Dozens of inversion deals are at risk of penalization by a top Senate Democrat’s proposal to limit future deductions for companies that attempt to reincorporate overseas. The proposal by Charles Schumer of New York, the No. 3 leader in the Senate’s Democratic Majority, seeks to limit the amount of deductible […]
Silicon Valley employees at technology companies like Google Inc., Facebook Inc. and Twitter Inc. have enjoyed free cafeterias as well as pizza joints and kitchens stocked with organic produce, on behalf of their employers. The benefit has become ingrained into much of the valley’s culture and is believed to encourage […]
The Organization for Economic Cooperation and Development has revamped efforts to overhaul the international tax system as it presented its first set of guidelines to finance ministers of the group of 20 largest economies. The guidelines are an attempt to make it more difficult for companies to shift profits to […]
Sen. Bernard Sanders, a Vermont independent and apparent presidential candidate, made the case for a progressive estate tax in a recent piece for The Huffington Post. “Unless we reduce skyrocketing wealth and income inequality,” he declared, “unless we end the ability of the super-rich to buy elections, the United States […]
Two new developments in negotiations over taxes could mean lawmakers are one step closer to restricting inversion deals. Charles Schumer, a top Senate Democrat, offered a plan Tuesday to restrict inversions, and agreed to allow it to lapse after three years giving Democrats one of their top priorities while also […]
In an expected weeklong trial, the family of Carl Pohlad, a billionaire real estate developer and owner of the Minnesota Twins, will argue that the Internal Revenue Service estate tax calculations overstate Pohlad’s remaining interest in the baseball team at his death. The IRS argues the estate owes approximately $255 […]
A new Government Accountability Office report includes recommendations for the Internal Revenue Service designed to cut identity theft and fraud. The first is to advance the W-2 filing deadline. The second is to lower a threshold for the electronic filing of W-2 Forms. In a preliminary analysis of 2013 tax […]
The tax case against the founder of Beanie Babies, Ty Warner, continues as prosecutors challenge the lenient probation sentence handed down after Warner pleaded guilty to one count of tax evasion. Prosecutors alleged that Warner failed to report $24 million by hiding money in two Swiss offshore bank accounts, which […]
In a crackdown on offshore accounts, the Internal Revenue Service has placed more focus on the disclosure of foreign accounts. In addition, the Foreign Account Tax Compliance Act went into effect in July and requires foreign financial institutions provide the agency information on U.S. taxpayer clients. A recently unsealed indictment […]
Burger King Worldwide Inc. is in talks to buy Canadian coffee-and-doughnut chain Tim Hortons Inc. in a move that would relocate the hamburger seller’s headquarters to Canada. The two are planning to create a new company. Should the deal be successful, the new entity will be the third-largest quick-service restaurant […]