Author: Mary Vernon

News

Public Tax Transparency Arrives — Will It Matter?
By Mary Vernon July 23, 2026July 23, 2026

Large U.S. multinationals operating in the European Union (EU) are, for the first time, publicly providing a country-by-country breakdown of where they book profits, pay taxes, and employ people. The EU’s public country-by-country reporting (CbCR) directive requires in-scope multinational groups to break out key financial information for each EU member state, with an aggregated figure for operations outside the bloc (along with separate disclosures for any country on the EU’s list of tax havens).

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Uncategorized

Hidden in Plain Sight: U.S. Corporate Tax Haven Activity
By Mary Vernon, Frank Murphy April 28, 2026June 4, 2026

New research finds that most U.S. corporate tax haven activity concentrates in seven major economies—including the Netherlands, Ireland, and Singapore—rather than small offshore islands, with implications for how policymakers target profit shifting.

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Understanding Business Taxation

What the New Tax Disclosure Rules Can — and Can’t — Tell You
By Mary Vernon April 13, 2026April 27, 2026

New accounting rules require publicly traded companies to provide more detailed tax disclosures, including rate reconciliations that explain why effective tax rates differ from the U.S. statutory rate of 21%. However, this reconciliation format was designed for the U.S. worldwide tax system and hasn’t been updated for the post-2017 territorial system, where foreign earnings are largely exempt from U.S. tax. This analysis examines how the outdated benchmark creates interpretive challenges and may lead to misunderstandings about what tax disclosures actually reveal.

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