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Posts tagged "tax deduction claims"

Taxes done? What to keep and what to toss

As I'm sure you've heard Bostonians do not need to file taxes until Tuesday, April 17. While taxes are typically due on April 15, that date falls on a Sunday. Obviously, Monday would be the next logical choice. But this year Monday, April 16 is a Massachusetts state holiday, Patriots' Day. Or in other circles, Marathon Monday. (Since 1969, we've had three-day weekends during April's third week.) Monday, April 16, also happens to Emancipation Day, a holiday in Washington, D.C., and our IRS offices are also closed on Monday.

IRS targets Sherwin-Williams

If the Sherwin-Williams Company was not already aware, it is finding out now that dealing with the IRS can be difficult, as many Massachusetts residents surely know. In late October, the company said that it will log a $75 million charge in the fourth quarter. The charge is linked to a settlement Sherwin-Williams reached with the IRS over federal tax deduction claims related to the company's employee stock ownership plan. According to Sherwin-Williams, the charge amounts to 72 cents per share and will lessen shareholders' equity by about $51.2 million in the fourth quarter. The IRS took issue with the tax deductions Sherwin-Williams claimed, demanding that the company pay sizable penalties and excise taxes.

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