UPDATED 7:37 AM EDT, May 21, 2013 | MARCY GORDON, AP Business Writer
WASHINGTON (AP) — Apple Inc. employs a group of affiliate companies located outside the United States to avoid paying billions of dollars in U.S. income taxes, a Senate investigation has found.
The world's most valuable company is holding overseas some $102 billion of its $145 billion in cash, and an Irish subsidiary that earned $22 billion in 2011 paid only $10 million in taxes, according to the report issued Monday by the Senate Permanent Subcommittee on Investigations.
WASHINGTON (AP) — President Barack Obama on Monday called reports that the Internal Revenue Service targeted conservative groups "outrageous" and said anyone responsible should be held accountable. He pushed back strongly against fresh Republican criticism of the administration's handling of last year's deadly Benghazi attacks, calling it a political "sideshow."
The president was dogged by the persisting political controversies as he tended to diplomatic duties during a visit with British Prime Minister David Cameron.
WASHINGTON (AP) — The Internal Revenue Service inappropriately flagged conservative political groups for additional reviews during the 2012 election to see if they were violating their tax-exempt status, a top IRS official said Friday.
Organizations were singled out because they included the words "tea party" or "patriot" in their applications for tax-exempt status, said Lois Lerner, who heads the IRS division that oversees tax-exempt groups.
In some cases, groups were asked for their list of donors, which violates IRS policy in most cases, she said.
WASHINGTON (AP) — The U.S. is teaming up with Australia and the U.K. in an effort to expose tax cheats from around the world.
Tax agencies from the three countries have acquired "a substantial amount of data" about potential tax cheats from many countries hiding assets in Singapore, the British Virgin Islands, the Cayman Islands and the Cook Islands, the Internal Revenue Service said Thursday.
The agencies are offering to share the information with other countries, so they can prosecute their citizens.
WASHINGTON (AP) — The Senate sided with traditional retailers and financially strapped state and local governments Monday by passing a bill that would widely subject online shopping — for many a largely tax-free frontier — to state sales taxes.
The Senate passed the bill by a vote of 69 to 27, getting support from Republicans and Democrats alike. But opposition from some conservatives who view it as a tax increase will make it a tougher sell in the House. President Barack Obama has conveyed his support for the measure.
WASHINGTON (AP) — Attention online shoppers: The days of tax-free shopping on the Internet may soon end for many of you.
The Senate is scheduled to vote Monday on a bill that would empower states to collect sales taxes for purchases made over the Internet. The measure is expected to pass because it has already survived three procedural votes. But it faces opposition in the House, where some Republicans regard it as a tax increase. A broad coalition of retailers is lobbying in favor of it.
WASHINGTON (AP) — The Senate moved closer Thursday to passing a bill to tax purchases made over the Internet. But a final vote in the Senate was delayed until senators return from a weeklong vacation.
Although opponents hope senators will hear from angry constituents over the next week, they have a steep hill to climb to defeat the bill in the Senate.
The Senate voted 63-30 Thursday to end debate on the bill, setting up a final Senate vote to pass the bill on May 6. The final vote will only require a majority to pass the bill, so 14 supporters would have to flip to stop it.
WASHINGTON (AP) — You don't see this very often: a majority of Senate Republicans voting to make people who buy stuff on the Internet pay state and local sales taxes.
Anti-tax guru Grover Norquist isn't happy about it and the conservative Heritage Foundation is questioning the senators' conservative credentials. But the issue of taxing Internet sales is getting strong support from Republicans and Democrats alike.
WASHINGTON (AP) — Worried the Internal Revenue Service might target you for an audit? You probably should be if you own a small business in one of the wealthy suburbs of Los Angeles.
You might also be wary if you're a small-business owner in one of dozens of communities near San Francisco, Houston, Atlanta or the District of Columbia.
A new study by the National Taxpayer Advocate used confidential IRS data to show large clusters of potential tax cheats in these five metropolitan areas. The IRS uses the information to target taxpayers for audits.
WASHINGTON (AP) — President Barack Obama made less in 2012 than in any other year since taking office, with about 40 percent of the nearly $609,000 in income that he and first lady Michelle Obama reported coming from book sales.
Obama, who renewed his call for higher taxes on the wealthy in the budget he released Wednesday, paid $112,214 in taxes last year, putting his effective federal tax rate at 18.4 percent. The Obamas donated almost one-quarter of their income to charity, helping to lower their overall tax bill, according to tax returns released by the White House.