Corporate taxes

Richard Branson moved assets from the U.S. to the British Virgin Islands, highlighting his use of tax havens at a time one of his businesses sought a state bailout because of the coronavirus pandemic.

The measure contains tax relief for both businesses and individuals, and other stimulus measures.

Large retailers like Walmart Inc. and Target Corp., as well as student loan borrowers, are on a long list of potential winners from tax breaks included in a $2 trillion coronavirus relief bill approved by the Senate.

Days of negotiations between the Trump administration and Congress — and fierce lobbying by industries eager for assistance dealing with the coronavirus outbreak — has yielded a rescue package worth more than $2 trillion in spending and tax breaks.

The decision means companies and subsidiaries will want to establish clear tax allocation agreements.

Some common planning techniques have emerged to maintain favorable IP tax rates.

White House officials are discussing temporarily allowing cash-strapped airlines to keep some taxes and fees they collect from passengers as a way to help as travel plummets due to the spread of coronavirus.

The region with the highest taxes in the world is weighing how to use them in the fight against climate change.

The Tax Cuts and Jobs Act made the most far-reaching changes in the Tax Code in over 30 years, but it’s far from the last word on tax reform.

The Internal Revenue Service is confronting challenges with administering and ensuring compliance with the business provisions of the Tax Cuts and Jobs Act, although it has made a considerable amount of progress in implementing them, according to a new government report.

A congressional explanation unearths an overlooked benefit from tax reform.

European finance chiefs arrived at a meeting of their global peers in Riyadh demanding the urgent creation of a new global tax system for the 21st century that would capture the profits of tech multinationals. U.S. Treasury Secretary Steven Mnuchin responded: it’s not that simple.

A group of Democrats in the House and Senate has introduced legislation that would require large multinational corporations to provide country-by-country financial reports indicating whether they are using offshore tax havens.

Mark Zuckerberg for the first time said he supports efforts to create a global digital tax that would ultimately raise the amount Facebook Inc. pays to foreign countries, in a move that may boost efforts to put a new levy in effect by year-end.

Sen. Ron Wyden, D-Ore., the top Democrat on the Senate Finance Committee, and Sen. Sherrod Brown, D-Ohio, have introduced legislation to block the Treasury Department from providing a way for multinational corporations to choose the lowest available tax rate.

Updating global tax rules could boost government revenue by as much as $100 billion, the Organization for Economic Cooperation and Development said Thursday in an effort to spur complex negotiations between world powers.

The court is set to rule whether a parent company or a subsidiary can claim the money.

The sharp divergence between Republicans and Democrats over the 21 percent corporate income tax rate was on display Tuesday at the House Ways and Means Committee as Democrats began making the case for a large increase should their party succeed in November’s elections.

One way for C corporations to reduce taxable income is to utilize an interest charge – domestic international sales corporation (IC-DISC). However, when dealing with C corps, it is imperative the IC-DISC’s ownership structure is correctly established at the onset.

Grant Thornton compares the contenders’ proposals in four categories.