According to Law360 “Jersey Shore” star Michael “The Situation” Sorrentino and his brother Marc Sorrentino have agreed to plead guilty in their criminal case over tax-related charges instead of going to trial next month, according to a government letter on January 17, 2018 to a New Jersey federal judge. The parties told the court Tuesday that the…
Read more
Apple to Pay $38 Billion in Repatriation Taxes
Apple, Inc. said it would make a one-time tax payment of $38 billion to repatriate overseas cash holdings and also ramp up its spending in the U.S., as it seeks to emphasize its contributions to the U.S. economy after years of taking criticism for outsourcing manufacturing to China. As of last September, Apple had…
Read more
Apple Could Get a $4B Timing Reduction in TCJA's 15.5% Transition Tax?
According to taxproToday, Companies that stockpiled trillions of dollars offshore free of U.S. income tax may get one last break before paying up, provided their fiscal years don’t follow the calendar year. A timing quirk in the tax overhaul that President Donald Trump signed last month may be good news for companies such as Apple…
Read more
Prepaid Real Property Taxes May Be Deductible in 2017 if Assessed and Paid in 2017
The Internal Revenue Service advised tax professionals and taxpayers today that pre-paying 2018 state and local real property taxes in 2017 may be tax deductible under certain circumstances. The IRS has received a number of questions from the tax community concerning the deductibility of prepaid real property taxes. In general, whether a taxpayer is allowed a deduction…
Read more
