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New data from the Internal Revenue Service suggests that American corporations controlled by foreigners are now responsible for a larger share of total U.S. corporate assets and earnings than ever before - despite a U.S. corporate tax rate that is among the highest in the world.The most recently released IRS Statistics of Income bulletin revealed that the total receipts of foreign-controlled domestic corporations in 2005 reached $3.5 trillion, which is $450 billion more than in 2004, twice the 1996 level and almost 90 times the level reported in 1971.
October 5 -
The Internal Revenue Service has been working for a couple of years on revisions to Form 990 (Return of Organization Exempt From Tax), which has not had a major update in 30 years. With the recent release of revised draft instructions, the IRS is close to finalizing the process. The new Form 990 will generally be required for 2008 returns.Although issued as draft instructions, the IRS has indicated that the Form 990 instructions should be thought of as final instructions. They were hurried out to try to get the information in the hands of tax professionals and tax-exempt organizations as soon as possible to prepare for the new requirements. The final instructions are only expected to differ from these draft instructions if there has been a significant error or omission.
October 5 -
New Jersey made the bottom of the list in a ranking of business-friendly state tax systems, while Wyoming ranked as the most friendly.
October 5 -
Race car driver Helio Castroneves, who has won the Indianapolis 500 twice, as well as "Dancing with the Stars," couldn't speed away from tax evasion charges after a grand jury indicted him Thursday.
October 5 -
A Las Vegas man who worked as a real estate broker in Nevada since the late 1970s has pleaded guilty to felony tax evasion and impersonating an IRS agent.
October 5 -
The lead defendant in a nationwide $60 million tax fraud conspiracy was sentenced to more than 18 years in prison.
October 5 -
A case currently on appeal to the Supreme Court could affect the tax-exempt status of thousands of nonprofit health maintenance organizations.Vision Service Plan, the largest not-for-profit vision benefits and services company, was initially granted a tax exemption in 1960 as a social welfare organization under Section 501(c)(4).
October 5 -
Nearly a third of the income tax returns prepared by volunteer preparers for an IRS program were incorrect, according to a report by the Treasury Department's inspector general.
October 2 -
The Treasury's financial rescue plan includes a tax change that would allow banks to treat Fannie Mae and Freddie Mac preferred stock as ordinary losses.
October 2 -
The House approved the $700 billion financial industry rescue package by a 263-171 margin on Friday, after defeating it on Monday.
October 2