Taxes

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  • Tax-News.com: IRS Waives Penalties For Universities' Missing Info

    Tax-News.Com Live Tax Headlines
    2 Sep 2015 | 2:45 pm
    Tax-News.com: The US Internal Revenue Service is to waive penalties assessed against any college, university, or other post-secondary educational institution for filing forms with an incorrect or missing taxpayer identification number. The IRS is granting this relief for tax years 2012, 2013 and 2014.
  • IRS gets so-so rating so far on Yelp

    Don't Mess With Taxes
    skbell1
    31 Aug 2015 | 6:24 am
    "Help" is uttered often during tax season. But with one letter change to that plea, taxpayers will be able to offer some helpful suggestions of their own to the tax collector. Or so Uncle Sam hopes. You can rate the Internal Revenue Service on Yelp, the popular online customer review tool. And yes, it's a real opportunity to offer a critique of how the IRS is or isn't doing its job and suggest ways it could improve. The federal government and Yelp have reached an agreement under which all of us can provide our thoughts on government and public services In a blog post…
  • Back to School

    Our Taxing Times
    trishmc
    26 Aug 2015 | 12:56 pm
    It’s back to school time and time to talk taxes. (Actually, I’m a little late since most schools around me started last weeks but hopefully you still have all the paperwork.) Specifically, I want to talk about records and receipts for your back-to-school expenses. Nope I’m not talking about that cute dress or awesome backpack you bought for the first day of school. I want to talk about college expenses; tuition, fees, books, supplies and room and board. And it doesn’t matter if the student is a young person going full time or a parent picking up a class or going back part time or…
  • Recordkeeping for Charitable Contributions

    L & R Tax Preparation LLC RSS Feed
    1 Sep 2015 | 7:00 am
    You must keep records to prove the amount of any cash and noncash contributions you make during the year. Which records you must keep depends on the amount you contributed and whether they are cash or property contributions.
  • Does Using an Accounting Professional Equate to Start-Up Success?

    TaxBuzz Blog
    30 Aug 2015 | 11:00 pm
    "It has been my experience that many entrepreneurs start new businesses without adequate planning, funding or budgeting," says Bil
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    Don't Mess With Taxes

  • IRS awards tax whistleblower $11.6 million Uncle Sam also gets a nice cut of that big payoff

    skbell1
    1 Sep 2015 | 2:08 pm
    Somebody is $11.6 million richer and somebody else (or some company) is in big trouble with the Internal Revenue Service. Sorry for the vagueness, but that's basically how things work when you rat out tax cheats. The feds are eager to get the scoop on whoever is not paying up, but the whistleblowers often don't want the world to know who they are.  As for the identity of the alleged tax evaders, we're at the mercy of Uncle Sam's willingness to announce his whistleblower-assisted collection success. What we do know about this latest case comes from attorneys Stephen Kohn…
  • IRS gets so-so rating so far on Yelp

    skbell1
    31 Aug 2015 | 6:24 am
    "Help" is uttered often during tax season. But with one letter change to that plea, taxpayers will be able to offer some helpful suggestions of their own to the tax collector. Or so Uncle Sam hopes. You can rate the Internal Revenue Service on Yelp, the popular online customer review tool. And yes, it's a real opportunity to offer a critique of how the IRS is or isn't doing its job and suggest ways it could improve. The federal government and Yelp have reached an agreement under which all of us can provide our thoughts on government and public services In a blog post…
  • Cadillac tax repeal on Senate's post-recess to-do list

    skbell1
    30 Aug 2015 | 2:28 pm
    Sen. Dean Heller (R-Nev.) plans to introduce legislation to repeal the Affordable Care Act's Cadillac tax when Congress reconvenes after Labor Day, according to National Journal.  It's not your grandfather's Cadillac that we're talking about in connection with Obamacare, although having this 1959 finned baby in my garage would definitely make me feel much better. The Affordable Care Act's Cadillac tax is a levy that will affect expensive employer provided medical coverage starting in 2018, unless it's repealed. (Image courtesy Travel and Trade South Africa)…
  • Treasury Secretaries are fans of 'Hamilton' musical

    skbell1
    29 Aug 2015 | 10:45 am
    Art and life have intersected once again, this time on Broadway. The hot new show on the Great White Way is "Hamilton," the musical about the United States' first Treasury Secretary Alexander Hamilton. It's getting rave reviews not just from the critics, but also the public, including some guys who have a special perspective. Three Treasury Secretaries, two former and the current, have been to see the show. Treasury Secretaries who've attended the Broadway musical "Hamilton" about the first man to hold their job include, from left to right, Timothy F.
  • Prepare now, financially & physically, for Tropical Storm Erika

    skbell1
    28 Aug 2015 | 11:53 am
    I love Florida, but this week made me really glad we no longer live there. I don't think my nerves could deal with the gyrations of the stock market and a tropical storm. Hurricanes and the financial markets share a lot of similarities. There are global implications and instigators in both phenomena. Tropical Storm Erika, now pounding the northern Caribbean, started off the west coast of Africa. It was China's market meltdown that led to this week's U.S. stock drops. Tropical Storm Erika, shown here on National Hurricane Center GOES radar, hit the Dominican Republic on Friday…
 
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    Our Taxing Times

  • Kansas Tax Amnesty 2015

    trishmc
    26 Aug 2015 | 2:02 pm
    The Kansas Department of Revenue (KDOR) has a new tax amnesty program. That means if you owe back Kansas taxes you can avoid paying the interest and penalties on the tax. The catch? You have to pay off the full tax by October 15, 2015. Between September 1 and October 15, 2015, taxpayers who owe taxes for tax periods that ended on or before December 31, 2013 can apply to for amnesty. If they haven’t filed their returns those have to be submitted with the application. This program is not open for taxes that have been audited or adjusted by the IRS or under investigation by KDOR. Taxes…
  • Back to School

    trishmc
    26 Aug 2015 | 12:56 pm
    It’s back to school time and time to talk taxes. (Actually, I’m a little late since most schools around me started last weeks but hopefully you still have all the paperwork.) Specifically, I want to talk about records and receipts for your back-to-school expenses. Nope I’m not talking about that cute dress or awesome backpack you bought for the first day of school. I want to talk about college expenses; tuition, fees, books, supplies and room and board. And it doesn’t matter if the student is a young person going full time or a parent picking up a class or going back part time or…
  • SCOTUS Affirms ACA Subsidies

    trishmc
    25 Jun 2015 | 12:54 pm
    We knew that the decision would be released before the Supreme Court went on vacation and it was. Today (6/25/15) the SCOTUS affirmed the 4th Court decision in the case of King v. Burwell. The vote was 6-3 with Justices Scalia, Alito and Thomas in the minority. Chief Justice Roberts wrote the majority decision. King v. Burwell argued that the federal health insurance marketplace set up by the Affordable Care Act (ACA) could not offer subsidies to qualified participants because the law only mentioned subsidies for the state run health insurance marketplaces. Today’s decision rules otherwise.
  • Would You Move to Kansas?

    trishmc
    19 Jun 2015 | 2:19 pm
    Yesterday, I posted about the eleventh hour tax increases the Kansas Legislature passed on June 12, 2015 to cover the budget shortfall caused by the major tax cuts they passed in 2012. The tax cuts were marketed on the concept that businesses would use the money they saved in taxes to hire and expand. New residents and businesses would move to Kansas to take advantage of the lower taxes. Okay, I have some issues with the wishful thinking that the saved tax money would be used for job expansion. My big issue is that I can’t see why someone would move or bring a business to Kansas right now…
  • The Largest Tax Increase

    trishmc
    18 Jun 2015 | 2:49 pm
    The largest tax increase in the history of the state of Kansas. That’s what Kansas Democratic Party Chairman Larry Meeker said of the legislation that was finally passed on June 12, 2015. That was a day after Gov. Sam Brownback went before a caucus of Senate and House Republicans and begged them to pass increases in sales and cigarette taxes. Along with the sales and cigarette increases, the legislation made changes to the state income taxes and property taxes. A little history first. Back in 2012, Gov. Brownback oversaw a major decrease in the Kansas income tax. There were lower rates to…
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    TAX NEWS - Google News

  • Why You Might Actually Want To Make After-Tax Contributions To Your 401(k) - Forbes

    2 Sep 2015 | 11:55 am
    Why You Might Actually Want To Make After-Tax Contributions To Your 401(k)ForbesThe least popular type of contribution you can make to a 401(k) plan is an after-tax contribution that is not a Roth contribution. It's made with money you've already paid tax on (like Roth contributions). The contributions grow tax-free (like a pre
  • Upper Dauphin Area School District to try tax shift referendum again - PennLive.com

    2 Sep 2015 | 10:39 am
    Upper Dauphin Area School District to try tax shift referendum againPennLive.comThe current 1 percent earned income tax is currently split between the school district and local municipality. The earned income tax would rise to 1.6 percent, with the additional 0.6 percent going to the school district. The tax couldn't change
  • Owner Of ITS, Formerly Fourth Largest Tax Prep Biz In Country, To Face ... - Forbes

