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Tag >> Internal Revenue Service
Apr 01
2011

Office Depot restates profit to a loss

Posted by Stephen Taub in taxestax reportingtax rateTaxInternal Revenue ServiceCashcarrybackAmerican Recovery and Re-investment Act of 2009

Stephen Taub

Office Depot said it will need to restate most of its financial statements for 2010 after the Internal Revenue Service denied an $80 million tax write-off under economic stimulus-based tax legislation enacted in 2009.

As a result, it will report a net loss of $46 million for 2010 instead of $33 million in net earnings.

Nov 15
2010

More companies adopt pills to protect NOLs

Posted by Stephen Taub in shareholder rights planpoison pillNOLsnet operating loss carryforwardsInternal Revenue ServiceDelaware Supreme CourtcomplianceCash

Stephen Taub

Beazer Homes is the latest company to institute a poison pill to protect its valuable deferred tax losses.

The home builder Monday said it adopted what is known as a Section 382 stockholder rights plan, which is designed to preserve the value of certain deferred tax assets primarily associated with net operating loss carryforwards under Section 382 of the Internal Revenue Code.

Jul 22
2010

The Tax Court okays feng shui as basis of a business

Posted by Going Concern in TaxIRSInternal Revenue ServicecomplianceAccounting

Going Concern

Submitted by Caleb Newquist, republished from Going Concern, Accounting News for Accountants and CFOs.

There are plenty of businesses out there that simply don't have a plan. They may have a sign in the window, products on their shelves and a room full of "keepers" but not much else.

Apr 30
2010

Why health-care reform could dampen small-company hiring

Posted by annearf in small businessObama AdministrationInternal Revenue ServiceIn compliancehealth-care reform

annearf

Surely, the last thing the Obama administration and Congress intended with the recent passage of health-care reform was to discourage small-business growth. But, as it turns out, that's a distinct possibility.

The culprit is a new tax credit aimed at helping small businesses and tax-exempt organizations offer health insurance to their employees.  Or, to be more precise, stipulations about what type of companies can receive help.

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