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Showing 31 posts tagged corporate and business tax.
Tax preparer sued concerning negligent tax handling
A hotel chain based out of Northern Kentucky was the recipient of a $99 million judgment concerning alleged fraud by a tax preparing company. It is alleged that the chain was misled by its tax preparer, Grant Thornton, LLP, concerning products that the company sold. It was argued in court that these instruments were not legal and could not stand up to scrutiny by the Internal Revenue Service. More >
Taxing of online sales may be decided by Supreme Court
Kentucky is one of a minority of states that require collection of taxes for out-of-state online sales. Known as the Amazon tax, deciding whether such taxes should be allowable could be taken up by the United States Supreme Court. More >
Is US Tax Policy Pitting Corporate Giants Against Small Business?
The federal government shutdown may have put federal tax reform efforts on hold officially, although lobbying no doubt continues behind the scenes. Unfortunately, lack of official information makes longer-term business and corporate tax planning a bit more challenging. More >
Could Your Business Qualify for a 179D Green Building Tax Break?
If your company has built a new facility or upgraded an existing one anytime in the past six years, you might find that you qualify -- at least partially -- for a tax break of up to $1.80 per square foot under federal tax code section 179D, or the energy efficient commercial buildings deduction. This could be the case even if you had no concrete intention to focus on green building standards at the time. More >
Did You Notify the IRS When Your Business Moved?
If your business or corporation has changed addresses in the past few years, are you certain the IRS was notified about your new address? If you’re not certain, you should check, or you could find yourself in an awkward situation if you’re ever involved in an IRS tax controversy. As a recent ruling by the U.S. Tax Court underscores, you could lose your right to challenge a federal tax lien if you missed the notification when it was misaddressed. More >
Corporate Tax Evaders Focus of G-8 Nations
As the economy has been slow to rebound in the past few years, many have turned their attention to issues of corporate taxation. While some claim that cutting corporate taxes in the U.S. is key to sparking growth, particularly among small businesses, others have been vocal about closing tax loopholes that allow larger corporations to avoid paying their fair share. At the recent G-8 summit in Northern Ireland, leaders pledged to crack down on corporations that engage in questionable tax practices. More >
IRS Work Group to Explore Definition of Real Estate for Taxation
In light of revelations such as Apple's ability to avoid many federal corporate income taxes, the IRS and the Treasury Department may be under pressure to reconsider some tax rules in order to prevent an erosion of the corporate tax base. Recently, the IRS notified information storage company Iron Mountain that it is "tentatively adverse" to its characterization of its racking storage units as real estate. Iron Mountain is seeking to convert itself from a corporation into a Real Estate Investment Trust, or REIT, to minimize its business taxation. More >
Will US Corporate Taxation Drive Startups to Incorporate Abroad?
The recent revelations that corporate giants such as Apple, Microsoft and Hewlett-Packard have been successful at using certain federal tax regulations to pay extremely low corporate income taxes have brought up a number of questions about the impact of U.S. tax policy on multi-national businesses. More >
Yahoo!/Tumblr Deal and the Tax Cost of Cash Acquisition Payments
When Yahoo! recently acquired the blogging service Tumblr, the two companies structured the deal so that virtually all of the $1.1 billion price tag for Tumblr will be paid in cash. In the current economy, many companies, particularly tech companies, have a lot of cash available, making the more traditional payment in stock appear less desirable. However, tax planning during mergers or acquisitions can be invaluable because, with proper counsel, the organizations can anticipate and mitigate the tax ramifications for the companies, individuals and shareholders. More >
Who Holds the Keys to Your Office Building?
Making the leap from leasing to buying an office building can be daunting for business owners. After all, enduring the risks that come with owning a business is hard enough; venturing into the commercial real estate market can present a whole new set of hazards. However, the purchase of your own space can be highly profitable and advantageous. More >