    2 Sep 2015 | 6:54 am
    ForbesOwner Of ITS, Formerly Fourth Largest Tax Prep Biz In Country, To Face ForbesEarlier this week, a federal grand jury sitting in Dayton, Ohio, handed down a 23 count indictment (downloads as a pdf) against Fesum Ogbazion and Kyle Wade for conspiracy and tax-related crimes. Ogbazion and Wade were each charged with one count of ...
  • Watch out for the Trump tax plan and get ready for a tough autumn, Washington - Washington Post

    2 Sep 2015 | 6:28 am
    Watch out for the Trump tax plan and get ready for a tough autumn, WashingtonWashington PostWHAT TO EXPECT FROM TRUMP ON TAXES. Republican presidential candidate Donald Trump has been letting bits and pieces of his thinking on tax policy slip in recent days, and the New York Times has a roundup of what those hints tell us about his ...and more »
  • City Council hears from concerned citizens on tax rate - Huntsville Item

    2 Sep 2015 | 5:23 am
    Huntsville ItemCity Council hears from concerned citizens on tax rateHuntsville Item18 council meeting, which garnered a handful of concerned citizens who spoke out in opposition of the proposed 41.06 cents per $100 valuation maximum tax rate. During the second hearing Tuesday night, that same sentiment echoed throughout City Hall.and more »
 
 
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    THE WANDERING TAX PRO

  • AICPA CONTINUES TO PROMOTE THE URBAN TAX MYTH

    2 Sep 2015 | 2:00 am
    Fellow tax blogger Jason Dinesen, of DINESEN TAX TIMES, whose posts I reference often in the BUZZ, brought my attention to “AICPA Lays the Smackdown on Dear Abby” by Greg Kyte at GOING CONCERN.The piece concerns a letter submitted to and published by “Dear Abby” as “Couple Deep in Tax Hole Need Helpin Climbing Out”.Here is the text of the letter –“DEAR ABBY: I have just learned that my sister's husband of 35 years (I'll call him George) hasn't filed their personal income taxes going back a number of years. This has caused a lot of stress and anxiety for my sister, who recently…
  • WHAT’S THE BUZZ, TELL ME WHAT’S A HAPPENNIN’ – TUESDAY EDITION

    1 Sep 2015 | 2:00 am
    I am off to the National Association of Tax Professional’s Tax Forum and Expo in Philadelphia.  The Forum is being held at the Marriott, but I am saving $20+ per night by staying across the street at the Loews (a hotel of equal quality).  Moral of the story – the conference or group rate is not always the best rate (even at the same hotel – another registrant found that the AAA rate at the Marriott was cheaper than the group rate).  Check out other options – do not automatically book at the conference hotel using the conference rate.I will post anything of value…
  • WHAT’S THE BUZZ, TELL ME WHAT’S A HAPPENNIN’

    28 Aug 2015 | 2:00 am
    It’s about time – a meaty BUZZ!* The DFBs!  VOX.COM reports “H&R Block Snuck Language Into a Senate Bill to Make Taxes More Confusing for Poor People” -“At the company's instigation, the Senate Appropriations Committee has passed a funding bill covering the IRS whose accompanying report instructs the agency to at least quadruple the length of the form that taxpayers fill out to get the Earned Income Tax Credit.”Of course, IMHO the Earned Income Tax Credit does not belong on the 1040.   And, also IMHO, nobody should ever use Henry and Richard to prepare their tax…
  • WHAT DEDUCTIONS WOULD YOU KEEP?

    27 Aug 2015 | 2:00 am
    My fellow tax blogger Kelly Phillips Erb – FORBES.COM’s TaxGirl, has a regular feature called “Fix the Tax Code Friday”.  She poses a tax question that concerns a problem with the current mucking fess that is out Tax Code and calls for comments from her readers.A recent question was -“If we scrapped all of the deductions under the Tax Code except one, which one would you want to hold onto?”My answer - I would keep many of the current deductions, although none of the current credits (FYI – click herefor my series of TWTP posts on how I would rewrite the Tax Code). …
  • TRY TO REMEMBER . . .

    25 Aug 2015 | 2:00 am
    The summer is almost over – and year-end tax planning time will soon be here.Just thought I would provide some 1040-related reminders –MORTGAGE INTERESTBasically there are two types of mortgage debt –1) Acquisition debt - debt acquired after October 13, 1987, that was used to buy, build, or substantially improve a main residence or a qualified second home. A “substantial improvement” is one that adds value to the home, prolongs the home’s useful life, or adapts the home to new uses.  And 2) Home equity debt – debt acquired after October 13, 1987, that is secured by a main…
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    Start Making Sense

  • Letter to FASB regarding the accounting treatment of deferred U.S. taxes

    1 Sep 2015 | 7:10 am
    I am one of eight signatories of a letter that has just been sent to the Financial Accounting Standards Board, urging it to repeal APB 23, the rule that allows U.S. companies to designate particular foreign earnings as indefinitely reinvested abroad, thus allowing U.S. deferred tax liabilities to be ignored rather than being deducted from reported earnings at full value.APB 23 has terrible tax policy effects, as it creates lock-in for foreign earnings insofar as managers who have taken advantage of it don't want to create negative adjustments (or to undermine their ability to make other APB…
  • NYU Tax Policy Colloquium - spring 2016

    25 Aug 2015 | 2:19 pm
    The schedule for the 2016 NYU Tax Policy Colloquium, which I will be co-teaching with Chris Sanchirico of U Penn Law School, is now set (as to speakers, though not as yet paper titles).  We'll be meeting on Tuesdays, from 4 to 5:50 pm, at NYU Law School, 40 Washington Square South (i.e. Vanderbilt Hall), room 208.  The speaker list is as follows.1.  January 19 – Eric Talley, Columbia Law School.2.  January 26 – Michael Simkovic, Seton Hall Law School.3.  February 2 – Lucy Martin, University of North Carolina at Chapel Hill, Department of Political…
  • Belated comment on Hillary Clinton's capital gains proposal

    19 Aug 2015 | 11:12 am
    I was away on vacation when Hillary Clinton released her capital gains proposal, but figured better late than never, so here are a few words on it now.Under present law, the top individual tax rate is 39.6%, and this is also the tax rate for short-term capital gains, or items held for less than a year.  Any capital asset that is held longer is taxed at the long-term capital gains rate, which for people in the top bracket is 20%.The Clinton proposal is pretty simple: require that one hold the asset for six years to get the 20% rate.  In the interim, the applicable rate slowly drops…
  • Back from Spain

    3 Aug 2015 | 12:47 pm
    After an enjoyable close-to-two-weeks in Spain (Barcelona, Seville, Madrid, Toledo), I am back in NYC, more or less for the duration.  Among the best things I saw out there were the Gaudi buildings and Sagrada Familia church in Barcelona, and the astoundingly rich collections of Spanish and other European art in the Prado and Thyssen museums in Madrid. It actually got painful trying to see as much as one could, in a day each, of those two collections.  For example, lots of great El Greco (supplemented in Toledo), Velazquez, and Goya. And the Picasso Museum in Barcelona was quite…
  • Things I should have known

    17 Jul 2015 | 7:59 pm
    I was pro-EU for many years, reflecting my dislike of parochial nationalisms, and my analogizing from my belief that, in the U.S., the optimal balance as between the national government and the state governments should be tilted much more towards the national side of the scale than it would be we if we were like Europe.But U.S. federal government policy is run by a nationally elected president plus a national legislature where all states are represented, not to mention that we're all in the same boat economically even when we don't realize it.  E.g., I was reading the other day about how…
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    MauledAgain

  • When Tax Maneuvering Goes Bad

    James Edward Maule
    2 Sep 2015 | 5:01 am
    The politicians outdid themselves this time. According to this story, a gerrymandering stunt has backfired, leaving the outcome of a vote on a local sales tax increase in the hands of one person.When the promoters of the Business Loop 70 Community Improvement District in Columbia, Missouri, decided to finance their projects with a sales tax increase, they were required to comply with a state law that subjects the increase to approval of those who reside in the district. So the promoters gerrymandered the borders of the district so that it would not include any voters. In other words, they…
  • The Tax and Benefits Conundrum

    James Edward Maule
    31 Aug 2015 | 5:01 am
    The anti-tax crowd, along with those who are willing to tolerate minimal taxation but want to cut significantly government spending, must not be very happy with a photo and story making the rounds. I first saw the photo on facebook, where it has popped up multiple times, and so I looked for more information. According to this story, which also includes the photo, Brad Craig of Okanogan, Washington, thanked firefighters for saving his home from one of the many huge fires that are sweeping across Washington and Oregon. Someone thanking public servants for saving their lives or their homes is…
  • Traffic Ticket Fines Based on Income?

