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Friday, June 19, 2009

Sovereign sues IRS over tax penalties

by taxnick on June 19, 2009

Sovereign Bancorp Inc. is suing the IRS to recover $235.2 million in taxes and penalties it says it was “erroneously and illegally’’ required to pay on a loan arrangement with Barclays Bank of England, according to a lawsuit filed Wednesday in US District Court in Boston.
The tax dispute arose from $1.2 billion in financing Sovereign [...]

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In Reversal, IRS Seeks Repeal Of Cell Phone Tax Law

by taxnick on June 19, 2009

-IRS Commissioner Doug Shulman and Treasury Secretary Tim Geithner Tuesday asked Congress to repeal a 20-year old law that would tax personal use of employer-provided cell phones.
The request is a turnabout from last week, when IRS proposed measures to improve enforcement of the law, which is now widely ignored by employers and employees. One option [...]

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