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Showing 57 posts in Corporate and Business Tax.
‘Jersey Shore’ star pleads not guilty to tax fraud
C’mon, admit it: you’ve watched at least a few minutes of MTV’s “Jersey Shore.” Okay, fine, not all of us have let our curiosity get the best of us, but for those who have, one of the main characters of the series is currently making headlines for a tax fraud case. Mike Sorrentino, whose nickname on the show was “The Situation,” is currently facing charges that he and his brother failed to pay $8.9 million of taxes between 2010 and 2012. More >
Kentucky DOR now required to release redacted letter rulings upon request
Letter rulings are written decisions issued by the Internal Revenue Service in connection with a taxpayer’s request for clarity on a particular tax issue. Because letter rulings are private, they bind only the taxpayer who makes the request. In other words, other taxpayers cannot rely on letter rulings for their own situation. The IRS is, however, able to redact the personal information from these rulings and classifying them as revenue rulings, which make the decision binding on all taxpayers and the IRS. More >
Many Taxpayers Worry About the Estate Tax, But Few Plan Accordingly
Estate taxes often garner a lot of attention - particularly in an election year when the threat of raising taxes routinely becomes a political focal point. The estate tax, 40% at the federal level,[1] aptly referred to as the "death tax," does have the potential to be quite devastating. However, it is important to put the estate tax in the proper context. Instead of worrying about how much the Government will take from taxpayers' estates when they die, taxpayers should focus on what they can do now to protect their assets. More >
Burger King accused of trying to dodge taxes by moving tax base to Canada
In our last post, we spoke about Burger King’s recent decision to acquire Canadian coffee and doughnut franchise Tim Hortons. As we noted, some Canadians have expressed concern that the acquisition will mar the character of the beloved Canadian chain. Another issue that has come up in connection with the acquisition is Burger King’s decision to change its tax base from the United States to Canada. The switch should allow the burger chain to reduce its U.S. tax obligations. More >
KY Supreme Court Approves Plugging Holes with Others' Piggy Banks
Budget drafting is one of the most challenging, yet essential, functions of state governments. Unlike the federal government, which has the ability to run large deficits and print its own currency, almost every state - Kentucky included - has a statutory or Constitutional framework requiring a balanced budget. Every two years, the Commonwealth's budget drafters utilize familiar methods to balance the ledger: debt restructuring, adjusting tax rates and spending levels, infusing federal funds and taxing new revenue sources. Another option, less understood by the public but increasingly utilized by Kentucky policy makers, is "sweeping" restricted funds. This controversial task has just been made easier thanks to a recent decision by the Kentucky Supreme Court. In a 5-2 opinion, the practice of sweeping regulatory accounts was declared lawful, meaning that lawmakers may continue to transfer fees and fines collected by state regulatory agencies to the General Fund without violating the Kentucky Constitution. The legality of sweeping funds that are generated by a statutory tax (rather than fines and fees) was not directly addressed by the Court, leaving open the possibility that the sweeping of such funds may yet be deemed unconstitutional. More >
Data Protection Lunch Seminar - REGISTER TODAY!
Have you registered for the Data Protection and Cyber Security Lunch Seminar? More >
The Tax Risks of Misclassifying Employees
Over the last few years, worker classification initiatives have been a top priority for the Internal Revenue Service (IRS), Department of Labor (DOL), and state agencies. In 2011, the IRS and DOL signed a memorandum of understanding in an effort to jointly increase worker misclassification audits. Pursuant to the memorandum, the DOL now refers wage and hour investigations involving IRS employment tax compliance issues to the IRS. More >
Corporate tax rates in the U.S. are arguably too high
There have been arguments made that corporate taxation should be greatly reduced in the United States. Part of the reason is that these corporate taxes encourage businesses to merge with foreign entities or engage in other strategies that will reduce their tax liability. The end result is that more American jobs are lost. More >
Severance Payments Do Not Escape FICA
If you are an employer or are responsible for payroll taxes at your business, then this post is a must- read. Recently, the United States Supreme Court issued a decision in United States v. Quality Stores, Inc. and declared that lump sum severance payments made to laid-off employees are taxable wages for FICA purposes.[1] This decision was a major victory for the Internal Revenue Service, which has been fighting thousands of refund claims from companies and former employees. Had the Court ruled in favor of Quality Stores Inc., the IRS faced potential refund issuances exceeding one billion dollars. More >
Lost & Found: How Business Owners Should Handle Unclaimed Property
This week, it was announced that Kentucky State Treasurer, Todd Hollenbach, has returned more than $100 million in unclaimed property to its rightful owners during his six years in office. According to Hollenbach, that is more than all the state treasurers combined returned in the 60 years before his administration. That is quiet an impressive statistic. More >
