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Apple’s tax credit eases €13bn bill
Apple is set to record a U.S. foreign tax credit of $4.8bn, which will help mitigate the impact of a €13bn ($14.2bn) tax obligation to Ireland following a recent EU court ruling. The total amount owed to Ireland is $15.8bn, but this will be reduced by the foreign tax credit and a decrease of $823m…
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PwC Australia under police scrutiny
Police have launched an investigation into PwC Australia’s Sydney office as part of a tax scandal inquiry. Chief executive Kevin Burrowes informed partners to anticipate law enforcement presence at the site to review files. The investigation, which began in 2023, focuses on historical tax matters and individuals who have departed from the firm. According to…
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Tax codes can combat climate change
Amy Hanauer emphasizes the potential of federal, state, and local tax codes as tools for creating a climate-resilient America. She argues that a modernized tax code should discourage emissions and promote lower-carbon designs, particularly in transportation, which accounts for about 25% of U.S. greenhouse gas emissions. Hanauer notes: “We should use this moment to make…
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Flood relief: IRS extends tax deadlines
Individuals and businesses in Juneau, Alaska, affected by flooding on August 5, 2024, now have until May 1, 2025, to file federal tax returns and make payments. The IRS provides relief to areas designated by the Federal Emergency Management Agency, including Juneau. This extension applies to various filing and payment deadlines, allowing affected taxpayers to…
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Crypto taxes: States take the plunge
Several states, including Colorado, Utah, Louisiana, Ohio, and Arizona, are beginning to accept cryptocurrency for tax payments. However, challenges such as price volatility, regulatory issues, and security risks remain. As Sharon Yip, co-founder and CEO of Chainwise CPA, notes: “States could turn cryptocurrency into a viable payment method by using stablecoins.” To address these challenges,…
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How the presidential election could transform corporate tax policies
As the 2024 presidential election approaches, significant changes may be on the horizon for corporate tax policies, with Republicans and Democrats offering divergent paths that could reshape the business landscape. Republicans propose reducing the corporate tax rate to 15%, preserving the 100% bonus depreciation provision, and fully reinstating R&D expense deductibility to promote U.S. investment…
