One of Ireland's richest persons, John P. McManus, seeks $5.2 million from the U.S. government after it was wrongfully withheld from his $17.4 million gambling winnings to cover taxes.
Tags: IRS
IRS Fines 8 Million Americans, 0.3 Million of Them From Low Income Group
IRS has fined some 8 million people and 1.4 million households are forecast to fall prey of fines due to ignorance on new healthcare law. Commonly criticized as the Obama Care Law, the new law instructs all Americans to go through insurance net. But mainly due to ignorance about mandatory submission of tax returns and moreover legally remain exempted from tax net, have fall victim to count fine for $210 each.
People with unpaid IRS debt can have their Passports cancelled
A bill that prohibits people with unpaid IRS loans from travelling is expected to become law very soon. The Federal government has been going after travelling people who are reporting their taxes incorrectly for a very long time, but now, they plan to apprehend those with unpaid IRS loans.
U.S. Ranks Third in the Global Tax Havens List
The United States is now third place in the list of top tax havens for foreign companies on the biannual Financial Secrecy Index by the Tax Justice Network, next to Switzerland and Hong Kong.
Yahoo to spin off Alibaba stake even without tax-free guarantee
Yahoo Inc. is proceeding with the spinoff of its stake in Chinese e-commerce giant Alibaba even without guarantee that it won't be taxed. In a regulatory filing, Yahoo says its board has authorized the transaction despite lacking an approval from the Internal Revenue Service. On news of the decision, Yahoo's shares rose Monday by as much as 4% in extended trading.
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There are many ways you might have contributed too much to your IRA without knowing it. Maybe the full amount was contributed to both a traditional and a Roth IRA. Perhaps you set up a monthly contribution that automatically pays and forgot to put a stop to it before your contribution limit exceeded. Or, maybe you just screwed up.
Shares in Yahoo Inc (YHOO.O) fell 7.6 percent on Tuesday, as the stock sold off dramatically in the last 20 minutes of the trading day on worries that a potential change in U.S. tax regulations would affect Yahoo's expected spinoff of its stake in Alibaba Group Holding Ltd (BABA.N).
Taxes are one of the few constants in life, but what happens when you change the way you do your return? People move or get divorced, tax preparers pass away.
Microsoft sued the Internal Revenue Service on Monday, seeking information about a law firm hired by U.S. tax authorities in a review of how the software company books sales between subsidiaries.
Shares in drugmakers AstraZeneca (AZN.L) and Shire (SHP.L) both fell more than 5 percent on Tuesday after the U.S. Treasury took steps to curb "inversion" deals that allow companies to escape high U.S. taxes by reincorporating abroad.
University of North Carolina Professor Gregg D. Polsky wrote in the February 3 edition of Tax Notes that payments given by companies to their private equity owners are not characterized properly for tax purposes, The New York Times The Dealbook reported.
Paying online purchases with Bitcoin is not something new but paying taxes using the digital currency is and SnapCard is the startup that makes that possible, according to Forbes Contributor Ben Kepes.
BB&T Corp lost a USD 772 million tax refund case against the IRS. Financial holding firm BB&T Corp lost a USD 772 million tax shelter case with the US Internal Revenue Service (IRS).
The IRS proposed reform for the money market fund industry is set to tackle tax matters. On Wednesday, the US Internal Revenue Service recommended new regulations.
