IRS Procedures that May Save you Money
Financial
Many companies are experiencing a downturn in business because of the deepening economic crisis. Corporations suffering in today’s difficult business environment may have an immediate need for funds for various purposes, including continued operations, meeting payroll or complying with credit covenants. Even corporations on solid ground may need funds to take advantage of business opportunities or solidify their base. Grant Thornton LLP has developed the summary document, IRS procedures offer relief to cash-starved businesses, to share information on procedures - already available under the Internal Revenue Code (IRC) - that may allow corporations to receive refunds quickly or defer payment of tax.
“Since tax, in its various forms, is usually one of the biggest overhead costs in business, it is important for corporations to look carefully at how to manage that cost and its impact on cash flow,” said Rob Byrd, Tax partner in Grant Thornton’s Charlotte office. “While the Treasury and Congress have provided relief in the form of new guidance and legislation, corporations should also be aware of what’s already out there to help them. If a corporation qualifies for one of these procedures, there should be no reason to wait to get cash in hand or defer payment. Taking advantage of the administrative relief provided by the Internal Revenue Service can only help to improve liquidity.”
To read Grant Thornton’s IRS procedures offer relief to cash-starved businesses, please go to www.GrantThornton.com/tax.
About Grant Thornton LLP
The people in the independent firms of Grant Thornton International Ltd provide personalized attention and the highest quality service to public and private clients in more than 100 countries. Grant Thornton LLP is the U.S. member firm of Grant Thornton International Ltd, one of the six global audit, tax and advisory organizations. Grant Thornton International Ltd and its member firms are not a worldwide partnership, as each member firm is a separate and distinct legal entity.
In the U.S., visit Grant Thornton LLP at www.GrantThornton.com.
Related listings
-
Turkey Stole Insurance Money From Genocide Victims
Financial 09/17/2008After killing an estimated 1.5 million Armenians during World War I, the government of Turkey had the nerve to demand the benefits from its victims' insurance policies, the victims' descendants say in a class action against four British insurance com...
-
Receiver Says Moviemaker Defrauded Bayou Hedge Fund
Financial 09/16/2008Kroll Inc., the court-appointed receiver for the defunct Bayou Hedge Fund, sued movie producer Steven Brown, claiming he used more than $3 million that should have gone to repay Bayou's investment in a new movie. Kroll also sued the attorney who help...
-
Bear Stearns Will Pay $28 Million
Financial 09/10/2008Bear Stearns and subsidiary EMC Mortgage on Tuesday agreed to pay $28 million in settlement with the Federal Trade Commission, on charges of defrauding tens of thousands of home loan customers and violating four sets of federal laws. "The companies v...
New York Adoption, Foster Care Litigation and Family Law
Rosin Steinhagen Mendel is a law firm dedicated to serving our clients in New York City, the surrounding counties in southern New York State, and in New Jersey, in the areas of adoption, foster care litigation, and family law.
We represent our clients in all types of proceedings that include termination of parental rights, permanency hearings, custody hearings, guardianship, administrative proceedings, and adoption. Our goal is to provide each of our clients with the best possible representation in all aspects of their cases, and clients appreciate our careful analysis of individual cases, through preparation and attention to detail. For over 35 years, our attorneys have represented adoptive parents, birth parents, foster parents, children, foster care agencies, and adoption agencies. We represent our clients in all types of proceedings that include termination of parental rights, permanency hearings, custody hearings, guardianship, administrative proceedings, and adoption.
Our goal for our lawyers is to provide each of our clients with the best possible representation in all aspects of their cases, and clients appreciate our careful analysis of individual cases, through our preparation and attention to detail.