    James Edward Maule
    28 Aug 2015 | 5:01 am
    Over at debate.org, TheUnapologeticTruth asked, “Should traffic tickets be scaled to personal income like taxes?” No matter one’s conclusion, it is helpful that this sort of question is asked every now and then to see if circumstances have changed in a manner warranting a change in how traffic tickets are priced.Those favoring a “yes” answer to the question point out that a fixed traffic fine is but petty cash to a wealthy person but for a poor person it might mean no groceries for a week or two. If the fine is to be a deterrent, argued another, it needs to be set at an amount that…
  • A Rudeness Tax?

    James Edward Maule
    26 Aug 2015 | 5:01 am
    A reader alerted me to an unusual book, Tax the Rude, Not Me!. The examples provided in the preview tend to confirm the depiction of the book as humor. For example, they propose an “outer limits tax” on “infuriating supermarket shoppers who insist on going through the supermarket "express" checkout ahead of you knowing full well they exceed the posted maximum limit” and a “petrie dish tax” on “restaurant customers who use the rest rooms, don't wash their hands, and then dig around in the candy dish at the cash register for their favorite after-dinner mint.” These impositions,…
  • Tax Return Preparer Gone Bad

    James Edward Maule
    24 Aug 2015 | 5:00 am
    It is not unusual to see stories about tax return preparers who are convicted of tax fraud, or of ripping off their clients. It happens too often. But a recent story about a convicted tax return preparer caught my eye because the actions of the preparer were especially egregious.First, the preparer, who pleaded guilty to conspiracy, filing false tax returns, fraud, and aggravated identity theft, used the names of foster children and disabled children as dependents on his clients’ tax returns, even though those children were not dependents of the clients. The sentencing judge explained that…
 
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    TaxProf Blog

  • The 100 Most Influential People In Tax And Accounting

    Paul Caron
    2 Sep 2015 | 12:45 pm
    I am honored to be included on the list of Accounting Today's 100 Most Influential People in Tax and Accounting for the tenth year in a row: In the years since Caron was one of the few pioneering tax bloggers, a veritable host of others have sprung up, but none...
  • U.S. News Law School Rankings 'Echo Chamber' Affects Peer Reputation, Lawyer/Judge Reputation, Selectivity & Tuition, But Not Employers

    Paul Caron
    2 Sep 2015 | 12:05 pm
    Jeffrey Evans Stake (Indiana) & Michael Alexeev (Indiana), Who Responds to U.S. News & World Report's Law School Rankings?, 12 J. Empirical Legal Stud. 421 (2015): U.S. News & World Report (USN&WR) publishes annual rankings of ABA‐approved law schools. The popularity of these rankings raises the question of whether they...
  • NY Times: Why Students With The Smallest Debts Have The Larger Problem

    Paul Caron
    2 Sep 2015 | 10:58 am
    New York Times: Why Students With Smallest Debts Have the Larger Problem, by Susan Dynarski (Michigan): Politicians who complain about college costs frequently cite two numbers: one trillion and seven million. Student borrowers owe more than $1 trillion, and seven million borrowers are in default, according to the latest Department...
  • Repatriation Tax Holiday: Wrong In 2004, Wrong Now

    Paul Caron
    2 Sep 2015 | 10:00 am
    Oxford University Press Blog: Wrong Again, by Richard S. Grossman (Wesleyan): Unlike fine wine, bad ideas don’t improve with age. One such idea is the Invest in Transportation Act, co-sponsored by Sens. Barbara Boxer (D-CA) and Rand Paul (R-KY), which would institute a temporary tax cut on profits brought back...
  • Tax Prof Moves, 2015-16

    Paul Caron
    2 Sep 2015 | 4:09 am
    VAP Hires Hayes Holderness (McDermott, Will & Emery, New York) to Illinois Clint Wallace (Caplin & Drysdale, New York) to NYU Entry Level Hires Monica Gianni (VAP, Florida) to California State Northridge Jacob Goldin (Law Clerk, Judge Posner) to Stanford Daniel Hemel (Law Clerk, Justice Kagan) to Chicago Goldburn Maynard...
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    Roth & Company, P.C

  • Tax Roundup, 9/2/15: Contract manufacturer deduction to sleep with the fishes? And: IRS can’t monitor ACA tax credit claims, and more!

    Joe Kristan
    2 Sep 2015 | 6:58 am
    Treasury puts out a contract on some Sec. 199 deductions. In a new post at TaxPlace, Roger McEowen covers the New Domestic Production Activities Deduction Temporary Regulations. Unfortunately it is available only to TaxPlace subscribers right now (TaxPlace subscriptions are a fine bargain for practitioners, by the way). He covers a key aspect of the proposed rules: the way they make it impossible for firms who contract out their manufacturing to claim the deduction. From the article: Contract Manufacturing Activities.  The proposed regulations change the test for determining which…
  • Tax Roundup, 9/1/15: If the taxman takes your car, recode your garage door. And: jobs, $211,111 each.

    Joe Kristan
    1 Sep 2015 | 6:33 am
    A 1974 Mercedes scheduled for IRS auction 8/31/15 at Bama Jammer Storage, Huntsville, AL. As if having your car seized by the taxman wasn’t bad enough. The Treasury Inspector General for Tax Administration, in a report on IRS handling of property seized for tax nonpayment, notes a potential problem if the IRS takes your car: However, during our discussions with IRS employees involved in the seizure process, we determined that there was no guidance on what actions to take if seized vehicles are equipped with installed navigation or garage door opening systems. Additionally, except for…
  • Tax Roundup, 8/31/15: Low income taxes don’t mean high excise taxes. And: planning for President Bernie.

    Joe Kristan
    31 Aug 2015 | 6:24 am
      I would expect states without an income tax to have high excise taxes, but it’s not so. Liz Malm, How Much Does Your State Collect in Excise Taxes Per Capita? (Tax Policy Blog). Minnesota, with ridiculously high tax rates, also is the third biggest excise tax collector. South Dakota, with no income tax, is only the 26th highest.   TaxProf, The IRS Scandal, Day 842, 843, 844. There is a lot about the current administration’s approach to transparency. An administration that promised to be “the most transparent in history” resists every information…
  • Tax Roundup, 8/28/15: Reverse Danegeld. And: stealing a Congressional tax refund!

    Joe Kristan
    28 Aug 2015 | 6:34 am
    Flickr image courtesy stu_spivack under Creative Commons license May I have another Danish? It’s a lot less fun to be a Dane than it might have been 1,000 years ago. Back then, cowering kings paid a Danegeld, a payment to keep the fearsome Danish Vikings away. From Wikipedia: The Danegeld (/deɪnld/;[1] “Danish tax”, literally “Dane tribute”) was a tax raised to pay tribute to the Viking raiders to save a land from being ravaged.  Now the money is going the other way, it appears, because the Danish tax agency is outdoing the IRS in sending money to thieves, no…
  • Tax Roundup, 8/27/15: Iowa cheap for the factory, costly for the headquarters. And: Instant Tax indictments.

    Joe Kristan
    27 Aug 2015 | 6:13 am
    All the state taxes. The Tax Foundation has issued its 2015 Location Matters report, “a comparative analysis of state tax costs on business.” It provides a summary of the costs of operating different kinds of business, state by state, with wonderful charts like this one for Iowa: Source: The Tax Foundation This chart seems to show that Iowa is relatively easy on manufacturing, but a very expensive place for a service business or a distribution center — with an effective state and local rate of around 40% for distribution facilities. It also shows that the corporation…
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    RUBIN ON TAX

  • Table of Revised Income Tax Return Filing Due Dates

    Charles (Chuck) Rubin
    29 Aug 2015 | 11:13 am
    Rather than have to look these up constantly, I have created for myself (and my readers) a cheat sheet summary of the new filing dates enacted in the recently enacted Surface Transportation and Veterans Health Care Choice Improvement Act of 2015. Note that most of these will start applying only to filings for the 2016 tax year. Download a PDF of the entire chart here, which will be easier to read and print than the screenshot below. I will also add it to the list of resources in the right-hand column of this blog. If you think there are any errors, email me at crubin@floridatax.com. Follow…
  • Ashes of a Cremated Decedent are not Property Subject to Division among Heirs [Florida]

    Charles (Chuck) Rubin
    24 Aug 2015 | 1:33 pm
    The parents of a deceased child were the sole heirs of the child’s estate. The child’s remains were cremated, and the parents could not agree on the final disposition of his assets. The father petitioned the probate court to divide the ashes equally among the mother and father as the heirs of the child. Florida’s probate code defines “property” as “both real and personal property or any interest in it and anything that may be the subject of ownership.” The probate court found that the ashes were not “property” subject to division in accordance with the division of other…
  • IRS Announces Delay in Consistent Basis Notice to Beneficiaries Rules

    Charles (Chuck) Rubin
    23 Aug 2015 | 8:50 am
    I recently wrote about the provisions of the Surface Transportation and Veterans Health Care Choice Improvement Act of 2015 that require estates to give statements to beneficiaries regarding the basis of property if an estate tax return is required to be filed, generally within 30 days of the due date of the return. The IRS has now issued guidance delaying taxpayer obligations to follow the new rules. The Notice provides: For statements required under sections 6035(a)(1) and (a)(2) to be filed with the IRS or furnished to a beneficiary before February 29, 2016, the due date under section…
  • Applicable Federal Rates - September 2015

    Charles (Chuck) Rubin
    19 Aug 2015 | 1:10 pm
    Follow @crubincrubin
  • Congress Sneaks in Some Important Procedural Tax Changes

    Charles (Chuck) Rubin
    14 Aug 2015 | 6:26 am
    On July 31, 2015, President Obama signed HR 3236, the "Surface Transportation and Veterans Health Care Choice Improvement Act of 2015." While you wouldn’t know it from the title, Congress included some important procedural tax changes that are of special interest to tax return preparers and estate administrators. Due Date for FBAR/FinCEN Form 114. Starting next year, this has been moved up from June 30 to April 15. For the first time, taxpayers can obtain a six month extension to October 15. This will put the filing schedule in line with the federal income tax return filing deadlines for…
 
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    Taxable Talk

  • The Hospital’s Closing; Who Will Notice the Missing Charity Money?

