The Obama administration is exploring a variety of options in the tax code in an attempt to discourage companies from reincorporating overseas for tax purposes otherwise known as ‘inversion’. Each possible weapon the administration is considering has its own pros and cons, with no decision having been made thus far. […]
Category: Legislation
The Obama administration voiced its opinion in a letter to leaders of the congressional tax-writing committees over urging lawmakers to pass legislation that would limit U.S. companies’ ability to reincorporate overseas for tax purposes. In the letter, Treasury Secretary Jacob Lew encouraged that lawmakers “should enact legislation immediately…to shut down […]
Senators Ron Wyden (Oregon) and Carl Levin (Michigan) have announced that they are planning new legislation to fight corporate emigration to lower tax jurisdictions. Senator Wyden, the chairman of the tax-writing Finance Committee, views corporate flight to more tax friendly nations as “a serious symptom of our broken tax code […]
Earlier this year, the IRS began an effort to regulate unlicensed tax preparers with testing and continuing education requirements. Interest groups opposed to such regulation, however, halted that effort. Since then, groups vying for such regulation have pushed states to take up the mantle and regulate these unlicensed tax preparers […]
More U.S. taxpayers have either renounced their citizenship or returned their green cards in 2013 than ever before, primarily high net-worth individuals who sought to avoid higher taxes on income and capital gains. The major driving forces of the sharp increase are new changes to the tax law, including the […]
Thursday’s ruling by federal officials marks an historic turn for same-sex couples married in states that recognize their union. These couples will now be treated as married for federal tax purposes, no matter where they choose to live. Gay rights advocates applaud the ruling, but it could lead to complications […]
President Barack Obama will extend a new offer to congressional Republicans today in which he would back an overhaul of the corporate tax system in exchange for a guarantee that resulting one-time windfall be used to underwrite various job creation proposals in an attempt to break an impasse. He plans […]
Lines are being drawn and sides are being taken as Congress attempts to overhaul the corporate tax code. Corporate giants such as General Electric Co. and Microsoft Corp. are battling it out in hopes of influencing the debate. This decision will impact international companies significantly due to the drastic changes […]
In what was one of the two most anticipated cases in the Supreme Court’s docket this year (and arguably in many years), the Supreme Court ruled in United States v. Windsor that the federal Defense of Marriage Act (DOMA) was unconstitutional as it violated the Constitution’s Equal Protection and Due […]
In our first post about the impacts of the recent Supreme Court decision, United States v. Windsor, in which the federal Defense of Marriage Act (DOMA) was partially struck as unconstitutional, we discussed the fact that many surviving same-sex spouses may qualify for tax refunds for payments made on their […]