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.
IRS Commissioner Danny Werfel said Thursday that the effort will begin with compliance letters going out to high-income taxpayers in 125,000 cases where third-party information indicated federal tax returns have not been filed since 2017.
The Service said that U.S. withholding agents are administratively exempt from the requirement to e-file Forms 1042 during calendar year 2024, while foreign agents are exempt in calendar years 2024 and 2025.
Under the Sec. 6417 direct-pay election, tax-exempt organizations, including not-for-profits and governmental agencies, can claim certain energy credits on their federal income tax returns, but to claim them for 2023, the direct-pay election must be made on a timely filed 2023 federal income tax return.
Practitioners must weigh applicable professional standards and exercise due diligence in assessing whether a taxpayer claiming an employee retention credit must amend one or more income tax returns to reduce deductions of wages for which the credit was claimed.