Mind Your Business!
Don’t forget that many corporate tax returns are due on tomorrow, March 15. If you need an extension, use form 7004, available on the IRS web site.
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Merck-y Waters
I heard an estimate today that 20% of each dollar earned in the US next year will be spent on health care. Somebody is clearly getting rich. Maybe that’s why the Internal Revenue Service (IRS) is gunning for pharmaceutical companies. After announcing a huge settlement with GSK just months ago, the IRS announced a similar…
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There’s No Such Thing As A Free Lunch
Or free computer software. Just ask the 30,000 recipients of Microsoft’s latest promotion… Microsoft launched a site, PowerTogether.com, to offer free copies of Windows Vista or Microsoft Office 2007 in exchange for watching three webinars on the new products (don’t bother signing up, even though the promotion was set to expire on February 28, there…
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IRS Goes The (Long) Distance
The IRS has (finally) announced a formula for determining the refund for businesses and tax-exempt organizations to estimate their federal telephone excise tax refunds. As noted before, the prospect of searching through years and years of telephone records was not particularly appealing for business owners in exchange for a small refund. To request a refund,…
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Housecleaning
Nobody wants a partisan tax blogger. It’s so… impolitic, if you will. So, I’m not going to offer any real commentary about the election on yesterday in terms of winners and losers. You can do your own Wednesday morning quarterbacking. That said, the face of the House has changed drastically with the loss of 27…
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Indebted To Uncle Sam?
You can’t turn on the TV lately without seeing those ads from so-called “debt counseling” services that offer to reduce or eliminate your credit card debt by consolidating your debt, among other plans. Often, those services included significant fees for “helping you” with your debt. Income to the companies that run those gigs? Of course…
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S-s-s-s-smokin’!
Yet again, S corporations are the most popular corporate entity in the US, representing a whopping 61.9% of all corporate entities! Nearly 3.3 million S corporation returns were filed for the tax year 2003, an increase of 5.9% from 2002. Total net income reported by S corporations increased to $213.7 billion for Tax Year 2003 from…
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Easy Answers
The U.S. Supreme Court finally ruled on a landmark tax incentive case involving the rights of individual states to provide tax breaks to corporations who choose to locate manufacturing and other facilities within the borders of those states. The ruling was viewed as key since almost every state in the country has some sort of dispute…
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IRS Again Pursuing Offshore Funds
A federal court in San Jose, California, gave the IRS permission to ask PayPal Inc. for account information for American taxpayers who have bank accounts, credit cards or debit cards issued by financial institutions over the last ten years in more than 30 countries reputed to be tax havens. This is similar to a summons…
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The Madness Of March
The madness of March just got a little… madder? In an article from the Chronicle of Higher Education, it was reported that an inquiry has been launched in Congress as to a number of potential tax abuses. We all know that college sports are money-makers. The amount of revenue generated by ticket sales, merchandising, broadcast rights…