Tax

Tax and the Telecommuter

A software-development firm is held liable for corporate tax in New Jersey because of the activities of a lone employee in the state.
Tax

U.S. Court Discredits U.K. Windfall Tax

The IRS successfully argues that a British tax is not an &spamp;ldquo;income tax&spamp;rdquo; and hence can&spamp;rsquo;t be claimed as a foreign tax credit by PPL Corp., a U.S. utility.
Tax

Memo to a Taxpayer: Blame Canada

Canadian judges rule that stock-option cancellation payments made in the run-up to a merger aren’t deductible. They would be in the United States.
Tax

How to Lose your LIFO Preserver

A company must give up the benefits of last-in, first-out inventory accounting because it used IFRS for internal reporting standards.
Tax

When the IRS Forgives Tardiness

In the case in question, the service accepted the excuse that the company relied on a “qualified tax professional” who failed to make the filing.