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Tax

  • October 30, 2014

    Tax Shelter Funds Ask Court To Approve Loss Deductions

    Two partnerships found to have operated illegal tax shelter funds asked a California federal court Wednesday for summary judgment approving the deductibility of losses and interest expenses incurred in investments in bond-linked issue premium structures.

  • October 30, 2014

    New UK Law Eyes Tax Shelter Promoter Fines, Suspensions

    U.K. tax advisers who breach professional codes of conduct by promoting tax shelters and are fined more than £5,000 ($8,006) because of that activity could find themselves subject to a new law that requires them to stop that behavior, the U.K. government said Thursday.

  • October 30, 2014

    Debt Collector Protests $192M IRS Deficiency Notice

    Consumer debt collector Portfolio Recovery Associates Inc. has asked the U.S. Tax Court to reverse an Internal Revenue Service finding that it owes $192.6 million in back taxes stemming from the defaulted consumer debt accounts it purchases, saying that the agency inappropriately recalculated its taxable income using different accounting methods.

  • October 30, 2014

    EC Proposes Options For Reformed VAT Regime

    The European Commission on Thursday released a set of options to reform the European Union’s more than 20-year-old, outdated value added tax system and move toward a definitive regime that is more efficient and less burdensome for businesses.

  • October 29, 2014

    Tax Court: Taxpayers Can't Write Off Withheld RE Gains Tax

    The U.S. Tax Court on Wednesday ruled that a couple couldn't lower their tax burden by deducting the portion of the proceeds from a 2006 property sale that was withheld for taxes because they didn’t give their title company a taxpayer ID number or proof of citizenship.

  • October 29, 2014

    Wyly Bankruptcy Atty Says Case Proceeding 'By The Book'

    Counsel representing Sam Wyly in his bankruptcy told a New York federal judge in a letter made public Wednesday that the Texas tycoon hasn’t been liquidating assets unbeknownst to them, firing back against the U.S. Securities and Exchange Commission’s bid for an extended asset freeze that would apply to Wyly’s family members and third parties.

  • October 29, 2014

    Securitas Unit Wins $88M Deduction In Insurance Risk Shift

    The U.S. Tax Court ruled Wednesday that a unit of security services giant Securitas AB can deduct $88 million in expenses from a captive insurance arrangement that legitimately shifted and distributed risk.

  • October 29, 2014

    Bankrupt DDMG Will Return $18M In Tax Credits To Fla.

    Bankrupt special effects company Digital Domain Media Group Inc. agreed to release $18 million of the $20 million in film project tax credits it received from Florida back to the state, the Florida Department of Economic Opportunity announced Wednesday.

  • October 29, 2014

    NJ Bill Would Raise Estate Tax Exemption To $1.5M

    A New Jersey state lawmaker on Tuesday announced the introduction of a bill that would more than double the exclusion threshold for the state’s tax on estates to $1.5 million and eliminate the state’s inheritance tax for some family members.

  • October 29, 2014

    51 Countries Ink OECD Tax Information Exchange Agreement

    Fifty-one countries on Wednesday inked an agreement to automatically share financial account information by 2017 or 2018 about foreign nationals who hold bank accounts in their countries in a global effort to stomp tax evasion, the Organization for Economic Cooperation and Development said.

  • October 29, 2014

    Fla. Plaintiffs Want Stay Lifted In Same-Sex Marriage Case

    Plaintiffs fighting Florida's same-sex marriage ban on Wednesday asked a judge who deemed the ban unconstitutional to lift a stay that allows the state to continue to enforce the ban while state and federal appeals courts take up the issue.

  • October 29, 2014

    Bank Leumi, NY Regulators Eye Deal In Tax Evasion Probe

    Israel’s Bank Leumi said in a statement Wednesday that it was in talks with New York banking regulators to settle allegations that the bank helped U.S. customers hide money from the Internal Revenue Service and evade taxes.

  • October 29, 2014

    New Zealand Inks Timeline For Tax Information Exchange

    New Zealand's banks have until 2019 to fully comply with an automatic tax information exchange championed by the G-20 and Organization for Economic Cooperation and Development, the nation's revenue minister said Wednesday.

  • October 29, 2014

    Chevron Wells Not Exempt From Calif. Tax

    A California appeals court on Tuesday rejected arguments by a subsidiary of Chevron Corp. that some of its newly constructed oil wells are exempt from supplemental assessments and $3.5 million in taxes on oil fields that it owns in the state.

  • October 28, 2014

    Key Government Witness Wraps Testimony In Weil Case

    Wrapping up his testimony in the tax fraud conspiracy case of ex-UBS AG executive Raoul Weil, key government witness Martin Liechti on Tuesday tackled the Swiss bank's deliberations on exiting the undisclosed portion of its U.S. business, which he said top officers had come to call a “nightmare.”

  • October 28, 2014

    Banker Helped Iranian Exiles Hide Cash From IRS, Gov’t Says

    A Beverly Hills banker for an Israeli bank played on his Iranian Jewish exile clients' distrust of government, helping them hide millions from the Internal Revenue Service in overseas accounts, prosecutors told jurors at the start of a tax fraud trial Tuesday.

  • October 28, 2014

    SEC Says Freeze On Wyly Assets Should Be Broad

    The U.S. Securities and Exchange Commission told a New York federal judge Tuesday that a freeze on the assets of Texas tycoon Sam Wyly and his late brother, Charles Wyly, should be broad enough to cover extended family and third parties, as the agency seeks to protect a potential $198 million offshore-trading penalty and address Wyly's bankruptcy filing.

  • October 28, 2014

    Federal Agreement Blocks $2.6M NJ Co-Op Tax Assessment

    A New Jersey appeals court on Tuesday ruled that the city of Elizabeth cannot assess $2.6 million in real estate taxes against an affordable housing cooperative apartment building because the real estate value must consider the building's federally mandated sales restrictions.

  • October 28, 2014

    Dow Urges 5th Circ. To Rehear $1B Tax Shelter Case

    Dow Chemical Co. urged the Fifth Circuit on Monday to reconsider its decision that it had engaged in sham investment partnerships generating about $1 billion in bogus tax breaks, arguing that the decision disrupted settled federal tax law.

  • October 28, 2014

    IRS Failed To Issue Anti-Fraud Nos. To Some ID Theft Victims

    The Internal Revenue Service failed to issue identification numbers meant to deter tax-related fraud to more than half a million people in 2013 who were victims of tax-related identity theft, according to a report released Tuesday.