The Treasury Department and the Internal Revenue Service issuedfinal and proposed regulations on June 14, 2019 concerning global intangible low-taxed income under section 951A the would expand an exception the GILTI tax, the foreign tax credit, the treatment of domestic partnerships for purposes of determining the subpart F income of a partner, and the treatment…
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Whistleblower Alert: Be on the Lookout for Virtual Currency Fraud
On June 5, 2019 we posted IRS Whistleblower Office Collects Over $1.44 Billion & Paid a Record $312M to Tipsters, where we discussed that the Internal Revenue Service’s Whistleblower Program made 217 awards to whistleblowers totaling $312,207,590 and collected $1,441,255,859 in fiscal year 2018, according to a new report. The annual report from the IRS Whistleblower…
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House Panel Approves Bill, Which Has a 12% Chance of Passage, Requiring Entities to Identify Beneficial Owers
A House committee approved H.R. 2513: Corporate Transparency Act of 2019 June 12, 2019 that would require companies to disclose the identity of their beneficial owners in an effort to unmask anonymous shell companies and help law enforcement combat illicit money laundering and tax evasion. In a vote of 46-13, the House Committee on Financial…
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Finally the Senate To Vote On Tax Treaties Previously Blocked by Senator Rand Paul
On November 11, 2015 we posted Finally the Senate Foreign Relations Committee Approves 8 Tax Treaties! where we discussed the lack of progress regarding the U.S.-Switzerland tax treaty remains stuck in the Senate after Sen. Rand Paul (R-Ky.) blocked an effort to propel it forward by Senate Foreign Relations Committee Chairman Robert Menendez (D-N.J.) Back in 2015…
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