Americas Tax Center – Serving Clients across Borders

Americas Tax Center  pic

Americas Tax Center
Image: ey.com

Having served in three U.S. administrations as a Treasury Department official, Michael Mundaca received the agency’s Alexander Hamilton Award upon completing his most recent tenure, as assistant treasury secretary for tax policy. Since 2011, Michael Mundaca has been a principal at Ernst & Young, (EY) LLP, serving as co-director of both the EY National Tax Department and the EY Americas Tax Center. The EY Americas Tax Center (ATC) is a platform that links the tax practices in EY’s 33 member firms across the Americas, providing cross-border technical capability and an enhanced level of service to clients with operations throughout the Americas and the world.

The ATC serves the ever-changing needs of businesses facing tax planning and administrative challenges. One of the group’s primary focuses is tax policy, enabling it to help clients remain abreast of upcoming tax trends and planned changes to current tax law. The ATC can also help its clients implement more effective risk management strategies. Other ATC services include tax controversy, global compliance and reporting, tax effective supply chain management, and customs and value added tax consulting.

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Deadline Approaches Related to MAP Taxation Assistance

 

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MAP Taxation Assistance
Image: irs.gov

Michael Mundaca serves as Ernst & Young’s (EY) National Tax Department and Americas Tax Center co-director, leveraging past tax policy experience with the US Treasury Department.

A recent article in the EY Global Tax Alert focused on a 2017 deadline for multinational companies under FY 2012 tax audit within Mexico. According to the US-Mexico tax treaty, taxpayers generally are given 4.5 years from the income tax return filing date to provide the US or Mexican government with a request for mutual agreement procedures (MAP) assistance.

According to the EY article, meeting the deadline for notifying either government of the need for suspension of the MAP assistance deadline is critical for entities seeking to avoid issues such as double taxation. Lacking a letter providing authorization of suspension, companies may not be able to access MAP assistance.

Territorial Tax System Under US Government Consideration

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Territorial Tax System
Image: ey.com

Michael Mundaca works at Ernst & Young (EY) as co-director of its National Tax Department and Americas Tax Center. In serving clients, Michael Mundaca draws on past experience with the US Treasury Department as assistant secretary for tax policy.

A recent Global Tax Alert from the EY Americas Tax Center brings into focus the current debate regarding whether and how a territorial tax system should be implemented by the United States. Part of both the White House and Congressional Republican tax reform plan outlines, as well as being an element of the tax regimes of most major trading partners of the United States, a territorial system would largely exempt from US income tax the foreign profits of US multinational corporations. A more detailed Republican tax reform plan is expected in September at the earliest.

The Role of the Office of Tax Policy

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Office of Tax Policy
Image: treasury.gov

Michael Mundaca is co-director of the National Tax Department and the Americas Tax Center at Ernst & Young. Before that, Michael Mundaca served as the assistant secretary for tax policy at the U.S. Treasury Department.

The Treasury Department’s Office of Tax Policy develops and implements tax programs and policies and provides estimates for government receipts for the president’s fiscal policy decisions, budget, and U.S. Treasury cash management decisions. Also working at the international level, the office negotiates U.S. tax treaties and represents the country in meetings and in the efforts of multilateral organizations that handle tax policy matters, such as the Organisation for Economic Cooperation and Development.

The assistant treasury secretary for tax policy and his or her deputies get advice from, and oversee the activities of, those in Tax Policy’s Office of the International Tax Counsel, the Office of the Tax Legislative Counsel, the Office of Tax Analysis, and the Office of the Benefits Tax Counsel.

To learn more about the Office of Tax Policy, visit www.treasury.gov.