Until fairly recently, courts rejected the federal government's interpretation of its regulations in most high-profile transfer pricing cases. But with a string of major wins over the last several years, including Medtronic, Altera, and Coca-Cola, the IRS has reversed that trend. Is the government choosing cases more carefully or using better litigation strategy, or are the courts shifting their views on IRS arguments? Will this trend continue in cases like 3M or Facebook and beyond? How should taxpayers respond?
With inflation rising to its highest levels in decades and the Federal Reserve beginning to raise interest rates, the panel discussed the ways in which tax policy could be a part of the efforts to slow rising prices. The panel also considered whether tax legislation over the last two years contributed to the rise in inflation, and the possible effects of additional stimulus or tax increases. This special edition of Taxing Issues took place in partnership with the American Bar Association Section of Taxation‘s Hybrid May Tax Meeting from the Marriott Marquis in Washington.
Tax Analysts President & CEO Cara Griffith sat down with IRS Commissioner Charles Rettig to discuss the efforts the Service has made to improve after two difficult tax seasons. Has the IRS been able to improve service after two years of difficulties due to COVID? How will the Service handle the increased information reporting from recent and prospective legislation? Will the IRS have the resources to pursue leads from additional information?
As cryptocurrency's popularity has risen, prompting more government attention, compliance has become increasingly difficult for investors and the retail industry. The 2021 Infrastructure Investment and Jobs Act changed the reporting requirements for cryptocurrency, reflecting lawmakers' and tax administrators' increasing discomfort with the implications of its wider use. What are the current reporting requirements, and how will they affect investment decisions and cryptocurrency's future? How will revenue agencies distinguish between legitimate and illegitimate transactions? And how will the IRS increase enforcement and compliance without overly burdening investors, exchanges, and innovation?
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A SERIES ON TAX POLICY
The Taxing Issues webinar series will further the mission of Tax Analysts: to shed light on tax policy and administration by conducting timely reporting on tax issues, uncovering documents, and encouraging informed debate. The series focuses on public dialogues about cutting-edge issues in federal, state, and international tax policy and administration. We are committed not only to producing high-quality publications, but also to providing open discussion forums featuring top-flight speakers who frame and debate tax-related issues.
Our attendees come from all segments of the tax community and bring engaging questions to these conversations, challenging speakers to defend their views. Registration for our webinars is available to anyone wishing to gain insight from industry experts on timely topics affecting the tax community.
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