    Russ
    31 Aug 2015 | 7:19 pm
    Irvine, California used to have Irvine Regional Hospital. The hospital closed back in 2009 (but has since reopened as Hoag Hospital Irvine). When I lived in Irvine one of my doctors has his office in the medical building that’s attached to the hospital. I imagine he’s a bit perturbed over the following story. Dr. Bruce Hagadorn was chief of staff at the hospital and was on the board of the hospital’s charity committee. As the hospital neared closing the committee had to decide what to do with the $250,000 in the charity fund. They decided to the Hoag Hospital Foundation. The…
  • Sergeant Schultz to the Rescue!

    Russ
    30 Aug 2015 | 3:57 pm
    Back in the 1960s there was a television show called Hogan’s Heroes. The comedy was set in a prisoner-of-war camp in Germany during World War II. One of the characters on the show was Sergeant Schultz. Here’s an excerpt via YouTube: Schultz’s famous line was, “I know nothing, I see nothing,….” That’s what it feels like when we deal with answers from the IRS and the Obama Administration. Federal judges have come to that conclusion, too. Here are two court rulings from this past week. The first case isn’t related to taxes, but relates to the EPA.
  • When Even IRS Employees Are Tempted to Commit Identity Theft…

    Russ
    30 Aug 2015 | 3:25 pm
    …you know there’s a huge problem. Especially given that the employee should realize that the Treasury Inspector General for Tax Administration (TIGTA) does look at alleged criminal activities by IRS employees. Yet it happens. Take Kenneth Goheen of Austin. Mr. Goheen worked in the IRS Austin Service Center. He apparently looked at applications for an Individual Taxpayer Identification Numbers (ITINs) and used those applications to file more than 50 fraudulent returns. He pocketed over $120,000 while committing his crimes. Luckily, TIGTA and IRS Criminal Investigation found out…
  • You Will EFile and Electronically Remit to California’s EDD

    Russ
    30 Aug 2015 | 10:54 am
    Beginning in 2017, all California employers with ten or more employees will be required to electronically file all withholding tax reports and electronically remit all payments to California’s Employment Development Department (EDD). Beginning in 2018, all California employers, regardless of size, will be required to electronically file and remit. These changes are part of legislation recently passed by the California legislature and signed into law by Governor Jerry Brown.
  • Will the Last One Out Turn the Lights Off?

    Russ
    27 Aug 2015 | 7:55 pm
    An interesting op-ed in the Orange County Register talks about how Democrats in the California legislature are considering a long list of taxes. The author, Joseph Vranich, is a business relocation consultant based in my old homestead of Irvine, California. Mr. Vranich laments the current state of California: Think about Dan Castilleja, president of DHF Technical Products, who said when relocating that it’s easier to expand in New Mexico than in the Los Angeles area, where “We are hampered by everything from payroll to taxes to regulation.” Examples abound of companies leaving for other…
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    » Blog

  • Tampa Bay Farmers Market Finds New Tampa Home

    Darrin Mish
    31 Aug 2015 | 8:53 am
    In “Tampa Bay Farmers Market has new North Tampa home,” Lenora Lake describes a well established Tampa business which recently re-located to a different part of the city. Barbara and John J. Sansone of Valrico have owned a farmers market for some 40 years. They moved to 1718 W. Fletcher Avenue late in July. To their delight, many of their established customers looked them up at the new location. The parents of four grown children, the couple appreciates the vendors and customers who visit their farmers market on a regular basis. John Sansone represents the fourth generation of his…
  • IRS Awarded One Conservative Group Tax-Exempt Status in Three-Year Period

    Darrin Mish
    30 Aug 2015 | 8:49 am
    A report that was released a couple weeks back by the Senate Finance Committee indicated that Lois Lerner, the former head of the Internal Revenue Service (IRS) Exempt Organizations Unit, was primarily responsible for the agency granting only one conservative advocacy group tax-exempt status between February 2009 and May 2012. Lerner, according to the report, became aware of an increase in applications for tax exempt status from conservative groups during the Spring of 2010. She then reportedly implemented a more complicated process in order to delay ruling on those applications. In contrast,…
  • Federal Judge Threatens to Hold IRS Commissioner in Contempt Over Lerner Emails

    Darrin Mish
    29 Aug 2015 | 8:45 am
    Angry over the inability of the Internal Revenue Service (IRS) to produce recovered e-mails from Lois Lerner as well as status report on e-mail production issues related to that correspondence, U.S District Court Judge Emmet Sullivan threatened on July 29 to hold both IRS Commissioner John Koskinen and attorneys from the Justice Department in contempt. Sullivan’s threat came during a status hearing on his July 1 order that the IRS begin producing the almost 1,800 Lerner e-mails that were recently discovered. That directive was in response to a Freedom of Information Act (FOIA) request from…
  • IRS Raids Tax Office In Logansport

    Darrin Mish
    28 Aug 2015 | 5:36 am
    A Logansport accounting and tax preparation service was raided by agents from the Internal Revenue Service’s criminal investigation division on Wednesday, August 12, with computers and boxes removed from the premises. The 90-minute raid took place at the 522 North St. address of Picardo’s Accounting, which was closed at the time. The firm’s owner, Mauro Picardo, had been instructed by the IRS at approximately 10:30 that morning to unlock the building. Using warrants that were presented to Picardo, agents arrived and put the computers and files in unmarked SUV’s before driving away.
  • IRS Agent Loses Flash Drive Containing Data On Nearly 12,000 Katy ISD Employees

    Darrin Mish
    27 Aug 2015 | 6:31 am
    A portable flash drive that contained the personal information of close to 12,000 employees of the Katy, Texas Independent School District, was misplaced on August 5 by an IRS agent conducting a random audit. A total of 11,658 past and present employees who either received a paycheck in 2013 from the school district or contributed to either a 403(b) or 457(b) voluntary plan that year were affected by the issue. The specific information on the flash drive included the names, Social Security numbers, mailing addresses and birth dates of the individuals. Most of those employees were notified by…
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    L & R Tax Preparation LLC RSS Feed

  • Recordkeeping for Charitable Contributions

    1 Sep 2015 | 7:00 am
    You must keep records to prove the amount of any cash and noncash contributions you make during the year. Which records you must keep depends on the amount you contributed and whether they are cash or property contributions.
  • Leaving a Business: Which Exit Plan is Best?

    1 Sep 2015 | 7:00 am
    There are four ways to leave your business: transfer ownership to family members, Employee Stock Option Plan (ESOP), sale to a third party, and liquidation. Which one is right for you? Keep reading to learn more.
  • Defer Capital Gains using Like-Kind Exchanges

    1 Sep 2015 | 7:00 am
    If real estate's your game, did you know that it's possible to defer capital gains by taking advantage of a Section 1031 exchange that allows you to swap investment property on a tax-deferred basis?
 
