Taxes

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  • Tax Changes for 2015: A Checklist

    L & R Tax Preparation LLC RSS Feed
    1 Jan 2015 | 7:00 am
    Welcome 2015! As the new year rolls around, it's always a sure bet that there will be changes to current tax law and 2015 is no different. From health savings accounts to retirement contributions, here's a checklist of tax changes to help you plan the year ahead.
  • Wal-Mart offers cash tax refunds

    Bankrate.com » Taxes
    Kay Bell
    22 Jan 2015 | 8:24 am
    Want your tax refund in cash? Wal-Mart's new Direct2Cash program gives filers the option to pick up their refund money in cash at the retail giant's stores.
  • Capital gains gain in income reporting, but tax hike unlikely

    Don't Mess With Taxes
    skbell1
    25 Jan 2015 | 5:03 pm
    The 2015 tax filing season is underway and for most of us, that means detailing our wage income on our 1040s. While workers' pay still is the dominant type of income reported to the Internal Revenue Service, a recent Tax Policy Center analysis notes that wages and salaries have lost some of their dominant share over the past six decades. From 1952 through 2012, write Roberton Williams and Lydia Austin in the Dec. 22, 2014, issue of Tax Notes, capital gains and other nonbusiness income have grown in relative importance. Here are the income sources reported by taxpayers back in 1952: 80…
  • Waiting Game

    Our Taxing Times
    trishmc
    24 Jan 2015 | 1:12 pm
    It’s time for my annual reminder – You Have To Wait For Your W-2s, 1099S, 1095-A (and any other tax information form you know you should get.) Sorry, I know it’s frustrating to wait when all your friends are talking about how big their refund is. But don’t worry, the IRS won’t run out of money to fund your refund if you can’t file for another week or two. Employers don’t have to have W-2s out until January 31st. The same goes for those issuing 1099s. And you have to give them time to get to you. In fact, if you don’t get a W-2, the IRS expects you to wait until February 14th…
  • Fight Over Tax Revenues Looms Between Gov. Brown, Democratic Legislators - CBS Local

    TAX NEWS - Google News
    25 Jan 2015 | 3:49 pm
    CBS LocalFight Over Tax Revenues Looms Between Gov. Brown, Democratic LegislatorsCBS LocalSACRAMENTO (CBS/AP) — Gov. Jerry Brown orchestrated the successful push for temporary sales and income taxes on Californians three years ago to help ease the state out of recession and close a multibillion-dollar budget gap. The financial crisis has ...and more »
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    Don't Mess With Taxes

  • Capital gains gain in income reporting, but tax hike unlikely

    skbell1
    25 Jan 2015 | 5:03 pm
    The 2015 tax filing season is underway and for most of us, that means detailing our wage income on our 1040s. While workers' pay still is the dominant type of income reported to the Internal Revenue Service, a recent Tax Policy Center analysis notes that wages and salaries have lost some of their dominant share over the past six decades. From 1952 through 2012, write Roberton Williams and Lydia Austin in the Dec. 22, 2014, issue of Tax Notes, capital gains and other nonbusiness income have grown in relative importance. Here are the income sources reported by taxpayers back in 1952: 80…
  • TurboTax apologizes, offers $25 product refunds

    skbell1
    24 Jan 2015 | 6:32 am
    If you used TurboTax Deluxe software last year, check your email box. The maker of the leading tax preparation software is sending you a message detailing how it wants to make things right in the wake of changes that will force some users to upgrade this filing season to a more expensive version. Not only is TurboTax apologizing, it's saying I'm sorry with cash. Refund offer: Intuit, the maker of TurboTax, is offering $25 refunds to customers who had to buy a more expensive version of the company's software to complete their 2014 tax returns because of this year's software…
  • Daily Tax Tips for the week of Jan. 19

    skbell1
    23 Jan 2015 | 5:32 pm
    We made it through the first official week of tax filing season 2015! A lot of folks were champing at the bit to get their 1040s to the Internal Revenue Service on Jan. 20's opening day. Good for them for being obsessive-compulsive so prepared. Some of us, however, will need a bit longer to complete our annual tax task. Either we're still gathering all the material we need to file, or we're still searching for possible tax breaks, or both. Daily Tax Tips: Our Daily Tax Tip feature can help whenever you're ready to file, as well as suggest some tax moves to make this year…
  • IRS gets $1.3 million for Darryl Strawberry’s Mets annuity

    skbell1
    22 Jan 2015 | 11:57 am
    Super Bowl XLIX is just 10 days away. On top of the normal National Football Championship game hoopla, we've also got Deflategate. The Internal Revenue Service, however, has had baseball on its mind. The reason? This week it pocketed a cool $1.3 million to cover former Mets outfielder Darryl Strawberry's tax debts. Even cooler was how the IRS got the money. The agency auctioned off the Major League Baseball star's annuity that he received in connected with a 1985 contract extension with New York's less storied baseball club. Success at the ball park, troubles off: Almost…
  • Obama's 'won both' elections State of the Union quip, Republicans' many responses to the speech (and gibe)

    skbell1
    21 Jan 2015 | 11:47 am
    Did you watch President Obama's sixth State of the Union address last night? If not, you can catch up today. There's the fast-forward version, the #SOTU (as it was tagged on social media) in a two-minute video courtesy Bloomberg TV. You also can read the prez's prepared speech. The White House posted the transcript on Medium. There you'll find three words that had never before explicitly been part of the annual presidential address to the joint Congressional session and the American public: lesbian, bisexual and transgender. But neither of those options will give you the…
 
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    Our Taxing Times

  • Waiting Game

    trishmc
    24 Jan 2015 | 1:12 pm
    It’s time for my annual reminder – You Have To Wait For Your W-2s, 1099S, 1095-A (and any other tax information form you know you should get.) Sorry, I know it’s frustrating to wait when all your friends are talking about how big their refund is. But don’t worry, the IRS won’t run out of money to fund your refund if you can’t file for another week or two. Employers don’t have to have W-2s out until January 31st. The same goes for those issuing 1099s. And you have to give them time to get to you. In fact, if you don’t get a W-2, the IRS expects you to wait until February 14th…
  • myRA - A Retirement Alternative

    trishmc
    21 Jan 2015 | 9:02 am
    If one of your New Year’s resolutions was to start saving more, especially for retirement, you should look into the new Department of the Treasury program, myRA. myRA was announced in President Obama’s 2014 State of the Union address but there were few details at that time. The Treasury Department has the program up and running now at myRA.treasury.gov. Currently, the program is targeted at taxpayers who don’t have access to a retirement plan through work but have an employer who will do a payroll deduction and direct deposit. The employee can contribute as little or as much as they…
  • Savings Bonds from Refunds

    trishmc
    21 Jan 2015 | 7:27 am
    You know that you’re getting a Federal refund. What should you do with that money? Honestly, many taxpayers have that money spent before they get their return prepared. But if you’re planning to put all or part of that refund into savings, you might consider buying a US Savings Bond. Most taxpayers know that they have the option to have their tax refunds directly deposited into a personal account. But most people don’t know that the refund can be deposited into more than one account. Form 8888 allows the taxpayer to split their refund in up to three accounts. These can be a checking,…
  • Refund Time!

    trishmc
    20 Jan 2015 | 1:47 pm
    Tis the season…for tax refunds! E-filing 2014 tax returns began today and over the next few weeks taxpayers will be happily filing their returns to get their refund  (after that the refunds get fewer and smaller.) Once upon a time, there was a nice chart that told tax pros that if a return was accepted today by the IRS we could expect a refund on specific date. They of course left themselves some wiggle room for problems but the system was pretty accurate. A couple of years ago the IRS stopped the refund chart and now says that 90% of the refunds will be received within 21 days. A refund…
  • Free Tax Prep and Filing.

    trishmc
    19 Jan 2015 | 8:20 am
    Don’t want or can’t pay a tax pro to do your tax return? You have some options. There are a stack of commercial programs and online sites to choose from that will help you prepare your income taxes. Most walk you through the process with questions to get the info needed to file your return. And if your income is under $60,000 for 2014 returns you might be able to use the IRS Free File. The Free File Alliance was started years ago to help lower income taxpayers prepare and file their federal taxes. The IRS has convinced a bunch of tax software companies and online tax service companies to…
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    TAX NEWS - Google News

  • Fight Over Tax Revenues Looms Between Gov. Brown, Democratic Legislators - CBS Local

    25 Jan 2015 | 3:49 pm
    CBS LocalFight Over Tax Revenues Looms Between Gov. Brown, Democratic LegislatorsCBS LocalSACRAMENTO (CBS/AP) — Gov. Jerry Brown orchestrated the successful push for temporary sales and income taxes on Californians three years ago to help ease the state out of recession and close a multibillion-dollar budget gap. The financial crisis has ...and more »
  • Track Tax Refunds, Obtain Tax Transcripts This Filing Season With Free IRS App - Forbes

    25 Jan 2015 | 3:29 pm
    ForbesTrack Tax Refunds, Obtain Tax Transcripts This Filing Season With Free IRS AppForbesLooking for tax information on the go? The Internal Revenue Service has released the update to its smartphone application for the new tax season. The app, which has been described by IRS Commissioner John Koskinen as a “convenient self-service tool” ...Share “New tax penalty for not having health...”NewsOK.comIRS Giveaway: Tax-Filing SoftwareWall Street JournalGuide to Life: How to handle your own taxesColumbus DispatchNJ.com -Chillicothe Gazette -Motley Foolall 86 news…
  • Low Gas Prices, Falling Gas Tax Revenue Has CA Lawmakers Considering ... - CBS Local

    25 Jan 2015 | 2:38 pm
    WPX NewsLow Gas Prices, Falling Gas Tax Revenue Has CA Lawmakers Considering CBS LocalSAN FRANCISCO (CBS SF) — Falling gas prices have been a welcome relief for Bay Area drivers, but they pose a serious problem for state coffers. As motorists fill up for less, gas tax revenues to pay for state highways, roads and bridges shrink. Some California considering plan to replace gas tax with charge per mile drivenSan Jose Mercury NewsKuntz: Carbon tax would spur renewable energyCasper Star-Tribune Onlineall 20 news articles »
  • Republican Governors Buck Party Line on Raising Taxes - New York Times

