From the category archives:

corporate

Antitrust Suit Filed Against Top Tax Preparer H&R Block

23 May 2011

Apparently we do have antitrust laws left in this country – when the mood strikes us, that is. The Department of Justice announced today that it has filed an antitrust lawsuit to stop H&R Block from buying 2nd Story Software, the company that makes TaxACT. Last year, H&R Block had annual revenues of $3.9 billion [...]

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Big Oil Tax Breaks Continue After Procedural Vote

18 May 2011

I said it would be a tough vote and it was: the Senate voted this week to block a proposal to curb tax breaks for big oil. The Democratic effort to launch S.B. 940, known as the Close Big Oil Tax Loopholes Act, would have ended tax breaks for the top five most profitable oil [...]

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Multinational Corporate Tax Holiday Gets New Interest

14 May 2011

Imagine for a minute how you’d feel if you found out that Congress passed a law that would allow your neighbor to pay less tax than you – a lot less tax than you – simply because they waited so long to do it. That’s exactly what a measure introduced this week by Rep. Kevin [...]

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IRS Asks for Input on Health Care Law

10 May 2011

The IRS is seeking input on the new health care law as it applies to large scale employers. Check it out by clicking here.

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Tax Breaks for Big Oil Back In the News

9 May 2011

The soaring price of gasoline is definitely attracting some attention these days. According to the most recent data available, it will cost you, on average, $1.065/gallon more to fill your tank this year than at the same time last year. Considering that the typical American drives 13,476 miles per year, that means that we’re spending [...]

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Amazon Does Cayce: Will Porn Keep the Online Giant Out of SC?

25 April 2011

Amazon.com is upping the stakes in its quest to avoid sales tax on online sales. The online sales giant has promised to build a distribution center in Cayce, South Carolina (just west of Columbia) that will reportedly create 1,200 jobs in the first year alone. But. And it’s a big but. The company wants assurances [...]

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US Uncut and GE: Imagination (and Hoaxes) at Work

13 April 2011

Just around noon, a story caught my eye on Twitter. It was a link to a Forbes story claiming that GE had issued a press release confirming that the company had decided, in the midst of public outrage, to return its $3.2 billion refund. I almost choked on my coffee. What company does this? The [...]

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Are We Creeping Closer to an Internet Sales Tax?

13 April 2011

Like you didn’t see this coming… Sen. Dick Durbin (D-IL), together with Sen. Mike Enzi (R-WY), will, if all goes according to plan, announce intentions to impose a sales tax on internet sales. The bill, referred to as the Main Street Fairness Act in the Senate, is a companion piece to legislation bearing the same [...]

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It’s March 15, Do You Know Where Your Corporate Tax Returns Are?

15 March 2011

Today is March 15 which means that most corporate taxpayers must file their tax returns (or extensions) by the end of the day. This includes forms 1120 for C corporations and forms 1120S for S corporations. If you’re not ready yet, you can obtain an automatic 6-month extension by timely filing a federal form 7004 [...]

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Taxes from A to Z: K is for Kickbacks

13 March 2011

Oh c’mon. You totally knew that I was going to choose kickbacks, right? The rules governing illegal activity and taxes are some of the most entertaining bits of the Tax Code, not that the bar’s terribly high to begin with… The specific section of the Code that references kickbacks can be found under Itemized Deductions [...]

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