Search Results for: Internal Revenue Service
IRS Says Bitcoin Counts as Property for Tax Purposes
March 26th, 2014
The Internal Revenue Service issued a notice saying that Bitcoin and other virtual currencies should be treated as property for federal tax purposes and the general rules for property transactions should apply. The notice provides answers to frequently asked ...
IRS Already Received Over Half of Expected Tax Returns
March 21st, 2014
The Internal Revenue Service said Thursday it has already received more than half of the tax returns it expects to receive during 2014, even though the filing deadline is nearly a month away. The IRS said it has received ...
IRS monitor: $1 million phone scam ‘largest ever’
March 21st, 2014
If the phone rings and the caller says he represents the IRS, be suspicious. That’s the warning from federal authorities, who on Thursday said a nationwide phone scam has stolen $1 million from thousands of unsuspecting people. The impostor ...
IRS Employee Took Home Data on 20,000 Workers at Agency
March 20th, 2014
A U.S. Internal Revenue Service employee took home a computer thumb drive containing unencrypted data on 20,000 fellow workers, the agency said in a statement today. The tax agency’s systems that hold personal data on hundreds of millions of ...
Former Qwest CEO’s Forfeited Insider Trading Gains May Be Tax Deductible
March 19th, 2014
A federal court may allow the convicted former chief of a telecommunications company to deduct more than $44 million from his taxes after he was forced to forfeit the amount of stock gains he realized from insider trading. Joseph ...
Multinationals Pay Higher Tax Rates Abroad than in U.S.
March 18th, 2014
Most U.S.-based multinational corporations paid lower U.S. taxes on their domestic profits than they paid to foreign governments on their foreign profits, according to a recent study. The study, released late last month by the advocacy groups Citizens for ...
Cash Abroad Rises $206 Billion as Apple to IBM Avoid Tax
March 14th, 2014
The largest U.S.-based companies added $206 billion to their stockpiles of offshore profits last year, parking earnings in low-tax countries until Congress gives them a reason not to. The multinational companies have accumulated $1.95 trillion outside the U.S., up ...
IRS Revises Guidance on Electronic Signatures
March 13th, 2014
The Internal Revenue Service has revised its guidance on electronic signatures, with updated information on the currently acceptable electronic signature methods, identity verification requirements and electronic record requirements. Publication 1345, “Handbook for Authorized IRS e-file Providers of Individual Income ...
Banking faces seismic changes
July 13th, 2021
The role of commercial banks in the global economy is changing, with lending to governments and their agencies now more important than lending to goods and services industries. It is a trend which is due to continue. The ...
Why interest rate management fails
April 23rd, 2021
This article explains why attempting to achieve economic outcomes by managing interest rates fails. The basis of monetary interventionist theories ignores the discoveries of earlier free-market thinkers, particularly Say, Turgot and Böhm-Bawerk. It also ignores Gibson’s paradox, which ...