    25 Jan 2015 | 10:02 am
    Republican Governors Buck Party Line on Raising TaxesNew York TimesRepublican governors across the nation are proposing tax increases — and backing off pledges to cut taxes — as they strike a decidedly un-Republican pose in the face of budget shortfalls and pent-up demands from constituents after years of budget cuts.and more »
  • Prized tax break stumbling block for reform - The Hill

    25 Jan 2015 | 9:01 am
    Daily SignalPrized tax break stumbling block for reformThe HillTop Republicans have said they're willing to consider the idea, as long as a tax revamp suitably took care of the businesses that pay taxes through the individual system. And both Obama and Sen. Joni Ernst (R-Iowa), who gave the GOP response to the Why Don't Lawmakers Want to Update the Tax Code?Daily Signalall 2 news articles »
 
 
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    THE WANDERING TAX PRO

  • WHAT’S THE BUZZ, TELL ME WHAT’S A HAPPENNIN’

    23 Jan 2015 | 2:00 am
    “A tax loophole is something that benefits the other guy. If it benefits you, it istax reform” — Russell B. Long   * Check out the January “issue” of THE TAX PROFESSIONAL – the last word from TTP until after the tax filing season.   And fellow tax pros, PLEASE send me your comments on my editorials.* Did you see this week’s post at BOB’S BABBLINGS yet?  Why not?  * MainStreet.com continues with my filing season Tax Tips – ü“Don't Be Too Early or Too Late With Filing Your Taxes to the IRS”, ü“Tax Time Means It's Necessary to Stock Up on…
  • ONE WAY RETIREES ARE SCREWED ON THE NJ-1040

    22 Jan 2015 | 2:00 am
    Here is an interesting, and unintended, way the State of New Jersey screws retired residents.This is different from the way the NJ Division of Taxation screws taxpayers by remaining unethically silent upon receiving overpayments.If your NJ Gross Income is not more than $100,000, and you are age 62 or older, you can exclude up to $15,000 ($20,000 for married filing joint and $10,000 for married filing separately) of the pension, annuity, and IRA income reported on Line 19a of the NJ-1040.If you do not use the full $10,000, $15,000, or $20,000 toward pension, annuity, or income income – i.e.
  • WHAT’S NEW FOR 2014 STATE TAX RETURNS?

    21 Jan 2015 | 9:57 am
    The 2014 NJ state, and all of the 2014 NY state, forms and returns are now available at the websites of the respective tax agencies.  Click here for NJ and here for NY.As I believe I said in a previous post, there appears to be no changes to the NY state forms – other than the fact that the standard deduction amounts have been adjusted for inflation and there is now a separate form for reporting addition and subtraction adjustments.As for the NJ-1040 – the only things new for 2014 are the following -(1) If you were a homeowner during 2014 you must now enter the Block and Lot, and, if…
  • WHAT’S THE BUZZ, TELL ME WHAT’S A HAPPENNIN’ – WEDNESDAY EDITION

    21 Jan 2015 | 2:00 am
    A day late – but certainly not a dollar short!* Check out the January “issue” of THE TAX PROFESSIONAL – the last word from TTP until after the tax filing season.   And fellow tax pros, PLEASE send me your comments on my editorials.* Over at BOB’S BABBLINGS I talk about movie remakes – more often than not a bad idea.* Michael Cohn tells us “Average Tax Prep Fee Inches Up to $273” at ACCOUNTING TODAY -“The average fee for preparing a tax return, including an itemized Form 1040 with Schedule A and a state tax return, will increase a few dollars to $273 this year, a…
  • BO SOTU PLANS TO INCREASE TAX ON THE “WEALTHY”

    20 Jan 2015 | 2:00 am
    Yesterday I told you what tax “reform” for the “middle class” that BO will be proposing in tonight’s State of the Union address.Today I will tell you how he plans on having the “wealthy” pay for these expanded, and Code-complicating, tax expenditures.Raise Top Capital Gains and Dividend RatesBO wants to raise the top “special” tax rate on qualified dividends and long-term capital gains from 20% to 28%.We are told that the current top tax rate on qualified dividends and long-term capital gains is 23.8% - 20% maximum capital gain tax rate plus the 3.8% Obamacare surtax on net…
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    Start Making Sense

  • NYU Tax Policy Colloquium, week 1: paper by Brigitte Madrian

    21 Jan 2015 | 8:51 am
    Yesterday we had the first session of the 2015 NYU Tax Policy Colloquium.  This is the 20th time (in 20 straight spring semesters) that I have done the colloquium.  This year, I am happy to be co-leading it with Alan Viard.  (The full roster of people I’ve co-led it with in the past, ranked by how many weeks or years they’ve done it, except that the last two are tied, is David Bradford, Alan Auerbach, Mihir Desai, Bill Gale, Rosanne Altshuler, and Kevin Hassett.)One sign of institutional health, I suppose, is that we can’t accommodate all of the students who want to…
  • Taxing capital gains at death

    19 Jan 2015 | 6:36 am
    I'm pleased by the headline item in the tax proposals issued by the White House in connection with tomorrow's State of the Union address: the proposal to tax capital gains at death.Current law, with its stepped-up basis at death, is  rightly called, by the write-up "perhaps the single largest loophole in the entire individual income tax code."  It means that asset appreciation that accrued during one's life will never be taxed.  (The possible, but today relatively limited, application of the estate tax, is quite different - it applies to value without respect to…
  • Someone has attacked my work!

    16 Jan 2015 | 6:44 am
    It was unprovoked, and not on the merits.  Here is the evidence.The attacker was sharp-clawed Sylvester, the individual on the lower step in this picture.  From this picture alone, it should be obvious that serene Gary, unlike the crazed Sylvester, would never do such a thing.
  • Stanford talk on behavioral economics and retirement saving

    15 Jan 2015 | 7:50 am
    This past Tuesday, I flew to Stanford Law School for a one-day visit, and presented my paper "Multiple Myopias, Multiple Selves, and the Under-Saving Problem" at Joe Bankman's and Dan Kessler's tax policy colloquium.My slides, revised from when I presented the paper at the National Tax Association annual meeting last November, are available in pdf form here.Although I struggled a bit writing this paper, some have told me that it makes a couple of reasonably new contributions to the literature on behavioral economics and retirement saving.  One is to connect the issue about retirement…
  • 2015 NYU Tax Policy Colloquium

    9 Jan 2015 | 1:41 pm
    We start up in less than two weeks, on January 20 at 4 pm. Our first two papers, by Brigitte Madrian of the Harvard Kennedy School and David Kamin of NYU are now available through our website. Madrian's paper, "Does Front-Loading Taxation Increase Savings?  Evidence from Roth 401(k) Introductions," is available here.  Kamin's paper, In Good Times and Bad: Designing Legislation That Responds to Fiscal Uncertainty, is available here.Both should be good sessions and, as we like to do from one week to the next in the colloquium, on wholly different topics.Both will be followed…
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    MauledAgain

  • Halfway There?

    James Edward Maule
    23 Jan 2015 | 5:00 am
    Social media is all aflutter, or should I say, atwitter, reacting to news that by 2016 the top one percent will own nearly half the world’s wealth. Interestingly, several months ago, this news circulated but did not seem to get as much attention.Perhaps as the news tricked down, it surprised people, who began the process of sharing it with friends and social media acquaintances. But it’s not a surprise to anyone who has been paying attention. The portion of the world’s wealth owned by the one percent has been climbing steadily. It was 44 percent five years ago, and 48 percent last…
  • Getting the Tax Facts

    James Edward Maule
    21 Jan 2015 | 5:01 am
    When I finished reading this recent story, my first thought was, “Well, what REALLY happened?”According to the story a person identified as “Dan from Marlton” called the governor of New Jersey on a radio show and reported that a car wash in Marlton Township was not charging its customers sales taxes. He claimed that the car wash had a sign telling customers they could avoid the sales tax if they paid in cash. The governor said, “I’m very interested. I’d love to have our consumer affairs people, if you’re listening out there, Attorney General Hoffman, it would be interesting to…
  • Still Puzzled Four Years After Conviction to File Income Tax Returns

    James Edward Maule
    19 Jan 2015 | 5:01 am
    Almost four years ago, in Why Teaching Isn’t Just a Matter of What One Knows or Understands, I commented on the conviction of a then Hamline University School of Law tax professor, Robin Kimberly Magee, for failure to file state income tax returns for at least 17 years. I speculated that, considering her personal statement in her no-longer-online biography, she was protesting against government, refusing to file because being required to file state income tax returns is tyranny, or acting on a belief she was not subject to the law.In the meantime, after she was convicted, Hamline University…
  • Does Rejection Block a Deduction?

    James Edward Maule
    16 Jan 2015 | 5:01 am
    It’s a simple tax question with a complicated response. The facts that raise the question aren’t difficult to understand, though they do raise some people’s eyebrows. Harold Hamm, a billionaire, was ordered by a state court to pay $995.5 million to his former wife as part of the divorce proceedings. Both parties appealed the lower court decision. Yet Hamm send his ex-wife a check for $975 million. Why? Sue Ann Arnall, his former wife, rejected the check. Why? It seems that cashing the check would have a detrimental effect on her appeal. A that point, a wonderful tax issue popped up.The…
  • A New Play in the Make-the-Rich-Richer Game Plan

    James Edward Maule
    14 Jan 2015 | 5:01 am
    A few weeks ago, in A Tax Policy Turn-Around?, I wrote about how the income tax cuts for the wealthy backfired, causing the rich to get richer, the economy to stagnate, public services to falter, and the majority of Kansans to end up worse than they had been. I suggested that perhaps Republicans were beginning to realize that there are limits to tax cuts, and that tax cuts for consumers are more valuable than tax cuts for money stashers. But perhaps there’s another play in the Kansas Republican tax game plan.Now comes a report that Kansas politicians are examining ways of “undoing” the…
 
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    TaxProf Blog

  • CBS News: Are Law School Admission Standards Slipping?

