The eye-popping $38 billion tax bill that Apple Inc. said it plans to pay on its mammoth pile of accumulated foreign earnings will probably hit federal coffers in an eight-year trickle, not a one-time torrent.
The International Monetary Fund warned policymakers to be on guard for the next recession even as it predicted global growth will accelerate to the fastest pace in seven years as U.S. tax cuts spur businesses to invest.
The Treasury Department and the Internal Revenue Service have released a new notice giving multinational companies some extra guidance to help them calculate the “transition tax” on untaxed foreign earnings of foreign subsidiaries of U.S. companies under the Tax Cuts and Jobs Act.
The Tax Cuts and Jobs Act has been marketed as a much-needed simplification for American taxes, and American expatriates comprise a tax-paying demographic most in need of simplification of the tax requirements.
The Financial Accounting Standards Board released a proposed accounting standards update Thursday to help organizations reclassify some of the stranded income tax effects in accumulated other comprehensive income resulting from the Tax Cuts and Jobs Act that President Trump signed into law last month.
European Union regulators reacted coolly to Apple Inc.’s move to repatriate hundreds of billions of overseas dollars to the U.S., saying “nothing has changed” in its order for the iPhone maker to pay back taxes to Ireland.