Tax and the Telecommuter
A software-development firm is held liable for corporate tax in New Jersey because of the activities of a lone employee in the state.
Hitting the Books: Court Grants Nexus in Tennessee
A deft argument helps the tax commissioner prove that marketing books in the state sets up Scholastic Books Clubs’s physical presence there.
U.S. Court Discredits U.K. Windfall Tax
The IRS successfully argues that a British tax is not an &spamp;ldquo;income tax&spamp;rdquo; and hence can&spamp;rsquo;t be claimed as a foreign tax credit by PPL Corp., a U.S. utility.
Net Operating Loss: Paying It Forward
Can a company use a net operating loss to diminish future tax returns even though the period for filing a claim has expired?
How Sale/Leasebacks Get Respect
Overruling one of its examiners, the Internal Revenue Service rules in favor of a land-owning taxpayer.
Memo to a Taxpayer: Blame Canada
Canadian judges rule that stock-option cancellation payments made in the run-up to a merger aren’t deductible. They would be in the United States.
How to Lose your LIFO Preserver
A company must give up the benefits of last-in, first-out inventory accounting because it used IFRS for internal reporting standards.
IRS Dives into the Bonus Pool
Employers can now enjoy the tax benefits of their incentive payments even when some bonus earners are unknown.
When the IRS Forgives Tardiness
In the case in question, the service accepted the excuse that the company relied on a “qualified tax professional” who failed to make the filing.
IRS Shortchanges Company on Hedge Gains
How a company lost the right to defer gains on a swap designed to manage interest-rate risk.
Pharmacos, Health Insurers: The Bad Boys of Health Reform?
For tax purposes, the fees paid by the two industries under the Patient Protection Act are comparable to fines paid to the government for the violation of any law.