Corporate tax news — from filing obligations to policy changes affecting businesses of every size.
Remember when YOU saved Fannie Mae and Freddie Mac? Well, apparently your generosity knows no bounds. In response to taxpayer demands, the Justice Department is currently investigating whether there was any wrong doing leading up to the collapse of the mortgage industry. And naturally, executives at companies like Fannie Mae and Freddie Mac are scrambling…
Boy, am I glad that the government pumped billions of dollars into the banking industry! Since that time, borrowing has become significantly easier. Wait, that hasn’t happened? Well, at least the Dow regained its faith in the market. Wait, that didn’t happen either? What did happen? Oh yeah, banks made more money. Need proof? I…
I can’t wait for Hollywood to see the potential in this KPMG tax shelter mess. I predict movie gold! Nothing is waiting in the wings yet (so far as I know), but the live coverage is just as good. After declaring the KPMG lead tax evasion scandal as the “largest tax fraud ever,” overzealous prosecutors…
On Monday, I was scrambling to get my own corporate tax returns prepared and filed by the end of the business day. I can’t imagine trying to manage them without any power… Yet, that’s exactly what the victims of Hurricane Ike were facing. Fortunately, the Internal Revenue Service (IRS) has announced that taxpayers and tax…
(Sorry, couldn’t resist the Falcons reference…) The Georgia Supreme Court is in the midst of a fairly tricky procedural debate about the way that online travel companies collect and remit taxes – and whether cities have an obligation to pursue traditional assessments for a nontraditional industry. We’ve seen a lot of debate and confusion when…
Last year, I posted about Wal-Mart’s aggressive stance on paying property taxes; not surprisingly, Wal-Mart isn’t a fan of paying property tax and has challenged a disproportionately high percentage of assessments for its stores (more than 2,100 property tax challenges nationwide). I titled the piece “Does Wal-Mart Want Your Kid To Read?” Flash forward to…
According to the Government Accountability Office, in any given year, at least 60% of US corporations surveyed paid no federal income tax liability for 1998 to 2005 (the years studied). That statistic includes corporations of varied sizes. If the trends in the survey are accurate, nearly one quarter of large US corporations don’t pay any…
Cell phones are changing the world. A few years ago, I called my mother in the afternoon on my cell phone – to my carrier, a minute was a minute no matter when you called. I remember vividly my mother’s response. “It must be nice,” she said, “to be so rich that you can call…
In the legal profession, lawyers sometimes try a little too hard at the networking thing – and lawyer or not, you know exactly what I’m talking about. It’s the whole standing around in suits thing, trying to pretend you’re comfortable, all the while looking for someone better to talk to. Why bother? When it comes…
Ford Motor Company has filed a lawsuit in federal court, claiming it deserves at least $445 million in accrued interest from the IRS. The years in question are 1983-89, 1992 and 1994 and the issue of interest stems from quarterly tax payments made by Ford that were adjusted after audit. Ford says that the issue…