According to Law360, The Internal Revenue Service rejected actor Wesley Snipes' offer to settle his tax debt by paying 4 % of what he owed. (AP). The star of the "Blade" trilogy and "White Men Can't Jump," who served three years in prison for unpaid taxes until his release into a months long house arrest in…
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5 New LB&I Audit Campaigns Include FATCA Compliance
What Happened To The FATCA Wrecking Ball? According to Law360 on October 30, 2018 the Internal Revenue Service released five additional compliance campaigns, which are areas the agency will focus on during audits of the largest corporations, including one that addresses requirements under the Foreign Account Tax Compliance Act. The IRS’ Large Business and…
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IRS Issues Prop Regs Reducing Income for US Corps That Own Stock in Foreign Corps
The Internal Revenue Service today issued proposed regulations reducing the amount determined under Internal Revenue Code section 956 for certain domestic corporations that own (or are treated as owning) stock in controlled foreign corporations (CFCs). The Tax Cuts and Jobs Act (TCJA), passed in December 2017, made major changes to the tax law, including enacting…
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2017 TCJA Improved US Tax Competitiveness
The US has moved up the rankings of the Tax Foundation’s 2018 International Tax Competitiveness Index (ITCI), following significant reform implemented by the Tax Cuts and Jobs Act 2017 (TCJA), implemented at the beginning of the year. Last year’s ITCI saw the US ranked 28th, Whereas this Year’s Report Places it 24th on the…
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