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☆ EU Greenlights 15% Corporate Minimum Tax, Advancing Global Deal
▼ + stars: | 2022-12-15 | by ( Paul Hannon | Richard Rubin | ) www.wsj.com time to read: 1 min

Paolo Gentiloni, the EU’s top economy official, called the agreement ‘a win for fairness, a win for diplomacy and a win for multilateralism.’Countries in the European Union are set to start collecting additional taxes in 2024 under a long-stalled global deal to set a minimum rate on company profits, after Hungary and Poland dropped their objections to the move. In October 2021, 137 countries agreed to impose a 15% minimum tax on large companies, paving the way for the most significant overhaul of international tax rules in a century. By imposing the tax in each jurisdiction where a company operates, large countries aim to reduce tax-rate competition and the advantages of operating in a low-tax locale. Getting to that point took years of negotiations that often seemed close to collapse.

☆ 'Avatar' sequel earns film critics' praise for visual spectacle
▼ + stars: | 2022-12-13 | by ( Lisa Richwine | ) www.reuters.com time to read: +2 min

[1/2] Fans attend a premiere for the film Avatar: The Way of Water, at Dolby theatre in Los Angeles, California, U.S., December 12, 2022. REUTERS/Mario AnzuoniLOS ANGELES, Dec 13 (Reuters) - The long-awaited sequel to groundbreaking movie "Avatar" won praise on Tuesday from movie critics who said they were awed again by director James Cameron's visual artistry. The sequel offers more advanced 3D images, showcasing aquatic creatures on the lush moon of Pandora. "'Avatar: The Way of Water' is such a screen-popping visual feast it earns the 3-hour, 12-minute running time," said Richard Roeper of the Chicago Sun-Times. Studios split ticket sales with theaters, and Cameron told GQ magazine that "The Way of Water" will need to make $2 billion just to break even.

☆ Hopes Fade for Year-End Tax Deal in Congress to Aid Companies, Children
▼ + stars: | 2022-12-12 | by ( Richard Rubin | ) www.wsj.com time to read: 1 min

WASHINGTON—Lawmakers are struggling to reach bipartisan agreement on a year-end tax deal, and businesses and antipoverty advocates both look unlikely to get what they want. Republicans and many companies want to reverse, prevent or delay some tax increases on businesses that were scheduled in a GOP-backed 2017 tax law and that began taking effect this year. Democrats, who control the House and Senate, have expressed openness to some changes, but they want to expand the child tax credit at the same time.

☆ IRS Budget Fight Heats Up as Republicans Look to Curb Tax Agency
▼ + stars: | 2022-12-09 | by ( Richard Rubin | ) www.wsj.com time to read: 1 min

The dispute over the IRS funding previews intense partisan fights next year about the size and reach of the tax agency. WASHINGTON—Internal Revenue Service funding has emerged as a point of tension in bipartisan negotiations over federal spending, as lawmakers seek a deal to keep the government funded for the full year ahead of a deadline this month. The dispute previews intense partisan fights next year about the size and reach of the tax agency, with Democrats leaning on the IRS to boost enforcement and tax revenue and Republicans looking to limit its expansion.

☆ IRS Proposes New Rules to Police Land-Conservation Tax Deals After Court Losses
▼ + stars: | 2022-12-06 | by ( Richard Rubin | ) www.wsj.com time to read: 1 min

Senior Internal Revenue Service officials say syndicated conservation easement transactions are tax shelters that deprive the government of billions of dollars in revenue. WASHINGTON—The Internal Revenue Service moved to shore up its ability to attack aggressive land-rights tax deals after losing several court decisions. The agency on Tuesday proposed regulations that would require participants and promoters of so-called syndicated conservation easement transactions to disclose those deals to the government, with steep penalties for omissions. The move would help the IRS identify and audit the easement deals, which senior IRS officials say are tax shelters that deprive the government of billions of dollars in revenue.

☆ NFL Week 13: Ravens do it without Jackson, Burrow and Prescott put in dominant performances as Eagles stay top
▼ + stars: | 2022-12-05 | by ( Alasdair Howorth | ) edition.cnn.com time to read: +4 min

“(It’s) not a season-ending type of knee,” Harbaugh said after the game, according NFL.com “We’ll see if he can go back this week. Katie Stratman/USA TODAY Sports/ReutersThe Bengals were down by seven going into the final quarter but turned it around. Only the Detroit Lions have scored more in the final quarter when they scored 34 against the Bears in 2007. With the win the Cowboys (9-3) maintain their winning form and remain two games behind the Philadelphia Eagles (11-1) in the NFC East. All three of Prescott's thrown touchdowns came in the third quarter before the Cowboys' final quarter onslaught.

