NEW: @cady_stanton, @KatieLobosco, and @jtcurry005 discuss updates on the biggest tax issues of the year, including the expiring Affordable Care Act credit and the Trump administration's recent tariff and trade announcements. 👇 https://t.co/owmprurej0
Accounting and law firms say the most feared piece of tax legislation now before Congress is an outsourcing excise tax proposed by a nontaxwriting freshman senator. Details from @doug_sword and @jtcurry005: https://t.co/OofGbopUTm
The tax guidance multinational corporations and international tax practitioners want to see most has nothing to do with the sweeping new tax law that was just enacted.
Read more from @jtcurry005: https://t.co/wtDgQIv9ar
After months of productive dialogue with other countries on the OECD Global Tax Deal, we will announce a joint understanding among G7 countries that defends American interests. President Trump paved the way for this historic achievement. On January 20, the President issued two Executive Orders instructing Treasury to defend U.S. tax sovereignty, and as a result of President Trump’s leadership we now have a great deal for the American people.
Employees are increasingly on the move in the wake of the COVID-19 pandemic, and observers say the OECD is well placed to design templates to make it easier for countries, companies, and employees to determine tax residency.
@jtcurry005 has the story: https://t.co/47BVkqm1nN
I talked to @jtcurry005 about the Senate bill.
On § 899/BEAT, especially in the Senate's version, Japan is the first big test case of Congress's strategy.
Japan, if cooperative, would go from a really punitive regime to one much nicer than current law.
I shared my thoughts with @jtcurry005@TaxNotes on the ill-advised Senate international tax bill that would cut taxes even more for foreign profits of American corporations.
Why are Republicans doubling down on the America-last tax code?
https://t.co/LvDaVKV1Sb
Your 👀stat of the day, from TIGTA. Just from the probationary firings and first deferred resignations, the IRS lost 31% of its revenue agents (auditors).
https://t.co/0dsBB0ZpwW
DID I CRACK IT?
I think I figured out at least a chunk of the math.
It's trade deficit divided by their exports.
EU: exports 531.6, imports 333.4, deficit 198.2. 198.2/531.6 is 37, close to 39.
Israel: exports 22.2, imports 14.8, deficit 7.4. 7.4/22.2 is 33.
The @nytimes asked budget experts for analogies to help explain the technical trick Congressional Republicans are trying to use to pretend their tax cuts won't increase the debt -- using a "current policy" baseline.
A couple of my favorites from @MarcGoldwein & @JessicaBRiedl
Some tax folks celebrate the IRS cuts on the grounds of reduced audit risk. Nobody likes being audited, but there are trade-offs.
If you have a self-reporting system, you need an exam function.
1/7
@ragingbullstx@Ike_Saul That's incorrect - probationary employees like myself who were laid off aren't eligible for severance.
The only ones getting severance are those who accepted the Fork in the Road buyout offer while the brief window was open, which was highly suspect at the time.
@VaRailExpress Is there no way to issue a notification through the VRE app? I had no idea my morning train wasn't going to be running this morning, which disrupted my morning a bit.
Well folks, I'm starting a new chapter: Yesterday marked my final day at @TaxNotes -- 7 years as a reporter, 8 years total.
Next week, I'll be starting a new job at the IRS on their public affairs team here in DC.
I'm gonna miss this place and all the wonderful people here!