Tax news

A&A

Thomson Reuters Sells Outsourcing Businesses to EY

New York-based Thomson Reuters sold its US tax preparation and court accounting outsourcing businesses to Ernst & Young LLP, the two companies announced on December 17.
Tax

KPMG Outlines Top Dozen Business Tax Issues for Next Year

From taxation of Cloud-related activities and the prospect for US and international business tax reform to the implementation of the Foreign Account Tax Compliance Act (FATCA), there are several key tax issues facing business executives in 2014, according to Big Four firm KPMG LLP.
Tax

Inflation Negatively Impacts Effective Tax Rate on Capital Gains

Under the federal tax code, inflation can create an infinite effective tax rate on capital gains, and in fact, if a taxpayer purchased an average stock in 2000 or 2007 and sold in 2013, he or she would be taxed entirely on inflation, according to a new study from the Tax Foundation.
A&A

Bramwell's Lunch Beat: Remembering Abraham Briloff

Here are "Bramwell's Lunch Beat" menu items for December 16.
Tax

Bernie Madoff Cried as His Empire Toppled

The name Bernard Madoff has become synonymous with investment scams after his firm defrauded investors of $20 billion in investments and $47 billion in fake profit his clients believed they had.
A&A

Bramwell's Lunch Beat: KPMG's Best Year Ever

Here are "Bramwell's Lunch Beat" menu items for December 13.
Tax

Crime Watch: December 13, 2013

Rathana Ung, the former director and officer of Lim's Income Tax and Lim's Tax, Inc., was sentenced to twelve months and a day imprisonment, one year of supervised release, and ordered to pay $103,736 in restitution to the IRS.
Tax

Boxer Manny Pacquiao Now Cornered by Two Tax Opponents

Boxer Manny Pacquiao had enough troubles holding off the tax authorities in his Filipino homeland. The BIR of the Republic of Philippines said he owed an enormous tax bill relating to income he earned fighting US matches in 2008 and 2009.
A&A

Bramwell's Lunch Beat: Seidman Lands at Pace University

Here are "Bramwell's Lunch Beat" menu items for December 12.
Tax

Virginia Married Gay Couples Face Tax Dilemma

The Virginia Department of Taxation says it cannot legally allow same-sex married couples who are residents of Virginia to file their state tax returns using the married/joint status.
Tax

New Study Maps Out Travel-Related Taxes

According to a press release by the Global Business Travel Association, a business and travel meetings organization with more than 5,000 members, "taxes levied specifically on travel-related services increased the total tax bill for a traveler by 58 percent in 2013."
Tax

IRS Clarifies Tax Rules for Start-Up Costs of Terminated Partnerships

What are the tax consequences if a partnership technically terminates due to the sale or exchange of its interests? This issue is finally settled under new proposed regulations released by the IRS.
A&A

Bramwell's Lunch Beat: Farewell, OfficeMax

Here are "Bramwell's Lunch Beat" menu items for December 11.
Tax

Standard Mileage Rates Down for 2014

The IRS has issued the optional standard mileage rates for 2014, which are down one-half cent from this year's rates.
Tax

Rebuilding Public's Trust in IRS Top of Mind for Koskinen

During his confirmation hearing before members of the Senate Finance Committee, John Koskinen pledged that if he is confirmed as the next commissioner of the IRS, he would make the tax agency "the most effective, admired, and well-run agency in government."
A&A

Bramwell's Lunch Beat: Dog Days for Ex-Accountant

Here are "Bramwell's Lunch Beat" menu items for December 10.
Tax

'Tis the Season for a Budget Accord

Will members of Congress be toasting each other with eggnog this year? As the holidays draw near, members of the House and Senate are reportedly wrapping up the first successful budget deal in two years.
A&A

Bramwell's Lunch Beat: San Francisco's Soda Tax Battle

Here are "Bramwell's Lunch Beat" menu items for December 9.
Tax

Who Knew? Donating Body Parts Is a Taxable Event

Mark Parisi wasn't kidding when he said he would give a testicle to own a shiny new car. That is, for donating his testicle, he expects to receive a "standard fee" of $35,000 with which he plans to buy a car. He just wanted to know if the transaction was taxable.
A&A

Bramwell's Lunch Beat: E-Filers Get Pat on the Back

Here are "Bramwell's Lunch Beat" menu items for December 6.

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