Treasury Department

The Internal Revenue Service and the Treasury Department have issued details about the withholding on the transfer of non-publicly traded partnership interests by foreign persons under the Tax Cuts and Jobs Act, along with guidance on the “transition tax” on the untaxed earnings of overseas subsidiaries of U.S. companies.

The European Union published proposals Wednesday for a 3 percent Digital Turnover Tax on the European B2B revenues of digital giants such as Google, Apple, Facebook, Amazon (termed GAFA in Europe), Uber and Airbnb.

The Treasury Department issued a strongly worded statement in response to a report from the Organization for Economic Cooperation and Development.

The Treasury recorded a $215 billion shortfall in February—its largest in six years—as revenue declined after passage of the Tax Cuts and Jobs Act.

The National Society of Accountants wants the Internal Revenue Service to provide a six-month extension for businesses to opt to be treated as S corporations for this year, arguing the current deadline of March 15 is too soon to make a decision given the uncertainty surrounding the new tax law.

Treasury Secretary Steven Mnuchin’s plan to fix a gaping loophole for hedge funds in President Donald Trump’s new tax law could face legal challenges.

The Internal Revenue Service’s announcement that it plans to issue regulations clarifying the limitations on carried interest aims to head off a flurry of activity aimed at getting around a provision of the Tax Cuts and Jobs Act.

The U.S. Department of Treasury and the Internal Revenue Service issued guidance seeking to close a loophole that hedge-fund managers had been trying to exploit to avoid paying higher taxes on carried-interest profits.

The American Institute of CPAs is sending an urgent request to the Internal Revenue Service and the Treasury Department, asking for “immediate guidance” on the definition of the term “qualified business income” for pass-through entities under the new tax law.

The Treasury Department has proposed to repeal nearly 300 tax regulations, many of which have become obsolete with the passage of the new tax law and earlier legislation, in some cases dating back to 1942.

Treasury Secretary Steven Mnuchin said the Internal Revenue Service will issue guidance within the next two weeks to prevent hedge-fund managers from dodging new tax rules on carried-interest profits.

The Internal Revenue Service and the Treasury Department announced changes Tuesday in the procedures for changing the accounting period of foreign corporations owned by U.S. shareholders subject to the transition tax under the Tax Cuts and Jobs Act.

President Trump reportedly plans to name Charles Rettig, a California tax attorney, as the next commissioner of the Internal Revenue Service.

The Treasury Department and the Internal Revenue Service have released a new notice giving multinational companies some extra guidance to help them calculate the “transition tax” on untaxed foreign earnings of foreign subsidiaries of U.S. companies under the Tax Cuts and Jobs Act.

The Treasury Department updated its strategy for the Internal Revenue Service in advance of the failure of negotiations to keep the government open.

U.S. Treasury Secretary Steven Mnuchin said he will work with the Group of 20 nations to prevent cryptocurrencies such as bitcoin from becoming the digital equivalent of an anonymous Swiss bank account.

The Internal Revenue Service released updated tax withholding tables for 2018 Thursday to reflect changes for the Tax Cuts and Jobs Act, amid warnings that the tables may not be accurate and will need further refinements.

Ranking Dems are worried the Internal Revenue Service might succumb to political pressure to make it appear that tax cuts are larger than they really are.

The Internal Revenue Service and Treasury Department will generally allow existing loans and other related-party transactions involving the overseas affiliates of multinational corporations to be taxed at the lower of two preferential rates, according to an official notice.

The Treasury Department’s inspector general is examining whether political considerations interfered with Secretary Steven Mnuchin’s promised analysis of the Republican tax proposal.