Senate Passes Financial Reform Bill Affecting Tax Treatment of Derivatives

The Senate voted 59-39 late May 20 to pass its version of a financial regulation reform bill that could have an adverse and unintended tax impact on…

House Ways and Means Chair Levin Unveils Amendment to Stop Banks from Impeding U.S. Tax Enforcement Efforts

Sen. Carl Levin (D-Mich.) May 11 introduced an amendment to the Senate financial regulatory reform bill (S. 3217) that would provide the Treasury Department broad new authority to…

Foreign Tax Credit Crackdown Seen as Possible Offset for Extenders Bill

House Ways and Means Committee member Chris Van Hollen (D-Md.) said May 5 lawmakers are looking at taxation of carried interest and a crackdown on misuse of the foreign tax credit as…

IRS Focused on Global Issues, Greater Cooperation, Transparency, Former Deputy Commissioner Says

Taxpayers can expect a sharp focus on global issues at the Internal Revenue Service going forward, marked by closer relationships with other taxing authorities, an…

ANALYSIS: Tax Administration Without Borders: Navigating the Changing Global Tax Controversy and Risk Management Landscape

Mark Weinberger, Bob Brown, and Deborah Nolan write that tax policy and tax administration are undergoing monumental changes, with more on the horizon…

BNA INTERVIEW: International Tax Landscape Shaped by Globalization, Shifting Economy, Ex-IRS Official Says

Deborah Nolan, former commissioner of IRS’s Large and Mid-Size Business Division and currently with Ernst & Young LLP, tells BNA that…

Administration Will Take Close Look at Subpart F, Foreign Tax Credit, Officials Say

SAN ANTONIO—Treasury International Tax Counsel Manal Corwin Jan. 22 said the administration will take a close look at Subpart F and the foreign tax credit in the…

Obama Memo Blocks Delinquent Contractors from Receiving New Federal Contracts

President Obama Jan. 20 issued a presidential memorandum that directs the Office of Management and Budget, the Treasury Department, and other federal agencies to take steps to block contractors who are delinquent on their taxes from receiving…

2010 OUTLOOK: Heightened Scrutiny of Transfer Pricing to Continue Worldwide; Official Says Simultaneous Audits ‘on the Doorstep’

Tax authorities in 2010 will continue heightened scrutiny of intercompany transactions and, after successes with information sharing through the Joint International Tax Shelter Information Centre, are expected to…