The European Commission has committed to tabling a proposal for a digital tax in October, whether or not an international agreement surfaces from OECD-led talks on new international tax rules for the world's largest firms.
The Hong Kong Government has said it is looking at potential measures to support the shipping industry following the decision by the US Government to terminate the two territories' agreement that exempted shipping industry income from tax.
The US Internal Revenue Service has issued a reminder to taxpayers who pay estimated taxes that they have until June 15 to pay their estimated tax payment for the second quarter of tax year 2021 without incurring a penalty.
Experts speaking at the UN's Economic and Social Council's annual Special Meeting on International Cooperation in Tax Matters concluded that the international community must do more to tackle tax base erosion and profit shifting and offshore tax evasion.
Pending further guidance that it intends to issue on the treatment of nonfungible tokens as collectibles, the IRS said that it will use a lookthrough analysis for determining if an NFT is a collectible.
National Taxpayer Advocate Erin Collins wrote in her blog post Thursday that Congress should allocate more money from the Inflation Reduction Act’s $80 billion budget infusion over 10 years for the IRS to taxpayer services and business systems modernization and less to enforcement and operations.
Tax practitioners have many questions about how to track and report the basis of digital assets, and no clear guidance exists. Here are tips from the AICPA Virtual Currency and Digital Assets Tax Task Force.
The IRS announced that it will soon be able to scan paper Forms 1040 and 941 instead of inputting them by hand. The acting commissioner describes the expansion as “another milestone” in the agency’s transformation.