United States

The Tax Exchange - July 2017

Avoiding IRS penalties: Substantial compliance with foreign returns

TAX BLOG

Avoiding IRS penalties: Substantial compliance with foreign returns

Years ago it was not unheard of for taxpayers to file their international information returns with the entity’s name, maybe a foreign tax ID number, and “financials available upon request.” To be clear, this approach does not work today.

  • July 06, 2017
EU value added tax refund potential for pharmaceutical companies

TAX BLOG

EU value added tax refund potential for pharmaceutical companies

A recent opinion by the Advocate General (AG) for the European Court of Justice (ECJ) opens the door for pharmaceutical companies to potentially claw back previously charged value added tax (VAT).

  • July 20, 2017
International tax reform, where do we stand?

TAX BLOG

International tax reform, where do we stand?

Fall is around the corner and Congress’ progress on tax reform leaves much to be desired. Earlier in the year we were hopeful for comprehensive tax reform in 2017, now we are cautiously optimistic for even a minor reform package to come by the end of 2018.

  • July 26, 2017
Tax Court tosses aside IRS guidance

TAX BLOG

Tax Court tosses aside IRS guidance

The Tax Court recently ruled that the redemption of a foreign person’s interest in a U.S. partnership was neither U.S. source income, nor income effectively connected with a trade or business. As a result, the taxpayer was largely not liable for U.S. tax.

  • July 31, 2017
Seattle creates waves by passing tax on high-income earners

TAX BLOG

Seattle creates waves by passing tax on high-income earners

In what Mayor Ed Murray has called a “new formula for fairness” and a challenge to the state’s “antiquated and unsustainable tax structure,” Seattle recently became the first local jurisdiction in Washington state to pass an income tax when it was approved by city council and signed by the mayor in mid-July.

  • July 28, 2017