Corporate taxes

Practice

Two Large Ohio Cities Most Tax-Friendly for US Businesses: Study

According to a new KPMG report, the top five US cities with populations above 2 million that have the most favorable tax climate for businesses are Cincinnati, Cleveland, Atlanta, Baltimore, and Pittsburgh.
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.
Tax

EY Survey Finds Tax Execs Looking for 'Success Under Pressure'

A recent survey from Big Four firm EY explored the combination of external pressures and internal corporate plans for growth that international tax and finance executives are managing.
Tax

Fewer Americans Pay No Federal Income Tax in 2013

Thanks to an improved economy and the expiration of most tax stimulus measures, the percentage of Americans who pay no federal income tax is falling, from 47 percent of households in 2010 to 43 percent in 2013.
Tax

'Hell's Kitchen' Star Feels Heat of Tax Scrutiny - UPDATE!

His familiar scowl appears in millions of homes every week as the star of MasterChef and Hell's Kitchen. But Gordon Ramsay may be scowling over more than culinary imperfections these days.
Tax

New IRS Letter to Small Businesses Draws Flak from Congress

The IRS is facing more pressure from Congress this week. Some lawmakers are criticizing a slew of letters sent by the agency to thousands of small business owners.
Tax

Maximizing Returns or Unethical Tax Avoidance?

Companies that take advantage of the varied tax laws of different countries to limit their tax payments claim they're maximizing shareholder returns. The result is that US companies hold huge cash reserves in countries with low tax rates.
Tax

Boy Scouts May Lose Tax Breaks if California Senate Bill Passes

California lawmakers are expected to vote this week on California Senate Bill (SB) 323, which would deny state tax breaks to youth groups that discriminate on the basis of sexual orientation, gender identity, or religious affiliation.
Technology

Apple Has Been Accused of Large-Scale Tax Avoidance

Apple CEO Tim Cook appeared before the Senate Permanent Subcommittee on Investigations to defend his company's tax practices, including a 2 percent corporation tax rate deal it struck with the Irish government on two of its subsidiaries.
Tax

Top Countries Using Tax Code to Shape Sustainable Corporate Activity

The United States ranked first among twenty-one countries most actively using the tax code to influence sustainable corporate activity, according to the inaugural edition of the KPMG Green Tax Index.
Practice

Due Diligence Found Lacking in Recent Case

Exercising due diligence is a big deal to the IRS. CPA Tim W. Kaskey discovered that the hard way. He was disbarred for failing to exercise due diligence in preparing tax returns for a corporation and its husband and wife shareholders.

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