Tax

The Internal Revenue Service has issued a revenue ruling clarifying the tax treatment of a package of films on a TV channel in terms of the domestic production activities deduction.

The Treasury Inspector General for Tax Administration cautioned taxpayers to stay on “high alert” next tax season so they don’t fall prey to criminals who pretend to be employees of the Internal Revenue Service and the Treasury Department.

President Trump boasted about his tax knowledge during an impromptu interview with The New York Times in which he claimed to know taxes “better than the greatest CPA.”

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Goldman Sachs Group Inc. said the U.S. tax reform will cut profit this year by about $5 billion, mainly because of a tax targeting earnings held abroad.

The estate of Michael Jackson looks to have escaped a possibly hefty penalty for allegedly undervaluing the late singer’s assets.

A provision in the new tax law, intended to prevent American companies from shifting profits abroad to benefit from a lower overseas rate, might also hit the largest foreign banks with significant U.S. operations.

Local jurisdictions in high-tax states are grappling with changes from the tax reform act.

Now for the clients; ‘the crimes were serious’; the jailed and the dead; and other highlights of recent tax cases.

But many 2018 taxes have already been levied, experts say.