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  • State Won't Let Stores Open on Nov. 22

    2 Sep 2015 | 1:39 pm
    State Won't Let Stores Open on Nov. 22WMTW Most people flock to stores on Thanksgiving for last-minute items or pre-Black Friday steals -- but one state's law doesn't allow that.Where big box stores will be closed In Case You Missed ItSchool Bus Driver's Terrifying Close CallShocking Thing Opens Up in Man's LawnOfficial 'Disgusted' by What Happened to Car
  • General's Emails More Than 'Flirtatious'

    2 Sep 2015 | 1:39 pm
    General's Emails More Than 'Flirtatious'APGen. John Allen, the top US commander in Afghanistan, exchanged countless emails with a woman at the heart of the Petraeus scandal.Source reveals explicit messagesMore NewsPlane Crashes Into Mississippi HomeWashington Post Editor Steps DownHusband Finds Teacher in Act With Boy
  • Reason This Ad Is Making Waves

    2 Sep 2015 | 1:39 pm
    Reason This Ad Is Making Waves Marks & SpencerIt looks like any other holiday clothing ad for kids, but something about this one is different -- and it's not an accident.How a Facebook post started it allMore StoriesPreterm Birth Rate Drops to New LowPossible Risk Factor for Autism Found?Stranger I Wish I'd Stopped to Talk With
  • Soap Star Says Goodbye After 25 Years

    2 Sep 2015 | 1:39 pm
    Soap Star Says Goodbye After 25 YearsCBSSusan Flannery left 'The Bold and the Beautiful' after two and a half decades -- and she's not the only star with a very long TV tenure.Actress who spent 41 years on her showMore to See'X Factor' Singer Says Sexuality Was a RiskActress Opened Up About Bipolar DisorderStreisand's Son Sings for Gay-Friendly Film
  • Take a Look at Where JFK Was Born

    2 Sep 2015 | 1:39 pm
    Take a Look at Where JFK Was BornNational Park ServiceYou'll find the late president's very first belongings inside this New England home -- which is being opened to the public for the first time.Famous items the living room is 'filled with'More to SeeStar Has Rose Named After HerCommon Heating Mistake Could Cost YouThe Best Pillow for Your Sleep Style
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  • State Won't Let Stores Open on Nov. 22

    2 Sep 2015 | 1:39 pm
    State Won't Let Stores Open on Nov. 22WMTW Most people flock to stores on Thanksgiving for last-minute items or pre-Black Friday steals -- but one state's law doesn't allow that.Where big box stores will be closed In Case You Missed ItSchool Bus Driver's Terrifying Close CallShocking Thing Opens Up in Man's LawnOfficial 'Disgusted' by What Happened to Car
  • General's Emails More Than 'Flirtatious'

    2 Sep 2015 | 1:39 pm
    General's Emails More Than 'Flirtatious'APGen. John Allen, the top US commander in Afghanistan, exchanged countless emails with a woman at the heart of the Petraeus scandal.Source reveals explicit messagesMore NewsPlane Crashes Into Mississippi HomeWashington Post Editor Steps DownHusband Finds Teacher in Act With Boy
  • Reason This Ad Is Making Waves

    2 Sep 2015 | 1:39 pm
    Reason This Ad Is Making Waves Marks & SpencerIt looks like any other holiday clothing ad for kids, but something about this one is different -- and it's not an accident.How a Facebook post started it allMore StoriesPreterm Birth Rate Drops to New LowPossible Risk Factor for Autism Found?Stranger I Wish I'd Stopped to Talk With
  • Soap Star Says Goodbye After 25 Years

    2 Sep 2015 | 1:39 pm
    Soap Star Says Goodbye After 25 YearsCBSSusan Flannery left 'The Bold and the Beautiful' after two and a half decades -- and she's not the only star with a very long TV tenure.Actress who spent 41 years on her showMore to See'X Factor' Singer Says Sexuality Was a RiskActress Opened Up About Bipolar DisorderStreisand's Son Sings for Gay-Friendly Film
  • Take a Look at Where JFK Was Born

    2 Sep 2015 | 1:39 pm
    Take a Look at Where JFK Was BornNational Park ServiceYou'll find the late president's very first belongings inside this New England home -- which is being opened to the public for the first time.Famous items the living room is 'filled with'More to SeeStar Has Rose Named After HerCommon Heating Mistake Could Cost YouThe Best Pillow for Your Sleep Style
 
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  • State Won't Let Stores Open on Nov. 22

    2 Sep 2015 | 1:39 pm
    State Won't Let Stores Open on Nov. 22WMTW Most people flock to stores on Thanksgiving for last-minute items or pre-Black Friday steals -- but one state's law doesn't allow that.Where big box stores will be closed In Case You Missed ItSchool Bus Driver's Terrifying Close CallShocking Thing Opens Up in Man's LawnOfficial 'Disgusted' by What Happened to Car
  • General's Emails More Than 'Flirtatious'

    2 Sep 2015 | 1:39 pm
    General's Emails More Than 'Flirtatious'APGen. John Allen, the top US commander in Afghanistan, exchanged countless emails with a woman at the heart of the Petraeus scandal.Source reveals explicit messagesMore NewsPlane Crashes Into Mississippi HomeWashington Post Editor Steps DownHusband Finds Teacher in Act With Boy
  • Reason This Ad Is Making Waves

    2 Sep 2015 | 1:39 pm
    Reason This Ad Is Making Waves Marks & SpencerIt looks like any other holiday clothing ad for kids, but something about this one is different -- and it's not an accident.How a Facebook post started it allMore StoriesPreterm Birth Rate Drops to New LowPossible Risk Factor for Autism Found?Stranger I Wish I'd Stopped to Talk With
  • Soap Star Says Goodbye After 25 Years

    2 Sep 2015 | 1:39 pm
    Soap Star Says Goodbye After 25 YearsCBSSusan Flannery left 'The Bold and the Beautiful' after two and a half decades -- and she's not the only star with a very long TV tenure.Actress who spent 41 years on her showMore to See'X Factor' Singer Says Sexuality Was a RiskActress Opened Up About Bipolar DisorderStreisand's Son Sings for Gay-Friendly Film
  • Take a Look at Where JFK Was Born

    2 Sep 2015 | 1:39 pm
    Take a Look at Where JFK Was BornNational Park ServiceYou'll find the late president's very first belongings inside this New England home -- which is being opened to the public for the first time.Famous items the living room is 'filled with'More to SeeStar Has Rose Named After HerCommon Heating Mistake Could Cost YouThe Best Pillow for Your Sleep Style
  • add this feed to my.Alltop

  • State Won't Let Stores Open on Nov. 22

    2 Sep 2015 | 1:39 pm
    State Won't Let Stores Open on Nov. 22WMTW Most people flock to stores on Thanksgiving for last-minute items or pre-Black Friday steals -- but one state's law doesn't allow that.Where big box stores will be closed In Case You Missed ItSchool Bus Driver's Terrifying Close CallShocking Thing Opens Up in Man's LawnOfficial 'Disgusted' by What Happened to Car
  • General's Emails More Than 'Flirtatious'

    2 Sep 2015 | 1:39 pm
    General's Emails More Than 'Flirtatious'APGen. John Allen, the top US commander in Afghanistan, exchanged countless emails with a woman at the heart of the Petraeus scandal.Source reveals explicit messagesMore NewsPlane Crashes Into Mississippi HomeWashington Post Editor Steps DownHusband Finds Teacher in Act With Boy
  • Reason This Ad Is Making Waves

    2 Sep 2015 | 1:39 pm
    Reason This Ad Is Making Waves Marks & SpencerIt looks like any other holiday clothing ad for kids, but something about this one is different -- and it's not an accident.How a Facebook post started it allMore StoriesPreterm Birth Rate Drops to New LowPossible Risk Factor for Autism Found?Stranger I Wish I'd Stopped to Talk With
  • Soap Star Says Goodbye After 25 Years

    2 Sep 2015 | 1:39 pm
    Soap Star Says Goodbye After 25 YearsCBSSusan Flannery left 'The Bold and the Beautiful' after two and a half decades -- and she's not the only star with a very long TV tenure.Actress who spent 41 years on her showMore to See'X Factor' Singer Says Sexuality Was a RiskActress Opened Up About Bipolar DisorderStreisand's Son Sings for Gay-Friendly Film
  • Take a Look at Where JFK Was Born

    2 Sep 2015 | 1:39 pm
    Take a Look at Where JFK Was BornNational Park ServiceYou'll find the late president's very first belongings inside this New England home -- which is being opened to the public for the first time.Famous items the living room is 'filled with'More to SeeStar Has Rose Named After HerCommon Heating Mistake Could Cost YouThe Best Pillow for Your Sleep Style
  • add this feed to my.Alltop

  • State Won't Let Stores Open on Nov. 22

    2 Sep 2015 | 1:39 pm
    State Won't Let Stores Open on Nov. 22WMTW Most people flock to stores on Thanksgiving for last-minute items or pre-Black Friday steals -- but one state's law doesn't allow that.Where big box stores will be closed In Case You Missed ItSchool Bus Driver's Terrifying Close CallShocking Thing Opens Up in Man's LawnOfficial 'Disgusted' by What Happened to Car
  • General's Emails More Than 'Flirtatious'

    2 Sep 2015 | 1:39 pm
    General's Emails More Than 'Flirtatious'APGen. John Allen, the top US commander in Afghanistan, exchanged countless emails with a woman at the heart of the Petraeus scandal.Source reveals explicit messagesMore NewsPlane Crashes Into Mississippi HomeWashington Post Editor Steps DownHusband Finds Teacher in Act With Boy
  • Reason This Ad Is Making Waves