The Georgia voters who delivered Mr. Kemp a comfortable victory over his Democratic challenger, Stacey Abrams, in November did not show the same enthusiasm for Mr. Walker. Neither Mr. Walker nor Mr. Warnock cleared the 50 percent threshold needed to win outright, sending voters to the polls again for a runoff on Tuesday. The outcome of Tuesday’s runoff with Mr. Walker, who was pressed to run by Mr. Trump, will shed more light on Mr. Trump’s influence in Georgia. Mr. Walker has spent more time campaigning in Atlanta’s suburbs and has embraced Mr. Kemp as a surrogate. Mr. Warnock has sought to portray Mr. Walker as unfit for office and as an ally of Mr. Trump.

☆ Piper Sandler says Coinbase may capitalize on FTX bankruptcy, sees shares more than doubling
▼ + stars: | 2022-12-02 | by ( Carmen Reinicke | ) www.cnbc.com time to read: +3 min

Piper Sandler is reaffirming its bullish outlook on Coinbase even amid chaos in the cryptocurrency space given the fallout at FTX. On the other hand, Robinhood reached profitability sooner than expected because of aggressive cost cutting, which Coinbase may want to consider, Repetto noted. Crypto winter contingency Still, signals point to the current crypto winter being near an ending point that could help boost Coinbase. "Using history as a guide and ignoring macroeconomic (interest rates), regulatory, geopolitical factors, we could be near a bottom in this crypto winter," said Repetto. And, if the crypto winter is not over soon, Piper Sandler noted that Coinbase CFO Alesia Haas said the company has contingency plans in place to weather the storm.

☆ Supreme Court Agrees to Decide if Biden Administration Can Provide Mass Student-Loan Forgiveness
▼ + stars: | 2022-12-01 | by ( Richard Rubin | Jess Bravin | ) www.wsj.com time to read: 1 min

The Supreme Court agreed to decide by end of June whether the Biden administration can cancel student-loan debt for millions of Americans. WASHINGTON—The Supreme Court on Thursday agreed to decide whether the Biden administration can cancel student-loan debt for millions of Americans, putting the matter on a fast-track timeline that should produce a final ruling by the end of June. The court, in an unsigned order, didn’t act on the administration’s emergency request that it be allowed to move forward with the debt relief immediately. But the justices did agree to the White House’s alternative request that the court take up the case now to decide whether the debt forgiveness is a lawful exercise of presidential power.

☆ IRS Audits That Included Comey, McCabe Were Random Selections, Report Finds
▼ + stars: | 2022-12-01 | by ( Richard Rubin | ) www.wsj.com time to read: 1 min

Former FBI leaders have questioned whether they were chosen on purpose for audits by the Internal Revenue Service. WASHINGTON—IRS research audits in 2017 and 2019—the years that FBI leaders James Comey and Andrew McCabe were selected for those intensive exams—were random, according to an inspector general’s report released Thursday. The report from the Treasury Inspector General for Tax Administration found no misconduct or evidence that the Internal Revenue Service’s National Research Program was manipulated to ensure that specific taxpayers would be chosen. Messrs. Comey and McCabe were both fired under then President Donald Trump and have questioned whether they were chosen on purpose.

☆ House Panel Gets Access to Trump Tax Returns, Chairman Guarded as to What Comes Next
▼ + stars: | 2022-11-30 | by ( Richard Rubin | ) www.wsj.com time to read: 1 min

WASHINGTON—The Treasury Department has complied with a Supreme Court order that allows the administration to make former President Donald Trump‘s tax returns available to the House Ways and Means Committee, the department said Wednesday. The next move falls to committee Chairman Richard Neal (D., Mass. ), who was guarded Wednesday about his plans for analyzing the documents or releasing them publicly.

☆ House Panel Gets Trump Tax Returns, Chairman Guarded as to What Comes Next
▼ + stars: | 2022-11-30 | by ( Richard Rubin | ) www.wsj.com time to read: 1 min

Former President Donald Trump for years resisted handing over his personal tax returns to a House committee. WASHINGTON—The Treasury Department has complied with a Supreme Court ruling that allowed the administration to give former President Donald Trump’s tax returns to the House Ways and Means Committee, the department said Wednesday. The next move falls to committee Chairman Richard Neal (D., Mass. ), who was guarded Wednesday about his plans for analyzing the documents or releasing them publicly.

