Category Archives: Federal Tax Headlines

Senate lawmakers at a May 21 hearing of the Senate Homeland Security & Governmental Affairs Permanent Subcommittee on Investigations criticized Apple, Inc., for avoiding taxes by hiding its income in shell corporations located in Ireland. Subcommittee Chairman Carl Levin, D-Mich., … Continue reading →

Senate lawmakers at a May 21 hearing of the Senate Homeland Security & Governmental Affairs Permanent Subcommittee on Investigations criticized Apple, Inc., for avoiding taxes by hiding its income in shell corporations located in Ireland. Subcommittee Chairman Carl Levin, D-Mich., … Continue reading →

Senate lawmakers on May 21 demanded answers from top IRS officials on what they knew about the Service targeting politically conservative organizations applying for tax-exempt status, and when they knew it. However, the answers they sought were not forthcoming as … Continue reading →

An individual shareholder of a closely-held S corporation was required by Code Sec. 83 to include in his gross income a compensatory stock option he exercised in the tax year at issue. Moreover, the S corporation properly deducted value of the … Continue reading →

A unanimous Supreme Court determined that the United Kingdom’s windfall profits tax on several companies that were privatized between 1984 and 1996 was a creditable excess profits tax for purposes of the foreign tax credit. Accordingly, a United States taxpayer … Continue reading →