Tax

  • October 31, 2013

    Cameron Vows Public Registry To Fight U.K. Tax Evasion

    The U.K. will create a public registry listing the names of business owners and company beneficiaries in an effort to combat tax evasion and pierce “the cloak of secrecy” surrounding the use of shell companies and complex business structures, British Prime Minister David Cameron announced Thursday

  • October 31, 2013

    Va. High Court Says Tunnel Tolls Aren't Illegal Taxes

    The Virginia Supreme Court ruled Thursday that tolls used to fund a $2 billion project that includes a new tunnel between Portsmouth and Norfolk, Virginia, are permissible user fees and not unconstitutional taxes, paving the way for a $2 toll starting in February 2014 on two existing tunnels.

  • October 31, 2013

    Tax Bill Aims To Make Education Credits Less Spooky

    A bipartisan bill introduced Wednesday would combine four separate tax provisions into one less-intimidating measure so taxpayers can more easily enjoy benefits from educational purchases, the bill's co-writers said.

  • October 31, 2013

    Insurer Seeks End to Foreign Reinsurance Excise Taxes

    The Internal Revenue Service's enforcement of a 1 percent excise tax on certain foreign-to-foreign reinsurance premiums violates congressional intent, Bermuda-based insurance company Validus Reinsurance Ltd. told the District of Columbia federal court Thursday.

  • October 31, 2013

    Budget Committee Nods To Compromise, But Leaders Dig In

    The government shutdown ended this month thanks in part to the launch of a congressional committee tasked with compromising on revenue increases and spending cuts. But at its first meeting Wednesday, the spirit of compromise found in its members’ rhetoric was lost in their policy proposals.

  • October 31, 2013

    Thousands With Security Clearance Owe IRS $85M, GAO Says

    Thousands of federal employees and government contractors that have been eligible for security clearances in the last several years owed about $85 million in unpaid federal taxes as of 2012, according to a report released Thursday by the U.S. Government Accountability Office.

  • October 31, 2013

    US Trimmed $409B From Deficit In 2013, Treasury, OMB Say

    The U.S. posted a $680 billion deficit in 2013, a nearly 40 percent decrease from 2012 and the lowest deficit in five years partly thanks to increased tax revenue, according to budget results released Wednesday by the U.S. Department of Treasury and the Office of Management and Budget.

  • October 30, 2013

    IRS Delays Part Of Recent Rule On Mixed Straddles

    An Internal Revenue Service proposed regulation on so-called mixed straddles that went live in August has been partially stalled until the U.S. Department of Treasury issues a final version, according to an IRS notice issued Tuesday.

  • October 30, 2013

    Railroad Giant CSX Off Hook For Tenn. Sales Tax For Now

    A federal court on Wednesday barred the state of Tennessee from charging railroad giant CSX Transportation Inc. sales tax on the purchase of diesel fuel within the state, temporarily halting CSX’s potential payment of millions of dollars in tax.

  • October 30, 2013

    US Booze Cos. Tell UK To Adopt American Tax Structure

    With the United Kingdom looking to curtail the $700 million in revenue it lost to alcohol duty fraud last year, one trade group says the country should try a more American approach to taxes and booze, which also discourages vertical monopolies.

  • October 30, 2013

    Jury Should Decide $162M Wells Fargo Tax Spat, Court Says

    A jury should decide whether Wells Fargo & Co. is entitled to a $164 million tax refund stemming from a purported sham transaction involving a billion-dollar loan from Barclays Bank PLC, a special master said Friday.

  • October 30, 2013

    Sens. Seek Tax Conditions On $13B JPMorgan Mortgage Deal

    A group of Senate Democrats on Tuesday pushed U.S. Attorney General Eric Holder to demand that a potential $13 billion settlement with JPMorgan Chase & Co. include restrictions that would prevent the bank from claiming a massive tax deduction on the deal.

  • October 30, 2013

    IRS Allows More Time For Contract Manufacturing Deduction

    Taxpayers in contract manufacturing arrangements that seek a domestic production activities deduction from the Internal Revenue Service may have extra time to submit evidence supporting their case under updated guidance issued by the IRS on Tuesday.

  • October 30, 2013

    Ex-NFL Player Jailed 37 Months For $2M Tax Fraud Scheme

    Controversial former NFL player Freddie Mitchell will serve 37 months in prison for his role in the filing of more than $2 million in false tax refunds for clients including NBA player Drew Gooden, a Florida federal judge ruled Tuesday.

  • October 30, 2013

    Pa. High Court Preserves Tax Immunity For Historic Trust

    The Pennsylvania Supreme Court ruled on Wednesday that property owned elsewhere in the state by the City of Philadelphia as part of a historic trust was not subject to local real estate taxes, reversing a Commonwealth Court decision and reaffirming the trust's unique status. 

  • October 30, 2013

    Firm Ducks Malpractice Suit Over $4.3M Appraisal Shortfall

    A New York City trial judge dismissed in a ruling posted Tuesday a malpractice suit against Stern Keiser & Panken LLP after a plaintiff claimed the firm negligently hired an appraiser who undervalued her property by $4.3 million, which subjected a family gift to an unexpected tax liability after an IRS audit.

  • October 29, 2013

    IRS, Treasury Dept. Give Financial Cos. New FATCA Advice

    Foreign financial institutions subject to U.S. rules aimed at thwarting offshore tax evasion received newly modified reporting standards under guidance issued Tuesday by the Internal Revenue Service and the U.S. Department of Treasury.

  • October 29, 2013

    San Francisco Latest Calif. City To Float Soda Tax

    A San Francisco supervisor on Tuesday introduced a proposal to impose a special tax on sugary beverages, becoming the latest California city in recent years to try to raise funds for health and nutrition programs by regulating soft drink sales.

  • October 29, 2013

    Pa. ShopRite Owes 15 Years Of NJ Taxes

    The New Jersey Tax Court on Tuesday hit the Pennsylvania subsidiary of a company that operates grocery stores under the ShopRite name with 15 years worth of tax liability, saying the subsidiary was set up with the sole purpose of avoiding New Jersey tax.

  • October 29, 2013

    IRS Auditing Review System Needs Tightening, TIGTA Says

    Internal Revenue Service standards for evaluating correspondence audits are costing the government millions as audit review errors go undetected, says a report released Tuesday by the Treasury Inspector General for Tax Administration.