☆ These stocks are forming golden cross chart patterns to lead the S&P 500 higher
▼ + stars: | 2022-11-25 | by ( Sarah Min | ) www.cnbc.com time to read: +2 min

A major rally could be ahead of some stocks that are forming "golden cross" patterns heading into the year-end. A golden cross chart pattern forms when the 50-day moving average climbs above the 200-day moving average. These names underperformed this year through the end of the third quarter, but they're outperforming the S & P 500 in the fourth quarter. However, it has since rebounded 28% in the fourth quarter, while the S & P 500 is up more than 10% in that time. The discount retailer is up 33% in the fourth quarter, when it was down 26% through the first three quarters this year.

☆ Supreme Court Clears Way for Donald Trump’s Tax Returns to Be Released to House Panel
▼ + stars: | 2022-11-22 | by ( Jess Bravin | Richard Rubin | ) www.wsj.com time to read: 1 min

WASHINGTON—The Supreme Court on Tuesday said it wouldn’t block a House committee from accessing Donald Trump’s tax returns, handing an apparently final defeat to the former president in a long-running court fight. The court denied Mr. Trump’s request for a temporary order, known as a stay, that would have blocked the House Ways and Means Committee from obtaining the tax returns from the Internal Revenue Service. The unsigned order from the court noted no dissents and, as is typical in emergency matters, provided no explanation of the court’s reasoning.

☆ Supreme Court Clears Way for Donald Trump’s Tax Returns to be Released to House Panel
▼ + stars: | 2022-11-22 | by ( Jess Bravin | Richard Rubin | ) www.wsj.com time to read: 1 min

WASHINGTON—The Supreme Court on Tuesday said it wouldn’t block a House committee from accessing Donald Trump’s tax returns, handing an apparently final defeat to the former president in a long-running court fight. The court denied Mr. Trump’s request for a temporary order, known as a stay, that would have blocked the House Ways and Means Committee from obtaining the tax returns from the Internal Revenue Service. The unsigned order from the court had no dissents and, as is typical in emergency matters, provided no explanation of the court’s reasoning.

☆ Cisco raises full-year outlook; announces restructuring
▼ + stars: | 2022-11-16 | by ( ) www.reuters.com time to read: +2 min

[1/2] The logo of U.S. networks giant Cisco Systems is seen in front of their headquarters in Issy-les-Moulineaux, near Paris, France August 6, 2022. REUTERS/Sarah Meyssonnier/File PhotoNov 16 (Reuters) - Cisco Systems Inc (CSCO.O) raised its full-year revenue and profit forecast amid easing supply chain hurdles and announced $600 million in severance and other charges related to a new restructuring, which could impact roughly 5% of its workforce. The company said the restructuring plan will begin in the second quarter of fiscal year 2023. The company will talk to its employees on Thursday about the restructuring plan, Chief Executive Chuck Robbins said in a post-earnings call. Cisco said it expects an annual revenue growth of 4.5% to 6.5%, and adjusted earnings between $3.51 and $3.58.

☆ Cisco beats quarterly revenue estimates as supply chain constraints ease
▼ + stars: | 2022-11-16 | by ( ) www.reuters.com time to read: +1 min

Nov 16 (Reuters) - Cisco Systems Inc (CSCO.O) beat first-quarter revenue estimates on Wednesday, as easing supply chain constraints and a COVID-19 recovery in China helped meet demand for its broad networking products portfolio, sending the company's shares 5% higher in extended trading. Easing supply chain snags and Cisco's recent investments in cloud offerings and targeted price hikes have helped the company improve its business and attract customers amid an economic slowdown. Cisco forecast current-quarter revenue to grow between 4.5% and 6.5%, while expecting adjusted earnings between 84 cents and 86 cents per share. The company's revenue was $13.63 billion in the first quarter, above analysts' estimates of $13.31 billion, according to Refinitiv data. Excluding items, Cisco earned 86 cents per share.

☆ Tax Breaks for Retirement, Corporate Research on Congress’s Lame-Duck Agenda
▼ + stars: | 2022-11-15 | by ( Richard Rubin | ) www.wsj.com time to read: 1 min

A lame-duck session can often be an opportunity for the current Congress to push through final priorities. WASHINGTON—The House and Senate returned for a postelection session of Congress this week with tax breaks for retirement savings and corporate research on the agenda. Lawmakers are hopeful that some of these tax measures with bipartisan support can get through Congress before the end of the year. But short deadlines and postelection uncertainty could impede those efforts.

