The U.S. Supreme Court on October 9, 2012, declined to step into a controversy over state taxation of the longtime practice of classroom catalog sales of books to students. The justices declined to hear an appeal from Scholastic Book Clubs Inc., a unit of New York City-based educational publisher Scholastic Inc., over some $3.3 million…
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Streamline Installment Plans offer Advantages for Businesses with Delinquent Payroll Taxes
We have provided the criteria that must be met for a business owing payroll taxes to qualify for an In-Business Trust Fund Express Installment Agreement (Streamline Pay Plan). In order to qualify for a Streamline Pay Plan, a business owing payroll taxes must satisfy the following requirements: They must owe $25,000 or less at the time the…
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IRS Rulles That Owners Not Presently Taxed On Auity's Indexed-Linked Investment Options
In PLR 201240018the IRS has ruled that a life insurance company that offers nonqualified annuity contracts invested in indexed-linked options, and not the contract owners, owns the assets it held in support of its contractual obligations with respect to these options. Taxpayer possesses the following ownership attributes in the assets it holds to support the…
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Attention All Whistle Blowers, The IRS Needs $$$!
It is no secret that the IRS needs money. It’s also no secret that the IRS is paying for information. The IRS’s Whistleblower Office has released its fiscal year 2010 annual report to Congress, and it’s an eye opener. How big is this topic? The entire Swiss banking industry was brought to its knees because…
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