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Scarinci Hollenbeck remains committed not only to providing top-tier legal services but also to regularly providing information and resources to our client base and internet following. Client Alerts provided by our attorneys supply businesses, municipalities, and more with the latest and relevant legal updates that may impact them and how they might be able to proceed.

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Walmart Has Billions In Overseas Tax Havens. Time For International Tax Reform?

According to a Forbes report last week, Walmart has $76 billion in foreign tax havens. The report claimed that the world’s largest retail chain has 78 subsidiaries in 15 overseas tax havens where the company has no store locations. Walmart’s hidden assets The report claimed that Walmart is effectively avoiding U.S. corporate taxes on overseas […]

Author: James F. McDonough

July 21, 2015

New Tax For Finance Firms Proposed By Obama

Pres. Barack Obama proposed a new tax on financial institutions during his State of the Union Address earlier in January. The new tax policy, which would levy a seven-point basis fee on the total liabilities of roughly 100 financial firms with more than $50 billion in assets, would generate an estimated $110 billion in tax […]

Author: James F. McDonough

February 3, 2015

Microsoft is Presently Being Audited By the IRS

Microsoft is being audited by the IRS and they demand leaders testify The IRS is suing a number of former and current executives of Microsoft in a bid to force them to testify in an investigation into the company’s corporate tax practices. According to The Seattle Times, at issue is whether the company is following […]

Author: Frank L. Brunetti

January 14, 2015

Burger King Is About To Save Big By Moving To Canada

As was widely reported a few months ago, Burger King is expected to complete a corporate inversion by purchasing Canadian donut company Tim Horton. Spinning both companies into subsidiaries of a new, multinational fast-food company headquartered in Canada. New numbers released by tax watchdog Americans for Tax Fairness showed just how much Burger King will be […]

Author: James F. McDonough

December 17, 2014

IRS Atty: Officials Giving Away Billions And Tax Evasion

An Internal Revenue Service lawyer in the Office of Chief Counsel in New York is claiming that the organization’s officials are giving away billions via tax evasion to corporations and the undermining of whistleblowers. In a letter sent to U.S. Department of the Treasury Secretary Jacob Lew and copied to Sens. Chuck Grassley, Elizabeth Warren, […]

Author: Frank L. Brunetti

October 30, 2014

Treasury Secretary urges Congress to end inversions

Treasury Secretary Jacob Lew sent letters to the top lawmakers on the House Ways and Means Committee and the Senate Finance Committee on July 15, in an attempt to effect action on the issue of corporate tax inversions, according to The New York Times. Inversions are the controversial – but popular – practice of merging with […]

Author: Frank L. Brunetti

July 28, 2014

New Durbin Bill Seeks To Keep Corporations From Exporting Jobs

With the increasing frequency of corporate inversions in recent years and the breakneck pace at which even domestic corporations are shipping jobs overseas, it isn’t surprising that the U.S. government wants to find a way to incentivize big companies to keep their jobs here. With the election coming up, there seems to be little chance of […]

Author: James F. McDonough

July 9, 2014

EU is investigating Tax Breaks for US Multinationals

The U.S. has spent a lot of time talking about its own tax laws in relation to large multinationals that repatriate abroad in order to duck its 35 percent income tax rate, but so far little has been said about these companies’ new host governments. This seems to be changing now that the European Union […]

Author: Frank L. Brunetti

June 16, 2014

Offshore Tax Havens Used By 70 Percent of Fortune 500 Companies

More than 70 percent of Fortune 500 companies maintain subsidiaries in offshore tax havens as of 2013, according to “Offshore Shell Games,” a report released May 5 by the U.S. More than 70 percent of Fortune 500 companies maintain subsidiaries in offshore tax havens as of 2013, according to “Offshore Shell Games,” a report released […]

Author: James F. McDonough

June 11, 2014

Tax Evasion

States Pursue Offshore Tax-Free Income

While many reliable sources in Washington are saying that the odds of either President Obama’s corporate tax reform bill or Republican Camp’s bill getting passed this year are slim to none, some states aren’t waiting to conduct their own reform.. While many reliable sources in Washington are saying that the odds of either President Obama’s corporate tax reform […]

Author: Frank L. Brunetti

March 24, 2014

Tax Evasion

U.S. Signs Six New Bilateral Agreements to Crack Down on Tax Evasion

The U.S. Department of Treasury made positive steps forward in December in its campaign against tax evasion, with the agency signingbilateral agreements with jurisdictions to comply with the tax law provisions outlined by the Foreign Account Tax Compliance Act. In a one-week time span in mid-December, Malta, the Netherlands, The Islands of Bermuda, and three UK […]

Author: Frank L. Brunetti

January 6, 2014

U.S., France Sign Intergovernmental Agreement to Combat Offshore Tax Evasion

The U.S. Department of the Treasury and the government of France have partnered up to combat egregious tax law violations carried out through the use of offshore accounts, the federal department said. The two countries have signed an intergovernmental agreement (IGA) to implement the Foreign Account Tax Compliance Act (FATCA). IGAs have been instrumental in helping countries […]

Author: Frank L. Brunetti

November 25, 2013

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