IRS clamping down on tax avoidance
(Bloomberg): The Internal Revenue Service is moving to bolster enforcement of a 2004 law that bars companies from avoiding U.S. taxes by moving their headquarters offshore. The tax agency said in a notice that it has “become aware” of transactions designed to subvert a test that determines whether a company’s move offshore was for legitimate business reasons or just to avoid US taxes. The action is the IRS’s latest effort to stop practices that let US companies avoid taxes by establishing nominal headquarters in low-tax countries such Bermuda and the Cayman Islands while keeping their operational headquarters in the US.
Category: Business
As an American I feel so ashame for our country to be trying to shut down legitmate small countries for the sake of covering up the governments flaws.
Mr. President ask your vice-president to have a look in his home state of Delware, New York, New Jersey, California, Georgia, the Dakotas, Texas, Florida and the District of Columbia (of all places) to see if he can pin-point how taxes are avoided. We have been hearing Biden (Incompup) and lately your goodself talk about big businesses hiding there monies in small countries all over the world. But what you haven’t done is to investigate the prime areas in the USA for foreign business transactions. This pisses me off ROYALY! You Democrats are the biggest crocks in the world but you hide behind ACORN and the likes and has been for many decades.
Don’t forget THE ROYAL COUNTRY OF ENGLAND. They are full of off-shore company affiliates.
Last but not least, 40 million illegal aleins and another 100 million work permit holders, residents and US citizens who don’t pay taxes and send their monies back to their original countries ….. can you collect some monies from them please? Oh by the way, encourage your your professionals to invent more businesses in the USA rather than abroad.
Thank you Mr. President.
I hope they do a corporate nexus test and any US company or bank incorporated and headquartered in Delaware or South Dakota for tax reasons that primarily operates elsewhere be subject to the same scrutiny. Oh wait, that’ll never happen when they can scapegoat abroad…
Ridiculous…
Excellent idea!! I think the IRS should forcefully pursue everyone who’s trying to avoid paying taxes. With more tax dollars they could increase the Pentagon’s budget so that Halliburton could be paid more money. Then they could increase Homeland Security so that everyone would be protected from things like wiretapping and mail searches. And sadly with all those tax dollars they could have given AIG, B of A, and other banks and financial institutions even MORE tax money so that they could give themselves larger bonuses.
I hope they retrieve ALL the money owed them and make the culprits live in N.Y penthouses or a ranch in Texas!!! Ohh…. they do already?
everyone sing
"I saw miles and miles of Taxes all the stars up in the sky. I saw miles and miles of Taxes gonna pay them ’til I die."