taxes

Facebook, Offshore Assets and the IRS

Facebook, Offshore Assets and the IRS

A California judge has dealt a blow to Facebook in its ongoing battle with the Internal Revenue Service (IRS), ruling that the social media giant does not have a right to move the matter to appeals. That means that Facebook's tax case - focusing on allegations that it failed to report and pay taxes on $7 billion in income overseas - will not be heard in front of the IRS Appeals board, but in the United States Tax Court.

New Tax Proposal Would Boost Charitable Mileage Rate To Equal Business Rate

New Tax Proposal Would Boost Charitable Mileage Rate To Equal Business Rate

Under the Senate and House tax reform proposals, the charitable donation deduction claimed on Schedule A, including a deduction for charitable miles driven, was slated to stay in place. Additionally, under the House proposal, the mileage rate for charity would have been indexed for inflation, as it is each year for business and moving mileage. However, while the final version of the tax reform bill did retain the charitable donation deduction, it did not include an adjustment to the charitable mileage rate.