Content about Income tax in the United States

February 22, 2012

In a definitive answer to questions about 1099K reporting requirements, which relates to debit and credit card receipts, the IRS has said it will not require retailers and businesses to separately reconcile reimbursement information, such as cash back, sales taxes, state and local deposits, and other non-income related dollars from the gross receipts.

The IRS letter came in response to an inquiry from the Retail Industry Leaders Association (RILA), an Arlington, Va., trade group.

October 24, 2011

Cleveland-based Sherwin-Williams reached a settlement of the Internal Revenue Service's audit of Sherwin-Williams' employee stock ownership plan ("ESOP") that will lead to a charge of $75 million.

Sherwin-Williams has fully resolved all IRS issues for the 2003 through 2009 tax years, the company said. 

Sherwin-Williams received a Notice of Proposed Adjustment from the IRS on May 20, 2011, challenging the ESOP-related federal income tax deductions claimed by Sherwin-Williams and proposing substantial excise taxes and penalties.

January 10, 2011
December 17, 2007

The poor housing market, product recalls and IRS penalties have forced Black & Decker to...