December 2013

Facebook ÄòLikes Tax Schemes to Avoid Paying Uncle Sam

by BRIANNA EHLEY The Fiscal Times   Well, the U.S. government isn’t going to “like” this: Facebook shifted a little over $1 billion in profits earned overseas to the Cayman Islands last year. The world’s largest social networking site avoids hefty tax bills on most of its international earnings by using a web of subsidiaries in

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U.S. Employee Working in Iraq and Afghanistan Could Not Exclude Portion of Earnings from Income

Because a U.S. employee’s tax home was in the United States rather than a foreign country, he could not exclude his overseas earnings from income. Daly v. Comm’r, T.C. Memo. 2013-147 (6/6/13). James and Candace Daly were married and lived in Utah. James was a U.S. citizen and worked full time for a communications company.

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