    Paul Caron
    25 Jan 2015 | 8:00 am
    CBS News, Are Law School Admission Standards Slipping?: Good news for aspiring lawyers: It's getting easier to get into law school, and the legal job market is showing some signs of improvement. The bad news: Many experts worry that unqualified entrants will have little chance to pass the bar exam...
  • Top 5 Tax Paper Downloads

    Paul Caron
    25 Jan 2015 | 4:43 am
    There is a bit of movement in this week's list of the Top 5 Recent Tax Paper Downloads, with a new #1 paper and a new paper debuting on the list at #5: [230 Downloads] The Rise and Fall of the Consumption Tax: A Historical Perspective, by Reuven Avi-Yonah (Michigan)...
  • Bainbridge: Solve the Law School Crisis by Unleashing the Free Market

    Paul Caron
    25 Jan 2015 | 1:09 am
    Stephen Bainbridge (UCLA), Want to Solve the Law School Scam? Expose Law Schools to a Market for Control: If you think of law schools as companies selling a product, our customer base has skrunk dramatically and continues to shrink: In a market system, the result would be business failures and...
  • The IRS Scandal, Day 626

    Paul Caron
    25 Jan 2015 | 12:15 am
    Commentary, Contentions Obama Administration Again Proves It Cannot Be Trusted with Your Data: Yesterday’s important ObamaCare revelation was the latest in a series of Obama-era developments in which big-government projects prove their conservative critics correct. This particular aspect of the administrative state is, however, worse than incompetence. It’s yet another...
  • It Is Time to End Tenure at Age 70

    Paul Caron
    24 Jan 2015 | 7:30 am
    Dan Subotnik (Touro), Untenuring Tenure: A specter haunting the academy today is of an intellectually wizened white male professoriate refusing to step aside for au courant, energetic, ambitious, and of course diverse younger faculty. Part of a larger concern with tenure itself, the fear in question is that tenured old-timers,...
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    Roth & Company, P.C

  • IRS issues Applicable Federal Rates (AFR) for February 2015

    Joe Kristan
    23 Jan 2015 | 11:00 am
    The IRS has issued (Rev. Rul. 2015-03) the minimum required interest rates for loans made in February 2015: Short Term (demand loans and loans with terms of up to 3 years): 0.48% -Mid-Term (loans from 3-9 years): 1.70% -Long-Term (over 9 years): 2.41% The Long-term tax-exempt rate for Section 382 ownership changes in February 2015 is 2.68 Historical AFRs may be found here or from prior Tax Update posts.
  • Tax Roundup, 1/23/2015: Egg donor compensation taxable payment for services. Meanwhile, kidney donor compensation is a felony.

    Joe Kristan
    23 Jan 2015 | 6:52 am
    “White-&-Brown-Eggs” by Evan-Amos – Own work. Licensed under Public Domain via Wikimedia Commons The big news in the tax world today is a Tax Court case ruling that payments to an egg donor were compensation for services. The case turned on the language of the contract of between the egg donor and the agency that procured the eggs. Tax Court Judge Holmes ruled that the payments were not excludible as payments for physical damages because there was no tort claim involved. There are plenty of places you can read more details on this case, including Russ Fox and Tony…
  • Tax Roundup, 1/22/15: Business-only tax reform: do-able, or doomed? And: Are Iowa taxes all that bad?

    Joe Kristan
    22 Jan 2015 | 6:42 am
    Paul Ryan Business-only tax reform? Tax Analysts reports ($link) that the chief taxwriter in the GOP-controlled House is exploring tax reform ideas with the Obama administration: As Republican taxwriters look for a way to advance tax reform in the face of White House ambivalence, House Ways and Means Committee Chair Paul Ryan, R-Wis., said he would explore a business-only compromise with the Obama administration, as long as it includes passthroughs. “I’d like to think that there is perhaps an area for common ground there,” Ryan said on Fox News January 20 after President…
  • Tax Roundup, 1/21/15: The Peculiar Case of the Trucking Tax Turtle. And more SOTU reaction, oh boy.

    Joe Kristan
    21 Jan 2015 | 6:29 am
    Turtles carry their home on their back. So do some taxpayers. The Tax Court yesterday ruled that a truck driver who claimed Minnesota residency was a tax turtle, carrying his tax home on his back. It matters because you can only deduct meal and lodging expenses for travel “away from home.” When you’re a tax turtle, you’re never away from home — you live on the road. Judge Holmes takes up the story. Shalom Jacobs has been a truck driver since 2002. His trips were mainly long haul “over the road” — meaning he spent a significant number of…
  • Tax Roundup, 1/20/2015: What’s with the accounting method changes? And: foot kissing + tax evasion = double trouble.

    Joe Kristan
    20 Jan 2015 | 6:55 am
    If your business return seems extra thick this year, it could be a result of an “accounting method change” application — Form 3115 — buried in it. The tax law requires taxpayers to get IRS permission to change a “method of accounting.” Without getting into all of the tedious details, and with great oversimplification, a “method of accounting” occurs when the way you account for something on your tax return affects the timing of income or expense, but not the total amount over time. In other words, it’s temporary vs. permanent…
 
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    RUBIN ON TAX

  • Applicable Federal Rates–February 2015

    Charles (Chuck) Rubin
    24 Jan 2015 | 2:28 pm
    Follow @crubincrubin
  • No Private Letter Rulings in These Estate Planning Areas

    Charles (Chuck) Rubin
    19 Jan 2015 | 7:35 am
    Taxpayers who have questions about the applicability of tax law can submit a Private Letter Ruling request to the IRS. If the IRS rules, then the taxpayer can rely on the ruling as to how the law applies to their situation (although other taxpayers may not rely on the ruling). In recent years, the cost of applying has become very expensive. Nonetheless, under the right circumstances, a Private Letter Ruling can provide value and important guidance to taxpayers. The IRS publishes a list annually of items that they will not rule on. This year, the IRS added two new estate planning issues to the…
  • National Taxpayer Advocate 2014 Annual Report to Congress

    Charles (Chuck) Rubin
    15 Jan 2015 | 4:36 pm
    The National Taxpayer Advocate has issued her annual report. This report highlights areas of tax law and IRS administration that are not in compliance with law or that require improvement. While Congress and the IRS will review the report, they are not bound to address any of the problems or implement any of the recommendations. There are a lot of items in the report. A good way to quickly absorb the report is to review the table of contents – so I have copied and reformatted it below, for your viewing pleasure. Read the whole report here. THE MOST SERIOUS PROBLEMS ENCOUNTERED BY TAXPAYERS…
  • IRS Hammers Offshore Lending and Underwriting Structure

    Charles (Chuck) Rubin
    10 Jan 2015 | 8:36 am
    In a recent Chief Counsel Advice, in an extended analysis the IRS determined that an offshore partnership with a U.S. manager that was engaged in the finance transactions was determined to be engaged in a U.S. trade or business. This conclusion subjects the non-U.S. partners to U.S. income taxes. The partnership had no employees, and conducted all of its activities through a U.S. manager. The partnership, through the manager, engaged in commercial lending transactions and stock distribution (underwriting) activities. The CCA is interesting both to its in-depth analysis of the trade or…
  • House of Representatives Adopts Dynamic Scoring

    Charles (Chuck) Rubin
    7 Jan 2015 | 12:30 pm
    Proposed legislation is subject to an analysis that estimates its effect on the budget deficit. Under static scoring, the legislation itself is not assumed to change the economy. Thus, for example, if a 1% drop in tax rates is proposed, the effect on the deficit can be easily computed by reducing anticipated tax revenues from that tax by 1%. Dynamic scoring recognizes that the change in taxes will further influence taxpayer behavior, which will further affect revenues received (separate and apart from the change in rate itself). In the above example, it would say that the drop in revenue will…
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    Tax Problem Attorney Blog

  • How does the IRS define "willful" conduct and how can it affect my OVDP Filing?

    20 Jan 2015 | 6:00 am
    Many people assume that when the IRS discusses or references "willful" conduct, the agency is using the term "willful" in its ordinary sense. Unfortunately, while ignorance may be an excuse, those who fail to rely on the advice and guidance of an experienced tax professional, may find themselves embroiled in serious tax problems. While the IRS presents the Streamlined Offshore Voluntary Disclosure Program (OVDP) as a means to avoid civil prosecution and fines, failure to understand the program's requirements caused by not consulting a tax lawyer can result in harsh civil consequences or even…
  • Tax Evasion Conviction of Las Vegas Attorney Paul Wommer Upheld by 9th Circuit Court of Appeals

    6 Jan 2015 | 6:00 am
    Las Vegas criminal defense attorney Paul Wommer, was convicted of tax evasion based on his failure to pay approximately $13,000 of interest and penalties imposed on the principal of his delinquent taxes. In a somewhat novel appeal to the 9th Circuit he argued he hadn't committed "tax evasion" under Internal Revenue Code § 7201 because he had paid all of his tax debt, just not the penalties and interest. The court disagreed and instead took a more broad approach to the definition of taxes. Citing Internal Revenue Code § 6665(a)(2), which states that a tax shall also refer to the "additions…
  • Brager Tax Law Group Obtains over 6,500 Pages in Freedom of Information Act Request for Offshore Voluntary Disclosure Program Documents

    18 Nov 2014 | 6:00 am
    Several months ago the Brager Tax Law Group requested IRS documents through a Freedom of Information Act (FOIA) request, which was filed on behalf of the TaxProblemAttorney Blog.com. The Brager Tax Law Group received a CD in response to this FOIA request. Out of the 7,092 responsive pages, the IRS sent over 6,500 pages and withheld the rest. This information was published on the Brager Tax Law Group website in November. The requested documents included material used in training IRS personnel in the Offshore Voluntary Disclosure Program (OVDP), determining Program penalties and instructing IRS…
  • New FAQs For Offshore Voluntary Disclosure Program (OVDP) Released by IRS

