A woman dressed as the Statue of Liberty waves to attract people to a tax office in Miami April 14, 2008. Credit: Reuters/Carlos Barria It's one of the worst tax scenarios: You discover while doing your taxes — or you just know without even doing them —that you owe taxes, and you don't have the cash.…
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Companies use popular provision to avoid income taxes
Reuters - More than two dozen Fortune 500 companies paid no U.S. federal income taxes in recent years partly because of a corporate tax break that is broadly supported by Republicans and Democrats alike, a consumer group said on Monday. Read more at: Tax Times blog
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Florida – New Tax Bills Gives Tax Breaks to Businesses
Florida Gov. Rick Scott (R) April 6 signed several tax break bills, including a measure (H.B. 103) that could exempt buyers of a business from the tax liabilities of sellers. Specifically, H.B. 103 allows a new owner to take a business without assuming the seller's liabilities if the buyer receives a certificate of compliance from…
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APAs – IRS 2011 Annual Report Shows Applications & Completions Down.
The IRS completed 43 advance pricing agreements in 2011, down from a total of 69 in 2010, while the number of pending requests increased from 350 in 2010 to 445 in 2011, according to the IRS's annual statutory report on APAs released April 2. In Announcement 2012-13, IRS attributed the decline in case closures to…
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