Executive Summary The Organization for Economic Co-operation and Development’s (OECD’s) pillar two proposal includes three crucial tax rules intended to work with current tax laws worldwide. The Joint Committee on Taxation (JCT) and the Tax Foundation made predictions of the effect on US revenue given the adoption of pillar two both internationally and nationally. The … Continue reading
Tag Archives: Tax
The OECD and UN International Tax Proposals
Executive Summary The Organisation for Economic Co-operation and Development (OECD) has proposed an international tax agreement consisting of two pillars, aimed at taxing digital companies and preventing double taxation. The United Nations (UN) has proposed a potentially legally binding international tax code that rivals the OECD tax code. The implementation of one or both tax … Continue reading
ACA Made Easy: Individual Shared Responsibility
Since the Individual Mandate statute of the Affordable Care Act was enacted in January 2014, every American is accountable for an Individual Shared Responsibility* payment every year. Meaning, if you do not have health insurance, you will face penalties. While you may not see an actual summons, or pay a fine, the federal government enforces … Continue reading
Economy / Fiscal policy / Tax / Taxes
Zig-Zug: Fixing America’s Crooked Tax System
If you ask the mayor of Zug, a tiny Swiss suburb, what his town’s population is, he would likely give you the official estimate of 27,000. But a quick dive into Switzerland’s most recent census report reveals that Zug is also home to over 30,000 businesses. This means one of two things. Either each of … Continue reading
Economy / Regulation / Tax / Taxes
U.S. Businesses Dodging Taxes? IRS Pulls Reins Tighter
The Internal Revenue Service (IRS) and the U.S. Department of Treasury issued a Notice (Notice 2014-52) last Monday that would further their efforts to prevent U.S. companies from using an increasingly prevalent tactic known as inversion to lower their tax bill. Conventionally, an inversion is a negotiation in which a U.S. multinational company restructures with a foreign … Continue reading
The Dark Cloud Over the Medical Device Tax
The medical device industry currently consists of 8,000+ manufacturers and employs over 400,000 Americans. Over the last seven months, the industry has been subjected to a 2.3% excise tax on all medical device sales – not only profits. The tax has been a primary funding mechanism for the health care overhaul so far. The medical device industry … Continue reading
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