 2017 will again have to be taken into account in their 2018 tax returns. Those who own shares in foreign corporations whose have a fiscal year end other than 31 December must remit…
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