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Tax consolidation, or combined reporting, is a regime adopted in the tax or revenue legislation of a number of countries which treats a group of wholly owned or majority-owned companies and other entities (such as trusts and partnerships) as a single entity for tax purposes.
The latter is known as water's edge combined reporting. Worldwide unitary combined reporting was first approved by the US Supreme Court in 1983 in Container Corp. v. Franchise Tax Board (CA) by a vote of 5-3 (Justice Stevens did not participate). The court re-visited worldwide combined reporting in 1994 in Barclays Bank v.
To accommodate for such circumstances, married couples may decide to file separately for a taxable year. [10] Married couples filing separately does not create an identical situation to the two parties filing as single. There are different brackets for unmarried taxpayers from the ones for married taxpayers who file separately.
Time is running out on tax season for 2014, and according to the Wall Street Journal, the Internal Revenue Service will receive 30 million returns -- or about 20 percent of the total filed -- in ...
Most Americans don't have to worry about filing taxes in two or more states. But, if you're not aware that this is even a possibility, you might get tripped up one year when a state hits you with ...
Almost all married taxpayers will get the best results if they file their tax return jointly. There are very few situations in which filing separately makes sense, and it almost always costs the ...
Groups of corporations may elect to file consolidated returns at the federal level and with a few states. Electronic filing of federal [58] and many state returns is widely encouraged and in some cases required, and many vendors offer computer software for use by taxpayers and paid return preparers to prepare and electronically file returns.
Filing separately may shelter you from a spouse’s finances, but over time, it could become an increasingly expensive choice. Add up the potential lost savings to reveal when you may want to ...