Bloomberg: Intercompany Accounting—A Target For Tax Scrutiny

The IRS also feels significantly short-changed by dozens of big, profitable companies. Just as the Biden administration is pushing to raise corporate tax, a new study by the Institute on Taxation and Economic Policy found that at least 55 American giants paid zero corporate income tax last year, despite raking in billions in profits. However, a global tax deal is going to be hard to achieve. Under EU law, tax generally remains a matter for national governments, who would have to agree unanimously on a minimum corporate tax. While the average EU corporate tax is 21.7%, some countries, like Ireland, tax well below (12.5%).