Tax regulations

The Internal Revenue Service has released a revenue procedure providing two safe harbors for corporate acquisitions.

Gilead Sciences Inc.’s profit margin has soared and its tax rate has plummeted since the drugmaker introduced its controversial $1,000-a-day medication for hepatitis C, according to a report by an advocacy group that accuses the company of using accounting gimmicks to stash billions in earnings in tax havens offshore.

The U.S. Treasury Department exceeded its authority by proposing wide-ranging regulations intended to curb corporations’ ability to shift their American earnings overseas, tax lawyers told agency officials during a hearing.

Most tax practitioners occasionally find themselves in the position of having to deal with clients who have received penalties for late filing of tax returns or late payment of income taxes.

U.S. Treasury Secretary Jacob J. Lew is set to meet with European Union antitrust chief Margrethe Vestager this week as she prepares to deliver a final verdict on a probe into Apple Inc.’s tax affairs in Ireland.

The Internal Revenue Service has released a new revenue procedure and regulations outlining how organizations can notify the IRS they are operating as tax-exempt social welfare groups under Section 501(c)4 of the Tax Code.

All across America, hard-working people receive their personal income tax returns and wonder why they still owe money at tax time.

The Treasury Department and the Internal Revenue Service have finalized a rule requiring U.S. parent companies of large multinational public and private companies to provide financial data to the IRS on a country-by-country basis.

The Internal Revenue Service needs to expand its use of data and develop a comprehensive strategy to address noncompliance by taxpayers claiming refundable tax credits such as the Earned Income Tax Credit, according to a new report.

Along with establishing a good work ethic and building time and financial management skills, a summer job also means learning about the obligatory duty of paying taxes. Here are some tips for tax clients from Abigail Schaffer, a staff accountant at Kessler Orlean Silver & Co.