Tax

The heirs of Samsung Electronics Co. Chairman Lee Kun-hee, who died Sunday, could face billions of dollars in inheritance taxes. But that doesn’t necessarily mean they’ll have to cede control over the group by selling shares.

The Internal Revenue Service is giving taxpayers more time until Nov. 21 to register their dependents for the $500 per child Economic Impact Payments provided under the CARES Act.

Grant Thornton has prevailed in an appeal by a former tax client who had sued after the firm failed to advise him of a tax strategy that potentially could have saved him over a million dollars and then allegedly tried to cover up the error.

The Internal Revenue Service said Friday it would restart issuing its 500 series of balance-due notices to taxpayers later this month after they were paused on May 9 due to the COVID-19 pandemic.

The leaders of Congress’s main tax-writing committee are wondering if the Internal Revenue Service will be ready to handle next tax season as it’s still processing millions of pieces of correspondence that went unopened for months during the COVID-19 pandemic.

The Internal Revenue Service is reversing course on the automatic revocation notices that it sent to more than 30,000 tax-exempt organizations.

Add in the complexities of this year’s presidential race, and we have a recipe for uncertainty and fear.

American International Group Inc. settled a case involving cross-border transactions the government claimed amounted to improper tax shelters.

The U.K. financial regulator is investigating 14 firms and six individuals over their roles in the tax scandal known as Cum-Ex, according to a person with direct knowledge of the cases.

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