U.S. persons with operations in or related to a “boycotting country,” or with the government, a company or a national of a boycotting country,

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The UK Chancellor of the Exchequer, George Osborn, presented the government’s budget on June 22, calling for a 77% cut in public expenditures along with 23% increases in various taxes in an attempt to lower the budget deficit from 10.1% of GDP to just 1.1% of GDP by 2015/16.

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Late last week, the Senate failed to advance a package of tax law changes and unemployment benefits that included extensions of tax breaks and the closing of foreign tax credit loopholes.

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House lawmakers approved a package of tax extenders and unemployment benefits on May 28. This bill, dubbed “The American Jobs and Closing Tax Loopholes Bill of 2010” (H.R. 4213), includes several provisions applicable to multi-national corporations. Cynthia Hoffman explains what this could mean.

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The IRS concerns regarding the quality of overall reporting and withholding procedures for U.S. source withholding under Section 1441 has led to the elevation of this issue to "Tier I" audit issue by the Large- and Mid-Sized Business Division (LMSB). Cynthia Hoffman provides details.

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