The Ernst & Young ITTS Washington Dispatch brings you a monthly review of US international tax-related developments.
monthly review of US international tax-related developments. In this edition:
Democrats fail to reach consensus on pared-down budget reconciliation package – Treasury Secretary testifies in support of anti-inflationary measures, BEPS 2.0 – US Supreme Court accepts FBAR filing case – IRS to defer reporting for certain derivative payments in forthcoming BEAT regulations – IRS to expand transfer pricing audit coverage – OECD officials offer update on BEPS 2.0 Pillars One and Two – OECD releases public consultation docs on tax certainty under Amount A for Pillar One.
Federal Tax Update Podcast Series
This week we look at:
- Senate Finance Committee takes action on retirement bill
- IRS and National Taxpayer Advocate release information on processing paper tax returns
- Supreme Court to take on case involving computing FBAR penalties
- IRS adds voice bot support for some ACS issues
Talking Tax, from Bloomberg Tax, is a weekly discussion of the most pressing issues facing tax and accounting professionals. Each week the podcast features discussions with lawmakers, federal regulators, lawyers, and journalists. From the courts to Capitol Hill to the IRS, Talking Tax has it covered.
The electric vehicle market in the United States is reaching an inflection point as companies look to boost manufacturing at the same time that two more large automakers are on the verge of losing a critical consumer incentive.
The $7,500 electric vehicle tax credit begins phasing out at 200,000 vehicles sold per manufacturer, a threshold General Motors Co. and Tesla Inc. hit years ago. Ford Motor Co. and Toyota Motor Corp. are quickly approaching that sales milestone, which has automakers and EV advocates looking to Congress to step in.
Democrats remain interested in ways to expand the EV credit, but that effort is wrapped up in the Biden administration’s stalled tax, climate, and social spending plan.
Ellen Hughes-Cromwick, a senior resident fellow for climate and energy at the think tank Third Way, is the guest on the latest episode of Talking Tax. Hughes-Cromwick—who previously worked at the Commerce Department and Ford—discusses growth in the electric vehicle sector, breaks down the argument for expanding the federal tax credit, and explains what it will take to create a market for used EVs.
Do you have feedback on this episode of Talking Tax? Give us a call and leave a voicemail at 703-341-3690.