Michael Rapoport

The Treasury and IRS felt it was appropriate to narrow the scope of partnership basis adjustments that must be reported, while still enabling the agencies to identify and tackle potential abuses, an IRS attorney said Tuesday.

Australia’s recent draft guidance for multinationals seeking interest deductions on their debt is so restrictive and murky that it may end up hurting some of the very companies that authorities are supposed to be helping, critics say.

The Treasury Department and IRS on Tuesday finalized rules for electing out of partnership tax status, a move aimed at helping tax-exempt organizations access incentives for clean-energy projects.

The IRS’s efforts to revamp its standards on the disclosure of foreign trusts are disappointing to US expatriates, who say the agency hasn’t done enough to clarify whether they’re caught up in the rules.

A case involving 3M Co. and the IRS may be the first test of how a US Supreme Court ruling giving judges more power to overrule regulatory agencies plays out in the arena of transfer pricing.

The new alternative minimum tax was designed to hold big profitable companies accountable. But it gives them wiggle room on how they report expenses on their financial statements to investors, and thus an incentive to boost those costs and lower the overall bill. Regulators are weighing that as they prepare to issue long-delayed rules on how the tax should be calculated and applied.

The Supreme Court issued a narrow ruling in its biggest tax case in years, leaving unanswered questions about what the decision could mean for any future wealth tax.

The US Supreme Court ruling Thursday on a key foreign-income tax case allays the most dire fears that it could upset other parts of the tax code, but questions remain about what it may signal for a potential future wealth tax and other provisions.

Australia’s get-tough stance against multinationals they view as avoiding its taxes could prompt some companies to reassess the future of their businesses there.

Accounting firm Grant Thornton LLP has completed the sale of a large stake in the firm to private-equity firm New Mountain Capital LLC.