Taxes to Take Half of $10 Million Gold Find

A couple taking a dog for a walk found a treasure trove of old gold coins valued at $10 million. While it is a great find and they have said that they will sell most of the coins online as collectibles and donate some of the money to charity,…

The Taxation President wants More of Your Money

President Obama is asking for changes in the tax code to pay for the nation’s crumbling infrastructure. Earlier, the highways, bridges, and other transportation infrastructure was maintained by the Highway Trust Fund that is funded by the…

U.S. Steel Obtains $393 M Federal Tax Refund

US Steel has said that it is set to receive a $392 million federal tax refund after it sold some overseas assets at a loss. The foreign assets were held in a paper unit in the U.S. and were not making any money for this company. By selling its…

Republicans to Moot Cut in Top Tax Rate

According to reports, House Republicans are likely to moot a cut in the top tax rate as part of a move to simplify codes and lower rates. If passed the bill will bring the top income tax rate to 25 percent from the current 39.6 and also impose…

U.S. Tax Crackdown Probes Swiss Insurers

According to reports U.S. authorities are widening their tax evasion probe to look into Swiss life insurance products. It is believed that many wealthy Americans used what are known as wrappers to stow away stocks, private equity, and other…

U.S. Treasury Makes final Changes to FATCA

The U.S. Treasury Department has made what it labeled the final substantial changes to the rules that regulate FATCA, the law that required foreign banks to report accounts held by U.S. citizens. The rules are all very technical and will streamline…

Credit Suisse Likely to Face Tax Evasion Hearing

U.S. authorities are continuing their efforts to bring Swiss banks that helped U.S. citizens evade taxes using offshore accounts to book. Part of this investigation is now believed to be focused on Credit Suisse. The bank is believed to have…

GE Files Case Seeking $658 M Tax Refund

Business conglomerate, GE, has filed a suit in a Connecticut court asking that the IRS refund $658 million in taxes. The dispute relates to the losses GE incurred when it sold its reinsurance business in 2003. The IRS disallowed the loss of…

ABBA Reveals the Reason for Outrageous Outfits

ABBA, the group that performed wearing sequined jumpsuits, glittering hot pants, and platform heels deliberately made their onstage costume so outrageous to benefit from the tax deductions on clothes available under Swedish laws. As the U.S.…

Reinsurers Might Obtain U.S. Tax Refund

Bermuda reinsurers might be able to claim U.S. tax refunds after a U.S. court has ruled in favor of Validus Re. An U.S. Federal Court has ruled that retrocession arrangements for offshore entities that provide risk coverage for U.S. entities…