    16 Oct 2014 | 10:00 am
    Our tax lawyers have reviewed the IRS' newly issued FAQs for its Delinquent International Information Return Submission Procedures, the Streamlined Filing Compliance Procedures for U.S. Taxpayers Residing in the United States (SDOP), and the Streamlined Filing Compliance Procedures for U.S. Taxpayers Residing Outside the United States (SFOP). These programs are first cousins of the IRS' Offshore Voluntary Disclosure Program (OVDP), but technically are not part of OVDP, and are options for individuals who have failed to report income from offshore bank accounts, and who may have failed to file…
  • Florida Doctor Sentenced in Criminal Tax Case for Concealing Assets and Filing False Individual Income Tax Returns

    16 Sep 2014 | 10:00 am
    Individuals using offshore bank accounts to conceal assets and facilitate tax fraud continue to be prosecuted by the Department of Justice. Under the Bank Secrecy Act, citizens and lawful permanent residents (i.e. "Green Card" holders) that have an interest in or signature authority over a financial account in a foreign country with assets in excess of $10,000 at any time during the year are required to disclose the accounts on their individual income tax returns, both on Schedule B, and if the accounts are large enough on Form 8938. They must also file a FBAR (Report of Foreign Bank and…
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    Taxable Talk

  • Voluntary Human Egg Retrieval and Damages

    Russ
    22 Jan 2015 | 7:30 pm
    A very interesting full decision of the Tax Court was released today in Perez v. Commissioner. The issue was whether a woman who had eggs retrieved from her body after undergoing fertility treatments in exchange for compensation could exclude the compensation because of the pain and suffering she went through in the procedure. Today’s decision was written by Judge Mark Holmes, so it’s very readable for the layman. The petitioner, Nichelle Perez, agreed to undergo treatments so eggs could be taken from her body; in return she received compensation of $10,000. She did this twice in…
  • Old Fashioned Theft Leads to New Fashioned Identity Theft

    Russ
    22 Jan 2015 | 3:44 pm
    A case out of my old home town of Visalia, California lets us know that sometimes there’s just not much you can do to prevent yourself from being a victim of identity theft. Back in 2011 Rebekah Root either stole documents from an IRS office in Visalia or she obtained them. (The original announcement from the DOJ doesn’t make it clear which is the case.) She then proceeded to commit identity theft using those documents. TIGTA (the Treasury Inspector General for Tax Administration) investigated the theft, and when they found out that the paperwork was used to file returns on those…
  • Fail, Caesar!

    Russ
    19 Jan 2015 | 7:54 pm
    Last week Caesars Entertainment Operating Company (CEOC) filed for Chapter 11 bankruptcy in Chicago. One week ago, second-tier bondholders filed an involuntary bankruptcy petition in Delaware. A company can only be in one bankruptcy court, so there’s an obvious issue: Which bankruptcy filing will “win”? And what will the future bring to Caesars? I’m going to do some speculation in this post. Be forewarned that I am not an attorney, so my views are just that: my views on the topic. I was in corporate finance for many years prior to being in tax, so I am familiar with…
  • Former Mayor (and Current CPA) Learns of Tax Fraud, Joins the Conspiracy

    Russ
    16 Jan 2015 | 1:50 pm
    This is for the don’t do this at home file for tax professionals. Kenneth Harycki is the former mayor of Stillwater, Minnesota. He’s also a licensed CPA in Minnesota (but probably not for much longer). Mr. Harycki will provide an interesting lesson the next time I teach ethics. Mr. Harycki provided accounting, tax, payroll, and bookkeeping services to clients. Back in 2007, he provided services to Model Health Care. From the Department of Justice press release: Within the first few payroll cycles for Model Health Care (Model), a company controlled by the two separately charged…
  • Semenza Gets 18 Months

    Russ
    16 Jan 2015 | 1:15 pm
    Last year I wrote about Lawrence Semenza. Mr. Semenza with the US Attorney for Nevada back in the 1970s. He was the youngest US Attorney at that time and has had a long and successful career since as a defense attorney. Unfortunately, he forgot about the law requiring a tax return to be filed; he didn’t file his corporate or individual returns from 2006 to 2010. He pleaded guilty last year, and was sentenced this week to 18 months at ClubFed. He has already made restitution.
 
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    IRS Hitman 888-415-1337

  • Free Tax Preparation Help

    23 Jan 2015 | 8:18 pm
    You can use free tax return preparation help if you meet certain eligibility criteria. There are several reasons why an individual would not be to enlist the services of a paid tax preparer, or prefer to use a no-cost service. Below are the three most commonly used free return preparation services:VITAIf you are making less than $53,000 a year, then you can get free help in tax return preparation at Volunteer Income Tax Assistance (VITA) centers. These centers are run only during tax season. IRS-certified volunteers that have tax knowledge and experience with return preparation offer basic…
  • Exercise Your Taxpayer Rights This Tax Season

    16 Jan 2015 | 7:42 am
    Taxpayers have certain rights when dealing with the IRS. Every taxpayer should be aware of these rights so that they can use them to receive efficient and fair service from the IRS and the tax system. The 10 fundamental rights that every taxpayer has are:1.     The Right to Be InformedYou have the right to know what you need to do to comply with tax laws. The IRS must provide you with clear explanation of the tax laws and IRS procedures so that you can follow them to remain in compliance. You also have the right to be informed about your tax account and any changes made to…
  • Types of Scams You May Face This Tax Season

    9 Jan 2015 | 11:22 am
    Tax season is still a few weeks away, but tax scammers are already active. To protect yourself from scams, it’s good to keep current on methods scammers employ. Some of the top tax scams that you are most likely to encounter this tax season are explained below.IRS Phone ScamThe most talked about tax scam in 2014 was the IRS phone scam. When it was discovered, it was labeled as the worst tax scam of its kind. Scammers claim to be the IRS and call people over the phone to extract money, which they claim is owed for back taxes. They use intimidation techniques, threatening arrest, deportation…
  • Top Factors that Affect Your Tax Preparation

    2 Jan 2015 | 8:03 am
    Tax season officially begins on January 20, 2015. Even though you still have plenty of time to file your return, it is best to file early to avoid scam attempts. Moreover, the earlier you prepare your taxes, the faster you get your refund. Filing early also helps you to make adjustments, if any, before the filing deadline.Whether preparing your return for 2014 yourself or through a professional preparer, keep these factors in mind:-    The Affordable Care Act. Know how the Affordable Care Act (ACA) impacts you. Even though for most taxpayers the ACA will not present tax…
  • Save Taxes - Last Minute Tax Moves

    26 Dec 2014 | 7:10 am
    With the holiday season on, taxes might be the last thing on your mind, but saving on taxes means more cash in your pocket. There are only a few days left for this year to end, yet you can save on taxes by making some smart last-minute tax moves. These are:Purchasing supplies - If you need to buy office supplies early next year, buy them in advance before Dec 31 this year and take advantage of section 179 deduction. This deduction is for computers and large office purchases of up to $500,000. This tax break was extended by the Congress for 2014. It may or may not be available in…
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    L & R Tax Preparation LLC RSS Feed

  • Tax Changes for 2015: A Checklist

    1 Jan 2015 | 7:00 am
    Welcome 2015! As the new year rolls around, it's always a sure bet that there will be changes to current tax law and 2015 is no different. From health savings accounts to retirement contributions, here's a checklist of tax changes to help you plan the year ahead.
  • Ensuring Financial Success for Your Business

    1 Jan 2015 | 7:00 am
    As a business owner, you're faced with a dizzying number of decisions on a daily basis, many of which have a lasting impact on the fiscal health of your company. In this article, you'll learn about the accounting method that helps you discover the true value of all your business functions--and how to use this information for smarter decision making.
  • 10 Tax Breaks Reauthorized for Tax Year 2014

    1 Jan 2015 | 7:00 am
    In late December Congress finally took action and passed the tax extender bill (H.R. 5771), which was then signed into law. Retroactive to January 1, 2014, the tax provisions were only extended for 2014 and expired on December 31, 2014. Keep reading to find out which ones might benefit you when you file your 2014 tax return.
 
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  • Could you stay in bed for 70 days straight?

    25 Jan 2015 | 4:42 pm
    Could you stay in bed for 70 days straight?GettyNASA is paying people to participate in their study, and all the paid volunteers have to do is stay in bed for a little over two months. Staggering amount they're payingMore to see Gorgeous lightning photosBarry Sanders on 'Deflate-gate'
  • Horrific scene unfolds inside Home Depot

    25 Jan 2015 | 4:42 pm
    Horrific scene unfolds inside Home DepotInstagramOfficials say two men are dead after shots rang out at a Manhattan home improvement store on Sunday afternoon.Relationship between the victimsMore newsChild predator sentenced to prison3rd person dies from house party
  • Simple trick gives hair a hassle-free glow

    25 Jan 2015 | 4:42 pm
    Simple trick gives hair a hassle-free glowGetty You don't have to spend hours at the salon to get a fresh, light, Jessica Alba-style look this year.Plus, you won't need to worry about touching up your rootsMore from LifescriptFeel better this winterHow to protect your eyes
  • 'Bachelor' spoof throws major insult at show

    25 Jan 2015 | 4:42 pm
    'Bachelor' spoof throws major insult at showGettyBlake Shelton poked fun at Iowa farmer Chris Soules on 'SNL,' but he also highlighted a controversial issue critics have with the series.Did the writers go too far?More in entertainmentKanye asked to sign wrong photo'House Party' cast reunites
  • 'Historic' storm to pummel east coast with snow

    25 Jan 2015 | 4:42 pm
    'Historic' storm to pummel east coast with snowGettyA massive storm barreling toward the Northeast has officials urging residents on Sunday to 'prepare for the worst' in the coming days. Jaw-dropping snowfall anticipatedMore to seeShoveling snow the right wayFirst storm blasts the Northeast
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  • Could you stay in bed for 70 days straight?

