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California lawmakers appear willing to put aside skepticism about economic benefits of the state’s film and television tax credits and to expand the program, mainly to stanch the flow of productions to places with more generous tax breaks. More than 130 Democrats are condemning the Trump administration’s firing of thou
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News
Dimon Meets Burnham, Healey in UK Amid Bank-Tax Threat (1)
4+ day, 14+ min ago (60+ words) JPMorgan’s Dimon to Meet With UK Chancellor as Bank Taxes Loom news.bloombergtax.com JPMorgan Chase & Co. Chief Executive Officer Jamie Dimon met with Prime Minister Andy Burnham and other top UK officials as the new British administration weighs imposing…...
UK Floats Corporate Reporting Cuts After Binning Audit Revamp
4+ day, 22+ hour ago (117+ words) news.bloombergtax.com The UK government proposed simplifying corporate reporting for mid-sized companies, including exempting more of them from required financial statement audits. The suggestion was part of a Department for Business, Innovation, Science and Trade consultation launched Monday to…...
IRS Issues Notice on Some Research Accounting Method Changes
1+ week, 1+ day ago (110+ words) news.bloombergtax.com The IRS Friday announced modified accounting method change procedures for research and experimental expenditures. IRS said in Revenue Procedure 2026-32 that the changes were made under Sections 174 and 174A, as well as for certain construction contracts under Section 460, following…...
Man’s Tax Refund Claim Fails for Relitigating Same Liability
2+ week, 5+ day ago (103+ words) news.bloombergtax.com A Texas taxpayer can’t pursue his income tax refund claim against the IRS because both parties were already involved in finalized litigation over the same tax liability, a federal appeals court ruled. Richard S. Ohendalski asked the…...
UK ‘Windfall’ Bank Tax Would Worsen an Already Complex System
2+ week, 5+ day ago (824+ words) The prospect of a new tax on UK banks is back on the political agenda. Campaigners are calling for a “windfall” tax following strong reported profits from the UK’s largest banks, while industry representatives have warned that additional taxation could…...
Irish Companies Risk Tax Data Exposure in Public Appeals Shift
2+ week, 5+ day ago (80+ words) news.bloombergtax.com An Irish top court ruling empowering government officials to make appeals hearings public would potentially force multinationals to unveil sensitive tax information. While the ruling by the Supreme Court applies to the country’s Workplace Relations Commission, the…...
IRS Issues Draft Forms for Units’ Currency Gain, Loss Reporting
3+ week, 1+ day ago (103+ words) news.bloombergtax.com The IRS released draft forms for reporting currency gains and losses by companies’ foreign subsidiaries. The drafts of Form 8964, Information Return of Certain Qualified Business Units (QBUs), and its Schedule A, Suspended Section 987 Loss, were released Thursday....
Pillar Two’s First Real Test Has Lessons for 2027 Filing Season
3+ week, 2+ day ago (560+ words) The first Pillar Two Global Anti-Base Erosion Information Return, or GIR, filing cycle tested the new minimum tax infrastructure under tight deadlines and late digital rulebook changes. Major systems failures were avoided through pragmatic fixes and last-minute coordination in the…...
The US and UK Are Aggressively Pursuing Tax Whistleblower Cases
3+ week, 2+ day ago (438+ words) Government officials and fraud investigators from countries around the world have attended this annual symposium for many years to share ideas on combating economic crime internationally. This collaboration between the US and the UK will produce results that have a…...
SSA Updates Electronic Form W-2 Filing Instructions
3+ week, 3+ day ago (116+ words) news.bloombergtax.com The Social Security Administration released tax year 2026 electronic filing specifications for Form W-2, Wage and Tax Statement, and Form W-2c, Corrected Wage and Tax Statement. The specifications include updates for Forms W-2 and W-2c that were made in light of the…...