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(Bloomberg) Facebook Inc.’s future cash flows and results could suffer a major blow if it loses a battle over new U.S. tax liabilities related to the transfer of its global operations to Ireland in 2010. The Internal Revenue Service delivered a notice of deficiency to the social media giant Wednesday for $3 billion to $5 […]
Many taxpayers have multiple Individual Retirement Accounts and 401(k) accounts, and as the baby boom generation enters its retirement years, more clients than ever are going to need advice from a tax professional about how to handle the complicated rules for required minimum distributions from the accounts once they finally retire. This three-part special study […]
document.createElement(‘aside’); http://www.accountingtoday.com Print Email Reprints The IRS Statistics of Income program has released data on taxpayers who hold IRAs, private foundations, tax-exempts and other categories. The Tax Year 2013 IRA tables detail the total fair market value for IRAs, the number of taxpayers receiving distributions, and total contributions to the various types of IRAs. The […]
document.createElement(‘aside’); http://www.accountingtoday.com Print Email Reprints Highlights of some of our favorite tax-related blogs from the past week. Big questions The Income Tax School: IRS Commissioner Koskinen probably rivals Richard Nixon when it comes to impeachment rumors. What is the commissioner’s future? Dinesen Tax Times: The IRS position on one-person LLCs, EINs and W-9s raises questions. […]
(Bloomberg) Facebook Inc. officials failed to show up after getting seven summonses from the Internal Revenue Service demanding internal corporate records on one of its offshore tax strategies, according to an IRS court filing. U.S. authorities are examining Facebook’s federal income tax liability for the period ending Dec. 31, 2010 and are looking at whether […]
The Internal Revenue Service spent $10.71 million on guns, ammunition and other military-style equipment from fiscal year 2006 to FY 2014, according to a new report. The report, from an advocacy group known as American Transparency, describes the spending by various non-military federal agencies, including the IRS, the Environmental Protection Agency, and the Animal and […]
The summer has started and summer camp bills have been paid. Summer camp is a great way to keep our children busy and looked after while we are working. But it comes at a steep price. Summer camp costs are, on average, about $300 per week. And for our children who are graduating from high […]
Internal Revenue Service employees file more than 800 new injury claims each year, according to a new report. The report, from the Treasury Inspector General for Tax Administration, found the majority of IRS employee injuries can be attributed to accidents such as slips, trips and falls. For most of the accidents, the IRS can do […]
document.createElement(‘aside’); http://www.accountingtoday.com Print Email Reprints Highlights of some of our favorite tax-related blogs from the past week. Mother lodes Mauled Again: Life holds few moments more exciting than moving in together, except maybe actually buying the home together. Life holds other exciting moments, too, such as the recent case Jackson v. Comr., which demonstrated why couples […]
The Internal Revenue Service has released new guidance on how foreign financial institutions can enter into a Qualified Intermediary agreement with the U.S. under the Foreign Account Tax Compliance Agreement, or FATCA. Denise Hintzke Notice 2016-42, released earlier this month, outlines the proposed QI agreement, which revises and updates the current agreement in Rev. Proc. […]
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