    2 Sep 2015 | 1:39 pm
    Reason This Ad Is Making Waves Marks & SpencerIt looks like any other holiday clothing ad for kids, but something about this one is different -- and it's not an accident.How a Facebook post started it allMore StoriesPreterm Birth Rate Drops to New LowPossible Risk Factor for Autism Found?Stranger I Wish I'd Stopped to Talk With
  • Soap Star Says Goodbye After 25 Years

    2 Sep 2015 | 1:39 pm
    Soap Star Says Goodbye After 25 YearsCBSSusan Flannery left 'The Bold and the Beautiful' after two and a half decades -- and she's not the only star with a very long TV tenure.Actress who spent 41 years on her showMore to See'X Factor' Singer Says Sexuality Was a RiskActress Opened Up About Bipolar DisorderStreisand's Son Sings for Gay-Friendly Film
  • Take a Look at Where JFK Was Born

    2 Sep 2015 | 1:39 pm
    Take a Look at Where JFK Was BornNational Park ServiceYou'll find the late president's very first belongings inside this New England home -- which is being opened to the public for the first time.Famous items the living room is 'filled with'More to SeeStar Has Rose Named After HerCommon Heating Mistake Could Cost YouThe Best Pillow for Your Sleep Style
 
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  • State Won't Let Stores Open on Nov. 22

    2 Sep 2015 | 1:39 pm
    State Won't Let Stores Open on Nov. 22WMTW Most people flock to stores on Thanksgiving for last-minute items or pre-Black Friday steals -- but one state's law doesn't allow that.Where big box stores will be closed In Case You Missed ItSchool Bus Driver's Terrifying Close CallShocking Thing Opens Up in Man's LawnOfficial 'Disgusted' by What Happened to Car
  • General's Emails More Than 'Flirtatious'

    2 Sep 2015 | 1:39 pm
    General's Emails More Than 'Flirtatious'APGen. John Allen, the top US commander in Afghanistan, exchanged countless emails with a woman at the heart of the Petraeus scandal.Source reveals explicit messagesMore NewsPlane Crashes Into Mississippi HomeWashington Post Editor Steps DownHusband Finds Teacher in Act With Boy
  • Reason This Ad Is Making Waves

    2 Sep 2015 | 1:39 pm
    Reason This Ad Is Making Waves Marks & SpencerIt looks like any other holiday clothing ad for kids, but something about this one is different -- and it's not an accident.How a Facebook post started it allMore StoriesPreterm Birth Rate Drops to New LowPossible Risk Factor for Autism Found?Stranger I Wish I'd Stopped to Talk With
  • Soap Star Says Goodbye After 25 Years

    2 Sep 2015 | 1:39 pm
    Soap Star Says Goodbye After 25 YearsCBSSusan Flannery left 'The Bold and the Beautiful' after two and a half decades -- and she's not the only star with a very long TV tenure.Actress who spent 41 years on her showMore to See'X Factor' Singer Says Sexuality Was a RiskActress Opened Up About Bipolar DisorderStreisand's Son Sings for Gay-Friendly Film
  • Take a Look at Where JFK Was Born

    2 Sep 2015 | 1:39 pm
    Take a Look at Where JFK Was BornNational Park ServiceYou'll find the late president's very first belongings inside this New England home -- which is being opened to the public for the first time.Famous items the living room is 'filled with'More to SeeStar Has Rose Named After HerCommon Heating Mistake Could Cost YouThe Best Pillow for Your Sleep Style
  • add this feed to my.Alltop

  • State Won't Let Stores Open on Nov. 22

    2 Sep 2015 | 1:39 pm
    State Won't Let Stores Open on Nov. 22WMTW Most people flock to stores on Thanksgiving for last-minute items or pre-Black Friday steals -- but one state's law doesn't allow that.Where big box stores will be closed In Case You Missed ItSchool Bus Driver's Terrifying Close CallShocking Thing Opens Up in Man's LawnOfficial 'Disgusted' by What Happened to Car
  • General's Emails More Than 'Flirtatious'

    2 Sep 2015 | 1:39 pm
    General's Emails More Than 'Flirtatious'APGen. John Allen, the top US commander in Afghanistan, exchanged countless emails with a woman at the heart of the Petraeus scandal.Source reveals explicit messagesMore NewsPlane Crashes Into Mississippi HomeWashington Post Editor Steps DownHusband Finds Teacher in Act With Boy
  • Reason This Ad Is Making Waves

    2 Sep 2015 | 1:39 pm
    Reason This Ad Is Making Waves Marks & SpencerIt looks like any other holiday clothing ad for kids, but something about this one is different -- and it's not an accident.How a Facebook post started it allMore StoriesPreterm Birth Rate Drops to New LowPossible Risk Factor for Autism Found?Stranger I Wish I'd Stopped to Talk With
  • Soap Star Says Goodbye After 25 Years

    2 Sep 2015 | 1:39 pm
    Soap Star Says Goodbye After 25 YearsCBSSusan Flannery left 'The Bold and the Beautiful' after two and a half decades -- and she's not the only star with a very long TV tenure.Actress who spent 41 years on her showMore to See'X Factor' Singer Says Sexuality Was a RiskActress Opened Up About Bipolar DisorderStreisand's Son Sings for Gay-Friendly Film
  • Take a Look at Where JFK Was Born

    2 Sep 2015 | 1:39 pm
    Take a Look at Where JFK Was BornNational Park ServiceYou'll find the late president's very first belongings inside this New England home -- which is being opened to the public for the first time.Famous items the living room is 'filled with'More to SeeStar Has Rose Named After HerCommon Heating Mistake Could Cost YouThe Best Pillow for Your Sleep Style
  • add this feed to my.Alltop

  • State Won't Let Stores Open on Nov. 22

    2 Sep 2015 | 1:39 pm
    State Won't Let Stores Open on Nov. 22WMTW Most people flock to stores on Thanksgiving for last-minute items or pre-Black Friday steals -- but one state's law doesn't allow that.Where big box stores will be closed In Case You Missed ItSchool Bus Driver's Terrifying Close CallShocking Thing Opens Up in Man's LawnOfficial 'Disgusted' by What Happened to Car
  • General's Emails More Than 'Flirtatious'

    2 Sep 2015 | 1:39 pm
    General's Emails More Than 'Flirtatious'APGen. John Allen, the top US commander in Afghanistan, exchanged countless emails with a woman at the heart of the Petraeus scandal.Source reveals explicit messagesMore NewsPlane Crashes Into Mississippi HomeWashington Post Editor Steps DownHusband Finds Teacher in Act With Boy
  • Reason This Ad Is Making Waves

    2 Sep 2015 | 1:39 pm
    Reason This Ad Is Making Waves Marks & SpencerIt looks like any other holiday clothing ad for kids, but something about this one is different -- and it's not an accident.How a Facebook post started it allMore StoriesPreterm Birth Rate Drops to New LowPossible Risk Factor for Autism Found?Stranger I Wish I'd Stopped to Talk With
  • Soap Star Says Goodbye After 25 Years

    2 Sep 2015 | 1:39 pm
    Soap Star Says Goodbye After 25 YearsCBSSusan Flannery left 'The Bold and the Beautiful' after two and a half decades -- and she's not the only star with a very long TV tenure.Actress who spent 41 years on her showMore to See'X Factor' Singer Says Sexuality Was a RiskActress Opened Up About Bipolar DisorderStreisand's Son Sings for Gay-Friendly Film
  • Take a Look at Where JFK Was Born

    2 Sep 2015 | 1:39 pm
    Take a Look at Where JFK Was BornNational Park ServiceYou'll find the late president's very first belongings inside this New England home -- which is being opened to the public for the first time.Famous items the living room is 'filled with'More to SeeStar Has Rose Named After HerCommon Heating Mistake Could Cost YouThe Best Pillow for Your Sleep Style
 
  • add this feed to my.Alltop

  • State Won't Let Stores Open on Nov. 22

    2 Sep 2015 | 1:39 pm
    State Won't Let Stores Open on Nov. 22WMTW Most people flock to stores on Thanksgiving for last-minute items or pre-Black Friday steals -- but one state's law doesn't allow that.Where big box stores will be closed In Case You Missed ItSchool Bus Driver's Terrifying Close CallShocking Thing Opens Up in Man's LawnOfficial 'Disgusted' by What Happened to Car
  • General's Emails More Than 'Flirtatious'

    2 Sep 2015 | 1:39 pm
    General's Emails More Than 'Flirtatious'APGen. John Allen, the top US commander in Afghanistan, exchanged countless emails with a woman at the heart of the Petraeus scandal.Source reveals explicit messagesMore NewsPlane Crashes Into Mississippi HomeWashington Post Editor Steps DownHusband Finds Teacher in Act With Boy
  • Reason This Ad Is Making Waves

    2 Sep 2015 | 1:39 pm
    Reason This Ad Is Making Waves Marks & SpencerIt looks like any other holiday clothing ad for kids, but something about this one is different -- and it's not an accident.How a Facebook post started it allMore StoriesPreterm Birth Rate Drops to New LowPossible Risk Factor for Autism Found?Stranger I Wish I'd Stopped to Talk With
  • Soap Star Says Goodbye After 25 Years

