Since 1862, an obscure company called American Bureau of Shipping has been approving oceangoing vessels as seaworthy. The Houston-based firm reported $3.17 billion in revenue and just less than $600 million in profits from ship inspections from 2004 to 2010 and paid no U.S. income taxes on those earnings.
Google Inc., which is being probed by several tax agencies around the world, is planning litigation against the U.S. Internal Revenue Service over the company’s 2003 or 2004 tax bill, according to a company filing.
The U.S. Internal Revenue Service is auditing $375 million in Build America Bonds issued by San Antonio and $600 million from a Chicago sewer district, five months after the agency said it would scrutinize sales of the federally subsidized debt.
U.S. citizens and residents with UBS AG accounts are racing the clock to disclose their secret holdings to the Internal Revenue Service after the Swiss Parliament ratified an agreement to surrender the names of 4,450 bank clients, tax lawyers said.
An Internal Revenue Service officer was found liable for back taxes and penalties for not reporting income on nearly 2,000 transactions on EBay Inc., the online auction site, according to the U.S. Tax Court.
The Internal Revenue Service and U.S. Securities and Exchange Commission are using concern that Build America Bonds are being mispriced as an opportunity to impose restrictions on municipal borrowers, a panel of public issuers said at a conference this weekend.