The IRS Is Getting Serious About Cracking Down On Another Cherished Hedge Fund Tax Loophole – Business Insider

Legendary hedge fund manager James Simons has caught the ire of Wall Street's friends at the IRS by using a tax cutting strategy known as basket options contracts, Bloomberg reports.

Sprint forced to defend $300 million New York State tax fraud case – Engadget

Sprint's bid to dismiss a $300 million tax suit filed by New York's attorney general has been denied by the state's supreme court, according to Bloomberg.

Snapchat's Founders Have Some Explaining To Do... – Business Insider

Materializing now against the founders of Snapchat is a lawsuit by Frank Reginald Brown IV, who claims to be a third founder of the photo-sharing startup company. Brown states that he helped design the product, draw the logo, pick the original name, file patents and taxes, and get the product on iTunes.

IRS battles tech companies over 2004 offshore tax holiday – Reuters

The Internal Revenue Service and two technology firms are fighting in court over tax bills from a 2004 corporate tax holiday, with other multinationals watching closely for a result that could come any day, said tax lawyers.

U.S. Companies Pay Just One-Third Of The Legal Tax Rate: GAO Study – The Huffington Post

Big, profitable U.S. companies paid an average federal tax rate of less than 13 percent in 2010, according to a new study -- or about a third of the statutory rate many of those same companies are lobbying hard to cut.