The Wall Street Journal reports in an article titled AIG’s Tax Dispute With U.S. has Twist of Irony that,
American International Group Inc. is in a battle with the Internal Revenue Service over $329 million in back taxes and penalties in part stemming from the company’s use of a type of transaction the IRS has called “abusive,” [...]
Tags: Corporate Tax · Court Cases · Credits · Legislative Watch · Opinion
Cynthia G. Wilcox v. Commissioner- This case involved a taxpayer who claimed foreign tax credits on her individual income tax returns. The IRS denied the credits because the taxpayer failed to prove that the foreign taxes were actually paid to the foreign taxing authority and assessed a § 6663 (civil fraud) penalty against her for claiming [...]
Tags: Court Cases · Credits · IRS Penalties · Tax Litigation