taxes

  • IRS top cop says the agency is too hard on offshore tax dodgers

    Millions of Americans could face draconian fines and penalties for offshore tax evasion.

    By Lynnley Browning

    FORTUNE -- Cuddly Beanie Babies have become a bizarre icon of tax horror ever since their billionaire American creator, Ty Warner, was socked last September with jaw-dropping fines for not disclosing his secret Swiss bank accounts.

    Now the harshness -- and, at times, unevenness -- of the Internal Revenue Service in pursuing offshore tax dodgers has MORE

    Jan 9, 2014 2:55 PM ET
  • More Americans ditch their passports

    Even some boldface names -- Tina Turner! -- are leaving Uncle Sam behind.

    By Lynnley Browning

    FORTUNE -- Time to dump your American passport -- and with it, presumably, your bothersome U.S. tax bill. The reason, international tax lawyers say, may have less to do with offshore tax evasion and more with a new generation of sophisticated -- and legal -- tax planning.

    This year will enter the record books with the MORE

    Nov 14, 2013 10:49 AM ET
  • Twitter's other tax loophole

    Congress wants to squeeze more tax revenue out of Twitter, but it's looking in the wrong place.

    FORTUNE -- As Wall Street toasted Twitter this week, a very different view toward the company took hold in Washington, D.C., where Senators John McCain (R-AZ) and Carl Levin (D-MI) accused Twitter of exploiting a massive tax loophole. Specifically, they wrote:

    "When Twitter goes public later this week, the company may avail itself of this existing MORE

    - Nov 7, 2013 5:06 PM ET
  • How being a tax dummy cost The New York Times $60M

    A mistake made 20 years ago cost the Times big during the sale of the Boston Globe.

    FORTUNE -- The New York Times Co.'s (NYT) purchase of the Boston Globe for more than $1 billion 20 years ago has turned out to be among the worst single newspaper acquisitions in history. But guess what? It's even worse than it looks.

    How is that possible? Because the Times not only made a MORE

    - Nov 5, 2013 2:34 PM ET
  • Biggest winners of the government shutdown

    The most likely way out of this mess will be to either kill the medical device maker tax or alter it in a way to make it acceptable to the industry.

    By Cyrus Sanati

    FORTUNE -- Medical device makers could end up the biggest winners in the ongoing and destructive congressional budget battle. It is extremely unlikely that Republicans will get their wish to delay implementation of the Affordable Care Act MORE

    Oct 1, 2013 9:42 AM ET
  • Senators to corporate interests: Want to keep that tax break? Convince us.

    Tax writers have announced a "blank slate" approach to the tax code overhaul.

    By Tory Newmyer, writer

    FORTUNE -- Corporate tax lobbyists should cancel any vacations they planned to take next month. That's the upshot of a letter the Senate's two leading tax writers sent their colleagues today to put them on notice that their overhaul of the code is starting from scratch. In other words, every corporate carve-out -- for MORE

    Jun 27, 2013 12:52 PM ET
  • Zell's legacy lives on: IRS goes after Tribune

    By the time the final papers are shuffled, the IRS and local tax authorities are likely to seek more than half a billion dollars from Tribune in regard to the sales of the Chicago Cubs and Newsday under former CEO Sam Zell.

    FORTUNE -- Sam Zell is gone from the Tribune Co., but his toxic financial legacy lives on. Not only did his debt-fueled purchase of one of the nation's biggest MORE

    - Jun 18, 2013 9:00 AM ET
  • Got a Swiss bank account? Time to fess up.

    Now that Switzerland has agreed to cooperate with a broad U.S. tax evasion probe, thousands of wealthy American account holders may soon be exposed to the IRS.

    By Lynnley Browning

    FORTUNE -- Are you among the suspected tens of thousands of Americans with a secret Swiss bank account that you are still hiding from the Internal Revenue Service? If so, you are about to acquire a Matterhorn-sized headache.

    Switzerland made a desperate MORE

    May 30, 2013 5:00 AM ET
  • What's missing from tax reform debate: A level playing field

    Businesses organized as partnerships account for 35% of all sales. So why are we taxing them at higher rates than other corporations?

    By Stephen Chipman and Doreen Griffith

    FORTUNE -- The top concern for certain business entities seeking to compete on a level playing field through tax reform has not yet been addressed.

    Ways and Means Chairman Dave Camp has released a tax reform discussion draft that would simplify the tax rules for MORE

    May 14, 2013 12:44 PM ET
  • U.S. citizens ditch passports in record numbers

    If the recent quarter's pace continues, 2013 will become a landmark year for saying goodbye to America, tax-wise.

    By Lynnley Browning

    FORTUNE -- Americans are ditching their U.S. passports in record numbers, a sign of growing frustration with a system that taxes U.S. citizens on their global wealth whether they live in Montana or Mongolia.

    The latest bold-faced names to relinquish their U.S. citizenship include Mahmood Karzai, a brother of Hamid Karzai, MORE

    May 8, 2013 1:35 PM ET
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