Inversions, iTunes gift cards to pay IRS, and more

Some well known economists say our tax system has big loopholes which encourages large companies to keep their money abroad.
And escape U.S. taxation.
U.S. Treasury and IRS are trying to curb the inversion.
(Inversion: a process where US Companies relocate abroad in an effort to reduce their U.S. taxes.)

The companies are retaliating by taking them to court.
The lawsuit, filed in Texas federal court, alleges the Treasury rulings are, “arbitrary and capricious”.

Paying IRS with an iTunes gift card?!
As you may suspect, the answer is, “No!” : )
This summer the Internal Revenue Service has seen an increase in criminal activity:
scammers calling taxpayers and demanding payment of overdue taxes.
The con artists want the payment via iTunes gift card!

Facebook not sharing?!
In 2010 Facebook transferred assets to its Irish subsidiary.
IRS wants information about that transaction; and its tax implications (possible tax bill: $5 billions).
But Facebook is ignoring the information requests.
(Even though it has received seven summonses from the U.S. tax investigators. Seven!!!)
Obviously Facebook isn’t much into sharing   : )

Sharing this site with your friends is much appreciated.
Thanks for visiting.
Mariana Fieraru
Mariana Fieraru, an Eastern European transplant, fell in love with her new home shortly after landing in New York. She "discovered" pizza! Years later she still loves pizza. And so do her two feathered-kids, Sunny and Flipper

Mariana worked on both, the east and the west coast.
Big or small, each project she worked on helped define the importance of gaining and sustaining a competitive edge in an increasingly complex business environment.

Business know-how, love of teaching and writing – all combined in 2006 to form OBI.
Its mission: to make learning fun! And easy.

Through its training, consulting, and publications OBI builds bridges of knowledge to take you from where you are to
where you want to go. Using a mix of serious, informal, analytical, and optimistic approach, OBI truly makes learning fun.

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