Corporate taxes

A fresh initiative in the U.S. Senate to put a tax penalty on big companies as a way of forcing higher minimum wages prompted a skeptical reaction among economists including a top adviser to former President Barack Obama.

The uncertainties in the year ahead are making it difficult for corporate tax executives to decide exactly what to do, given the challenges surrounding COVID-19.

Two Senate committee chiefs are looking at ways to raise taxes on companies paying workers less than $15 an hour, as part of a new strategy to include President Joe Biden’s push to boost the minimum wage to that level in his COVID-19 aid bill.

Senate Majority Leader Chuck Schumer is weighing adding a provision to the $1.9 trillion COVID-19 relief plan that would put a penalty tax on big companies that don’t pay workers at least $15 an hour, a Democratic aide said on condition of anonymity.

Corporations are starting to buy digital assets like Bitcoin to bolster their treasuries, but the volatility in prices could put a dent in their balance sheet.

Governments around the world are confronting budget deficits due to the COVID-19 pandemic and corporate tax leaders are worried about higher tax assessments, double taxation, penalties, interest and surcharges.

House Democrats are proposing two pieces of legislation that would also provide more funding for the Internal Revenue Service.

Amid regulatory change, margin pressure and technological shifts, private equity firms need to rethink their approach to tax and finance functions. Petter Wendel, EY global tax private equity leader, shares how based on findings from the 2020 EY Tax and Finance Operate Survey.

Illinois Governor J.B. Pritzker is seeking to cut spending and end some corporate tax breaks to help close the worst-rated state’s nearly $3 billion deficit in the coming fiscal year.

Tax professionals rate which of the president’s proposals they expect to see him pursue.