Accounting–MNE Tax

Accounting

Calls are increasing for company disclosures on tax to help build public trust and fit in with environmental, social and governance (ESG) agenda: Aidan Lucey / The Irish Times→

April 20, 2022

Accounting

Will Amazon’s investors make the rules on tax transparency more clear?: CrossBorder Solutions→

April 13, 2022

Accounting

US Senate Finance Committee Chair Ron Wyden requests pharmaceutical company Merck explain its tax accounting practices, as it reports just 14% of pretax income in the US despite US market being home to 46% of global sales: Ron Weyden / US Senate Committee on Finance→

April 5, 2022

Accounting

UK Supreme Court holds on the tax deductibility of employee share options required under IFRS 2

March 29, 2022

Vasiliki Koukoulioti, Newcastle University, discusses the UK Supreme Court’s March 23 judgment that upholds the principle that the starting point in determining a company’s profits and losses is the accounting treatment.

Accounting

Annual vs. quarterly provision: Howard Telson / CrossBorder Solutions→

March 23, 2022

Accounting

Voluntary carbon offsets: the evolution of a business expense: Craig White / The Tax Adviser→

March 16, 2022

Accounting

Uncertain tax positions: CrossBorder Solutions→

March 9, 2022

Accounting

Accounting firms write US Congress, request delay in R&D tax and accounting changes: Cohn / Accounting Today→

March 4, 2022

Accounting

The income tax provision / CrossBorder Solutions→

March 2, 2022

Accounting

Income tax provision: what’s the rush about?: Cavanaugh / CrossBorder Solutions→

February 23, 2022

Accounting

All about deferreds: Cavanaugh / CrossBorder Solutions→

February 16, 2022

Accounting

Bridging the gap between tax and accounting rules: Cavanaugh / CrossBorder Solutions→

February 9, 2022

Accounting

What do you need to know about the valuation allowance? Telson / CrossBorder Solutions→

January 28, 2022

Accounting

UK sets out approach to global minimum tax implementation

January 11, 2022

The UK government on January 11 opened a consultation on how it plans to implement and administer within the UK the OECD model rules on the internationally agreed 15% global minimum tax; the consultation also considers the introduction of a UK domestic minimum tax, as well as . . .

Accounting

OECD’s ‘complex’ minimum tax rules have ‘major policy issues,’ BIAC says

January 7, 2022

In a January 6 letter to the OECD, business advisory group Business at OECD (BIAC) criticizes “significant policy inconsistencies” in the OECD’s global minimum tax model rules that it considers “potentially fatal” to their operation; moreover, it contends efforts must be made to . . .

Accounting

US finalizes tax rules for transition from interbank offered rates

January 3, 2022

The US Internal Revenue Service released final regulations on December 30 that provide that certain changes to debt instruments, derivative contracts, and other contracts to change the reference rate due to the discontinuation of the London Interbank Offered Rate (LIBOR) and other interbank offered rates will not result in a tax . . .

Accounting

Ireland consults on adoption of public country-by-country tax reporting

December 21, 2021

The Irish government is seeking input, through a consultation published December 20, on its implementation of the new EU directive requiring public country-by-country reporting of income tax information by certain large . . .

Accounting

US IRS tax overviews cover BEAT, deferred tax liability, and other topics

December 16, 2021

The US Internal Revenue Service on December 14 published five “practice units” describing the rules applicable to the base erosion and anti-abuse tax (BEAT) and other international tax topics, interest on deferred tax liability, and . . .

Accounting

US Senate draft of budget bill tweaks corporate tax provisions

December 13, 2021

US Senate Finance Committee Chairman Ron Wyden (D-Ore.) on December 11 unveiled his version of the House’s approved budget bill for consideration in the Senate, revising some corporate tax provisions adopted in the House version, including the corporate minimum tax and . . .

Accounting

Seychelles to amend business tax rates, expand transfer pricing capacity

December 9, 2021

The government of Seychelles plans to reduce its business tax rates beginning in January 2022, according to the national budget delivered November 12, and is working on other business and international tax reforms, including expanding transfer pricing . . .

Accounting

Zambian budget 2022 includes corporate income tax, transfer pricing changes

December 3, 2021

The Zambia Revenue Authority on November 5 published an overview of tax measures in the Minister of Finance’s 2022 budget address, including changes to the corporate income tax rate and amendments to transfer pricing regulations . . .

Accounting

FASB proposes amended disclosures relating to credit losses

November 29, 2021

The US Financial Accounting Standards Board (FASB) aims to expand information on certain loan refinancings, restructurings, and write-offs through a proposed Accounting Standard Update released on November 23 . . .

Accounting

FASB accounting standard update requires disclosure of government assistance

November 22, 2021

The US Financial Accounting Standards Board (FASB) on November 17 released an accounting standard update to require business entities to include information about certain types of government assistance that they receive in an annual disclosure in . . .

Accounting

OECD must engage business advisory group on tax deal implementation, BIAC asserts

November 18, 2021

Continued lack of engagement by the OECD with the business stakeholders represented by “Business at OECD” (BIAC) with respect to implementing rules for the OECD’s global tax deal will result in outcomes that are not administrable, according to a November 16 letter to OECD tax leaders from . . .

Accounting

Singapore withholding tax guidance clarifies payment date determination

November 15, 2021

The Inland Revenue Authority of Singapore, in a new e-Tax guide dated November 8, explains the determination of the date of income payments for purposes of withholding tax requirements for payments made or deemed made to non-resident persons . . .

