Tax Law News. Crime Stories, Law on News and Legal Publications in October, 2011

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Kodak denies bankruptcy plan but shares plummet
Economic TimesOctober 1, 2011

Eastman Kodak Co shares lost more than half their value on Friday as the company hired a law firm well-known for bankruptcy cases, triggering speculation that the photography pioneer could file for bankruptcy. Kodak, which delivered the first consumer ...more »

Feds reach deal with NJ Transit to reduce ARC tunnel debt to $95M
NorthJersey.comOctober 1, 2011

The state has so far spent just over $1 million in legal fees to fight the debt. John Wisniewski, chair of the Assembly Transportation Committee, said New Jersey commuters still lost out. “While the governor may tout his settlement as a win for New ...more »

Tax Law News and Stories

Audit Defence
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IRS: New Forms Will Bring Audits for non-profits
Bond BuyerOctober 20, 2011

Cliff Gannett, the IRS' acting director of government entities, and Steve Chamberlin, manager of compliance and program management for the tax-exempt bond office, spoke at recent conferences about the planned reviews of the Form 990, Schedule Ks. ...more »

Irs Filing & Compliance
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Why Foreign Banks Will Shun American Business
Wall Street PitOctober 13, 2011

Institutions will also be required to collect a 30 percent withholding tax on US income from any American customers unwilling to have their doings reported back to the IRS. Institutions that refuse to agree to these terms will be deemed noncompliant ...more »

Business Audit Defence
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US-Chinese Progress on Accounting Is Dealt Setback
Wall Street JournalOctober 3, 2011

US-Chinese negotiations to allow American audit-firm inspectors into China suffered a setback Monday, as US regulators indicated that a planned visit to Washington by their Chinese counterparts to continue the talks has been ...more »

Personal Irs Disputes
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Feds escalate efforts to close California pot shops
Los Angeles TimesOctober 7, 2011

But the IRS has audited her 2009 returns and demanded $1 million, which Shaw said is about equal to her gross revenue. When Barack Obama was running for president, he joked about smoking marijuana and said the federal government should not interfere ...more »

Property Taxes
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Most Potsdam village homeowners would save $339-$1019 each year if village ...
North Country NowOctober 2, 2011

POTSDAM – Most village homeowners would save $339 to $1017 in property taxes each year, depending on the value of their home, if the village is dissolved and a town police force were created. By contrast, most town taxpayers living ...more »

Corporate Income Taxes
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JOBS, PROSPERITY AND FREEDOM
NewsWithViews.comOctober 2, 2011

The ESTABLISHMENT also had laws passed allowing for TAX FREE FOUNDATIONS to protect and pass on their financial control of most everything to their progeny in perpetuity. Laws instituting the INCOME TAX AND IRS were also passed at this time which ...more »

Sales Tax & Use Tax
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Cook County Suing Channahon For 'Wrongful Sales and Kickback Schemes'
Patch.comOctober 3, 2011

Channahon is facing a new round of civil charges and legal action stemming from a sales tax loophole that has some Chicago businesses routing their sales through satellite offices in the village. Following in the footsteps of the city ...more »

Estate Taxes & Gift Taxes
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Small eBay and Amazon Sellers Getting Screwed by New Tax Law
AuctionBytes Blog (blog)October 3, 2011

The law requires that payment processors send 1099K reports to the IRS each year, beginning in 2012 for tax year 2011, containing the gross amount of transactions processed on behalf of each customer. The law is very clear that small businesses are ...more »

Tax Evasion Defence
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No arrest for custom & excise tax evasion without warrants: SC
Indian ExpressOctober 4, 2011

Offences of evading customs and excise tax are bailable and an accused person cannot be arrested without warrants, the Supreme Court has ruled saying such crimes cannot be equated with criminal offences. A three judge bench headed by Justice Altamas ...more »

International Taxation
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Plugging tax hole is sure to trigger fireworks
The AustralianOctober 4, 2011

THE Rudd Labor government didn't see any problem last year with delivering on some long-promised amendments to the tax law. The idea was to make it easier for companies involved in takeovers to consolidate their accounts for tax purposes. ...more »

Tax Planning
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Research and Markets: Corporate Loss Utilisation through Aggressive Tax Planning
Benzinga (press release)October 29, 2011

Aggressive Tax Planning is a source of increasing concern for many countries. Numbers at stake are vast, often in the order of billions of dollars. Countries have developed various strategies to deal with aggressive tax planning and international ...more »

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