Advertisement
HomeCollectionsTax Shelters
IN THE NEWS

Tax Shelters

FEATURED ARTICLES
NEWS
By NEW YORK TIMES NEWS SERVICE | July 6, 2003
The government is pressing a broad assault on the flourishing tax shelter business with an array of high-profile summonses and civil suits aimed at stopping cheats who are getting away with not paying billions of dollars in taxes. In recent weeks, the Internal Revenue Service and the Treasury and Justice departments have moved against Ernst & Young and other big accounting firms, a prominent Dallas law firm, and wealthy individuals and corporations that used tax shelters declared invalid by the Treasury.
ARTICLES BY DATE
NEWS
July 16, 2012
Although expensive, there's virtual unanimity that extending most of the Bush tax cuts through 2013 for everyone (yes, everyone) will help individuals, families, job growth and the economy ("Political tactics, not leadership," July 11). The squabbles in Washington are about political spin and special interests, the squabbles outside Washington have more to do with misunderstanding and misinformation. While there's legitimate debate over the amount, duration and allocation of any tax break, President Barack Obama has proposed a simple income tax benefit for every taxpayer regardless of whether that person is in the 1 percent or the 99 percent.
Advertisement
BUSINESS
By NEW YORK TIMES NEWS SERVICE | November 5, 2003
WASHINGTON - Europe's top trade official said here yesterday that the United States can expect up to $6 billion in trade sanctions if President Bush doesn't lift steel tariffs and Congress doesn't eliminate overseas tax shelters for U.S. exporters. Two months after global trade talks fell apart in Cancun, Mexico, and with Democrats attacking free-trade agreements in the presidential campaign, Pascal Lamy, the European Union's trade commissioner, said Europe has shown enough patience with the United States over those issues.
NEWS
March 27, 2012
Unfortunately, Dan Rodricks ' column about our so-called "progressive" tax system in Maryland ("Land of pleasant living - thanks to your taxes, folks" March 25) has it wrong. The alleged "rate" of income tax is not the same as the true percentage of your annual income that you pay under state and federal income tax systems. You can have an apparently high rate, but given the abundance of tax shelters and various tax breaks that are available primarily to the wealthy, you can end up paying little or no tax. For decades now, the wealthy having been paying much, much less than the middle class in terms of the true percentage of total income.
NEWS
March 27, 2012
Unfortunately, Dan Rodricks ' column about our so-called "progressive" tax system in Maryland ("Land of pleasant living - thanks to your taxes, folks" March 25) has it wrong. The alleged "rate" of income tax is not the same as the true percentage of your annual income that you pay under state and federal income tax systems. You can have an apparently high rate, but given the abundance of tax shelters and various tax breaks that are available primarily to the wealthy, you can end up paying little or no tax. For decades now, the wealthy having been paying much, much less than the middle class in terms of the true percentage of total income.
NEWS
February 19, 2003
THE NEXT TIME President Bush launches into a hard sell for his sweeping tax cuts for the well-off, consider how his patrons at Enron treated corporate taxes - as a profit center. It turns out the nation's top energy company - now its largest bankruptcy - paid no federal income taxes from 1996 through 1999, while reporting profits of more than $2 billion, according to a recently released congressional investigation. Enron - with ties to several dozen Bush administration officials and one of the president's biggest financial backers - accomplished this sleight of hand via a dozen mystifying but arguably legal tax shelters cooked up by an incestuous cast of highly paid lawyers and accountants.
BUSINESS
By BLOOMBERG NEWS | February 6, 2001
WASHINGTON - President Bush nominated Ernst & Young LLP's Mark A. Weinberger, who won tax victories for companies such as Pfizer Inc. and Microsoft Corp., to be the Treasury Department's top tax official yesterday. His nomination to be assistant Treasury secretary for tax policy is subject to Senate confirmation. Bush and Treasury Secretary Paul H. O'Neill will need the 39-year-old director of Ernst & Young's national tax practice for his skill as a lobbyist, analysts said. The administration is seeking to push $1.6 trillion in tax cuts over 10 years through a closely divided Congress.
NEWS
June 14, 2011
Republicans focus on cutting government spending, but this is largely a ruse to dismantle the New Deal and social programs like Social Security,Medicare and Medicaid. They are quick to reduce benefits to the sick, elderly and the poor while protecting the interests of the wealthy. Greater emphasis is needed to reform the revenue side of the equation by eliminating tax cuts for the super-rich, eliminating subsidies to big agriculture, pharmaceuticals and the oil industry, and eliminating tax shelters to global corporations that evade paying taxes by shifting profits overseas.
NEWS
By NEW YORK TIMES NEWS SERVICE | February 20, 2000
With incomes rising, particularly among the wealthy, Americans are paying a lot more in federal taxes than they did before the economic expansion of the last decade. Not so, American corporations. Their profits are growing even faster than personal incomes, but the taxes they pay have peaked and have begun to fall. The changes have been striking. Almost 15 cents of every dollar of income earned by Americans in 1997, the latest year for which figures are available, went to the Internal Revenue Service, up from 13 cents in 1990.
NEWS
August 4, 2011
I could not agree more with your recent editorial regarding the debt limit deal ("We need an election," Aug. 2). Tough choices have simply been postponed. What I cannot understand is your persistent support for taxing the rich. Let's take a look at some of the historical factual information on taxation. In the 1920s, Treasury Secretary Andrew Mellon pointed out that people with high incomes were simply not paying the high tax rates that existed on paper because they were putting their money into tax shelters.
