The top tax rate on long-term capital gains is currently 15%. That revelation has set off a familiar debate about whether that low rate is appropriate. Often overlooked in these discussions, however, is the fact that the days of the 15% tax rate are numbered. On January 1, 2013, capital gains taxes are scheduled to…
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Dead Beat Taxpayers Residing residing outside U.S. questioned at U.S. border regarding back taxes.
Taxpayers traveling to the United States with unpaid U.S. tax assessments can be detained at the border, questioned, and flagged for follow-up enforcement. If a taxpayer has an unpaid tax liability and is subject to a resulting Notice of Federal Tax Lien, the IRS may submit identifying taxpayer information to the Treasury Enforcement Communications System…
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Some U.S. companies pay more to CEOs than to Uncle Sam
Citigroup, Abbott Laboratories, and AT&T are among the 26 companies that paid more to their CEOs in 2011 than they did in U.S. federal taxes, according to a study released on Thursday. Tax breaks on research and development, past losses, and foreign-held earnings were among those lightening the tax load for many companies on the…
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Collateral Agreement and Bond in Lieu of Filing Tax Lien
In a Chief Counsel’s Advice (“CCA”) 201231001 released recently, the IRS accepted a collateral agreement and bond from a C corporation in lieu of filing a Notice of Federal Tax Lien (“NFTL”), where the C corporation argued that filing a NFTL would ruin its business. A collateral agreement is a pledge, guaranteed by security, for…
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