If Greece Drops Euro, U.S. Multinationals Face Tax Complications

While the Internal Revenue Service may be forthcoming with its rules and regulations, there is certain information the IRS simply won't tell you. I worked as an IRS agent in a former role; knowing the ins and outs of the IRS can help you win if you face an audit. What triggers an audit?

The IRS announced yesterday (IR-2013-2) that it will begin processing 1040s January 30.  From where I stand that’s right on time, as very few of our clients have their 1099s, W-2s and K-1s before then anyway.

By MetalMiner: by Stuart Burns << Click here to view Part I

The euro fell against the dollar Wednesday on uncertainty over a second bailout for Greece after eurozone finance ministers failed to agree on a solution to the country's debt crisis, dealers said.The European single currency dropped to $1.4340 in London deals from $1.4440 late in New York on Tuesday.Against the Japanese unit, the dollar rose to 80.75 yen from 80.45 yen Tuesday."With the stark differences in national interest, it seems likely to take a long time before a compromise is found on the second Greek rescue package," said Citi analyst Jurgen Michels.

By John D. Thomason:Gains on dispositions of what the IRS terms "investment property", which includes stocks and options, are taxable as capital gains, if not held in retirement accounts. Further, losses sustained on such dispositions can offset gains, and subject to limitations, can be used to offset other income, if losses exceed gains. Investors are universally aware of these seemingly straight-forward facts.

Richard Suttmeier submits: While implementation will take years to accomplish I believe that the “Volcker Rule” is part of the correct long term solution to end “The Great Credit Crunch”. After all, Federal Reserve policy has been ill-advised in my judgment since the 21st Century began. The US Treasury came up with TARP, and then used this taxpayer money in unintended ways with little impact on Main Street.