NEWS
August 27, 2011
Warren Buffett has been extremely successful in his common sense approach to investments. However I must agree with Brian Murphy's conclusion that Mr. Buffett is wrong in his approach to taxes ("Warren Buffett is wrong," Aug. 25) but for an additional compelling reason, history. In 1920 Andrew Mellon (treasury secretary the previous four years) pointed out that people with high incomes were simply not paying the high tax rates that existed on paper because they were putting their money into tax shelters.
NEWS
August 4, 2011
I could not agree more with your recent editorial regarding the debt limit deal ("We need an election," Aug. 2). Tough choices have simply been postponed. What I cannot understand is your persistent support for taxing the rich. Let's take a look at some of the historical factual information on taxation. In the 1920s, Treasury Secretary Andrew Mellon pointed out that people with high incomes were simply not paying the high tax rates that existed on paper because they were putting their money into tax shelters.
NEWS
June 14, 2011
Republicans focus on cutting government spending, but this is largely a ruse to dismantle the New Deal and social programs like Social Security,Medicare and Medicaid. They are quick to reduce benefits to the sick, elderly and the poor while protecting the interests of the wealthy. Greater emphasis is needed to reform the revenue side of the equation by eliminating tax cuts for the super-rich, eliminating subsidies to big agriculture, pharmaceuticals and the oil industry, and eliminating tax shelters to global corporations that evade paying taxes by shifting profits overseas.
BUSINESS
By New York Times News Service | March 30, 2007
Jenkens & Gilchrist, once a high-flying Texas law firm with a national reach, will shut its doors for good and pay the Internal Revenue Service a $76 million fine as part of a deal announced yesterday with the Justice Department over questionable tax shelters. Jenkens & Gilchrist, only six years ago among the largest, highest-earning law firms in the nation, becomes the latest casualty in the government's growing crackdown on aggressive tax shelters. The agreement is also likely to bolster a wider criminal investigation by federal prosecutors into the web of firms and individuals that made and sold aggressive shelters from the late 1990s through recent years.
BUSINESS
By BLOOMBERG NEWS | March 25, 2005
WASHINGTON - The Internal Revenue Service said yesterday that it has collected more than $3.2 billion in taxes and penalties from people and companies who participated in a tax shelter known as "Son of Boss." The IRS collected the money under a settlement that required the taxpayers to concede 100 percent of the tax losses they claimed, plus a penalty of 10 percent or 20 percent. "This was a particularly bad shelter, and we're glad so many chose to get right with the government," IRS Commissioner Mark W. Everson said.
BUSINESS
By Meredith Cohn and Meredith Cohn,SUN STAFF | February 23, 2005
In an effort to rein in corporate tax-avoidance schemes, the Internal Revenue Service said yesterday that it is offering settlements to 42 companies and about 200 of their executives who it claims channeled hundreds of millions of dollars worth of stock options through improper tax shelters. The IRS did not identify the companies but said they included household names in various industries across the country. With help from their employers, the executives were able to transfer options to family trusts or partnerships that sheltered a total of at least $700 million from taxes.
NEWS
August 27, 2011
Warren Buffett has been extremely successful in his common sense approach to investments. However I must agree with Brian Murphy's conclusion that Mr. Buffett is wrong in his approach to taxes ("Warren Buffett is wrong," Aug. 25) but for an additional compelling reason, history. In 1920 Andrew Mellon (treasury secretary the previous four years) pointed out that people with high incomes were simply not paying the high tax rates that existed on paper because they were putting their money into tax shelters.
BUSINESS
By Sylvia Porter and Sylvia Porter,1991, Los Angeles Times Syndicate | February 5, 1991
Will your 1990 federal income tax return be audited? The chance is small. Yet, there is no way you can with certainty avoid an audit -- your return simply may be chosen at random. Fortunately for most of you, it's like a lottery in reverse. The odds yours will be an "unlucky number" are low.The Internal Revenue Service has a relatively standardized system for deciding which tax returns are automatic audit candidates. The details of this process are a well-guarded secret. Aided by computers, the IRS brings to the top of the heap those that arouse suspicion.
BUSINESS
By JAY HANCOCK | October 31, 2004
SCORE ONE for the "taxpayers," as the Internal Revenue Service euphemistically refers to its tax-averse legal opponents. Black & Decker Corp.'s $180 million court victory over the IRS a week ago is a setback in the drive to crack down on what the government calls abusive tax shelters. One of the larger civil tax rulings, it blunts the momentum of an IRS win two months ago in a tax shelter case against Long Term Capital Management, the notorious, Nobel laureate-led hedge fund that collapsed in 1998.
BUSINESS
By BLOOMBERG NEWS | May 6, 2004
WASHINGTON - The Internal Revenue Service offered leniency yesterday to thousands of users of a tax shelter that cost the government at least $6 billion in the late 1990s, letting them pay reduced penalties and deduct the deal's transaction fees if they agree to a settlement. The IRS said many taxpayers can avoid the maximum penalties of up to 40 percent of their liability and deduct the costs of their fees if they come forward by June 21 and pay back taxes, interest and a penalty for using the so-called Son of Boss shelter.
Baltimore Sun Articles
|
|
|
Please note the green-lined linked article text has been applied commercially without any involvement from our newsroom editors, reporters or any other editorial staff.