Word: record
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...just how badly the recession has hit big companies. But it could also turn out to be a leg up for corporations in the recovery. All that red ink could turn out to be a little-noticed boon for corporate bottom lines. That's because companies are allowed to record a tax credit for current losses in order to lower their tax bill when they return to profitability. (See six year-end tax tips...
...hard to know just how much that $400 billion in losses will end up lowering corporate America's tax bill. Companies are allowed to record tax credits for current losses and use those credits to lower their bill when they return to profitability. If companies have more tax credits than profits, they are allowed to carry those credits forward for up to 20 years or until they are used up. (See 10 ways to spend your tax refund...
Public companies record two types of earnings, one to the SEC and one to the IRS. It is perfectly legal for these numbers not to match, and often they don't. In 2008, retailer Macy's lost just under $5 billion, but only $33 million of that qualified as a tax loss eligible for credits against future profits. Other times a company books a much bigger tax benefit than its actual losses. Citigroup, for instance, had a bottom-line loss of nearly $28 billion in the numbers it reported to shareholders and the SEC. But at the same time...
...judge a man by his record, not by his thesis. He's done right." - Pat Echols, 84-year-old voter who served in the state senate in the 1960s (Washington Post...
...rebuffing them. The first meeting took place several weeks ago in New York City. Burma has been under military rule since 1962, and since the bloody suppression of a democracy uprising in 1988, the U.S. has incrementally reduced contacts with the regime and increased sanctions against it for its record of violating human rights and quashing democracy. Larry Dinger, the chargé d'affaires at the U.S. embassy in Rangoon, was quoted in the state-run Myanmar Times this week saying Washington wanted to make progress on "important issues" but would maintain sanctions "until concrete progress is made." The State...