IRS Criminal Investigation identifies $2.3 bln in tax fraud

The FINANCIAL — The Internal Revenue Service released the Criminal Investigation Division’s annual report PDF, highlighting the agency’s successes and criminal enforcement actions taken in fiscal year 2020, the majority of which occurred during COVID-19. A key achievement was the identification of over $10 billion…

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IRS released tax inflation adjustments for 2021

The FINANCIAL — The Internal Revenue Service announced the tax year 2021 annual inflation adjustments for more than 60 tax provisions, including the tax rate schedules and other tax changes. Revenue Procedure 2020-45 PDF provides details about these annual adjustments. Highlights of changes in Revenue…

5 mins read

Apple won appeal over €13 billion against EU

The FINANCIAL — The General Court of the European Union issued its judgment in the Apple State Aid case today (Wednesday 15 July 2020) annulling the European Commission Decision. In 2016 The European Commission concluded that Ireland granted undue tax benefits of up to…

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Facebook sued for $9bn in a tax court trial

The FINANCIAL — The Internal Revenue Service have accused Facebook of deliberately “downplaying” the value of its assets as part of a scheme to pay less US tax. The IRS claims that Facebook owes more than $9 billion linked to its decision…

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AmCham Georgia has Criticized New Tax Rule

AmCham Georgia has sent letter to Minister of Finance Machavariani requesting suspension of recent changes in tax law, that requires all companies to pay tax within 5 days of import, rather than the 30 days that many companies are currently allowed. AmCham…

12 mins read