IRS offers settlement for stock-option scheme.The IRS An abbreviation for the Internal Revenue Service, a federal agency charged with the responsibility of administering and enforcing internal revenue laws. began a settlement initiative for executives and companies that have engaged in abusive Tending to deceive; practicing abuse; prone to ill-treat by coarse, insulting words or harmful acts. Using ill treatment; injurious, improper, hurtful, offensive, reproachful. tax avoidance The process whereby an individual plans his or her finances so as to apply all exemptions and deductions provided by tax laws to reduce taxable income. Through tax avoidance, an individual takes advantage of all legal opportunities to minimize his or her state or federal transactions involving transferring stock options or restricted stock to family-controlled entities. Those who engaged in these transactions have until May 23 to accept an IRS settlement offer, which also extends to corporations that issued the options to executives and directors as part of their compensation. [ILLUSTRATION OMITTED] For more information, visit www.irs.gov/newsroom/article/0,,id=135596,00.html. |
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