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A Proposed Global Minimum Corporate Income Tax Rate

In mid-May, the Biden Administration officially threw its support behind a minimum global corporate income tax rate of at least 15%.  The US proposal would be limited to the world’s 100 largest companies – those with revenues of over $20 billion.  The proposal would not depend on the company’s nationality (the US has made clear … Continue Reading

Senators Urge Secretary Yellen to Expand IRS Regulation and Enforcement of Political Spending by 501(c)(4) Organizations

In a letter sent to newly confirmed Treasury Secretary Janet Yellen last Wednesday, Senators Sheldon Whitehouse and Elizabeth Warren called for renewed efforts to “rein in abuse by ‘dark money’ organizations” and urged Secretary Yellen to bolster the IRS’s “woefully inadequate” regulation and enforcement related to the political activity of 501(c)(4) social welfare organizations.  As … Continue Reading

Outlook for Tax Legislation

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 … Continue Reading

Reporting Donors’ Names to IRS No Longer Required for Certain Nonprofits Per Final Treasury Regulations

Certain tax-exempt organizations are no longer required to report to the IRS the names and addresses of donors on IRS Form 990, Schedule B, according to final regulations published on May 28, 2020.  Noncharitable organizations, such as 501(c)(4) social welfare organizations and 501(c)(6) trade associations, may report only the amounts received from each substantial contributor … Continue Reading
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