Four months after opening its review of Apple’s finances, the Securities and Exchange Commission has closed it, having found nothing untoward about the company’s handling of its overseas cash and related tax policies. In a September letter to Apple, released late last week, the SEC said it had completed its review of the company’s fiscal 2012 annual report, and would take no action against it at this time. Evidently, there’s no need to, as the agency has found Apple’s disclosures to be sufficient, particularly now that it has agreed to provide investors with more information about its foreign cash, tax policies, and plans for reinvestment of foreign earnings. In the SEC’s eyes, Apple accounts for taxes in accordance with generally accepted accounting principles. [AllThingsD]
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Illinois Legislature Considering a Slightly Less Huge Tax Increase
- Caleb Newquist
- January 12, 2011
Last Friday, we were surprised to learn that those little anti-tax scamps over at Americans for Tax Reform have a sense of humor when they sarcastically gave the Illinois legislature credit for keeping the state’s proposed income tax increase below 80%.
Well, with today’s report that the IL pols have reconsidered their stance on that proposal, Grover Norquist and Co. are probably tickled pink:
The Illinois legislature moved a step closer Tuesday to passing its first tax-rate increase in nearly two decades to dig the state out of a $13 billion budget hole despite steep opposition from Republicans.
Tuesday afternoon, the House Revenue and Finance committee passed a scaled back version of a tax-increase proposal that was struck last week by leaders of the Democratically controlled legislature and Illinois Gov. Pat Quinn, also a Democrat.
Under the current version of the bill, the individual income-tax rate would jump to 5%, from the current 3%, a 67% increase. That is more conservative than last week’s proposed 5.25% rate, a 75% increase.
No reaction from ATR yet but we’re hoping for more GOP comedy relief.
Illinois House Panel Passes Tax Increase [WSJ]
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Can Someone Give Wesley Snipes a Hug?
- Caleb Newquist
- July 17, 2010
Because the 11th Circuit Court of Appeals has ruined his day, “The district court acted well within its considerable discretion in sentencing Snipes to thirty-six months in prison.”
WS was looking for probation for his conviction of willful failure to file federal income tax returns.
[h/t White Collar Crime y TaxProf]