Word: taxed
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...past few months, experts say, the IRS has been unusually aggressive in doing what it can to lower corporate taxes, going above and beyond what has been allowed in the past. The result is that the IRS has become, in effect, a much less public arm of the federal-bailout machine. "There have been all sorts of Administration announcements that relax the tax law," says Thomas Humphreys, an attorney at Morrison and Foerster. "I don't remember a wave of provisions like this." (See pictures of the global financial crisis...
...numerous stocking stuffers planned for corporate America this year. Here are some of the biggest ones: Merger Tax Windfall...
...think the carryback extension is a good idea," says Mark Silverman, a prominent tax lawyer at Steptoe & Johnson. "It's been done in the past, and it ought to be done again...
...course, some IRS notices raise taxes, and not all of the tax-relief measures pertain to what corporations pay. For example, the IRS has passed notices this year that give tax relief to hurricane and flood victims...
...would only get that high if every bank in the U.S. were sold and troubled mortgage assets were all written down to zero. Still, a number of banks have made acquisitions since the rule change and are already benefiting. Wells Fargo will book an estimated $25 billion tax credit from its November acquisition of Wachovia. PNC, which bought National City in October, could get as much as $5 billion in tax benefits from that merger. And Capital One, which bought Chevy Chase Bank earlier this month, is looking at a $500 million tax windfall. Investment Losses Now Count for More...