Taxation – Accounting Method – Credit Card Company – Late FeesCapital One Financial Corp. v. Comm’r of Internal Revenue The 4th Circuit says Capital One credit card company may not retroactively change its accounting method for reporting credit-card late fees on its 1998 and 1999 tax returns in order to reduce its tax liability by about $400 million, nor may it deduct the estimated costs of coupon redemption related to its MilesOne credit card program before customers actually redeem those coupons.
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- Print and Digital -
Published: October 27, 2011
Time posted: 1:38 pm
Tags: Accounting Method, Credit Card Company, Late Fees, Taxation