International Tax News

International Tax Reform

International Tax Reform: Where Do We Stand? By: Anita Anand, JD From the time proposed legislation on tax reform was initially introduced, discussions surrounding those proposals and their impacts began and have continued since. Almost seven months after the enactment of the Tax Cuts and Jobs Act (TCJA), one would think that we would have…

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C Corporation vs. Pass-Through Entity

Should Your Business Be a C Corporation or a Pass-Through Entity? The Tax Cuts and Jobs Act (TCJA) introduced a flat 21% federal income tax rate for C corporations for tax years beginning in 2018 and beyond. Under prior law, profitable C corporations paid up to 35%. This change has caused many business owners to…

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IRS Determines Housing Cost Allowances

IRS Determines Housing Cost Allowances for High-Cost Cities   In Notice 2018-33, the IRS has announced 2018 adjustments to the limitation on housing expenses under the housing cost exclusion for specific locations. The guidance further provides that some taxpayers may elect to apply the 2018 limitation for tax years beginning in 2017. The excludable housing…

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Preponderance of Evidence Enough to Prove FBAR Violation

FBAR Violation Can Be Proven by a Preponderance of Evidence, Court Rules The U.S. District Court of Connecticut has held that the IRS may prove that a taxpayer failed to timely file a Foreign Bank and Financial Accounts Report (FBAR) by a “preponderance of evidence” — rather than a higher “clear and convincing” standard. The…

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Coca-Cola Challenges Huge Tax Bill

Coca-Cola’s Challenge to Huge Tax Bill Is Closely Watched The Coca-Cola Company is disputing a $3.3 billion tax bill related to transfer pricing. The case in U.S. Tax Court is being watched by tax experts and is considered a sign of increasing tension between tax authorities around the world and multinational corporations. According to media…

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