May 2010

Tax Sticklers, Not Schemers

From CFO.com.

A new survey finds that financial executives are more concerned with getting the right answer on tax issues than reducing the corporate tax bill.

On June 1, the Internal Revenue Service will close the comment period for its controversial proposed rule on uncertain tax positions. As written, the proposal would require companies to disclose how much they keep in reserve to cover the possibility that the IRS or state tax officials might disallow certain tax treatments. The proposal would also force companies to itemize or describe the tax positions, which essentially would create trails leading IRS auditors to aggressive tax schemes.

The proposal is just one of the measures recently taken by the U.S. government to curb corporate use of abusive tax structures to avoid paying taxes.

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This publication is part of Blackman Kallick’s marketing of professional services, and is not written tax advice directed at the specific facts and circumstances of any person and/or entity. Contents of this publication are of a general nature, and you should not act on this information without obtaining professional advice from your business advisor that is appropriately tailored to your individual needs and circumstances. This written advice is not intended or written to be used, and cannot be used by any taxpayer, for the purpose of avoiding penalties that may be imposed under the Internal Revenue Code.