Tax regulations

The biggest deal in drug industry history is dead. Pfizer Inc. and Allergan Plc terminated their $160 billion merger on Wednesday after the U.S. government proposed regulations to crack down on corporate tax inversions, stymieing New York-based Pfizer’s long effort to get out from under the highest corporate tax rate in the developed world.

President Barack Obama issued a forceful denunciation of companies that shield profit overseas through corporate inversions, praising new rules that would curb what he called one of the U.S. tax system’s most insidious loopholes.

As the U.S. took tougher steps Monday to limit the tax-cutting power of corporate inversions, analysts said the new rules may put a planned $160 billion merger between Pfizer Inc. and Allergan Plc in jeopardy.

The Treasury Department issued temporary regulations to curb corporate tax inversions while continuing to call on Congress to pass legislation to limit the ability of companies to merge with foreign partners to avoid taxes.

Banks that deal with international tax reporting are facing a slew of upcoming deadlines and regulations.

Donald Trump and Ted Cruz oppose a carbon tax, putting them in league with the Republican National Committee on the issue but at odds with some oil companies and economists who view a levy on those heat-trapping emissions as an effective way to combat climate change.

The Internal Revenue Service has issued guidance updating the limitations on depreciation deductions for new automobiles.

It’s March and the college basketball tournament season is upon us. It is estimated that over $12 billion will be wagered on the NCAA tournament (compared with $10 billion on the Super Bowl).

The roughly 8 million Americans who live abroad automatically get a couple additional months each year to file their taxes. Don’t expect them to be grateful.

Kerri Swope of Care.com HomePay discusses Nanny Taxes and why families should be concerned about them.