Corporate tax news — from filing obligations to policy changes affecting businesses of every size.
Tax season may have officially kicked off but many taxpayers still can’t file their returns. Since Congress waited until the end of the year to re-up some of the 2010 deductions, IRS had a little bit of work to do… On top of updating forms to conform with those deductions, IRS had to update new…
It’s been a wild weekend across the globe. The demonstrations in Egypt and Syria may have dominated the headlines but they weren’t the only protests happening in the world. In London, tax protesters made news when they collided with police. The protesters had gathered in front of stores on one of the toniest areas in…
Taxpayer asks: Hi Kelly, I read your article about incorporating to limit taxes. How about forming Limited Liability Corporations (LLC’s)? When you form an LLC for real esate holdings to limit liability, do you file as an individual or do you have to file for the LLC? Thanks. Taxgirl says: This is one of those…
CNBC has published a list, based on Organization for Economic Cooperation and Development (OECD) numbers, of the world’s highest corporate tax rates. The numbers are based on “combined corporate income tax rates” which purports to include both national and local levies. The list is compiled from a list of OECD member countries which means that…
So far this year, Ford Motor has earned an astounding $6.3 billion. That’s a pretty remarkable turnaround in a slow economy from the auto maker’s $14.8 billion loss in 2008. More profit means more tax revenue, right? Maybe not. The Michigan Economic Growth Authority (MEGA) is seeking tax cuts for the auto giant, as well…
This week, Congress has been sparring over the best way to fix the economy. It looks like, one way or the other, we’re going to have some tax cuts. The specifics have yet to be worked out. Many are pushing for individual tax rate cuts while others believe that cutting corporate tax rates (something Speaker…
Congress might not be getting much accomplished this quarter but you can’t say they’re not trying (well, depending on your definition of “trying”). The Senate voted yesterday to not vote (yes, you read that correctly) on a measure that was billed as an “incentive to create American jobs.” The “Creating American Jobs and Ending Offshoring…
About six months ago, a bipartisan effort to kickstart the economy in the form of new tax incentives, was signed into law by President Obama. The Hiring Incentives to Restore Employment (HIRE) Act, referred to as the HIRE Act, offered a tax break to businesses who hired previously unemployed workers. The break basically exempted employers…
In the middle of all the “tax loopholes closing” that’s been going on in Congress, a big, fat one may have remained open. Sen. Max Baucus (D-MT), who chairs the powerful Senate Finance Committee, has opened an investigation into whether Transocean, Ltd., has been exploiting tax law loopholes by moving their headquarters overseas (spoiler alert,…
Oh media, stop trying to create drama where there is none… Days after the IRS confirmed that some compensatory payments to victims of the Gulf Spill are taxable, the news is filled with sensational headlines implying that this is some kind of evil money grab by the government. Shame on those reporters. What’s happening in…