    25 Jan 2015 | 4:42 pm
    Could you stay in bed for 70 days straight?GettyNASA is paying people to participate in their study, and all the paid volunteers have to do is stay in bed for a little over two months. Staggering amount they're payingMore to see Gorgeous lightning photosBarry Sanders on 'Deflate-gate'
  • Horrific scene unfolds inside Home Depot

    25 Jan 2015 | 4:42 pm
    Horrific scene unfolds inside Home DepotInstagramOfficials say two men are dead after shots rang out at a Manhattan home improvement store on Sunday afternoon.Relationship between the victimsMore newsChild predator sentenced to prison3rd person dies from house party
  • Simple trick gives hair a hassle-free glow

    25 Jan 2015 | 4:42 pm
    Simple trick gives hair a hassle-free glowGetty You don't have to spend hours at the salon to get a fresh, light, Jessica Alba-style look this year.Plus, you won't need to worry about touching up your rootsMore from LifescriptFeel better this winterHow to protect your eyes
  • 'Bachelor' spoof throws major insult at show

    25 Jan 2015 | 4:42 pm
    'Bachelor' spoof throws major insult at showGettyBlake Shelton poked fun at Iowa farmer Chris Soules on 'SNL,' but he also highlighted a controversial issue critics have with the series.Did the writers go too far?More in entertainmentKanye asked to sign wrong photo'House Party' cast reunites
  • 'Historic' storm to pummel east coast with snow

    25 Jan 2015 | 4:42 pm
    'Historic' storm to pummel east coast with snowGettyA massive storm barreling toward the Northeast has officials urging residents on Sunday to 'prepare for the worst' in the coming days. Jaw-dropping snowfall anticipatedMore to seeShoveling snow the right wayFirst storm blasts the Northeast
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  • Could you stay in bed for 70 days straight?

    25 Jan 2015 | 4:42 pm
    Could you stay in bed for 70 days straight?GettyNASA is paying people to participate in their study, and all the paid volunteers have to do is stay in bed for a little over two months. Staggering amount they're payingMore to see Gorgeous lightning photosBarry Sanders on 'Deflate-gate'
  • Horrific scene unfolds inside Home Depot

    25 Jan 2015 | 4:42 pm
    Horrific scene unfolds inside Home DepotInstagramOfficials say two men are dead after shots rang out at a Manhattan home improvement store on Sunday afternoon.Relationship between the victimsMore newsChild predator sentenced to prison3rd person dies from house party
  • Simple trick gives hair a hassle-free glow

    25 Jan 2015 | 4:42 pm
    Simple trick gives hair a hassle-free glowGetty You don't have to spend hours at the salon to get a fresh, light, Jessica Alba-style look this year.Plus, you won't need to worry about touching up your rootsMore from LifescriptFeel better this winterHow to protect your eyes
  • 'Bachelor' spoof throws major insult at show

    25 Jan 2015 | 4:42 pm
    'Bachelor' spoof throws major insult at showGettyBlake Shelton poked fun at Iowa farmer Chris Soules on 'SNL,' but he also highlighted a controversial issue critics have with the series.Did the writers go too far?More in entertainmentKanye asked to sign wrong photo'House Party' cast reunites
  • 'Historic' storm to pummel east coast with snow

    25 Jan 2015 | 4:42 pm
    'Historic' storm to pummel east coast with snowGettyA massive storm barreling toward the Northeast has officials urging residents on Sunday to 'prepare for the worst' in the coming days. Jaw-dropping snowfall anticipatedMore to seeShoveling snow the right wayFirst storm blasts the Northeast
 
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  • Could you stay in bed for 70 days straight?

    25 Jan 2015 | 4:42 pm
    Could you stay in bed for 70 days straight?GettyNASA is paying people to participate in their study, and all the paid volunteers have to do is stay in bed for a little over two months. Staggering amount they're payingMore to see Gorgeous lightning photosBarry Sanders on 'Deflate-gate'
  • Horrific scene unfolds inside Home Depot

    25 Jan 2015 | 4:42 pm
    Horrific scene unfolds inside Home DepotInstagramOfficials say two men are dead after shots rang out at a Manhattan home improvement store on Sunday afternoon.Relationship between the victimsMore newsChild predator sentenced to prison3rd person dies from house party
  • Simple trick gives hair a hassle-free glow

    25 Jan 2015 | 4:42 pm
    Simple trick gives hair a hassle-free glowGetty You don't have to spend hours at the salon to get a fresh, light, Jessica Alba-style look this year.Plus, you won't need to worry about touching up your rootsMore from LifescriptFeel better this winterHow to protect your eyes
  • 'Bachelor' spoof throws major insult at show

    25 Jan 2015 | 4:42 pm
    'Bachelor' spoof throws major insult at showGettyBlake Shelton poked fun at Iowa farmer Chris Soules on 'SNL,' but he also highlighted a controversial issue critics have with the series.Did the writers go too far?More in entertainmentKanye asked to sign wrong photo'House Party' cast reunites
  • 'Historic' storm to pummel east coast with snow

    25 Jan 2015 | 4:42 pm
    'Historic' storm to pummel east coast with snowGettyA massive storm barreling toward the Northeast has officials urging residents on Sunday to 'prepare for the worst' in the coming days. Jaw-dropping snowfall anticipatedMore to seeShoveling snow the right wayFirst storm blasts the Northeast
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  • Could you stay in bed for 70 days straight?

    25 Jan 2015 | 4:42 pm
    Could you stay in bed for 70 days straight?GettyNASA is paying people to participate in their study, and all the paid volunteers have to do is stay in bed for a little over two months. Staggering amount they're payingMore to see Gorgeous lightning photosBarry Sanders on 'Deflate-gate'
  • Horrific scene unfolds inside Home Depot

    25 Jan 2015 | 4:42 pm
    Horrific scene unfolds inside Home DepotInstagramOfficials say two men are dead after shots rang out at a Manhattan home improvement store on Sunday afternoon.Relationship between the victimsMore newsChild predator sentenced to prison3rd person dies from house party
  • Simple trick gives hair a hassle-free glow

    25 Jan 2015 | 4:42 pm
    Simple trick gives hair a hassle-free glowGetty You don't have to spend hours at the salon to get a fresh, light, Jessica Alba-style look this year.Plus, you won't need to worry about touching up your rootsMore from LifescriptFeel better this winterHow to protect your eyes
  • 'Bachelor' spoof throws major insult at show

    25 Jan 2015 | 4:42 pm
    'Bachelor' spoof throws major insult at showGettyBlake Shelton poked fun at Iowa farmer Chris Soules on 'SNL,' but he also highlighted a controversial issue critics have with the series.Did the writers go too far?More in entertainmentKanye asked to sign wrong photo'House Party' cast reunites
  • 'Historic' storm to pummel east coast with snow

    25 Jan 2015 | 4:42 pm
    'Historic' storm to pummel east coast with snowGettyA massive storm barreling toward the Northeast has officials urging residents on Sunday to 'prepare for the worst' in the coming days. Jaw-dropping snowfall anticipatedMore to seeShoveling snow the right wayFirst storm blasts the Northeast
  • add this feed to my.Alltop

  • Could you stay in bed for 70 days straight?

    25 Jan 2015 | 4:42 pm
    Could you stay in bed for 70 days straight?GettyNASA is paying people to participate in their study, and all the paid volunteers have to do is stay in bed for a little over two months. Staggering amount they're payingMore to see Gorgeous lightning photosBarry Sanders on 'Deflate-gate'
  • Horrific scene unfolds inside Home Depot

    25 Jan 2015 | 4:42 pm
    Horrific scene unfolds inside Home DepotInstagramOfficials say two men are dead after shots rang out at a Manhattan home improvement store on Sunday afternoon.Relationship between the victimsMore newsChild predator sentenced to prison3rd person dies from house party
  • Simple trick gives hair a hassle-free glow

    25 Jan 2015 | 4:42 pm
    Simple trick gives hair a hassle-free glowGetty You don't have to spend hours at the salon to get a fresh, light, Jessica Alba-style look this year.Plus, you won't need to worry about touching up your rootsMore from LifescriptFeel better this winterHow to protect your eyes
  • 'Bachelor' spoof throws major insult at show

    25 Jan 2015 | 4:42 pm
    'Bachelor' spoof throws major insult at showGettyBlake Shelton poked fun at Iowa farmer Chris Soules on 'SNL,' but he also highlighted a controversial issue critics have with the series.Did the writers go too far?More in entertainmentKanye asked to sign wrong photo'House Party' cast reunites
  • 'Historic' storm to pummel east coast with snow

    25 Jan 2015 | 4:42 pm
    'Historic' storm to pummel east coast with snowGettyA massive storm barreling toward the Northeast has officials urging residents on Sunday to 'prepare for the worst' in the coming days. Jaw-dropping snowfall anticipatedMore to seeShoveling snow the right wayFirst storm blasts the Northeast
 
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  • Could you stay in bed for 70 days straight?

