Ecerpts from Forbes It occurs to me that our current insanely complex tax rules are made possible by technology. Yes, computer software makes filing easier (both for professionals and civilians). But that may be the problem. The relative ease of filing, made possible by programs such as Intuit’s TurboTax, also makes it easier for Congress…
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Best International Tax Structure for a U.S. Business
Most foreign countries require a local corporation to run a business. But there is a problem. The IRS denies the foreign tax credit and a deduction of a business loss to the privately owned businesses. Without the foreign tax credit, you will pay tax twice on the same profit. First in the foreign country and…
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IRS Extends Timeline for Streamlined Installment Agreements
Examiners are now authorized to prepare streamlined installment agreements for taxpayers having a tax deficiency of $25,000 or less that can be paid within 72 months, according to the Internal Revenue Service Small Business/Self-Employed Division. Tax deficiencies include tax, penalties, and interest, according to the memorandum (SBSE-04-0412-021). The time frame to pay under a streamlined…
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A Federal Tax Case Brought in Virgin Islands May Be Transferred
The District Court of the Virgin Islands has “exclusive jurisdiction” over Virgin Island tax cases only vis-a-vis Virgin Island local courts and therefore it could transfer a case to another federal district court, the U.S. Court of Appeals for the Third Circuit held April 12 (Birdman v. Office of the Governor,3rd Cir., No. 10-4189, 4/12/12).…
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