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August 2014 Archives

Democrats Follow Through With Inversion Threat

Senate Democrats moved to discourage the use of inversion by outlining a proposal that would restrict the practice of earnings stripping, where U.S. companies borrow money from overseas parents and deduct the interest expense on U.S. taxes.

Investors Face Unexpected Tax Bills in Kinder Morgan Deal

Most of Wall Street was excited to hear Kinder Morgan Inc.'s $44 billion plan to consolidate its pipeline companies, however, some investors in the company's master limited partnership may be left with huge, unexpected tax bills.

Financial Institutions Brace Themselves as FATCA Prepares to Go Global

Just as financial institutions began getting a grip on the Foreign Account Tax Compliance Act (FATCA), the Organization for Economic Cooperation and Development threw a curveball by introducing the new global version. The OECD proposal is called the Global Standard for Automatic Exchange of Information and it will be the platform for a virtual highway where detailed account information will travel between governments.

Walgreen Abandons Inversion Deal Among Political Pressures

U.S. retailer Walgreen Co has decided to cancel its plan to reincorporate overseas to lower its tax bill, amidst a political push from the Obama administration to curb such corporate tax domicile-shifting deals.

Tax Breaks for Major Oil and Gas Companies

With oil and gas companies spending billions of dollars on hydraulic fracturing the country's shale formations, they are discovering the advantages of deferring their taxes year after year. Within the U.S. tax code are incentives that provide for drilling investors a way to put off paying taxes, as long they continue to invest, allowing for a massive safety net while they keep drilling.

UBS Pays $403 Million Settlement to Germany

An investigation into whether Zurich-based UBS had been aiding German clients evade taxes ended on Tuesday with a $403 million settlement, the largest fine ever paid to a country by a Swiss lender. While the Swiss lender was able to put to rest allegations in Germany, it is still likely to face challenges elsewhere.

Tax Preparer Sentenced to 2 ½ Years in Prison

A Durham, North Carolina woman is in hot water after being convicted and sentenced on charges that she falsified hundreds of thousands of dollars' worth of tax returns in what seems to be an elaborate scheme that took place while she worked for a tax preparation business.

Windstream plan to reduce taxes approved by IRS

The Internal Revenue Service recently issued a generally positive private letter ruling regarding Windstream’s plan to spin part of its company into a real estate investment trust. In an unusual move, the company will move its fiber optics and copper networks along with real estate into the REIT and then lease these assets.

Hedge Funds Use Basket Options to Save Billions on Taxes

Senate investigators claim in a report released Monday that hedge funds used a tax avoidance technique known as basket options to dodge federal leverage trading limits, saving one well-known trading firm around $6.8 billion in U.S. taxes.

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