Tax Warrior Chronicles

Reflections on the OECD Global Tax Reform Deal

Posted on Fri, Nov 12, 2021

By: Ronald Kalungi, JD, LLM

 

The landmark Organisation for Economic Cooperation and Development (OECD) deal, agreed by 136 countries and jurisdictions representing more than 90% of global GDP, aims to ensure all multinational enterprises (MNEs) will be subject to a minimum of 15% tax rate starting in 2023. It also reallocates more than $125 billion of profits from around 100 of the world’s largest and most profitable MNEs to countries worldwide. Today, we’ll discuss the deal and what it means to multinational enterprises.”

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2012 Offshore Voluntary Disclosure Initiative

Posted on Mon, Jul 30, 2012

The IRS recently issued two announcements to help U.S. citizens living abroad, including dual citizens, comply with their U.S. filing obligations.  Based on the success of the prior offshore voluntary disclosure initiatives (2009 OVDP and the 2011 OVDI), the IRS, in January, announced a 2012 OVDP.  The IRS news release (IR-2012-64), provides details regarding the 2012 OVDP, including a set of newFrequently Asked Questions (FAQs).

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New IRS International Filing Requirements: Tax Return Preparation

Posted on Wed, Mar 21, 2012

This week on the Tax Warrior Chronicles, we’re taking a closer look at an issue that has received considerable publicity recently. With the IRS vowing to crack down on U.S. citizens who maintain undisclosed foreign bank accounts, dual citizens and U.S. citizens living abroad are understandably concerned about how these new legislative changes and IRS filing obligations affect their financial situations. Over the course of the next two posts, we’ll clear up any confusion around this issue and help you understand the requirements for international tax compliance.

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