Compliance
IRS Commissioner Daniel Werfel stated at a Senate Finance Committee hearing that the Biden administration's request for an additional $104 billion budget starting in 2026 is expected to raise about $341 billion over ten years through enhanced enforcement and other actions. He also warned that if Inflation Reduction Act funding expires and Congress does not replenish it, the IRS would lose service capabilities in 2026 and technology maintenance capabilities in 2028-2029. Republican lawmakers such as Mike Crapo questioned the sustainability of the funding needs.
Orthofix Medical announced on Tuesday the appointment of Andres Cedron as its new Chief Legal Officer, filling the vacancy left by an executive dismissed for misconduct. The company disclosed material weaknesses in internal controls in its 10-K filing and plans to address them through measures such as hiring and training.
Michael Plowgian has returned to KPMG months after leaving the U.S. Treasury Department, taking on the roles of head of Washington National Tax and leader of Americas International Tax Policy. He was previously deeply involved in the OECD two-pillar tax reform negotiations, and the 15% global minimum tax under the plan remains deadlocked in the U.S. Congress. With the 2024 election approaching, the legislative prospects for Pillar Two in the United States are considered unlikely to become clear in the short term.