The Internal Revenue Service released final regulations (T.D. 9585) April 23 on the treatment of gain recognized with stock in certain foreign corporations upon distributions. The new rules finalize proposed regulations (REG-147636-08) issued in February 2009 that cross referenced final and temporary regulations (T.D. 9444) involving tax code Sections 367(a) and 367(b) to certain transfers…
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Barnesandnoble.com Owes New Mexico $534,000 in Sales Taxes
A nationally known online bookseller must pay more than a half million dollars in taxes for books, music and movies bought by customers in New Mexico, the state Court of Appeals has ruled in a dispute over the state's power to tax corporate chains and Internet shopping. The court's decision came Wednesday in a case…
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Foreign accounts in Miami to be disclosed….
Tax rule would force banks to disclose identities of foreigners who make US deposits. Over the objections of Florida lawmakers, the U.S. Treasury Department has issued a new rule that will force banks to disclose the identity of foreigners who deposit their money in America. The regulation - which represents a major shift in…
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Large Taxpayers still on IRS Radar Near-Term.
The Internal Revenue Service will continue to have a presence with the nation's largest taxpayers despite its plans for a gradual move away from a model where examination coverage is often determined by a taxpayer's size, IRS Large Business & International Commissioner Heather Maloy said April 18. Her comments came while discussing the vision for…
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