According to The New York Times Warren E. Buffett, the billionaire investor, volunteered more detailed information about his income taxes than Donald J. Trump, the Republican nominee, ever has. Mr. Buffett released the information after essentially being called out by Mr. Trump during Sunday night’s presidential debate. Acknowledging for the first time that he had…
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The U.S. Tax Court Upheld IRS Deficiency For Nearly $4 Million against a Texas CPA
According to Law360 the U.S. Tax Court the Internal Revenue Service deficiency notices for nearly $4 million against a Texas certified public accountant, finding that he couldn't seek federal income tax deductions from efforts to investigate his father's death and that asset transfers among his partnerships pointed to tax avoidance. Have a Tax Problem? …
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More & More Fallout From the “Panama Papers”!
We previously posted More fallout from the "Panama Papers" - Commercial Bank of Taiwan To Pay a $180 Million Penalty we where we discussed that Financial Services Superintendent Maria T. Vullo announced on 8/19/16 that Mega International Commercial Bank of Taiwan will pay a $180 million penalty and install an independent monitor for violating New…
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Good Corporate US Tax Planning Gone Awry?
A new report released this week by Citizens for Tax Justice (CTJ), the Institute of Taxation and Economic Policy (ITEP) and the US Public Interest Research Group (PIRG) posits that Fortune 500 (US-based) companies have stashed away close to $2.5 trillion in offshore accounts in an effort to reduce their tax burdens. The report titled…
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