Business law (pick one of 5) Research Paper Example | Topics and Well Written Essays - 250 words

Business fair play (pick one of 5) - Research Paper Examplet September the presage for the regulations regarding overhauling the judgement and making those practices transparent started and those regulations became effective for the 2010 levy year effective December 15. The new law affects corporations (foreign and domestic) and insurance companies with assets in excess of $500 million, gradually reduced to $10 million by 2014. Kocieniewski seems to brass with the corporations, but there are at least two valid reasons why the Government is justify in ending this money pit. (Kocieniewski)The one major argument the IRS uses to support the new transparency ruling is that its tax agents spend far too much time researching these claims as to their legitimacy and the agents time could be better spent going after tax cheats and proprietary information would not be shared. some other major problem is that during these austere times and Federal budget cuts, Congress is pressuring the tax people to realise more revenue and with more and more US jobs going overseas the bolstering the economy and creating jobs arguments of the major companies is sparse at best.In conclusion, the new law is a difficult pill for the big companies to swallow. The previous IRS sway allowed the companies to keep any Uncertain Tax Position monies that werent audited within the three year mandate of limitations. That was a lot of money for some of the major players, resulting in millions to billions of dollars in reserve just in case. For example Sheraton owner Starwood Hotels had almost a billion dollars in reserve, 21 per cent of its gibe 2009 earnings. The Fortune 500s biggest companies like GM and Microsoft had reserves of $5.4 billion Therefore if the corporations do air in the United States, they should be held to the same accountability as their employees are and pay Federal income tax at whatever rate they should. Grumbling for sure, but like the public they will learn to abid e with