Accounting

EU adopts public country-by-country reporting to deter corporate tax avoidance

November 11, 2021

The EU’s new requirement for multinationals to publicly disclose the amount of tax they pay in each EU country will become law following the approval by the European Parliament on November 11; multinationals will have to begin complying with . . .

Accounting

Ireland considers new tax measures for outbound payments

November 5, 2021

The Irish Department of Finance on November 5 launched a public consultation on the introduction of new corporate tax rules applicable to outbound payments of interest, royalties, and dividends; the measures would deny . . .

Accounting

FASB accounting update addresses revenue contracts with acquired customers

November 5, 2021

The US Financial Accounting Standards Board (FASB) on October 28 released an accounting standard update with guidance on the accounting of revenue contracts with customers that are acquired in a business combination, which is intended to . . .

Accounting

US budget bill tax provisions’ effective dates, rates, thresholds

November 3, 2021

Following a November 2 off-year election that many pundits consider an initial bad omen for the Democrats, Biden and the party continue to finalize the details – and secure the votes – for the signature portion of the President’s agenda, including several notable corporate and international tax . . .

Accounting

American Institute of CPAs suggests Congress reconsider corporate minimum tax

November 2, 2021

The corporate minimum tax included in the budget reconciliation bill would create undue complexity and alter financial accounting decision making, according to an October 28 letter from the AICPA to lead congressional tax writers, saying this type of tax . . .

Accounting

Canadian accounting board calls for more disclosures on tax and accounting differences

October 29, 2021

The Canadian Accounting Standards Board recommended to the International Accounting Standards Board (IASB) in a letter published October 26 that enhanced disclosure requirements are needed with respect to the relationship between tax expenses and accounting profits, responding to an . . .

Accounting

US tax plan shifts, with corporate minimum tax in, rate hikes out

October 27, 2021

Democrats appear poised to adopt for their budget bill a corporate minimum tax of 15% on the book income of the most profitable companies, with an updated proposal for such a tax released October 26 by . . .

Accounting

FASB issues accounting standard update on private company stock compensation

October 26, 2021

The US Financial Accounting Standards Board (FASB) on October 25 published an accounting standard update (ASU) on determining the current price of an underlying share for equity-classified share-based awards by private companies, responding to . . .

Accounting

European digital services taxes to stay for now, with offsetting credits, countries agree

October 21, 2021

Under an October 21 agreement between the United States and Austria, France, Italy, Spain, and the UK, the European countries can keep their existing digital services taxes in place pending implementation of Pillar 1 of the OECD global tax deal; however, multinational groups . . .

Accounting

European accounting group’s top priorities: intangibles, sustainability, crypto

October 14, 2021

The European Financial Reporting Advisory Group (EFRAG) on October 11 recommended to the International Accounting Standards Board (IASB) what it considers to be the highest priority projects for . . .

Accounting

US IRS again defers applicability of rules on foreign-currency branch income

October 12, 2021

On October 12, the US Internal Revenue Service announced that it would amend certain regulations on the taxable income of “qualified business units,” such as foreign branches, that operate in a foreign currency to delay their applicability for . . .

Accounting

Ireland 2022 budget’s tax changes include 15% corporate rate, new incentives

October 12, 2021

The Irish government’s Budget 2022, announced October 12, includes an increase in the corporate tax rate to 15% in line with last week’s OECD tax agreement, expanded relief for start-up companies, a new tax credit for . . .

Accounting

European accounting group comments on IASB draft subsidiary disclosure requirements

October 1, 2021

The European Financial Reporting Advisory Group (EFRAG) on September 30 published draft comments on the International Accounting Standards Board’s (IASB) July 26 exposure draft that would permit eligible subsidiaries to apply International Financial Reporting Standards (IFRS) with reduced disclosure requirements in their . . .

Accounting

US House budget bill would postpone R&D tax expensing change

September 29, 2021

The reconciliation bill that passed the House Budget Committee on September 25 includes an amendment to delay for four years the requirement for companies to amortize research and development (R&D) expenditures beginning in . . .

Emma Hinson Sims on The Pillar One blueprint — the potential future of international taxation and transfer pricing: “HAPPY BIRTHDAY TO A VERY SMART, BEAUTIFUL, YOUNG LADY ON JANUARY 13TH.” January 6 ,2024

David Valdez on US Tax Court resolves Whirlpool tax dispute involving Mexican maquiladora structure: “Greetings Whirlpool Mexico, I’m trying to contact someone involved with the decision making for transportation from all of your Mexican…” October 20 ,2023

Jose Dominguez on The new US international tax rules: what you need to know about GILTI, FDII, BEAT etc.: “Very informative article. Question. Do you have a software to compute these US International Calcs to make them in house?” April 12 ,2023

Ciro César Soriano de Oliveira on Danish High Court rules on beneficial ownership of dividends for tax purposes: “Dear Ms Susi, This article is immensely clarifying. I’d like to know whether Danish Supreme Court has already granted its…” March 24 ,2023

Ciro César Soriano de Oliveira on Danish High Court rules on beneficial ownership of dividends for tax purposes: “Dear Ms. Susi, This article is very clarifying. I wonder whether Danish Supreme Court has already granted its decision referred…” March 24 ,2023

May 19 – 20	Tax Council Policy Institute Conference	Washington, D.C.
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May 24	IFA Webinar Series Pillar Two: An Update	Virtual Event
Sept. 4 – 8	IFA Congress	Berlin