Tags: IRS

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 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.

President Barack Obama announced on Tuesday some updates on the Free Application for Federal Student Aid process or FAFSA. This is a part of the president's aim to make college education more affordable for students and families.

IRS declined to bless Yahoo's planned tax-free Alibaba spin-off, sending its shares down about 4%. According to Business Insider, Yahoo owns 384 million shares of Chinese tech giant Alibaba, which is worth $23 billion. Yahoo plans to turn that into a separate company with its small-business unit in a tax-free transaction that allows it to give much of the value back to Yahoo shareholders. However, IRS declined to grant Yahoo's request. It doesn't mean the IRS rejected Yahoo's plan directly. IRS is simply telling Yahoo it can't be too confident about the approval of the deal.

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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.

Intuit responded today to a decision of the U.S. District Court for the District of Columbia that prevents the Internal Revenue Service from regulating non-professional tax return preparers.

The U.S. government is gearing up for a politically charged fight over Solyndra's bankruptcy plan.

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