Finance, Tax, International Tax, International Tax Rules & Regulations, International Tax Policy, Tax Policy, Tax Reform, U.S. Tax, Federal Tax Rules & Regulations, U.S. Tax Policy
The OECD, at the request of the G20, is working on an international tax reform project, one that could have widespread impact on multinational manufacturers and even U.S. corporate tax laws and related treaties. The impetus for the plan to eliminate base erosion and profit shifting arose from the perception that countries are losing revenue as a result of comprehensive tax planning. The project’s success will rely on international cooperation, particularly since it will be up to each participating country to modify its tax laws and treaties, an ambitious goal given the 24-month time frame.
Finance, Tax, U.S. Tax, Federal Tax Rules & Regulations, U.S. Tax Policy, Leadership, Human Resources, Benefits, Health Benefits
Proposed rules released by the IRS explain how large employers will be assessed if they fail to provide affordable health insurance coverage to their full-time employees and dependents. Understanding the definitions for these terms is key to what the rules do. A “large employer” has more than 50 full-time employees. “Full-time employees” work at least 30 hours per week, but two employees who each work 15 hours per week equal one full-time employee for purposes of the calculation. “Affordable coverage” depends on the employee’s income and the benefits offered, which should exceed an as-yet undefined level of minimum essential coverage. And the benefits must be offered to dependents.
Finance, Tax, U.S. Tax, Federal Tax Rules & Regulations, U.S. Tax Policy
In the early hours of 2013, Congress and the White House were able to avert an immediate fiscal crisis. The last-minute deal delayed deep, automatic spending cuts and did not address the debt ceiling, setting the stage for upcoming battles over spending and the deficit. The American Taxpayer Relief Act of 2012 does, however, contain several tax provisions important to manufacturers. The package provides some much-needed certainty with respect to the individual rates, helping businesses taxed as flow-through entities, but it does not solve many of the deep, underlying problems with the tax code that undermine the United States’ economic growth and international competitiveness.