Many of today’s family offices began as the back office of a privately held company. In such companies, tax department staff members often provide services to the company’s owners and become indispensable. As a result, long after the operating business is gone, the back office lives on in the form… Read more »
Refund claims for open tax years are an often overlooked opportunity to ensure that a taxpayer takes advantage of tax benefits to which it is entitled. The recent tax reform legislation makes refund claims more valuable, particularly for tax benefits that will be reduced or eliminated beginning in 2018. It…
Compared with the thirty-four other countries in the Organisation for Economic Co-operation and Development (OECD), until recently the United States boasted the highest corporate tax rate, but with the signing of the Tax Cuts and Jobs Act of 2017 in December, the United States significantly lowered its rate from thirty-five… Read more »
TEI’s Philadelphia Chapter recently held its annual wine tasting and KPMG continuing education event at Grace Winery in Glen Mills, Pennsylvania. KPMG opened the event with an excellent, informative CPE program on the federal tax reform initiative underway in Washington, D.C., and financial reporting. After the CPE program, members adjourned…
The Cincinnati-Columbus Chapter held its 2017 Student Night on Monday, November 13. James D’Ippolito, the Chapter’s academic committee chair, awarded scholarships to students from the University of Dayton, Xavier University, Northern Kentucky University, Ohio State University, and Capital University. On Student Night, a longtime tradition of the Cincinnati-Columbus Chapter, scholarships…
On December 5 and 6, a delegation including members of TEI’s Canadian income tax and Canadian commodity tax committees assembled in Ottawa for TEI’s annual liaison meetings with representatives of the Canada Revenue Agency and the Department of Finance. This year’s meetings featured robust agendas covering a range of tax… Read more »
On December 18, 2017, State Tax Notes honored TEI’s role in a joint industry task force working to create a model revenue agent report (RAR) statute, which State Tax Notes featured as its “Project of the Year.” The task force, comprising representatives from TEI, the American Bar Association’s state and… Read more »
The competent authority procedure is a dispute resolution mechanism available to taxpayers facing cross-border disputes under an applicable tax treaty. The taxpayer may invoke this procedure to require the tax administration’s competent authority function to “endeavor” to resolve the dispute by “mutual agreement” with its counterpart in the treaty partner…
March Madness puts most of us in mind of the NCAA basketball tournament. But Washington offers March madness of a wholly different sort, one that stretches the bounds of unpredictability far beyond the usual debt ceiling dance or legislative cliffhangers. “Fake news” and “hyperbolic opinion” have become the new normal.… Read more »
For the past quarter century the same legal framework and economic incentives have driven how multinational corporations structure their supply chains. Relatively high U.S. corporate rates incentivized companies to locate valuable assets and operations in lower-taxed jurisdictions; the United States’ worldwide tax regime incentivized retaining and reinvesting those earnings outside…
