President Barack Obama will extend a new offer to congressional Republicans today in which he would back an overhaul of the corporate tax system in exchange for a guarantee that resulting one-time windfall be used to underwrite various job creation proposals in an attempt to break an impasse. He plans […]
Bayern Munich president Uli Hoeness surprised Germany when he alerted tax authorities in January to a Swiss bank account he held. He was charged with tax evasion on Tuesday after several months of investigations. “A charge has been lifted against Ulrich H. for tax evasion,” Munich regional court spokeswoman Andrea […]
For better or worse, the Internal Revenue is poised to play a key role in the implementation of the Affordable Care Act (ACA). The tax aspects of the new law will affect businesses and individuals across the country. Congress passed the landmark health insurance law three years ago. And last […]
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. Hill, who […]
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 […]
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 […]
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 […]
The relationship between a father and a son is undeniably a crucial one. After all, for many boys, their father is their first role model. For the lucky ones, he is their first hero. To be sure, many boys grow up without a father. Others have abusive fathers. Yet even […]
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. The website is designed to show […]
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 […]