According to insiders, the closure of the tax SCM unit marks an important and significant break with the past.
George told the House panel that he and Werfel would meet next week to discuss recommendations in his report for better training and management of the IRS tax-exempt unit.
The Cincinnati tax-exempt determinations unit, which employees refer to as "determs, " is considered by employees one of the less-attractive IRS posts.
Last year Morgan lowered its pre-tax profit margin goal for the unit to 15% for the middle of 2013.
Flaherty broke his Conservative Party's election promise not to impose any additional taxes on the trusts, which are able to pay out most of their earnings as dividends to unit holders without paying tax on the corporate level.
Deputy Treasury Secretary Neal Wolin confirmed he first learned in the summer of 2012 that George was reviewing the IRS unit that handles requests for tax-exempt status, but he insisted he had no details of the substance of the issue.
Indeed, the new lower tax rates affect every dollar, or unit of currency, and every economic decision throughout the whole world regarding whether to invest in America, start or expand businesses here, create jobs here, even work here, because all these decisions will be based on the new lower tax rates.
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On an adjusted basis, earnings of 64 cents per share (excluding a tax settlement and the sale of the advertising unit) were up 8.5% and in line with estimates.
The BBC's David Willey in Rome says the Bank of Italy's financial intelligence unit tipped off Italy's tax police last week, after two suspicious transactions were reported between the Vatican Bank and two different Italian banks.
Genesis Energy reported third quarter earnings per unit, excluding a one-time tax benefit, of 29 cents on November 6, matching the Zacks Consensus Estimate but beating the year-ago earnings by 7%.
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The court has asked the tax authorities for more information and has directed the Indian unit of Nokia not to transfer any funds outside India "except in the normal course of business" until the hearing April 10.
The unit experiments like mad on everything from how to type tax collection letters in order to maximize participation to how to improve energy efficiency.
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Unlike other rich countries, Japan does not have a consolidated tax system in which companies in a group are taxed as a single unit.
The company avoids UK tax by channeling non-U.S. sales via an Irish unit, an arrangement that allowed it to pay taxes at a rate of 3.2 percent on non-U.S. profits.
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The unit is headed by Donna Hansberry, a longtime litigator for the tax agency who was formerly a senior legal adviser on the IRS commissioner's staff.
In the longer term, the government hopes to persuade Congress to tax cigarettes and alcohol on their value, rather than a fixed sum per unit sold.
After testing private-equity interest in the shipbuilding unit, the company decided it made more sense to spin off the property to shareholders due to tax considerations.
While 90% of its earnings before income tax, depreciation, and amortization (EBITDA) come from five key industrial assets, the company has its marketing unit as a substantial cash cow.
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In the housing crisis, "as residential foreclosures really skyrocketed, the IRS saw a great increase in the number of organizations involved in foreclosure assistance" applying to be tax-exempt, Holly Paz, the IRS's director of rulings and agreements for its exempt-organizations unit, told a group of accountants last year.
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