I.R.S. Moves to Close Tax Shelter Shortly After I.B.M. Uses It to Save $1.6 Billion
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The government moved to block a tax shelter aimed at converting billions of corporate profits into profits that will never be taxed.
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The law licenses of two former Internal Revenue Service lawyers have been suspended after they defrauded the courts so that the I.R.S. could win 1,300 tax shelter cases.
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A utilities tax paid by the federal government will end up contributing about $6 million a year to finance a new baseball stadium in the District, offsetting some of the burden on local businesses.
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Wholesale changes to the tax code that just weeks ago were identified as a Bush administration goal by the end of 2005 are being pushed back for at least another year.
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A tax break saves the chip-maker from a big quarterly loss.
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Royal Mail says it is consulting on closing its final salary pension scheme to new entrants, to help tackle its Â£6.6bn deficit.
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Â· Flanagan unveils scheme to save 6m hours a yearÂ· Plan to scrap 40-question 'stop and account' form
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A federal judge in San Diego yesterday froze more than $500 million in bank accounts linked to the San Diego financial planning firm Xelan, whose aggressive tax shelters had run afoul of the Internal Revenue Service.
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The I.R.S. is worried that a Virgin Islands program that confers a special tax rate that amounts effectively to just 3.5 percent of income may be encouraging fraud.
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Temple-Inland Inc. (TIN.N: Quote, Profile, Research) , a maker of packaging and building materials, on Monday said it will lay off about 1,500 employees as it repositions its mortgage
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Chiquita Brands International Inc  said on Monday it will cut management jobs and close facilities as part of a restructuring to generate annual cost savings of $60 million to $80 million, sending its shares up more than 7 percent.
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It's part of a plan to cut costs by $1.6 billion between now and March 2008.
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The Internal Revenue Service, in the midst of a crackdown on aggressive tax shelters, is auditing significantly more wealthy individuals and large companies, but is increasingly shying away from scrutinizing smaller businesses.
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The institutions that are to close or be merged under an effort to shrink New Yorkâs hospital industry will receive public funds to cover legal costs associated with closing and to pay off debts, state health officials said.
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Every year, Americans save billions in sales taxes by buying merchandise on the Internet rather than at retail stores. But state and federal legislators are working together to close the loophole and generate billions in new revenues for state coffers.
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In one of its broadest efforts to rein in what it regards as abusive tax shelter activity among well-to-do professionals, the Internal Revenue Service is seeking to shut down a group of California companies that have sold millions of dollars' worth of insurance and other purportedly tax-favored investments to doctors and dentists.
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(Corrects third paragraph to reflect that write-down will affect previously reported earnings)     NEW YORK  - H&R Block Inc.,  the largest U.S. income tax preparer, said on Tuesday it was delaying filing its quarterly results with regulators after turmoil in the subprime mortgage market forced it to write down assets at its Option One Mortgage Corp. unit.