USA econovical news

IRS To Close Carried Interest Loophole, Says Mnuchin

The Internal Revenue Service (IRS) will issue guidance soon to close a tax loophole that is said to be enabling hedge fund managers to access lower rates of tax reserved for carried interest.

IRS Issues Filing Tips Ahead Of Busy Tax Season Period

The Internal Revenue Service (IRS) has offered taxpayers several tips and time-saving resources, in anticipation that there will be a surge in filing activity during President's Day weekend (February 17-19).

Tax Agencies To Discuss TP Proactively With Willing MNEs

The OECD has recently launched a new program – the International Compliance Assurance Programme – being spearhead by the Forum on Tax Administration that is aimed at providing assurance to multinationals with regards to their transfer pricing (TP) affairs.

Swiss Taxpayer Wins US Tax Treaty Refund Dispute

The United States District Court for the District of Columbia on January 31 ruled in favor of Starr International Company in a case concerning an erroneous refund paid to the taxpayer, which the IRS sought to reclaim.

US Tax Reforms To Boost Global Growth

Tax reform in the US could drive up the global economic growth rate to 3.9 percent, according to new estimates from the International Monetary Fund (IMF).

US Congress Approves Tax Reform Bill

The United States House of Representatives has approved the final version of the Tax Cuts and Jobs Act (TCJA), paving the way for President Trump to sign the changes into law, although this final act may be delayed until the New Year.

Senate, House Reach 'Agreement In Principle' On US Tax Bill

House and Senate Republicans have reportedly reached an "agreement in principle" on a final tax reform bill, with a final proposal expected to be placed before President Trump by Christmas.

Court Approves US Tax Agency's Request For Coinbase User Data

A US court has agreed that cryptocurrency trading platform Coinbase must share information about its customers with the Internal Revenue Service.

Varadkar Expects Progress On Apple Tax Case

Irish Prime Minister Leo Varadkar has said that he expects progress to be made on the collection of the EUR13bn (USD15.3bn) in alleged illegal state aid owed by Apple.

ATR Warns Against US Carried Interest Tax Increase

US lobby group Americans For Tax Reform (ATR) has raised the issue of capital gains tax, an area not covered by the Republicans' proposed Tax Plan, warning that a tax on carried interest could stifle economic growth.

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