    2 Sep 2015 | 1:39 pm
    Soap Star Says Goodbye After 25 YearsCBSSusan Flannery left 'The Bold and the Beautiful' after two and a half decades -- and she's not the only star with a very long TV tenure.Actress who spent 41 years on her showMore to See'X Factor' Singer Says Sexuality Was a RiskActress Opened Up About Bipolar DisorderStreisand's Son Sings for Gay-Friendly Film
  • Take a Look at Where JFK Was Born

    2 Sep 2015 | 1:39 pm
    Take a Look at Where JFK Was BornNational Park ServiceYou'll find the late president's very first belongings inside this New England home -- which is being opened to the public for the first time.Famous items the living room is 'filled with'More to SeeStar Has Rose Named After HerCommon Heating Mistake Could Cost YouThe Best Pillow for Your Sleep Style
  • add this feed to my.Alltop

    Value Added Tax Blog

  • The 500th post

    Mark
    2 Sep 2015 | 7:39 am
    Gosh, the 500th already. 500 posts in 5 years, an average of two posts every week – that is not too shabby. When I kicked off in August 2010 (see http://www.us-vat.com/blog/?p=69), I expected to produce one or two updates a week – goal accomplished! I receive VAT updates from various resources every day, and I am trying to […]
  • VAT-friendly leasing of private aircraft and yachts

    Mark
    1 Sep 2015 | 5:32 am
    As I always proclaim on my presentations and webcasts, VAT is due on almost everything that you pay for. And – like U.S. sales tax – the burden of VAT is on the end customer; the VAT-exempt company or individual that has no way to reclaim or deduct VAT. This leaves us with on-going efforts […]
  • Prep for a new GST in India

    Mark
    31 Aug 2015 | 5:26 am
    This summer is unusually quiet in the global VAT scene and therefore my updates have been scarce. I did come across this piece of thoughtware from EY India, which highlights the need to be very proactive in the preparation for a potential new GST in India. From my own experience I know that some multinationals were […]
  • UK tax man and U.S. tax debt recovery

    Mark
    27 Aug 2015 | 7:15 am
    The Brits finally get to turn the tables after the Boston Tea Party! A posting on LinkedIn suggests that HMRC will go after U.S. companies that don’t pay their UK VAT liability. This is going to be interesting because there must be hundreds of U.S. e-businesses that still have not registered for VAT to file […]
  • Fall VAT conferences in the U.S.

    Mark
    20 Aug 2015 | 1:15 am
    The Big 4 accounting firms each have their own global VAT seminars in the U.S. – I am not aware of any happening soon, and these meetings are typically closed to the public. However, there are three conferences and a webinar over the next few months that I am speaking at which may trigger your […]
 
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    J. Stefan - EzineArticles Expert Author

  • No Articles Found

    2 Sep 2015 | 12:48 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

  • Choosing a Business Entity: What is Basis?

    Jason Dinesen
    2 Sep 2015 | 4:30 am
    Image courtesy of user Geralt on Pixabay.com This is an excerpt from a presentation I give to college students and to prospective entrepreneurs about types of business entities. A college professor (who’s also an attorney) told me that my presentation on this subject is the best, clearest and most-concise overview of the topic that she’s ever seen. I’m flattered by the compliment, and will try to translate those positives into a series of blog posts. —– What is basis? I’ll attempt to answer that question in this post. First of all, for the tax pros out there who read this…
  • Due Date of Iowa Partnership and Corporate Tax Returns Unchanged

    Jason Dinesen
    31 Aug 2015 | 4:30 am
    Image courtesy of user Geralt on Pixabay.com The due dates for partnership and corporate federal tax returns is changing starting with 2016 filings (so for tax season 2017),  but the due dates for the corresponding Iowa tax returns will not change. Federal Changes for Businesses with December 31 Year Ends: For partnerships: the federal due date will change from April 15th to March 15th For C-corporations: the federal due date will change from March 15th to April 15th For S-corporations: the federal due date remains unchanged at March 15th How This Affects Iowa Filings The Iowa filing…
  • Things a Business Owner Needs to Know Before Hiring Employees

    Jason Dinesen
    27 Aug 2015 | 4:30 am
    I often say that hiring employees may be the worst thing a small business can do. What I really mean is, hiring employees without knowing what you’re getting into is the worst thing a business can do. Tax Considerations of Hiring Employees: You’ll need to get set up with the IRS and the state for withholdings and payroll taxes You’ll need to withhold taxes from your employees’ pay each payday Your company will owe payroll taxes on the wages you pay to the employees You’ll need to submit those withholdings and payroll taxes to the government periodically Other (Non-Tax)…
  • Does a Sole Proprietorship Need a Balance Sheet?

    Jason Dinesen
    25 Aug 2015 | 4:30 am
    Image courtesy of user stevepb on pixabay.com In an online discussion board of tax professionals who use the same software as me, a discussion caught my attention last year relating to whether a tax pro should create a balance sheet for a sole proprietorship. In that discussion, some preparers said they always prepare a balance sheet for sole proprietorships. These commenters implied that any preparer who does otherwise is not a good preparer. I agree with preparing a balance sheet and general ledger for entities (partnerships and corporations). In fact, I’ve been fighting this battle…
  • Glossary: Asset

    Jason Dinesen
    21 Aug 2015 | 4:30 am
    In the tax world, the term asset can have several different meanings. For businesses, an asset is generally a major purchase of something that will last for more than one year. In other words, equipment, machinery, vehicles, buildings. For individuals, an asset is things such as stocks; houses, buildings and land; investments in partnerships; and personal possessions (TVs, electronics, jewelry). The purchase of an asset by a business may be deductible. Generally a full deduction is not allowed in the year of purchase. Instead the purchase price must be deducted over a series of years, through…
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    Philadelphia Estate and Tax Attorney Blog

  • New 2015 Tax Law Changes Tax and FBAR Filing Deadlines & Other Noteworthy Compliance Provisions: The Good, The Bad & The Ugly

    STEVEN J. FROMM, ATTORNEY, LL.M. (TAXATION)
    9 Aug 2015 | 6:43 am
    On Friday, July 31, 2015, President Barack Obama signed HR 3236, the “Surface Transportation and Veterans Health Care Choice Improvement Act of 2015” (the “Act”). Not sure how this name relates to taxes but in any event the following tax law changes and provisions became law under this Act: Changes to the due dates for various returns. The Act sets new due dates for partnership returns, C corporation returns. Foreign Bank Account Reporting:  New due dates for the important and often overlooked foreign bank account reporting (FBAR) forms, known as FinCEN Form 114,…
  • Small Businesses Can Get IRS Penalty Relief for Unfiled Retirement Plan Returns

    STEVEN J. FROMM, ATTORNEY, LL.M. (TAXATION)
    19 Jul 2015 | 11:17 am
    Minimize Penalties For Failure To File Returns For Retirement Plans Have you failed to file your retirement plan reporting form for your retirement plan? If you have failed to do so, the Internal Revenue Service on July 14, 2015 provides eligible small businesses a low-cost penalty relief program enabling them to quickly come back into compliance with IRS filing rules. The program is designed to help small businesses that may have been unaware of the reporting requirements that apply to their retirement plans. In most cases, retirement plan sponsors and administrators need to know that  a…
  • Philadelphia Use & Occupancy Tax Rate Change Effective July 1, 2015

    STEVEN J. FROMM, ATTORNEY, LL.M. (TAXATION)
    9 Jul 2015 | 9:11 am
    Lit Brothers: Back in the Day Philadelphia has just increased its Use and Occupancy Tax as of July 1, 2015. The new Use & Occupancy Tax rate will be 1.21%. This is an increase from the prior rate of 1.13%. This new rate will be effective with the July 2015 Use & Occupancy tax Return that is due July 27, 2015.  Remember that as of January 2015, all U&O tax returns must be filed and paid on-line through the Philadelphia Department of Revenue website.  So when filing in July, 2015 be aware of this increased tax rate and resulting tax increase. Assessment Exemption: Also, beginning…
  • The City of Philadelphia Department of Revenue Announces Wage Tax Reduction for July 1, 2015.

