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. Walgreen, the operator of the largest U.S. pharmacy chain, will follow through with its plan to purchase […]
The Obama administration is exploring a variety of options in the tax code in an attempt to discourage companies from reincorporating overseas for tax purposes otherwise known as ‘inversion’. Each possible weapon the administration is considering has its own pros and cons, with no decision having been made thus far. […]
Even though tax season is long over that has not stopped phone scammers warns the Internal Revenue Service. In Bell County, Texas, an elderly woman lost $2,500 in an IRS phone scam. The woman received a call from a person claiming to be with the IRS. The caller told the […]
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 […]
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 […]
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. Tasha Renee Smith […]
Hedge funds are preparing to capitalize on the wave of takeover deals designed to lower taxes for U.S. acquirers. While President Barack Obama has attempted to discourage the practice known as “inversions,” in which a U.S. firm buys a foreign company and moves overseas in order to avoid higher taxes, […]
Inversion is by no means a new strategy for big businesses in avoiding high corporate taxes. However, the country to which companies are now moving is the dark horse known as the United Kingdom. For decades, Ireland was the destination of choice for inversion plans for U.S. companies, but after […]
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 […]
Internal Revenue Commissioner John Koskinen said at a congressional hearing Wednesday that the IRS Inspector General has begun the process of reviewing agency computer backup tapes in an attempt to determine whether or not the missing emails can be recovered. The agency told law-makers in mid-June that a hard drive […]