Taxes

Now that McDonald’s has agreed to pay France a blockbuster €1.25 billion in back taxes and fines, labor unions are calling the settlement a success for union activism in the corporate tax space. The story dates back to 2015, when a coalition of European and U.S. labor organizations (the European Federation of Public Service Unions;

On June 21, 2022, the Supreme Court of the United States (SCOTUS) granted a writ of certiorari in the case of Bittner v. United States. The case is expected to settle, once and for all, whether penalties for not filing an annual Report of Foreign Bank and Financial Accounts (FBAR) apply per form or per

Share to Facebook Share to Twitter Share to Linkedin Rising interest rates are setting the stage for several crises around the world. This segment of What’s Ahead lays out why there’s a really big one brewing with the Japanese yen. For years Japan has been defying economic laws of gravity: a stagnant economy, government spending

Marie-France Dompierre of Davies Ward Phillips & Vineberg LLP discusses how Canada taxes professional athletes who aren’t Canadian residents. This transcript has been edited for length and clarity. David D. Stewart: Welcome to the podcast. I’m David Stewart, editor in chief of Tax Notes Today International. This week: athlete taxes, eh? With the Stanley Cup

Share to Facebook Share to Twitter Share to Linkedin Planning to buy an electric vehicle? Your net cost could depend on how successful the lobbyists of General Motors GM , Toyota, Ford and Chrysler parent company Stellantis are and whether West Virginia Senator Joe Manchin is ready to strike a deal with his fellow Democrats.

If you failed to report a foreign bank account but were not willful, which is a reasonable IRS penalty, $50,000 or $2.72M? The Supreme Court has announced that it will decide, considering the non-willful FBAR violations in Bittner v. United States, No. 21-1195. The Court is expected to clarify whether non-willful foreign bank account reporting

I think we’re going to see a new era in how we manage this type of thing. My hope is people are going to give more thought to the importance of carrying inventory and safety stock so that we can survive some of these disruptions, especially around critical commodities. — Professor Willy Shih, April 23

The employee retention credit (ERC) started out slow but keeps going strong, even to the present day. When it was first enacted on March 27, 2020 as part of the CARES Act, it received little fanfare because taxpayers that received a forgivable loan under the paycheck protection program (PPP) were prohibited from claiming the ERC.

Share to Facebook Share to Twitter Share to Linkedin Do-it-yourself labor has powerful economic forces at its back. You can participate—or invest. I broke the mirror on my pickup. To replace it (parts, labor, tax) my friendly dealer wanted $431. There would be a wait, because the parts would have to be ordered and openings

If you are eligible for trader tax status (TTS), consider setting up a trading business to maximize tax benefits. Some traders benefit from an LLC; others don’t need one. Deduct trading business expenses. Elect Section 475 MTM for exemption from wash sales and the capital loss limitation. Be eligible for a 20% qualified business income

Today’s Social Security column addresses questions about how and when Social Security determines someone to have turned 62, filing for retirement benefits at FRA before later spousal benefits and retroactive retirement benefits before survivor’s benefits. Larry Kotlikoff is a Professor of Economics at Boston University and the founder and president of Economic Security Planning, Inc.

As workers, employers, and analysts try to understand the pandemic-induced increase in working from home, there’s a vigorous debate on remote work with economists like Adam Ozimek, Matthew Kahn, and Nicholas Bloom arguing the data show a major change. Although we don’t know the long term implications of these trends, some popular commentators may be

It must be hard to be Rick Scott. The junior senator from Florida began the year with an ambitious bid for party leadership among his fellow Republicans, releasing an “11-Point Plan to Rescue America.” For his effort, Scott received a vigorous, bipartisan spanking. It lasted for months, ending only last week when Scott agreed to

Share to Facebook Share to Twitter Share to Linkedin Republicans look set to take both houses of Congress this November and to win the White House in 2024. This episode of What’s Ahead deals with a critical question: Will the GOP squander its opportunities the way Boris Johnson and his Conservative Party-controlled government have done

IRS Forms 1099 allow computer matching of Social Security numbers and dollar amounts paid. That makes it possible for IRS collection efforts to be streamlined and automated. Failing to report a Form 1099 on your tax return (or at least to explain it) is likely to get you an IRS notice in the mail asking

The IRS has released its “Dirty Dozen” tax avoidance and fraud list for 2022, consisting of heavily promoted transactions likely to attract IRS scrutiny, consumer-focused fraud, and activities targeting high-net-worth individuals. “Dirty Dozen” activity tends to be most prevalent during the filing season. The IRS has compiled the annual list for more than 20 years

Today’s Social Security column addresses questions about how filing early can affect benefits for a spouse, whether an ex’s state pension can reduce divorced spousal benefits and when spousal benefits can become available. Larry Kotlikoff is a Professor of Economics at Boston University and the founder and president of Economic Security Planning, Inc. See more

Topline Mortgage rates have surged higher this week as markets digest more aggressive interest-rate hikes from the Federal Reserve, and with the average 30-year fixed mortgage rate hitting its highest level since 2008, experts warn that warning signs in the housing market could spell trouble for the broader economy. Key Facts The average interest rate

Raymond Stahl of Ernst & Young discusses concerns about the final regulations for claiming foreign tax credits, particularly how they affect creditability, withholding, and treaty benefits. This transcript has been edited for length and clarity. David D. Stewart: Welcome to the podcast. I’m David Stewart, editor in chief of Tax Notes Today International. This week:

The European Commission’s appeal in the high-profile case concerning selective aid allegedly granted by Luxembourg to subsidiaries of Amazon.com may cast light on the murky role of the burden of proof in state aid cases. The decision in Luxembourg v. European Commission and Amazon EU Sàrl and Amazon.com Inc. v. European Commission, joined cases T-816/17