The IRS has assessed $4 billion in taxes, penalties, and interest on Yum! Brands. The issue stems from a tax-deferred reorganization in 2014. Yum! Brands is now suing to prevent the IRS from collecting these funds. M&A is often among the most complicated tax issues large corporations face, which can often lead to uncertainty and scrutiny from the IRS. In this article, I discuss the Yum! Brand corporation, what happened in 2014, and why they are facing such a steep tax penalty now over a decade later. What Is The Yum! Brands Corporation? Yum! Brands is the parent company of…

While many wage earners only concern themselves with taxes on one day of the year, small business owners often have filing requirements all year round. In addition to income tax returns, you may be required to file and pay payroll taxes, sales and use taxes, excise taxes, and more—on the federal, state, and local levels. It’s a lot to juggle. And while I’m a big proponent of having a team to help with tax matters, you should still be aware of what—and when—to file. Here’s a quick summary of what you need to know. Employer Identification Number (EIN) Most businesses…