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
tax
Senators Urge Secretary Yellen to Expand IRS Regulation and Enforcement of Political Spending by 501(c)(4) Organizations
By Robert Lenhard & Susan Leahy on
Posted in Congressional Action, tax
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
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New Information Reporting on Beneficial Owners Included in 2021 NDAA
By Michael M. Lloyd & Pooja Shah Kothari on
Posted in tax
On Friday, January 1, 2021, the Senate voted to override President Trump’s veto of the 2021 National Defense Authorization Act (“2021 NDAA”) by a vote of 81 -13. The Senate’s override follows the House of Representatives’ override on December 28, 2020, and the 2021 NDAA is now law.
Included in Title LXIV of the 2021…
Outlook for Tax Legislation
By Ed McClellan on
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
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Reporting Donors’ Names to IRS No Longer Required for Certain Nonprofits Per Final Treasury Regulations
By Susan Leahy & Pooja Shah Kothari on
Posted in Compliance Issues, tax
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