    25 Jan 2015 | 4:42 pm
    Could you stay in bed for 70 days straight?GettyNASA is paying people to participate in their study, and all the paid volunteers have to do is stay in bed for a little over two months. Staggering amount they're payingMore to see Gorgeous lightning photosBarry Sanders on 'Deflate-gate'
  • Horrific scene unfolds inside Home Depot

    25 Jan 2015 | 4:42 pm
    Horrific scene unfolds inside Home DepotInstagramOfficials say two men are dead after shots rang out at a Manhattan home improvement store on Sunday afternoon.Relationship between the victimsMore newsChild predator sentenced to prison3rd person dies from house party
  • Simple trick gives hair a hassle-free glow

    25 Jan 2015 | 4:42 pm
    Simple trick gives hair a hassle-free glowGetty You don't have to spend hours at the salon to get a fresh, light, Jessica Alba-style look this year.Plus, you won't need to worry about touching up your rootsMore from LifescriptFeel better this winterHow to protect your eyes
  • 'Bachelor' spoof throws major insult at show

    25 Jan 2015 | 4:42 pm
    'Bachelor' spoof throws major insult at showGettyBlake Shelton poked fun at Iowa farmer Chris Soules on 'SNL,' but he also highlighted a controversial issue critics have with the series.Did the writers go too far?More in entertainmentKanye asked to sign wrong photo'House Party' cast reunites
  • 'Historic' storm to pummel east coast with snow

    25 Jan 2015 | 4:42 pm
    'Historic' storm to pummel east coast with snowGettyA massive storm barreling toward the Northeast has officials urging residents on Sunday to 'prepare for the worst' in the coming days. Jaw-dropping snowfall anticipatedMore to seeShoveling snow the right wayFirst storm blasts the Northeast
  • add this feed to my.Alltop

  • Could you stay in bed for 70 days straight?

    25 Jan 2015 | 4:42 pm
    Could you stay in bed for 70 days straight?GettyNASA is paying people to participate in their study, and all the paid volunteers have to do is stay in bed for a little over two months. Staggering amount they're payingMore to see Gorgeous lightning photosBarry Sanders on 'Deflate-gate'
  • Horrific scene unfolds inside Home Depot

    25 Jan 2015 | 4:42 pm
    Horrific scene unfolds inside Home DepotInstagramOfficials say two men are dead after shots rang out at a Manhattan home improvement store on Sunday afternoon.Relationship between the victimsMore newsChild predator sentenced to prison3rd person dies from house party
  • Simple trick gives hair a hassle-free glow

    25 Jan 2015 | 4:42 pm
    Simple trick gives hair a hassle-free glowGetty You don't have to spend hours at the salon to get a fresh, light, Jessica Alba-style look this year.Plus, you won't need to worry about touching up your rootsMore from LifescriptFeel better this winterHow to protect your eyes
  • 'Bachelor' spoof throws major insult at show

    25 Jan 2015 | 4:42 pm
    'Bachelor' spoof throws major insult at showGettyBlake Shelton poked fun at Iowa farmer Chris Soules on 'SNL,' but he also highlighted a controversial issue critics have with the series.Did the writers go too far?More in entertainmentKanye asked to sign wrong photo'House Party' cast reunites
  • 'Historic' storm to pummel east coast with snow

    25 Jan 2015 | 4:42 pm
    'Historic' storm to pummel east coast with snowGettyA massive storm barreling toward the Northeast has officials urging residents on Sunday to 'prepare for the worst' in the coming days. Jaw-dropping snowfall anticipatedMore to seeShoveling snow the right wayFirst storm blasts the Northeast
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  • Could you stay in bed for 70 days straight?

    25 Jan 2015 | 4:42 pm
    Could you stay in bed for 70 days straight?GettyNASA is paying people to participate in their study, and all the paid volunteers have to do is stay in bed for a little over two months. Staggering amount they're payingMore to see Gorgeous lightning photosBarry Sanders on 'Deflate-gate'
  • Horrific scene unfolds inside Home Depot

    25 Jan 2015 | 4:42 pm
    Horrific scene unfolds inside Home DepotInstagramOfficials say two men are dead after shots rang out at a Manhattan home improvement store on Sunday afternoon.Relationship between the victimsMore newsChild predator sentenced to prison3rd person dies from house party
  • Simple trick gives hair a hassle-free glow

    25 Jan 2015 | 4:42 pm
    Simple trick gives hair a hassle-free glowGetty You don't have to spend hours at the salon to get a fresh, light, Jessica Alba-style look this year.Plus, you won't need to worry about touching up your rootsMore from LifescriptFeel better this winterHow to protect your eyes
  • 'Bachelor' spoof throws major insult at show

    25 Jan 2015 | 4:42 pm
    'Bachelor' spoof throws major insult at showGettyBlake Shelton poked fun at Iowa farmer Chris Soules on 'SNL,' but he also highlighted a controversial issue critics have with the series.Did the writers go too far?More in entertainmentKanye asked to sign wrong photo'House Party' cast reunites
  • 'Historic' storm to pummel east coast with snow

    25 Jan 2015 | 4:42 pm
    'Historic' storm to pummel east coast with snowGettyA massive storm barreling toward the Northeast has officials urging residents on Sunday to 'prepare for the worst' in the coming days. Jaw-dropping snowfall anticipatedMore to seeShoveling snow the right wayFirst storm blasts the Northeast
 
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    macoassociates.com

  • 2014/2015 Tax Season Promises to be the Worst in years!

    Teri
    21 Jan 2015 | 10:56 am
    IRS Budget Cuts Cut Staffing longer periods with clomid The upcoming tax season is likely to be the worst in years — for the IRS and potentially for taxpayers. (Reprinted from CNN Money) The reason: The IRS budget keeps getting smaller, and the tax code keeps getting more complicated. Nina Olson, the national taxpayer advocate, said at a conference recently that she worries it could rank as the worst since 1985, which was regarded as a disaster due to a computer failure, lost returns and delayed refunds. The budget: Congress has shrunk the IRS budget over the past five years, while at…
  • 2013/2014 Tax Season Delayed until Jan 31

    Teri
    10 Jan 2014 | 12:20 pm
    So you thought you made it into 2014 without being touched by the Oct. 1-16 federal government shutdown? From the newsstar.com, Thank Congress for the delay! “Think again. If you are one of those people who rush to file their tax returns to collect a speedy refund, you’ll find you have to wait a little longer this year. Ten days longer to be exact. It doesn’t constitute a hardship, but certainly qualifies as an inconvenience. The Internal Revenue Service recently announced that the 2014 tax filing season for 2013 taxes will open on Jan. 31 rather than Jan. 21. The government’s…
  • IRS delays start of filing season, but not deadline!!!

    Teri
    9 Jan 2013 | 5:41 am
    Income tax returns will be accepted beginning Jan. 30 as the Internal Revenue Service works to update systems following the new American Taxpayer Relief Act that averted the fiscal cliff — but they’ll still be due April 15. Until the tax changes became law Jan. 2 following days of negotiations between the White House and Congress, the IRS didn’t know about the details. The normal filing season begins Jan. 22, so work on the changes will take an extra eight days to complete. It will spend between now and Jan. 30 updating its forms and programming the changes into its computer…
  • Taxes

    Lisa
    29 Feb 2012 | 4:25 am
    Once again the IRS did not send paper tax forms and instructions to millions of taxpayers. Instead, the IRS would like both preparers and individuals to e-file their returns online, although people who want or need to file on paper may print forms from the IRS’s website (www.irs.gov) or pick them up at a local office.  This year’s tax due date is Monday, April 17, 2012 (The traditional tax return filing deadline is April 15 of each year, but April 15, 2012 is a Sunday and April 16, 2012 falls on Emancipation Day in the District of Columbia.) Here are a few changes concerning your 2011…
  • Payroll Tax Extension

    Teri
    23 Feb 2012 | 3:02 pm
    President Obama has signed the Middle Class Tax Relief and Job Creation Act of 2012, which extends to the end of the year the payroll tax cut for employees, continuing the reduction of their social security tax withholding from 6.2 percent to 4.2 percent of wages paid. The Act also repeals the “recapture” provision, which applied to those employees who received more than $18,350 in wages during January and February (the social security wage base for 2012 is $110,100, and $18,350 represents two months of the full-year amount).
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    Value Added Tax Blog

  • It’s not easy to get to the European court

    Mark
    21 Jan 2015 | 7:03 am
    Under European law, taxpayers are unable to appeal to the the European Court of Justice (ECJ) directly. The ECJ only responds to “questions” asked by national courts (these can be either supreme courts or lower courts). PWC UK took a long shot and nudged a UK court to refer a question relating to input tax credit to […]
  • Canada to intro EU-like GST on e-commerce

    Mark
    13 Jan 2015 | 8:16 am
    “Canada’s government is considering new tax rules to level the playing field for e-commerce vendors that complain foreign giants such as Amazon.com Inc., Apple Inc. and Netflix Inc. have an unfair edge when selling digital products.” A sensible and interesting article in The Globe and Mail about Canada following in the footsteps of the EU […]
  • Any progress on GST in India? – UPDATED

    Mark
    13 Jan 2015 | 8:07 am
    Update: “Prime Minister Narendra Modi has given directions for Goods and Services Tax to be rolled out by April 2016.”  http://indianexpress.com/article/business/business-others/modi-fixes-april-2016-deadline-for-gst-launch/   There seems to be some movement in getting India to a federal GST, but the chances of survival are slim. AM Legals writes: “GST will ultimately create a unified market by ending up […]
  • Buon anno – Italy to increase their VAT rate!

    Mark
    13 Jan 2015 | 7:57 am
    Italy did not waste any time to announce new VAT rate increases, starting in 2016 to a whopping 25.5% in 2018. The current standard rate in Italy is 22%. This is not as crazy as it sounds: the OECD has long been trumpeting VAT as the ideal revenue instrument to improve the economy – and […]
  • Again – U.S. e-businesses in the EU

    Mark
    23 Dec 2014 | 11:20 am
    I picked this video from the YouTube-like site Vimeo. It talks about the EU VAT requirements for U.S. businesses. From the description it seems like these rules are new – not true, this has been going on since 2003. The presenters remediate this error in their presentation. Apologies for the not-so-great sound quality. US digital companies […]
 
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    J. Stefan - EzineArticles Expert Author

  • No Articles Found

    25 Jan 2015 | 4:42 pm
    No articles were found for the Author that was requested. This may mean that the author has no articles that are live on the site or that there may be a misspelling in the requested file. Please check the file name and try again. If you continue to have issues, please contact EzineArticles Support at http://www.ezinearticles.com/contact.html.
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    The Dinesen Tax Times by Jason T. Dinesen, LPA, E.A.

