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Vice President Biden campaigned on a number of tax proposals:

  • Raise the corporate rate from 21% to 28% “on day one”
  • Increase the Global Intangible Low Taxed Income rate from 10.5% to 21%
  • Create a new corporate alternative minimum rate of 15% on financial statement income over $100 million
  • Increase the top individual rate and

Earlier this week, the IRS issued long-awaited proposed regulations under Section 162(m) of the Internal Revenue Code.  Our colleagues at Covington’s Tax Reporting & Withholding Blog published a comprehensive summary and analysis of the proposed regulations.  As you will see, the proposed regulations fell short of proposing workable solutions for public companies wrestling with the

With the recent plethora of new tariff measures aimed at imports of steel, aluminum, solar panels, aircraft, and a wide array of products from China, tariffs are affecting the bottom lines of American companies in a way not seen in decades.  For importers seeking tariff mitigation options, a window of opportunity has just opened.  In

On 19 September 2018, the European Commission (“Commission”) issued a press release declaring that Luxembourg did not provide illegal State aid to McDonald’s with regards to two tax rulings that resulted in double non-taxation of franchise profits in Luxembourg. The Commission’s three-year-long in-depth investigation established that Luxembourg had merely acted in compliance with its national

In a significant and unexpected development, the U.S. Treasury Department announced yesterday that certain nonprofits — including trade associations and 501(c)(4) social welfare organizations — would no longer be required to disclose the names and addresses of their donors on the annual “Form 990” they file with the Internal Revenue Service. Although the IRS already

On April 26, 2017, Treasury Secretary Steven Mnuchin and National Economic Council Director Gary Cohn introduced the Trump Administration’s tax reform proposal (the “Trump Proposal”) in a briefing. The proposal appears to borrow heavily from the tax reform plan put out by Mr. Trump during his presidential campaign with the significant exception that this reform

President-elect Trump’s expressed interest in possibly raising tariffs on imported goods has prompted considerable effort in trying to understand the scope of Presidential authority to raise tariffs. While the Congress has primary authority to set tariffs and the U.S. has made extensive international commitments to not raise tariffs, President-elect Trump will have a degree of

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