While a filed return must be in conformity with the tax laws in all respects, how the information contained in the return is just as important. During the years, the IRS has challenged many taxpayers who treated themselves as day traders. Knowing in advance both the benefits and risks of this designation, what steps to take proactively, and what to do in the event of an audit will serve you well and provide peace of mind.
Caterpillar Inc's shares were flat in premarket trading on Friday, suggesting investors had put aside the company's tax risk as old news, a day after federal law enforcement officials searched three of its facilities.
Internet giant Yahoo! Inc. announced yesterday that the IRS will not grant the private letter ruling the company requested in regards to the proposed tax-free spin-off of its remaining stake in Alibaba Group Holding Ltd.
The U.S. Internal Revenue Service should give taxpayers clear rules on how it will handle transactions involving Bitcoin and other digital currencies, Nina Olson, the National Taxpayer Advocate, said today.