*Facebook flooded with fake news ahead of EU elections, study finds
Britain routed in UN vote on Chagos
New York Times, I.R.S. Memo Undercuts Mnuchin on Withholding Trump’s Tax Returns:
The Internal Revenue Service has no choice but to honor congressional requests for President Trump’s tax returns unless he invokes executive privilege to protect them, according to a draft legal memo written by agency staff members.
The memo appears to undercut the reasoning offered by Treasury Secretary Steven Mnuchin, who has refused to comply with Democrats’ requests because they lack a “legitimate legislative purpose.” Mr. Mnuchin said he made his decision after consulting with lawyers from the Treasury Department, the I.R.S. and the Justice Department.
But the I.R.S. memo says the Treasury secretary does not have the authority to deny tax-writing committees’ requests for taxpayer returns.
Footy strategist BC is likely to share this snippet widget :-)
New York Times op-ed: Math Teachers Should Be More Like Football Coaches, byJohn Urschel (Ph.D. Candidate, MIT; Guard, Baltimore Ravens (2014-17); author, Mind and Matter: A Life in Math and Football (2018)):
Growing up, I thought math class was something to be endured, not enjoyed. I disliked memorizing formulas and taking tests, all for the dull goal of getting a good grade. In elementary school, my mind wandered so much during class that I sometimes didn’t respond when I was called on, and I resisted using the rote techniques we were taught to use to solve problems. One of my teachers told my mother that I was “slow” and should repeat a grade. ...
What I wanted to do was play college football. I was an offensive lineman. My hero was Jake Long, the starting left tackle for the University of Michigan who would later be selected first in the N.F.L. draft. My ambition was to get an athletic scholarship to attend a Big Ten school.
The chances of that happening were very low. In high school, I weighed “only” 220 pounds — about 80 pounds less than a big-time college tackle. I was an above-average athlete, but not a freak of nature. And my high school in Buffalo was an academic powerhouse, not a “feeder” school for college sports programs.
After many years of attrition, the IRS Office of Chief Counsel is turning a corner this year and looking to recruit law students and lawyers from a diverse group of well qualified candidates. The Office of Chief Counsel has always offered unparalleled opportunities for professional advancement. With implementation of the most comprehensive tax reform law in a generation under way, working with the Chief Counsel’ Office is a truly unique opportunity to participate in the development of entirely new provisions of tax law, both in technical positions drafting guidance and providing advice and in trial attorney positions handling cases in Tax Court.
We generally accepts applications as early as summer 2019 for Honors Program positions beginning fall 2020 and Summer Legal Program positions for summer 2020. This year, applicants can begin applying to our Honors Program beginning May 20, 2019, and have until September 30, 2019, to submit application materials. Although the final deadline to apply is September 30th, both the Honors Program and Summer Legal Program announcements have two earlier application cutoff dates, July 31st and September 3rd. Applicants who apply by the earlier deadlines will be considered and likely receive offers before the final deadline, so please encourage interested applicants to apply as soon as possible.
CORPORATE TAX DEPARTMENTS IN EUROPE STRUGGLING WITH REG DEMANDS
The 2019 Thomson Reuters European Tax Technology report [(Tax Technology Survey)] , based on a survey of 438 companies, paints a compelling picture of a high-pressure environment for corporate tax departments.
In fact, with the role of corporate tax departments expanding beyond simple compliance and into more crucial areas of risk mitigation and reputational management, there are concerns - reflected in the responses in the report - over whether corporate tax departments can continue to meet the objectives they and their corporate parents are setting out for them.
"While scrutiny and workloads are increasing, the evidence suggests that there is still a significant gap between what the department knows it needs in order to deliver and its capability (and the backing to lean on technology) to do so," the report states.
The survey of respondents found that the top challenges facing those departments are: (i) keeping their companies in compliance with tax laws in all the jurisdictions in which they operate; and (ii) staying ahead of new regulations. And the job is getting tougher. Last year, only 16% of respondents said keeping up with new regulations was a key challenge. This year, the number spiked to 36%.
"The year ahead seems to hold no let-up in pressure, with the implications of Brexit on the UK and its trading partners... and uncertainty around indirect tax and future reporting requirements," the report says.
The other heightened challenge cited by respondents is the need for greater efficiency in the management of internal processes and workflow. Last year, 18% called it a key issue facing their tax departments. This year, 30% did.
While corporate tax officials said they struggle with compliance and efficiency, 3/4 of them said their companies' directors and C-suite executives have become more focused on tax compliance and planning. Two possible drivers of this scrutiny are the reputational risk of being seen as overly aggressive in pursuing tax avoidance and the need to respond to Making Tax Digital , the UK's initiative for digitizing its tax system.
There is evidence in the survey that tax technology is seen as part of the solution. Indeed, 60% of respondents said their organizations intend to increase their spend in this area over the next 12 months - with roughly half of this group planning to increase spending more than 10%.
The report is rife with signs that tech adoption is lagging:
1. Nearly 90% say tax technology is strategically important, but only 39% have a roadmap for deploying it.
2. Fewer than half of respondent reported operating a shared service center to manage tax processes across multiple jurisdictions or subsidiaries.
3. Fewer than half say their traditional tax data and process silos are being eliminated.
4. Only 13% describe their adoption of tax technology as advanced.
5. Only one-third have a tax technology specialist on staff.
CORPORATE TAX DEPARTMENTS IN EUROPE STRUGGLING WITH REG DEMANDS
The 2019 Thomson Reuters European Tax Technology report [(Tax Technology Survey)] , based on a survey of 438 companies, paints a compelling picture of a high-pressure environment for corporate tax departments.
In fact, with the role of corporate tax departments expanding beyond simple compliance and into more crucial areas of risk mitigation and reputational management, there are concerns - reflected in the responses in the report - over whether corporate tax departments can continue to meet the objectives they and their corporate parents are setting out for them.
"While scrutiny and workloads are increasing, the evidence suggests that there is still a significant gap between what the department knows it needs in order to deliver and its capability (and the backing to lean on technology) to do so," the report states.
The survey of respondents found that the top challenges facing those departments are: (i) keeping their companies in compliance with tax laws in all the jurisdictions in which they operate; and (ii) staying ahead of new regulations. And the job is getting tougher. Last year, only 16% of respondents said keeping up with new regulations was a key challenge. This year, the number spiked to 36%.
"The year ahead seems to hold no let-up in pressure, with the implications of Brexit on the UK and its trading partners... and uncertainty around indirect tax and future reporting requirements," the report says.
The other heightened challenge cited by respondents is the need for greater efficiency in the management of internal processes and workflow. Last year, 18% called it a key issue facing their tax departments. This year, 30% did.
While corporate tax officials said they struggle with compliance and efficiency, 3/4 of them said their companies' directors and C-suite executives have become more focused on tax compliance and planning. Two possible drivers of this scrutiny are the reputational risk of being seen as overly aggressive in pursuing tax avoidance and the need to respond to Making Tax Digital , the UK's initiative for digitizing its tax system.
There is evidence in the survey that tax technology is seen as part of the solution. Indeed, 60% of respondents said their organizations intend to increase their spend in this area over the next 12 months - with roughly half of this group planning to increase spending more than 10%.
The report is rife with signs that tech adoption is lagging:
1. Nearly 90% say tax technology is strategically important, but only 39% have a roadmap for deploying it.
2. Fewer than half of respondent reported operating a shared service center to manage tax processes across multiple jurisdictions or subsidiaries.
3. Fewer than half say their traditional tax data and process silos are being eliminated.
4. Only 13% describe their adoption of tax technology as advanced.
5. Only one-third have a tax technology specialist on staff.