Tax

Taxpayers around the world lose at least $427 billion each year to individual tax evasion and multinational corporate profit-shifting, which undercuts public funding for a COVID-19 response, according to a new report.

In its annual report, the advisory council offered recommendations on 26 issues.

The top Republican and Democrat on the Senate Finance Committee said the Treasury Department “missed the mark” in new guidance that limits tax breaks for businesses that get their Paycheck Protection Program loans forgiven.

Drug money; Phoenix descending; stepping down; and other highlights of recent tax cases.

The Internal Revenue Service reminded taxpayers Thursday that they only have until Nov. 21 at 3 p.m. Eastern Time to register for an Economic Impact Payment of $1,200 or more.

The referral program is particularly timely in the age of COVID, as digitally enabled sales interactions have become twice as important as prior to the pandemic, according to a McKinsey report.

The guidance clears up the tax treatment of expenses when a loan from the Paycheck Protection Program hasn’t been forgiven by the end of the year.

The enforcement push comes after years of persistently low examination rates.

The pandemic is throwing a monkey wrench into plans for the Internal Revenue Service to reorganize itself to provide better taxpayer service.

Chris Rokos, who runs the hedge fund that bears his name, sued Deloitte and a U.S. law firm after 39.4 million pounds ($52 million) in tax relief was thrown out by U.K. authorities.