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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Whistleblower Case Hinges on IRS Time Frame for Setting Awards
The U.S. Tax Court has given the IRS until Sept. 24 to respond to an amicus brief in support of what could amount to an award of tens of millions of dollars for whistleblower Joseph Insinga, an informant who implicated seven major corporations in tax evasion in 2007 (Insinga v. Comr., Tax Court Order No.…
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Ft. Myers Convenience Store Owner Arrested For Fallure to Pay Over Fla. Sales Tax
Munaf M. Rashid, the owner of Snack Shack Food Mart, located in Ft. Myers, has been arrested on charges that he stole more than $8,000 in sales tax he collected from customers, but failed to send in to the state, the Florida Department of Revenue announced. Mr. Rashid, 47, who lives in Cape Coral, was…
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