SPL champions Rangers in bankruptcy struggle

GLASGOW, Scotland (AP) — The owner of Scottish champions Rangers says he istrying to prevent the club being forced to seek bankruptcy protection. Rangers is involved in two disputes with Britain’s tax authority relating topayments made before Craig Whyte’s takeover in May. The larger of those cases could leave the Scottish Premier League leadersfacing an estimated tax bill of 49 million pounds ($77 million). Asked by Scottish TV about the prospect of Rangers going into financialadministration, Whyte said: “We are actively doing all we can to avoid it. …
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Wandering Tax Pro Remembers The Tax Reform Act of 1986

photoA collection of reflections on the silver anniversary of the Internal Revenue Code of 1986 would not be complete without the thoughts of Robert Flach – President Ronald Reagan’s “TRA 86” was the largest revision of the Tax Code since 1954, and has been referred to as “the most sweeping revision in the history of tax law”. There were so many drastic changes to the Code that it became known in the industry as the “Accountants Full Employment Act of 1986”.It reduced the number of tax brackets from 14 to 2 and decreased the maximum tax rate from 50% to 28%. …

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