  • Ridiculous IRS Situations I’ve Recently Dealt With

    Jason Dinesen
    23 Jan 2015 | 4:30 am
    Here are just a few of the more ridiculous things I’ve dealt with involving the IRS over the last few months. Will Our Refund Ever Come? A client in a same-gender marriage filed an amended tax return in October 2013. They’re still waiting on their refund. The IRS had a question about something on the return, which we answered months ago. Since July, the client has periodically gotten letters stating that the IRS needs “45 more days” to review their information. I’ve tried calling. I’ve written letters. Nothing helps. My understanding is that the IRS…
  • Does Nebraska Recognize Same-Sex Marriages for Taxes?

    Jason Dinesen
    21 Jan 2015 | 4:30 am
    Question from a website visitor: I live in Nebraska and am in a same-sex marriage. My spouse and I got our marriage license in Iowa. Can we file our Nebraska taxes as a married couple. Short answer: no. Longer answer: Nebraska is one of the few remaining states that still has a constitutional amendment prohibiting same-gender marriage. As long as that stands, Nebraska doesn’t recognize same-sex marriage. This means, couples in a same-sex marriage who have a Nebraska filing obligation CANNOT file that Nebraska tax return as a married couple. Couples in this situation will need to: File…
  • A Brief History of Marriage in the Tax Code, Part 2: Taxes in 1913

    Jason Dinesen
    19 Jan 2015 | 4:30 am
    This post is part of a long-term project I’ve been working on regarding the history of marriage in the tax code. As I finish sections of the research paper I’m working on, I’ll post them here. This is a big project, one that will likely take years, literally, to finish, so I can’t guarantee when the next post on this topic will appear. —– In Part 1, I talked briefly about how taxes worked back in 1913. In this part, I want to dive a little deeper. The tax brackets were broad from 1913 through 1916. For example, a tax rate of 1% applied to taxable income of $0-$20,000.
  • 5 Things You Didn’t Know About EAs, #5: EAs are the Only Pros Required to Take Tax CPE

    Jason Dinesen
    15 Jan 2015 | 4:30 am
    The tax-preparation field has a lot of “wild west” characteristics. Anyone can prepare a tax return, whether they hold a license or not. A person need not even have any prior experience before preparing taxes for compensation. Of all of the preparers in the tax world, only Enrolled Agents are required to take continuing education in taxes. I have made comments, on this blog, about how dumb CPE can be. The fact that one can attend a 2-day seminar, sit in the back texting on their phone or playing on the internet, and still get 16 hours of CPE for just being there and not dying before the…
  • H&R Block Doesn’t Really Have ACA “Specialists” On Staff

    Jason Dinesen
    13 Jan 2015 | 4:30 am
    One can read all about the ACA. But you can’t call yourself a specialist or an expert til you’ve actually dealt with ACA issues on real tax returns. Last week, H & R Block invited people to come in for a free Affordable Care Act review with one of Block’s “ACA specialists.” ACA specialists? Really? Here’s the thing about the ACA: no one in the tax industry can claim with a straight face that they are a “specialist” or “expert” on the ACA. I have read the law, sketched out examples in my own notes, taken continuing ed, and given…
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    IncomeTaxReturnIndia.com

  • Sukanya Samriddhi Account for Minor Girl Child

    Tax Dost
    22 Jan 2015 | 11:15 pm
    In compliance of announcement by Finance Minister in his Budget Speech 2014-15 the Government of India has introduced a new scheme named “Sukanya Samridhhi Account” vied Notification No.GSR No.863(E), dated 2nd December, 2014. It has been decided to allow 9.1% rate of interest on investments in the scheme during the … Continue reading →
  • Ministry of Finance Initiatives and Salient Achievements

    Tax Dost
    29 Dec 2014 | 12:28 am
    Actions to curb Black Money First major decision taken by the present Government after taking over reins of power in May, 2014 was to constitute a Special Investigating Team (SIT) to implement the decision of the Hon’ble Supreme Court on large amount of money stashed abroad by evading taxes or … Continue reading →
  • Holidays To Be Observed In Central Government Offices During The Year 2015

    Sapna Gupta
    23 Nov 2014 | 10:05 pm
    List of Holidays in Income Tax Office It has been decided that in the Annexure-I the holidays as specified will be observed in all the Administrative Offices of the Central Government located at Delhi/New Delhi during the year 2015. In Annexure-II, by him/her out of the list of restricted holidays … Continue reading →
  • Bank FDR limit Increased to 150000 under section 80C

    Sapna Gupta
    16 Nov 2014 | 10:45 pm
    (INCOME?TAX) S.O. 2906(E).In exercise of the powers conferred by clause (xxi) of sub?section (2) of  section 80C of the Income?tax Act, 1961 (43 of 1961), the Central Government hereby  makes the following amendments to the Bank Term Deposit Scheme, 2006, namely:? (a) This scheme is called as the Bank Term … Continue reading →
  • Income Tax Department Notice for Non Compliance & Non Filing of Returns

    Tax Dost
    8 Nov 2014 | 11:14 pm
    If you have not filed Income return for last few years ( ie Previous year 2012-2013, 2011-2012, 2010-2011, and 2009-2010) then chances are that you might have received income tax notice from income tax department. Income Tax Department is collating information from various sources and is sending notice to non-filers of Income Tax … Continue reading →
 
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    Tax Lien Certificates - Smart Investing

  • Tax Liens – Frequently Asked Questions

    eluke
    16 Jan 2015 | 4:47 pm
    I frequently received many questions regarding both tax lien and tax deed investing. Many are from investors that are just starting out in the field but, some are from individuals that already have a few deals under their belt. From … Continue reading → The post Tax Liens – Frequently Asked Questions appeared first on Tax Lien Certificates - Smart Investing.
  • Tax Lien Sales – Who Can Invest?

    eluke
    18 Dec 2014 | 10:00 pm
    Thіѕ ѕееmѕ tо bе оnе оf thе mоrе popular questions asked? Thе answer іѕ аlmоѕt everyone can participate in Tax Lien Sales. However, thеrе аrе ѕоmе exceptions. Fоr example, county employees аnd аn individual owing delinquent property taxes іn thе … Continue reading → The post Tax Lien Sales – Who Can Invest? appeared first on Tax Lien Certificates - Smart Investing.
  • Tax Lien Certificates – Predictable, Certain, And Secure

    eluke
    9 Nov 2014 | 11:14 pm
    9EBKJS9FRSWX  Hоw wоuld уоu lіkе tо find оut аbоut аn investment vehicle thаt іѕ nоt affected bу thе topsy-turvy nature оf thе stock market? Hоw wоuld уоu lіkе tо knоw аbоut а method оf investing thаt locks іn уоur rate … Continue reading → The post Tax Lien Certificates – Predictable, Certain, And Secure appeared first on Tax Lien Certificates - Smart Investing.
  • Tax Lien Sale Investments Can Provide High Rates of Return

    eluke
    3 Oct 2014 | 5:23 am
    Wіth lаrgе numbеrѕ оf Amеrісаnѕ nоw lооkіng fоr ѕаfеr іnvеѕtmеntѕ fоr thеіr lоng tеrm wеаlth buіldіng рrоgrаmѕ. Mоѕt wаnt hіghеr rеturnѕ thаn thеу саn gеt frоm рuttіng thеіr hаrd еаrnеd mоnеу іntо Bаnk CD’ѕ, mаnу аrе ѕееkіng іnfоrmаtіоn аbоut a … Continue reading → The post Tax Lien Sale Investments Can Provide High Rates of Return appeared first on Tax Lien Certificates - Smart Investing.
  • Tax Deed Investing

    eluke
    18 May 2014 | 8:17 am
    If you’re looking to invest in real estate, Tax Deed Investing may be of interest to you. With just a little knowledge and some due diligence, it really is quite possible to get homes for as little as ten to … Continue reading → The post Tax Deed Investing appeared first on Tax Lien Certificates - Smart Investing.
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    Philadelphia Estate and Tax Attorney Blog

  • Philadelphia Businesses Must Now Provide A New Tax Notice To Employees and Non-Payroll Workers

    STEVEN J. FROMM, ATTORNEY, LL.M. (TAXATION)
    20 Jan 2015 | 10:37 am
    Philadelphia notice Requirements for Businesses for 2015 If you are a business that has employees or independent contractors who live in Philadelphia, the City of Philadelphia is now imposing new notice requirements. Beginning January 1, 2015, Title 19, Chapter 19-4000, of the Philadelphia Code, entitled “Income Inequality Initiative – Earned Income Tax Credit,” requires all employers to provide notice of the federal Earned Income Tax Credit (“EITC”) program to all Philadelphia resident employees and non-payroll workers at the same time as their W-2, 1099, or…
  • 2014 Year-End Tax Planning Guide For Businesses: Discover 9 Proven Tax Planning Strategies

    STEVEN J. FROMM, ATTORNEY, LL.M. (TAXATION)
    26 Dec 2014 | 10:29 am
    Business Year-End Tax Planning The arrival of year-end presents special opportunities for most small businesses to take steps in lowering their tax liability. The starting point is to run projections to determine the income and tax bracket for this year and what it may be next year.  Once this is known, decisions can be made as to whether any of the following planning tools should be employed to cut taxes before the tax year closes. Last second tax law changes also must be considered.  It is also important to know that on December 19, 2014, the President passed the Tax Increase Prevention…
  • 2014 Year End Tax Planning Tips: Instantly Discover What You Can Do Now To Start Saving Taxes Before Year End With Proven Tax Attorney Strategies

    STEVEN J. FROMM, ATTORNEY, LL.M. (TAXATION)
    29 Nov 2014 | 8:42 am
    As the year-end quickly approaches, there is still time to do year-end tax planning to generate significant tax savings.  As many of you know, changes to the tax laws in 2013 made many tax rates (subject to cost of living adjustments) and certain tax breaks permanent.  But some tax breaks expired in 2013 (discussed in more detail below) and Congress has not as yet revived them making year-end planning more complicated and frustrating.  The President and Congress have reinstated expired tax breaks for only the 2014 tax year, as discussed in more detail below. Overview: This 2014 tax year…
  • College Tuition: Discover How Grandparents Can Help Their Grandchildren and Save Taxes Too