    STEVEN J. FROMM, ATTORNEY, LL.M. (TAXATION)
    30 Jun 2015 | 9:30 am
    Philadelphia business owners and those that withhold taxes on employees that live in Philadelphia should take notice that the City of Philadelphia has reduced the City Wage Tax rate effective July 1, 2015. • The new Wage Tax rate for residents of Philadelphia is 3.9102% (.039102). • The new Wage Tax rate for non-residents of Philadelphia who are subject to the Philadelphia City Wage Tax is 3.4828% (.034828). What does this mean to you as an employer of Philadelphia employees? Any paycheck that you issue with a pay date after June 30, 2015 must have Philadelphia City Wage Tax withheld at…
  • Philadelphia Estate and Tax Blog Named The Best Tax Blog in America For 2015

    STEVEN J. FROMM, ATTORNEY, LL.M. (TAXATION)
    17 Mar 2015 | 1:21 pm
    My very own Philadelphia Estate and Tax Attorney Blog has just won as the Best Tax Blog In America for 2015! I am most appreciative of all of you who took the time to vote for my blog.  You can see the final voting results by going to: http://wallethub.com/blog/best-tax-blog/10470/?user=sjfpc. Thanks so much to everyone who voted!Filed under: Philadelphia Business Attorney, Philadelphia Corporate Attorney, Philadelphia Estate Attorney, Philadelphia Tax Attorney Tagged: Best 50 Tax Blogs, Philadelpia Tax and Estate Attorney Blog, tax attorney blog, tax law
 
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    Sales Use Tax

  • Tax on Short-Term Rentals – Taxing on Landlords & Municipalities

    Annette Nellen
    26 Aug 2015 | 3:34 pm
    Today’s ease of renting out almost any type of property you are not fully using is turning more individuals into landlords and lessors. Airbnb touts over 1.5 million listings. A report from Airbnb released in June 2015 indicated that a … Continue reading →
  • New Proposed Nexus Legislation – Not Very Helpful

    Jerry Donnini
    29 Jul 2015 | 10:14 am
    As a business owner, you should be concerned about nexus as it relates to your sales and use tax liability. The United States Constitution limits the several states’ power to require a business to pay sales tax based on their … Continue reading →
  • Multi-State Tax Report: 50 Years Later and Sales Tax Debate Continues

    Annette Nellen
    14 Jul 2015 | 12:32 pm
    In 1964 and 1965, the “Willis Commission” issued a four-volume, 1,200+ page report on multistate problems and possible solutions. The commission was named for its chair, Congressman Edwin Willis (D-LA). It was created as part of P.L. 86-272 (9/14/59), more … Continue reading →
  • Remote Transactions Parity Act: Comparing RTPA to MFA

    Sylvia F. Dion
    1 Jul 2015 | 9:28 pm
    After months of speculation and anticipation – a new federal remote seller bill was introduced in the U.S. Congress.  On June 15, 2015, U.S. Representative, Jason Chaffetz (R-UT) introduced H.R. 2775, the Remote Transactions Parity Act (“RTPA”).  If enacted, the … Continue reading →
  • Nexus: Sales Tax HotSpot #1 and Key Sales Tax Consideration

    Michael J. Fleming
    12 Jun 2015 | 10:40 am
    One of the most basic questions that a businesses has when selling into multiple states is where do we have a responsibility to collect and/or pay tax. This question usually relates to sales and use as well as income and … Continue reading →
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    US Tax Program for Swiss Banks

  • Hypothekarbank Lenzburg AG Reaches a Solution with the US Department of Justice in the Tax Dispute

    admin
    27 Aug 2015 | 2:28 pm
    Another Category 2, Hypothekarbank Lenzburg AG, bank of the US Tax Program reaches a solution with the the US Department of Justice (DoJ). The bank gets a Non-Prosecution Agreement (NPA) and pays a fine. In the bank’s NPA, we learn that since August 2008 Hypothekarbank Lenzburg AG had 96 US-related accounts with a maximum aggregate value of about $69.8m. The bank earned a total of $1.2m since then on those accounts according to the DoJ. Hypothekarbank Lenzburg AG will pay a penalty of $560k.
  • US Ambassador in Switzerland Sees the Resolution of the Tax Dispute for the Category 2 Banks by the End of the Year

    admin
    26 Aug 2015 | 10:30 pm
    In an interview with CASH, S. LeVine, the US Ambassador in Switzerland, comments on the tax dispute between the US authorities and the Swiss banks. According to information from the US Department of Justice (DoJ) resolution should be reached by the end of this year for the so-called Category 2 banks under the US Tax Program. She reminds everyone the recent penalties pronounced by the DoJ amount to about USD 176bn of which only 3% were given to Swiss banks while 85% were related to US banks.  
  • Another c.a. USD 4.5m Will Be Paid to the US by Swiss Banks under the US Tax Program

    admin
    20 Aug 2015 | 8:09 am
    Bank Zweiplus AG and Banca dello Stato del Cantone Ticino, two Category 2 banks, have reached an agreement under the US Tax Program form the US Department of Justice. ‘Swiss banks continue to accept responsibility for their involvement in the concealment of foreign assets and the evasion of tax by U.S. accountholders’ said Acting Assistant Attorney General Caroline D. Ciraolo of the Justice Department’s Tax Division in a report. In the Non-Prosecution Agreement (NPA) for Bank Zweiplus we learn that since August 1, 2008, the instituion maintained and serviced 44 US-related…
  • ‘It Now Seems Unlikely that the DoJ Will Launch a Tax Program with Other Jurisdiction’ Says A Person Familiar with the Matter

    admin
    18 Aug 2015 | 3:50 pm
    In the Federal Tax Crimes blog from Jack Townsend, we find an interesting point of view from Mark Matthews regarding the US Tax Program for Swiss banks. Mark Matthews is a lawyer at Caplin & Drysdale and a former IRS Deputy Commissioner. He seems to believe that the United States will probably not launch a tax regularization program in other countries than Switzerland. The US Department of Justice (DoJ) discovered that interacting with around 100 Swiss bank on the agreed US Tax Program requires more resources than anticipated. For that reason, M. Matthews ‘does not expect another…
  • The US Fine Weights on Bank Linth LLB AG Results

    admin
    18 Aug 2015 | 1:34 am
    Bank Linth LLB AG announced its 2015 half-year results. With CHF 11.5m for the first semester 201, the bank presents earnings almost equal to the previous year, which in the current environment can be considered as strong results comments David Sarasin, Chairman of the Executive Board. However, this was impacted by the fine the bank agreed to pay on June 19, to the US to settle the tax dispute. Finews reports that Bank Linth LLB AG previously set aside CHF1.8m while the fine amounted to CHF 3.8m.  
 
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    Botz, Deal & Company, P.C.

  • Federal Budget Proposals

    Dale Brown
    1 Sep 2015 | 10:41 am
    President Obama released his $3.99 trillion fiscal year (FY 2016) federal budget proposals on February 2, 2015, calling for expansion of tax incentives for families, consolidation of education tax breaks, creation of new retirement savings opportunities… and tax increases for higher-income taxpayers. The President’s proposals did not leave out businesses. As in past years, the President signaled his support for a reduction in the corporate tax rate but only if businesses agree to base broadening measures. The President also proposed a new tax regime on foreign earnings, a permanent…
  • Changes in Interest Rates on Overpayments and Underpayments

    Dale Brown
    1 Sep 2015 | 10:41 am
    IRS over- and underpayment interest rates hold steady…again, for upcoming quarter   The IRS has announced that the interest rates on overpayments and underpayments of tax for the calendar quarter beginning July 1, 2015 will remain unchanged. The rates will be: 3 percent for overpayments, in cases other than corporations; 2 percent for overpayments in the case of a corporation (except 0.5 percent for the portion of a corporate overpayment exceeding $10,000); and 3 percent for underpayments (except 5 percent for large corporate underpayments). The underpayment rate applies to certain…
  • Slow and Steady – The Smart Investment Strategy

    Dale Brown
    1 Sep 2015 | 8:25 am
    In today’s rabbit-fast world, it pays to remember that the tortoise won the race.  For investors, dollar-cost averaging – a slow and steady  investment strategy can be a winning strategy. With dollar-cost averaging, you invest a set amount of money on a regular basis, typically in a mutual fund.  The idea of investing a fixed dollar amount at regular intervals is simple, but the benefits add up.  Here are some advantages offered by dollar-cost averaging: Lower average cost.  An investing schedule based on a fixed dollar amount lets you buy more shares when prices are low and fewer…
  • Protect Elderly Parents Against Fraud

    Dale Brown
    25 Aug 2015 | 9:50 am
    Do you really need to protect elderly parents against fraud?  Aging parents, especially those who have accumulated a sizable “nest egg,” are a fertile field for con artists and tricksters.  For one thing, they generally have more free time than their children.  Fraudsters will use that time to pressure seniors into buying investments that fizzle, insurance they don’t need, and “miracle cures” that don’t work.  Also, as several studies have demonstrated, seniors tend to forget information more readily than their younger counterparts.  As a result, they’re more vulnerable to…
  • IRS Tax Breach

    Dale Brown
    20 Aug 2015 | 8:37 am
    IRS Reports More Victims Earlier this year, an IRS tax breach occurred in which thieves stole tax information from thousands of taxpayers is much bigger than the agency originally disclosed.  Reporting 114,000 victims initially whose tax information was stolen, an additional 220,000 potential victims had information stolen from an IRS website as part of a sophisticated scheme to use stolen identities to claim fraudulent tax refunds, the IRS said Monday. The IRS first disclosed the breach in May after thieves accessed an online system called “Get Transcript,” where taxpayers can…
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