When accounting goes unaccounted for
Richard Rubin reports that a "hardware failure" at the IRS has affected several systems and that Ted Cruz's favorite agency is "temporarily unable to process electronically filed tax returns."
At least some of the older tax partners out there are enjoying this moment.
[WSJ]
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In what amounts to either coordinated efforts by some lunatics or a giant coincidence, envelopes with white powder were sent to eight federal buildings including an IRS office in Bellevue, Washington yesterday. CNN reports that the building in Bellevue was evacuated after “an employee opened a letter and the white powder ‘poofed out.’ “
Other envelopes were sent to FBI buildings in Seattle, Spokane, Salt Lake City, Pocatello and Coeur d’Alene, Idaho as well as U.S. Attorney’s offices in Boise and Coeur d’Alene.
While this latest IRS powder package incident seems to have caused no harm, one has to wonder what the motivation is behind such spineless actions. Does someone out there a major beef with the IRS and have a Hazmat fetish? Has that been diagnosed yet?
It’s not that they don’t have the money; it’s the principle of the matter:
The Natick, Mass., medical-device company, which purchased Guidant in 2006, said it received a “notice of deficiency” from the IRS on Dec. 17 relating to the 2001 through 2003 tax years for Guidant and subsidiary businesses. “The incremental tax liability asserted by the IRS with regard to the Guidant claim is $525.1 million plus interest,” Boston Scientific said in a filing with the Securities and Exchange Commission.
Besides, the issue is related to transfer pricing which isn’t exactly cut and dry, so the company figured they’ll explore the differences they have. Besides there’s no rush to pay up:
The company said the main issue under dispute is transfer pricing linked to technology license agreements between certain domestic and foreign Guidant subsidiaries.
“We do not agree with the transfer pricing methodologies applied by the IRS or its resulting assessment,” the company said.
It noted that no payments on this assessment are required until the dispute is definitively resolved, which could take “several years” based on experiences of other companies.
Boston Scientific Says IRS Seeks $525.1 Million in Taxes [WSJ]
Whose bright idea was this?? Helping a buddy make his estimated tax payment I see […]