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Global tax avoidance costs countries $427B each year: Report

Taxpayers around the world lose at least $427 billion each year to individual tax evasion and multinational corporate profit-shifting, which undercuts public funding for a COVID-19 response, according to a new report.

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IRS changes procedure for reporting tax shelters

The Internal Revenue Service is temporarily allowing taxpayers who engage in so-called “reportable transactions,” typically tax shelters, to fax the Form 8886 for initially disclosing them to the IRS instead of mailing in the form.

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IRS finalizes regs on BEAT for multinationals

The Internal Revenue Service released final regulations for the base erosion and anti-abuse tax that is supposed to discourage multinational corporations from shifting profits overseas.

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