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July 2013 Archives

Debate Over Corporate Tax Reform Rages On

Lines are being drawn and sides are being taken as Congress attempts to overhaul the corporate tax code. Corporate giants such as General Electric Co. and Microsoft Corp. are battling it out in hopes of influencing the debate. This decision will impact international companies significantly due to the drastic changes that will be made to foreign income in an effort to prevent corporations from shifting profits abroad to places that impose little or no tax.

G-20 Goes after Corporate Tax Reform

The days of loopholes and lower taxes for corporations may soon be at an end as the Group of 20 largest economies is poised to back a major overhaul of international taxation designed to eliminate these perks. This 15-point plan has been developed by the Organization for Economic Cooperation and Development, and will likely be issued as meetings in Moscow between finance ministers from the G-20 come to a close.

Lauryn Hill Heads to Prison for Tax Evasion

Benjamin Franklin once said, "In this world nothing can be certain, except death and taxes." This couldn't be more true for Grammy-winning singer Lauryn Hill as she begins serving a three-month prison sentence in Danbury, Connecticut for failing to pay $1 million in taxes over the past decade.

Change of address notification crucial when dealing with IRS

In our last post, we talked about the impact taxes can have on a family business. In most cases, family members want the best for each other; and that can be difficult in a business setting. But the one thing no one wants for their business (may family be involved or not) is the Internal Revenue Service taking action against it.

New Website Shows the Intricate Structure of America's Top Banks and Their International Tax Haven Networks

The world map has never looked so odd. A service called OpenCorporates has launched a website that shows America's top six banks and their exceedingly intricate and complex organization structure to highlight the lengths to which some corporations go to minimize their tax liabilities.

FATCA Foreign Bank Rule Delayed Another Year

The Foreign Account Tax Compliance Act (FATCA) compliance requirement for foreign banks dealing with the US has been delayed until July 1, 2014 so that these banks can continue to implement the changes and agreements necessary to avoid penalties. FATCA was enacted in 2010 to require that foreign banks report to the IRS information about American clients or otherwise face a 30% withholding penalty on all "dividends, interest or other payments they're slated to receive" from U.S. financial institutions.

Business owners and tax charges: feds try to build paper trail

Last week we wrote about the many responsibilities that federal and state tax codes place on business owners. From payroll taxes to estimated taxes to the intricacies of the Affordable Care Act, there are a host of ways that tax issues impact businesses and their owners.

Sprint Fails to Dismiss a New York Tax Fraud Case, May Have to Pay $300 Million

Sprint, the third largest wireless carrier in the country, has been charged with tax fraud for willfully failing to pay a portion of sales taxes owed, according to the complaint filed by the state of New York. Sprint tried to have the case dismissed, but the judge refused the dismissal and instead requested a hearing with the attorneys from both sides later this month. Sprint intends to appeal the decision.

DOMA Ruling Not All Good News for Same-Sex Couples - More Confusion and Legal Battles to Follow

In our first post about the impacts of the recent Supreme Court decision, United States v. Windsor, in which the federal Defense of Marriage Act (DOMA) was partially struck as unconstitutional, we discussed the fact that many surviving same-sex spouses may qualify for tax refunds for payments made on their deceased spouse's estates. But while estate planning same-sex couples will have a field day with this ruling, the federal government's role in all aspects of a same-sex marriage benefits is from settled.

Vatican Accountant Finds Himself Praying For Mercy After Being Accused of Tax Evasion

In yet another story that seems like something straight out of a James Bond movie, a Vatican accountant, a former Italian spy, and a financial broker have been arrested and charged with tax evasion and possibly money laundering. A complex scheme involved the former Italian spy moving over $26 million from Switzerland to Italy by airplane and then having it transported via armored car to the home of the Vatican accountant. Scratch the reference to James Bond, this may be something more out of Fast & Furious.

Tax Refunds Await Many After Supreme Court's DOMA Ruling

In what was one of the two most anticipated cases in the Supreme Court's docket this year (and arguably in many years), the Supreme Court ruled in United States v. Windsor that the federal Defense of Marriage Act (DOMA) was unconstitutional as it violated the Constitution's Equal Protection and Due Process Clauses.

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