Monday, July 11, 2011

Jaw-dropper of the day (so far)

From the Wall Street Journal's website:
Trouble with the tax man: Dunkin’ Brands disclosed that the IRS is currently auditing its federal income tax returns for 2006, 2007 and 2008. The company’s IPO filing said the IRS “has proposed adjustments for fiscal years 2006 and 2007 to increase our taxable income as it relates to our gift card program, specifically to record taxable income upon the activation of gift cards.” Dunkin’ Brands said it is fighting the IRS on this point.

Call me cynical, but if the tax men are going after Dunkin', they're likely drawing a bead right now on other chains. if not every single one that offers gift cards.

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