    STEVEN J. FROMM, ATTORNEY, LL.M. (TAXATION)
    1 Sep 2014 | 7:15 am
    With college tuition coming due, families should consider tax efficient ways to pay for these expenses. Grandparents who wish to help their children with tuition costs can take advantage of some special gift tax breaks. Grandparents have the usual annual present interest gift tax exclusion (now $14,000) and a lifetime exclusion (now $5,340,000). When a spouse joins in the gift (the called “spousal joinder”), these amounts double . But these are not the only tax breaks available to a grandparent who wants to help the family. In addition, grandparents have an unlimited gift tax…
  • Weddings: Quick and Easy Tax Guide For Those Getting Married and Newlyweds

    STEVEN J. FROMM, ATTORNEY, LL.M. (TAXATION)
    14 Jul 2014 | 12:31 pm
    Rita and Joe, My Wonderful In-Laws, On Their Wedding Day, June 23,1950 The excitement, joy and anticipation of getting married can be almost overwhelming.  With the planning that goes into the wedding it is easy to overlook the tax implications of marriage.  Although taxes are probably not high on your summer wedding plan checklist, it is important to be aware of the tax changes that come along with marriage. Here are some basic tips that can help keep those issues under control. Name Change: The names and Social Security numbers on your tax return must match your Social Security…
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    Blog

  • Deficiency Litigation to Determine Tax Liability

    Bill Hartsock
    21 Jan 2015 | 10:26 am
    There are two principal types of tax litigation process that can be used to determine a tax liability: deficiency litigation and refund litigation. Deficiency litigation is one type of tax court litigation employed to determine a taxpayer’s tax liability. The purpose of a deficiency litigation is to give the taxpayer an opportunity to dispute the IRS’s assessment of tax liability against the taxpayer.Tags: Tax Litigation Information and AdviceRead more about Deficiency Litigation to Determine Tax Liability
  • What is the Meaning of a Tax Deficiency?

    Bill Hartsock
    19 Jan 2015 | 11:31 am
    A tax deficiency is a statutorily defined concept that is essential to planning and proceeding with tax litigation. Specifically, a deficiency is defined as the amount by which the correct tax exceeds the excess of:Tags: Tax Litigation Information and AdviceRead more about What is the Meaning of a Tax Deficiency?
  • Jurisdiction of the Tax Court in a Refund Litigation

    Bill Hartsock
    12 Jan 2015 | 10:51 am
    When you receive a statutory notice of deficiency from the IRS, you can file for a deficiency tax litigation or a refund tax litigation proceeding. Typically, refund jurisdiction is limited to the district courts and Court of Federal Claims. However, the Tax Court generally has jurisdiction over deficiency litigations. In some circumstances, the Tax Court may also have jurisdiction over refund litigation as well.Tags: Tax Litigation Information and AdviceRead more about Jurisdiction of the Tax Court in a Refund Litigation
  • General Jurisdiction of the Tax Court

    Bill Hartsock
    8 Jan 2015 | 1:38 pm
    The Tax Court is the most typical forum for the resolution of tax litigation controversies. The Tax Court is an Article I court with limited jurisdiction as expressly conferred by Congress.Tags: Tax Litigation Information and AdviceRead more about General Jurisdiction of the Tax Court
  • How to Recognize the Signs of Identity Theft

    Bill Hartsock
    5 Jan 2015 | 1:44 pm
    Identity theft is a serious crime and of increased concern in recent years. Identity theft occurs when someone uses another person’s personal information, such as name or Social Security Number (SSN), without permission, to commit fraud or other crimes. There are several different types of identity fraud and the taxpayer’s response to each should be tailored to address the unique circumstances involved.Tags: IRS Tax Fraud Information & Advice From The Tax LawyerRead more about How to Recognize the Signs of Identity Theft
 
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    Bankrate.com » Taxes

  • Wal-Mart offers cash tax refunds

    Kay Bell
    22 Jan 2015 | 8:24 am
    Want your tax refund in cash? Wal-Mart's new Direct2Cash program gives filers the option to pick up their refund money in cash at the retail giant's stores.
  • Obama tax test for Congress

    Kay Bell
    20 Jan 2015 | 8:13 am
    The president will present some tax law changes in his 2015 State of the Union address. The speech really is a tax reform test for Congress.
  • Free File 2015 opens Jan. 16

    Kay Bell
    16 Jan 2015 | 8:32 am
    The IRS is letting Free File users get a head start on their 2015 taxes. The free online tax prep and e-filing option opens Jan. 16, days before the full Jan. 20 filing season starts.
  • Don’t expect much IRS filing help

    Kay Bell
    15 Jan 2015 | 11:07 am
    The IRS commissioner and National Taxpayer Advocate both warn taxpayers that they shouldn't expect much help from the agency this tax-filing season.
  • TurboTax changes could cost filers

    Kay Bell
    13 Jan 2015 | 9:55 am
    Tax software giant Intuit made changes this year to its TurboTax program that could cost users more. Will they pay or switch to rival H&R Block?
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    Sales Use Tax

  • Dropship Exemption Certificates: The 6 “Most Restrictive” States

    Michael J. Fleming
    13 Jan 2015 | 9:08 am
    In my last post about dropshipping and exemption certificates, we ended by saying we would move on to some state specific guidelines in the next post. Today we will be looking at the first group of states I would like … Continue reading →
  • Marketplace Fairness Solution? Would Europe’s Destination VAT Help?

    Annette Nellen
    5 Jan 2015 | 10:27 am
    On January 1, 2015, the European Union’s new scheme for imposing VAT on digital goods and e-services goes into effect. The major change is that all vendors need to use destination sourcing. Prior to that, a vendor in the EU … Continue reading →
  • Sales Tax and Bitcoin (or Other Virtual Currency)

    Annette Nellen
    19 Dec 2014 | 10:01 am
    New types of transactions often challenge existing rules designed without such transactions in mind. The use of virtual currency, such as bitcoin, may be another example. The IRS has proclaimed that convertible virtual currency should be treated as property for … Continue reading →
  • Click Through Nexus – Online Retailers Beware

    Jerry Donnini
    5 Dec 2014 | 11:42 am
    Nexus, like it sounds, is a terrible disease from a sales tax perspective. Nexus is a fancy word meaning a connection or link. If a company has enough of a connection or link to a state, then the state can … Continue reading →
  • Marketplace Fairness Act: Dead, Alive – or in Legislative Limbo?

    Sylvia F. Dion
    16 Nov 2014 | 12:14 pm
    In the past few days there have been several news reports claiming that the Marketplace Fairness Act, S. 743, will not be enacted by the end of the year.  As a matter of fact, most of the news reports are … Continue reading →
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    US Tax Program

  • George Landegger Pleads Guilty in US Court To Holding Secret Swiss Bank Accounts

    admin
    20 Jan 2015 | 1:39 pm
    CEO And Chairman Of International Pulp Mill Company, George Landegger, maintained undeclared accounts at a Swiss private bank headquartered in Zurich from at least the early 2000s until 2010 and failed to file the Report of Foreign Bank and Financial Accounts (FBAR) and declare them to the IRS. During that time, G. Landegger’s undeclared assets amounted to over $8.4m, reports the US Justice Department (DoJ). He pleaded guilty of misconduct on January 16, 20015. According to the filing, in April 2009 a meeting took place in Switzerland between G. Landegger and Swiss bank representatives.
  • Credit Suisse Hearing for a Bid to Continue to Manage US Pension Funds

    admin
    15 Jan 2015 | 2:53 pm
    Credit Suisse need to retain its Qualified Professional Asset Manager (QPAM) if it wants to continue to manage the $2bn of US pension funds assets despite the guilty plea that came in May 2014. In a public hearing US regulators, lawmakers, and consumer groups questioned ‘whether criminal violations in one unit of Credit Suisse Group AG reflect broader compliance problems at the Swiss bank’ says Reuters. US Department of Labour (DOL) officials pressed Credit Suisse executives for assurances the US-based asset management unit had no implication in the violations. It is not clear…
  • Bradley Birkenfeld, Former UBS AG Banker, Was Denied Authorization to Leave the US

    admin
    13 Jan 2015 | 6:31 am
    Bradley Birkenfeld, former UBS banker who helped wealthy Americans avoid taxes, then turned whistle-blower awarded with $ 104m, spent 40 months in prison before being released on probation in 2012. He recently asked to get off probation and leave the US. According to Bloomberg, ‘US District Judge William Zloch denied Birkenfeld’s request to let him leave the US by modifying or ending his probation, which has less than a year left’. It seems that a driving offense played against him and contributed to the denial from the judge of the motion to modify his probation.
  • US Court Will Not Hold a Bail Hearing Without Buck Appearing in Court

    admin
    9 Jan 2015 | 2:16 pm
    Stefan Buck, ex-head of private banking of Bank Frey & Co. in Switzerland -which closed down in 2013 and executive board member, was indicted in April 2013 for conspiring to help wealthy clients hide millions of dollars from the Internal Revenue Service (IRS). In November 2014 he asked for a bail hearing without having to appear in court and requested a waiver that would allow him to return to Switzerland while the case was ongoing. US District Judge Victor Marrero in New York denied the request because ‘under US law, a fugitive isn’t entitled to bail. The judge said that Buck has…
  • Mirabaud Announced it Is not Participating in the US Tax Program

    admin
    5 Jan 2015 | 8:00 am
    While Mirabaud & Cie SA considered joining the US Tax Program under Category 3 or 4 in December 2013 for settling the dispute with the US, it has now announced its non-participation in the US Tax Program. Romandie is adding that the decision followed an advice from the bank’s US and Swiss lawyers.
 
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