USA econovical news

Countries Discuss Post-Pandemic Tax Agenda At UN Council Meeting

Experts speaking at the UN's Economic and Social Council's annual Special Meeting on International Cooperation in Tax Matters concluded that the international community must do more to tackle tax base erosion and profit shifting and offshore tax evasion.

Among other pressing topics, tax policy specialists and senior Government officials throughout the day-long meeting – which featured three…

BVI Rules Out New Taxes In 2021 Budget

The Government of the British Virgin Islands has announced that it will seek to boost tax collections by modernizing tax administration, not by imposing new taxes.

US Senate Passes 'Phase Three' COVID-19 Aid Package

On March 25, 2020, the United States Senate overwhelmingly approved the Coronavirus Aid, Relief, and Economic Security (CARES) Act, which represents the third package of financial aid measures to businesses and individuals affected by the coronavirus crisis and which includes numerous tax provisions to support businesses.

Here’s when your tax return could spark interest from the IRS

Just because the IRS is auditing fewer tax returns, don’t assume you can dupe the taxman.

GAO Finds Loose Oversight of Scholarship Tax Credits

The credits are the same type as those in a $5 billion federal proposal from Education Secretary Betsy DeVos.

IRS Grants Relief For US Persons Affected By Section 958 Repeal

On October 1, 2019, the United States Treasury Department and the Internal Revenue Service announced an administrative relief for certain US persons that own stock in certain foreign corporations.

HMRC faces legal fight for handing Britons' data to US tax officials

Case may have implications for British citizens born in US, who risk having accounts frozen

LLB-Switzerland Signs US Non-Prosecution Agreement

On August 5, 2019, the United States Department of Justice announced that Swiss bank LLB Verwaltung (Switzerland) AG has agreed to pay a penalty of USD10.6m to resolve a case in which it was accused of helping US clients to conceal income.

What Is the Roth IRA 5-Year Rule?

Withdrawing Roth IRA investment earnings before the account is five years old could trigger taxes and penalties.

IRS Opens US Compliance Assurance Program To Applicants

On June 14, 2019, the US Internal Revenue Service announced that it is looking for new applicants for the Compliance Assurance Process (CAP), a cooperative compliance program aimed at publicly traded corporate taxpayers.

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