Jenner & Block

US Chapter, Global Legal Insights – Corporate Tax

In this chapter of the third edition of Global Legal Insights – Corporate Tax, Jenner & Block Partner Christian E. Kimball and Special Counsel JoonBeom Pae examine tax legislation in the United States during 2014.  They explain that the year saw FATCA, the US tax regime that imposes reporting obligations on foreign financial institutions with respect to their US account holders, come into effect with widespread compliance.   Regarding “headline tax news,” they report on four main developments: 1. corporate inversions, 2. proposed changes in the U.S. model income tax convention, 3. a recent IRS memorandum regarding a U.S. trade or business of financing or lending, and 4. non-US banks and bankers being charged with crimes, mostly some form of aiding or conspiring with US taxpayers to help US taxpayers evade taxes.  The book is published by Global Legal Group Ltd. of London.