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Tag >> Tax
Jun 02

12 companies paid no taxes from 2008-2010

Posted by Stephen Taub in TaxcomplianceCitizens for Tax JusticeCash

Stephen Taub

One dozen companies paid no taxes over the most recent three-year period.

According to a study from Citizens for Tax Justice, the 12 companies paid an effective tax rate of negative 1.5 percent on $171 billion in profits. In the process, they reaped $62.4 billion in tax subsidies over the 2008-10 period.

May 05

Texas still best place to do business

Posted by Stephen Taub in TaxRiskCEOsCEOCash

Stephen Taub
For the seventh year in a row, CEOs rate Texas as the number one state in which to do business and California as the worst.

Chief Executive magazine's annual "Best & Worst States" survey once again singled out North Carolina as the second best state to do business.

"A handful of states have made business-friendly policies a priority," says J.P. Donlon, Editor-in-Chief of Chief Executive magazine and "These forward-thinking states are the exception rather than the rule and include Utah, Arizona, Florida, Tennessee, Louisiana, Texas and Oklahoma."

Apr 06

IRS audits of executive compensation: Infractions to avoid

Posted by annearf in TaxIRSexecutive compensationcompliance

With April 15 rearing its ugly head, it seems a good time to consider the Internal Revenue Service's moves to target executive compensation.

Last year, the IRS revealed it was launching a stepped-up effort to investigate executive comp practices.  With that in mind, it looks like there are a number of areas attracting or that are likely to attract IRS attention, according to John Lowell, a compensation expert in Woodstock, Ga.,  and Stephen Saxon, an employee benefits expert with Groom Law Group.

Apr 01

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.

Mar 14

Companies will foot the bill for personal income tax reform

Posted by dbedell in Taxcompliance


Companies can expect few incentives to come out of tax reform efforts this year, according to corporate tax specialists, as the Obama administration and legislators focus on how to pay for personal income tax reforms and benefits.

Those companies that held any hopes that the coming year would bring some tax relief will be disappointed, according to corporate tax advisers.

Jan 14

Corporate taxes finally getting attention

Posted by Stephen Taub in Taxpensionspension fundscorporate tax ratecorporate taxChris ChristieCashbudget deficitbudget

Stephen Taub

Corporate taxes may finally be receiving the attention it deserves.

The decision by Illinois to raise its personal income tax rate to 5 percent from 3 percent, and its business income taxes to 9.5 percent from 7.3 percent led New Jersey governor Chris Christie to appeal to Illinois businesses to move east to the Garden State.

Jan 11

New debate over offshore earnings

Posted by Stephen Taub in taxestaxationtax rateTaxrepatriationoffshore earningsCashAssociation for Financial Professionals

Stephen Taub

Finance pros have another explanation for why they are not hiring.

Seems multinational companies feel they have little incentive to bring cash back from overseas operations because US tax rates are too high. This has adversely impacted hiring and investing in US operations.

Jan 05

More companies paying benefits tax for gay couples

Posted by annearf in Taxhealth insuranceFacebookdomestic partnershipsbenefits

Increasingly leading edge companies are adopting benefits policies aimed at gay employees who are in domestic partnerships. The latest wrinkle: addressing a tax on health insurance coverage that gay employees have to pay, but heterosexuals who are married don’t.

Basically companies offering coverage to gay employees with domestic partners face a conundrum. They can’t give such workers equal access to those benefits. The reason: Benefits for domestic partners under federal law have to be taxed as income. The tax owed is based on the value of whatever the employer pays to cover the partner. But married couples don’t pay that tax.

Jan 03

The Taxman Cometh

Posted by nicklord in Tax

It looks like 2011 is shaping up to be a very different year from 2010. Many companies will have got through the immediate effects of the global financial crisis through the largesse of their national governments. This will be the year when that largesse will stop and the huge debts will need to be recovered.

In contrast, 2010 was a strange year. Fiscal and budgetary crises erupted around the world, and yet business sailed on blithely. Indeed with the stock markets around the world registering double digit growth, corporate executives could be forgiven for thinking they had come out of the woods.

Dec 25

Who says President Obama is anti-business?

Posted by Stephen Taub in tax creditTaxCongressCash

Stephen Taub

The recently signed tax compromise bill-also unofficially known as Stimulus II-not only contains a two-year extension of the Bush tax cuts for everyone, including those who don't want it except for the politicians who obsessively pushed for it. It also included about 50 or so tax breaks for businesses.

I already detailed the bonus depreciation and R&D tax credit.

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