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Features Latest News
US Study Compares Worldwide Corporate Tax Rates ,
by Mike Godfrey,, Washington
Last updated 38 hours ago | Friday, August 22, 2014
The Tax Foundation has issued a paper which shows how the United States corporate income tax rate, now the highest among the 34 industrialized nations of the Organization for Economic Cooperation and Development, ranks against all of the countries and other tax jurisdictions throughout the world. [ FULL STORY ]
APEC Continues Work To Reduce Green Goods Tariffs,
by Mary Swire,, Hong Kong
Last updated 38 hours ago | Friday, August 22, 2014
A recent meeting of its senior officials was assured that Asia-Pacific Economic Cooperation member countries are continuing their work to ensure the realization of their commitment to boost free trade in environmental goods, while also laying a foundation for the opening of this sector with other World Trade Organization members. [ FULL STORY ]
FASB Simplifies Accounting For Cloud Computing Fees,
by Leroy Baker,, New York
Last updated 38 hours ago | Friday, August 22, 2014
As part of its simplification initiative in United States financial accounting and reporting, the Financial Accounting Standards Board has issued a proposed Accounting Standards Update intended to improve the accounting for a customer's fees paid in a cloud computing arrangement. [ FULL STORY ]
Medtronic: Strategy, Not Tax, Behind Covidien Deal,
by Mike Godfrey,, Washington
Last updated 38 hours ago | Friday, August 22, 2014
Medtronic Inc's Chief Executive Omar Ishrak has insisted that the company's USD42.9bn deal to acquire Dublin-based Covidien Plc, and, thereby, move its tax residence from the United States to Ireland in a "corporate inversion," is based on business logic and not corporate tax reduction. [ FULL STORY ]
IRS Urged To Tighten Medical Device Tax Administration,
by Mike Godfrey,, Washington
Thursday, August 21, 2014
The United States Internal Revenue Service needs to improve its strategy to ensure accurate reporting and payment of the medical device excise tax, according to a new report released by the Treasury Inspector General for Tax Administration. [ FULL STORY ]
US States Experience Tax Revenue Drop,
by Mike Godfrey,, Washington
Wednesday, August 20, 2014
In the first time they have shown a decline after four years of uninterrupted growth, overall United States state tax revenues declined by 0.3 percent in the first quarter of 2014, according to data provided by the Rockefeller Institute Research and Census Bureau. [ FULL STORY ]
IRS Issues Final Regs On Closing Inventory Valuation,
by Mike Godfrey,, Washington
Wednesday, August 20, 2014
On August 15, the United States Treasury Department and Internal Revenue Service published final regulations and a revenue procedure, clarifying a retailer's computation of closing inventory and, in particular, the treatment of sales-based vendor allowances. [ FULL STORY ]
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