Biggest Tax Avoiders Would Win on U.S. Tax Break. Cisco Systems Inc.
(CSCO) has cut its income taxes by $7 billion since 2005 by booking roughly half its worldwide profits at a subsidiary at the foot of the Swiss Alps that employs about 100 people. Now Cisco, the largest maker of networking equipment, wants to save even more -- by asking Congress to waive most federal taxes due when multinationals bring such offshore earnings home. Chief Executive Officer John T. Chambers has led the charge for the tax holiday, which would be the second since 2004.
The Intelligent Investor: Why Companies Are Hoarding Cash. IRS Raises Interest on Underpayments - The Federal Reserve isn’t the only government entity hiking rates these days.
The Internal Revenue Service announced that in the fourth quarter, corporations and individuals will pay 5 percent interest for underpayments on taxes, a boost of 1 percentage point from the present quarterly level. For “large corporate underpayments” — those over $100,000 for the period — the new rate will be 7 percent, also a 1 percentage point increase.
Dodging Repatriation Tax Lets U.S. Companies Bring Home Cash.
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