KPMG regularly compiles data on corporate tax rates around the world and organizes that data for its customers and member firms. The company recently shared data from the past ten years highlighting corporate tax rates organized by country, continent, and demographic or political region (such as Latin America, the European… Read more »
The law is clear: “If a taxpayer overpays its taxes, the IRS owes the taxpayer interest on that amount.”1 This obligation certainly characterized the Internal Revenue Service’s 2020 fiscal year, in which the IRS paid more than $3 billion of overpayment interest to taxpayers.2 This figure is just the latest…
Although they won’t officially be sworn in until the Annual Meeting of Members in August, we wanted to introduce you to the new TEI Executive Committee. Mitch Trager will be the new international president, Wayne Monfries will be senior vice president, Sandhya Edupuganty will be secretary, and Josie Scalia will… Read more »
In December, the president of TEI’s New York Chapter, Sheila Rao, was happy to award four scholarships to future tax professionals. We congratulate the following scholarship winners: Primrose Zvinavashe of the master’s program at Pace University, who also holds a JD from the university’s law school, was awarded the Jerry…
It has been an honor to lead the Institute this past year as TEI’s international president. I am proud of all the work we have accomplished in challenging circumstances. This year can be characterized by two notable developments: immediate, transformative change and a laser focus on the future strategic direction… Read more »
Countries in the Organisation for Economic Co-operation and Development (OECD) vary greatly in how tax revenue is generated. For example, although all OECD countries levy a corporate income tax, it typically raises far less revenue than other tax sources. Using the 2019 OECD average of 9.6 percent as a benchmark… Read more »
For years, governments around the world have called for changes to tax administration to prevent abusive tax avoidance and tax evasion. The need for change has been driven in part by the increasingly globalized economy, where cross-border activities and transactions are the norm rather than the exception. The Organisation for…
Most state taxpayers would prefer to litigate state and local tax cases in federal courts. However, disputes over state and local taxes are almost always decided by state courts. Although litigation in state court may seem natural and obvious to most state tax professionals, it is somewhat odd given the…
Since Linda Kim was young, she knew she would go into accounting because of her father. She fought it for a while, thinking she might become a teacher. However, after working with her father one summer, she decided to follow his advice: If she pursued a career in accounting or… Read more »
One of the California Franchise Tax Board’s1 guiding principles is to “administer the Revenue and Taxation Code . . . and be vigorous in requiring compliance with the law.”2 Our decades-long experience with California tax controversy provides perspective on the FTB’s vigor for compliance. This vigor is never more apparent…
