After the European Union antitrust commissioner announced earlier this week that Apple received preferential treatment in terms of taxes and owes Ireland €13 billion or so for 10 years’ worth of back tax, Apple CEO Tim Cook is calling the whole thing “total political crap.” [More]
taxes
EU Regulators: Apple Owes Ireland $14.5 Billion In Back Taxes
By 8.30.16
That thing where corporations do anything they can to pay as little tax as possible doesn’t just hit inside the U.S. Companies that relocate part of their operations overseas to avoid an American tax bill still have to pay the taxes they owe to the countries they’re in, and that’s what European antitrust regulators say Apple hasn’t properly done. [More]
Congress Looking At New, “Simplified” Way For States To Collect Online Sales Tax
By 8.25.16
With billions of state and local tax dollars going un-collected each year because a number of online retailers either aren’t required to collect the taxes or are shirking their responsibilities, a proposal circulating around Congress takes a new “simplified” (but really kind of complex) approach to get more e-tailers collecting sales tax. [More]
Massachusetts Will Tax Uber & Lyft, Give Some Of The Money To Taxis
By 8.22.16
Uber or Lyft will soon be supporting their biggest rivals in the Old Bay State, thanks to a newly signed law regulating the ride-hailing industry. In all, Massachusetts will tack on a $.20/ride fee for these newer companies, with the revenue being divided up between the state, cities, and the taxi industry. [More]
Facebook Might Owe The IRS As Much As $5 Billion In Back Taxes
By 8.1.16
You know what giant corporations really hate to do? Spend lots of their revenue on taxes. And you know what they have to do anyway? Exactly that. But the IRS is saying that Facebook may not have done enough of it, in past years, and may be on the hook for a big fat chunk of cash overdue to the U.S. government. [More]
Airbnb Agrees To Start Collecting Millions In Taxes From Los Angeles Hosts
By 7.18.16
Two years after Los Angeles warned Airbnb hosts of their tax-collecting obligations, the city and the short-term rental company have reached a deal in which the business will start collecting millions of dollars in lodging taxes from hosts. [More]
4 Ways To Avoid The “Student Loan Tax” Scam
By 6.6.16
Being on the hook for thousands of dollars in student loan debt is pressure enough for most people. They shouldn’t also have to worry about being taken advantage of by “student loan tax” fraudsters in what appears to be the latest iteration of the IRS impersonation scam. [More]
Supreme Court: Sprint Must Face $300M Lawsuit Over Uncollected Sales Tax
By 5.31.16
Four years after New York sued Sprint for allegedly failing to collect more than $100 million in sales tax in the state, the U.S. Supreme Court has shot down the wireless carrier’s effort to avoid liability. [More]
6 Necessary Steps When Oregon Pot Sellers Pay Taxes With Cash
By 4.20.16
As we’ve discussed in the past, even in states where recreational marijuana is now legal, businesses are still figuring out how the heck to handle their financial obligations like banking and paying taxes, as the drug remains a Schedule I controlled substance in the eyes of the federal government. Oregon has now figured out a safe way for weed dealers to pay the taxes they owe the state, and the process sounds like something out of a movie. [More]
Reminder: Today Is Not Tax Day
April 15, 2016
Before any of you wake up in a panic this morning, realizing it’s April 15 and you haven’t filed your annual tax return, remember that Tax Day is actually April 18 this year. That’s because Emancipation Day (April 16) falls on a Saturday this year. This holiday — recognized in Washington, D.C. — is being observed today, meaning the D.C.-based IRS office is closed for the day. So enjoy the extra few days, but remember that you’ll still have to file (at least an extension) after the weekend is done. [More]
Sen. Elizabeth Warren Proposes Requiring That IRS Offer Free Tax Filing & Prep Services
By 4.13.16
With the clock officially ticking down on the 2016 tax season, lawmakers are already looking for ways to simplify the process next year by introducing legislation that would, among other things, develop a free, online tax preparation and filing service that taxpayers can use to prepare and file their taxes directly with the federal government. [More]
“Tax Day” Is Monday, April 18 This Year, No Matter What Your iPhone Tells You
By 4.12.16
Back in January, the Internal Revenue Service made it clear that taxpayers had until April 18 to file their federal income taxes. Apparently, Apple’s calendar didn’t get the message. [More]
IRS Now Accepting Cash Tax Payments At Your Local 7-Eleven
By 4.8.16
Jonesing for a Slurpee and still need to pay your taxes? You can kill two birds with one stone with the Internal Revenue Service’s new payment option: taxpayers can fork over what they owe in cash at one of the participating 7,000 7-Eleven locations in the country. [More]
Pfizer, Allergan Call Off $160B Mega-Merger
By 4.6.16
Five months after Pfizer and Allergan announced they would combine households to create the world’s largest drug company, the betrothed say the wedding is being called off. [More]
Unregulated Preparers, Lack Of Disclosures & Costly Financial Products Put Your Tax Refund At Risk
By 3.30.16
Each year during tax time millions of consumers put their financial future in the hands of strangers, trusting that these tax preparers — who are largely unregulated — know the rules, will get them the best possible result (hopefully a refund), and won’t sell them on a product that costs more than it’s worth. But in the world of complicated tax codes and credits, consumers continue to face a long list of risks, including untrained preparers, undisclosed fees, and dangerous refund anticipation products. [More]
Would You Get An IRS Tattoo If It Meant Never Paying Taxes Again?
By 3.21.16
You might love your mother enough to get her name tattooed on your arm, but what about the Internal Revenue Service? Though it’s unlikely that your average taxpayer would permanently ink the agency’s name on their dermis out of sheer love, some Americans say they’d get an IRS tattoo if it meant they would never have to pay taxes again. [More]
Are Employee Student Loan Contributions The Next 401(K)?
By 3.18.16
Any help graduates can get when it comes to repaying their mountains of student loan debt is often welcome: from cities offering debt forgiveness to keep young adults in their areas to programs in which states will pay for portions of their education. Now, more employers are jumping on the assistance train by providing student loan payment contributions as part of their compensation plans. [More]
San Francisco Tells Home-Sharing Hosts They’ll Have To Pay Taxes On Rental Furnishings
By 3.18.16
If you’ve been renting out your home in San Francisco through services like Airbnb and HomeAway, you’re about to start paying more taxes. The city is notifying hosts that they’ll have to submit an itemized list for items like dishes, bedding, and any other supplies they purchase for their rentals. [More]
