Wyden Releases Plan to Overhaul International Tax Code

Senate Finance Committee Chairman Ron Wyden (D-OR) released draft legislation to overhaul parts of the U.S. international tax code as part of the $3.5 trillion social spending package currently taking shape in Congress. The tax changes, which Wyden said would ensure “mega-corporations pay their fair share,” would undo key tax breaks from the 2017 GOP… Read more »

Ending ERTC Early Could Overtax IRS, Group Says

A provision in the Senate-passed infrastructure bill to end the employee retention tax credit (ERTC) after September will put strain on an already under-resourced IRS, according to the Professional Managers Association. The bill would end the ERTC on Sept. 30 instead of the current Dec. 31 expiration date, raising an estimated $8.2 billion to help… Read more »

OECD Expects Global Tax Deal in October

Despite growing expectations in Europe, the outgoing head of the Organization for Economic Cooperation and Development (OECD) said Monday that a global deal to make multinational corporations pay more in the countries where they operate might not come until October. The OECD has been trying to reach agreement among nearly 140 countries on a global… Read more »

G7 Nations Close on Global Digital Tax Deal

European leaders expressed confidence this week that an agreement on new global tax rules is imminent, with G7 nations set to throw their weight behind a U.S. compromise on taxing large multinational corporations. The Biden administration last month pitched a compromise to counterparts around the world that would apply new global tax rules to no… Read more »