WASHINGTON (Reuters) - The Internal Revenue Service and two technology firms are fighting in court over tax bills from a 2004 corporate tax holiday, with other multinationals watching closely for a result that could come any day, said tax lawyers. Full story
NEW YORK (Reuters) - Large U.S. companies boosted their offshore earnings by 15 percent last year to a record $1.9 trillion, avoiding hefty tax bills by keeping the profits abroad, according to a new report. Full story
The American Taxpayer Relief Act that helped the country avoid the worst of the fiscal cliff did not include an extension of the payroll tax holiday. CNBC’s Eamon Javers explains why these numbers mean for the average worker.