A retired Kansas City, Kansas, police detective was indicted on federal counts that he and three other men conspired to hold women in “involuntary sexual servitude,” officials said Monday. The abuse alleged in the indictment unsealed Monday took place in Kansas City, Kansas, between 1996 and 1998, the U.S. Department of Justice said. Golubski faces up to life in prison on each of those six counts, according to prosecutors. Golubski was a detective with the Kansas City, Kansas, police department who had retired in 2010 after 35 years on the force. Kansas City, Kansas, is adjacent to the larger Kansas City, Missouri.

A UN study last year found "negligible" correlation between household food waste and gross domestic product, indicating most countries "have room to improve." "We do have a long way to make the goal," said Jean Buzby, the food waste liaison at the U.S. Department of Agriculture. The USDA, the Environmental Protection Agency and the Food and Drug Administration agreed in 2018 to tackle America's food waste together. A spokesman for New Zealand's environment ministry said the country is finalizing its baseline food waste estimate so it can establish a target. SLOWEST GAZELLEIn California, which has America's most ambitious climate policies, officials are trying to ensure food waste goes to composting, not landfills.

☆ As Pandemic Aid Dries Up, Businesses Chase Covid Tax Credit
▼ + stars: | 2022-11-13 | by ( Ruth Simon | Richard Rubin | ) www.wsj.com time to read: 1 min

A temporary tax break for small businesses has spawned a cottage industry of advisory firms tapping into federal pandemic aid, raising alarms at the Internal Revenue Service that some claims are going beyond what the law allows. The Paycheck Protection Program and other federal aid programs long ago shut their doors. But small businesses and nonprofits battered by Covid-19 can still use a lesser-known lifeline, the employee-retention tax credit, or ERC. Businesses can claim up to $26,000 per employee in refunds by amending payroll tax returns from 2020 and 2021.

☆ Biden Picks Daniel Werfel to Run IRS
▼ + stars: | 2022-11-10 | by ( Richard Rubin | ) www.wsj.com time to read: 1 min

WASHINGTON—President Biden will nominate Daniel Werfel, a former federal budget official and former acting Internal Revenue Service commissioner, to run the tax agency, the White House said Thursday. Mr. Werfel, if confirmed by the Senate, would take on an important job for the Biden administration: Implementing the $80 billion expansion of the IRS that Congress recently approved.

☆ Tax Court Strikes Down IRS Rules on Land-Conservation Deals
▼ + stars: | 2022-11-10 | by ( Richard Rubin | ) www.wsj.com time to read: 1 min

The IRS has tried for several years to boost enforcement of conservation easements. WASHINGTON—The U.S. Tax Court struck down IRS rules requiring taxpayers and promoters to disclose certain land-rights deals to tax authorities, damaging a high-profile agency enforcement initiative. When the Internal Revenue Service and Treasury Department identified so-called syndicated conservation easements as potential tax shelters in 2016, the agencies failed to follow the formal notice-and-comment procedures required for federal regulations, the court ruled Wednesday.

☆ Yellen heads to India to draw surging economic power closer to U.S. orbit
▼ + stars: | 2022-11-08 | by ( David Lawder | ) www.reuters.com time to read: +4 min

On the contrary, the official told reporters that India will benefit from the cap's lower prices. TENSIONS, ALIGNMENTBut the economic relationship has challenges, including trade disputes over U.S. steel duties and India's retaliatory tariffs on Harley-Davidson (HOG.N) motorcycles. Differences over digital trade and India's data localization rules have dogged trade negotiations for years. "That's a message that's extremely appealing to India," said Richard Rossow, an India expert at the Center for Strategic and International Studies in Washington. The Treasury official said the two democracies were committed "to upholding the rules-based international order at a critical time for the cause of freedom."

☆ U.S. CFOs Ask Congress to Repeal Change to R&D Tax Rules
▼ + stars: | 2022-11-07 | by ( Jennifer Williams-Alvarez | In A Letter Finance Chiefs On The Change To R D Deductibility Tax Rules. | ) www.wsj.com time to read: +8 min

For decades, businesses were allowed to deduct certain R&D expenses straight away to reduce their taxable income. Tax deductions are subtractions from taxable income while tax credits get subtracted from the amount of tax owed. Over the course of this year, companies have been making estimated tax payments that incorporate the R&D change, tax attorneys said. On the agenda: Agreeing on funding the government to avoid a shutdown, aid for Ukraine, alongside potential changes to the treatment of R&D expenses. When it comes to a potential repeal or deferral related to R&D deductibility, timing is crucial, said Shelby Ford, a tax partner at Crowe LLP, a public accounting, consulting and technology firm.

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