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Back Taxes

All articles tagged with #back taxes

entertainment-tax-controversy1 year ago

Terrence Howard Faces $1M Tax Judgment for Calling Taxing Slave Descendants 'Immoral'

Actor Terrence Howard has been ordered to pay nearly $1 million in back taxes, penalties, and interest after reportedly refusing to pay income taxes between 2010 and 2019. Howard, known for his role in "Empire," made controversial comments, calling it "immoral" for the government to charge taxes to descendants of slaves. The actor failed to respond to the lawsuit and is now facing a default judgment. Howard's remarks come amid ongoing discussions about reparations for descendants of slaves, with some municipalities and lawmakers considering the issue at both local and federal levels.

via Fox News|
#back-taxes#entertainment-tax-controversy#irs
finance2 years ago

IRS Rakes in $282 Million from Millionaires in Back Taxes Crackdown

The Internal Revenue Service (IRS) has collected $160 million in back taxes this year by targeting millionaires who have not paid what they owe. The crackdown on high-income individuals has been aided by increased federal funding provided by Democrats. So far, the IRS has closed 100 cases, collecting $122 million. The agency's efforts aim to narrow the "tax gap" and it plans to focus on large corporations that have not paid their taxes. The IRS will target US subsidiaries of foreign companies and plans to use technology to better detect tax cheating. The Inflation Reduction Act has allowed the IRS to overhaul its operations, improve taxpayer services, and digitize tax returns. The new funding is not expected to increase audits for average Americans.

via CNN|
#back-taxes#finance#irs
business2 years ago

Peoria Businesses Face Back Taxes and Budget Discussions

Small businesses in Peoria, Arizona are facing outrage and financial strain as they are hit with tens of thousands of dollars in back taxes due to an "Amusement Tax" imposed by the city. Some business owners claim they were unaware of the tax and were only informed recently, resulting in significant amounts owed. The tax applies to businesses that charge admission or user fees for exhibition, amusement, or entertainment. However, there is confusion and disagreement over whether certain businesses, such as martial arts studios and dance studios, should fall under this tax category. The situation has raised concerns about the impact on small businesses and the attractiveness of Peoria as a business destination.

via ABC15 Arizona in Phoenix|
#amusement-tax#arizona-department-of-revenue#back-taxes
business2 years ago

"IRS Investigates Microsoft's Potential $28.9 Billion Tax Liability"

The Internal Revenue Service (IRS) has notified Microsoft that it may owe $28.9 billion in back taxes, penalties, and interest from 2004 to 2013. Microsoft disputes the claims, stating that the IRS' adjustment does not consider the Tax Cuts and Jobs Act, which could reduce its financial obligations by up to $10 billion. Microsoft has changed its practices and corporate structure since 2013 and plans to appeal the proposed adjustments within the IRS. The company believes it has always followed tax rules and has paid over $67 billion in taxes to the U.S. since 2004. The IRS recently announced the use of AI tools to identify potential tax evasions, focusing on wealthy taxpayers and companies.

via Gizmodo|
#back-taxes#business#dispute
business2 years ago

Microsoft Faces $29 Billion Back Tax Bill from IRS

Microsoft has been hit with a $28.9 billion tax bill by the IRS for back taxes owed from 2004 to 2013. The IRS is disputing how Microsoft allocated its profits among different countries and jurisdictions, while Microsoft argues that $10 billion it paid in taxes has not been considered. Microsoft plans to appeal the decision, a process that could take several years. The company has historically been one of the top US corporate income taxpayers, having paid over $67 billion in taxes since 2004.

via GameSpot|
#acquisition#back-taxes#business
business2 years ago

"Microsoft Faces $29bn Back Taxes Dispute in US"

Microsoft plans to contest a request from the US tax authority to pay an additional $28.9 billion in back taxes for the years 2004 to 2013. The Internal Revenue Service has been auditing the company's profit allocation among countries and jurisdictions. Microsoft argues that the issues raised by the IRS are not relevant to its current practices and believes that any taxes owed after the audit will be reduced by up to $10 billion based on tax laws passed by former President Donald Trump. This comes amid ongoing concerns about tech giants minimizing their tax burden by reporting lower profits in high-tax countries.

via BBC.com|
#back-taxes#business#irs
business2 years ago

"IRS Demands $28.9bn in Back Taxes from Microsoft, Says Company"

Microsoft has revealed that the Internal Revenue Service (IRS) has demanded $28.9 billion in back taxes from the company, following a tax dispute. The tech giant stated that the dispute relates to transfer pricing arrangements between its US and offshore subsidiaries. Microsoft plans to challenge the IRS's assessment and believes that its tax positions are in compliance with applicable laws and regulations.

via Financial Times|
#back-taxes#business#financials
businesstaxation2 years ago

Microsoft Fights IRS Demand for $29 Billion in Back Taxes

Microsoft plans to appeal the Internal Revenue Service's (IRS) request for nearly $29 billion in back taxes, stemming from a dispute over transfer pricing arrangements between the company's subsidiaries. The IRS claims that Microsoft underreported its income by billions of dollars, while Microsoft argues that it has complied with all tax laws and regulations. The case is expected to go to court, and the outcome could have significant implications for multinational corporations and their tax practices.

via CNN|
#appeal#back-taxes#businesstaxation