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Tax Insights

Insights

Four Q&As on the Status of the OECD’s Two-Pillar Project

It appears increasingly doubtful that the 137 countries that supported the OECD’s two-pillar plan for global tax reform in October 2021 will implement it in the foreseeable future. Jeff VanderWolk of Squire Patton Boggs discusses the current state of play.

Hold Auditors Accountable for Complicity in Corporate Fraud

The health of the US financial markets and investors are dependent on auditors fulfilling their critical gatekeeping function. While the Sarbanes-Oxley Act led to great improvement in financial reporting, it didn’t go far enough to ensure auditor independence, says Laura H. Posner of Cohen Milstein.

Six Misconceptions About Employee Retention Credit Eligibility

The initial confusion surrounding eligibility for the employee retention credit in the CARES Act was exacerbated by subsequent legislative changes. Navigating those intricacies is necessary to determine eligibility and calculate an accurate ERC, says Ashley Hogsette of Synergi Partners.

Commentary

When Your SEC Prosecutor Is Your Judge, Scandals Surely Follow

Two recent federal appeals court cases involving the US Securities and Exchange Commission have rocked the world of administrative law. They also have shown that it’s time to restore the separation of prosecutorial and adjudicative powers, say New Civil Liberties Alliance’s Peggy Little and Kara Rollins.

Fix the Law to End the Wishy-Washiness of Taxing Book Income

A tax on financial accounting, or book, income puts Band-Aids on perceived tax flaws instead of fixing them. Congress should simply amend the tax code they created rather than fashion an entirely new system of patchwork, say the University of Wisconsin-Madison’s Fabio Gaertner and the University of North Carolina‘s Jeff Hoopes.

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