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(Bloomberg) Wells Fargo Co. got less than it wanted in a federal tax-refund lawsuit, yet the bank’s partial victory may spur billions of dollars in similar refund claims from companies that have done repeated mergers and acquisitions, tax lawyers say. The bank had sought refunds—valued at about $350 million as of 2011—tied mostly to interest […]
(Bloomberg) U.S. taxpayers who entered into an IRS program that made it easier to disclose their hidden offshore bank accounts may have thought they put their legal troubles behind them. Instead, prosecutors may try to put some of them in jail for not telling all. Since 2012, 30,000 Americans avoided stiff tax penalties by declaring […]
The Internal Revenue Service enjoys ample room for improvement on a number of issues, according to tax practitioners asked about the agency’s biggest challenges. Beyond headline debate over the possible impeachment of Commissioner John Koskinen, preparers say that the IRS faces a range of problems that stem from illegal and sophisticated use of technology to […]
document.createElement(‘aside’); http://www.accountingtoday.com Print Email Reprints The IRS reports that it processed 134,387,120 returns from last season through May 26. The figures cover number of returns processed and AGI, tax liabilities and percentages of filers’ income composed of capital gains. As of late May, the IRS had processed the largest number of returns for taxpayers with […]
The Internal Revenue Service and the U.S. Tax Court are seeing their caseloads pile up as taxpayers, interest groups, tax attorneys and Congress let loose with a volley of lawsuits and legal challenges. IRS and Tax Court officials addressed some of the issues at New York University’s 8th Annual Tax Controversy Forum in New York […]
The Treasury Department and the Internal Revenue Service have finalized a rule requiring U.S. parent companies of large multinational public and private companies to provide financial data to the IRS on a country-by-country basis. The information is supposed to provide tax authorities around the world with the ability to identify where companies might be shifting […]
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