Taxes

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  • Tax Roundup, 9/29/14: Obamacare fines can hit $12,000 for a family for 2014. And: tax-evading Congressman beamed up.

    Roth & Company, P.C
    Joe Kristan
    29 Sep 2014 | 6:37 am
    Laura Saunders, Penalty for Not Having Health Coverage Can Be Thousands of Dollars; The ACA Penalty Can Top $12,000 for a High-Income Family of Five: For a family of five, the penalty could be as high as $12,240 for the 2014 tax year, experts say. And for many people, the penalty will rise sharply in 2015 and 2016. The massive health-care changes passed in 2010 are phasing in, and this is the first year most Americans must have approved health insurance. Those who don’t will owe a penalty under the Individual Shared Responsibility Provision. It’s due with your income taxes,…
  • California Mandates E-Filing of Business Returns

    Taxable Talk
    Russ
    27 Sep 2014 | 9:12 am
    The California legislature passed a law mandating e-filing of most business returns beginning with 2014 returns filed in 2015. This legislation was signed into law. Exemptions are available but must be requested from the Franchise Tax Board. Although not mentioned in the law, presumably a return that fails in e-filing (is rejected by the FTB) would also be allowed to be paper filed. The exemptions that are available are for technology issues and other items that constitute “reasonable cause and not willful neglect.” A penalty of $100 for an initial failure is in the law, with…
  • Small Business and the Affordable Care Act

    L & R Tax Preparation LLC RSS Feed
    1 Oct 2014 | 7:00 am
    Whether you're self-employed or run a small business, here's what you need to know about the Affordable Care Act.
  • Which Moving Expenses are Deductible?

    L & R Tax Preparation LLC RSS Feed
    1 Oct 2014 | 7:00 am
    If you moved due to a change in your job or business location or because you started a new job or business, you may be able to deduct your reasonable moving expenses. Wondering if you can deduct your moving expenses? Keep reading to find out.
  • Could costly, but popular, tax breaks be axed in tax reform?

    Don't Mess With Taxes
    skbell1
    1 Oct 2014 | 8:42 am
    Remember the last election cycle when most of the campaign and Capitol Hill talk focused on the federal budget deficit? Now, however, with the Nov. 4 balloting day just about a month away, it's pretty much crickets when it comes to the deficit. Part of the reason is that as the fiscal 2014 year is winding down, the U.S. deficit is dropping. Last month the U.S. Treasury reported that the country's debt level fell again, on a fiscal year-over-year basis, to $589.5 billion. August's deficit was $128 billion. That's a 58 percent reduction from the fiscal 2009 deficit peak of…
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    Don't Mess With Taxes

  • Could costly, but popular, tax breaks be axed in tax reform?

    skbell1
    1 Oct 2014 | 8:42 am
    Remember the last election cycle when most of the campaign and Capitol Hill talk focused on the federal budget deficit? Now, however, with the Nov. 4 balloting day just about a month away, it's pretty much crickets when it comes to the deficit. Part of the reason is that as the fiscal 2014 year is winding down, the U.S. deficit is dropping. Last month the U.S. Treasury reported that the country's debt level fell again, on a fiscal year-over-year basis, to $589.5 billion. August's deficit was $128 billion. That's a 58 percent reduction from the fiscal 2009 deficit peak of…
  • Tax evasion charges are never fashionable

    skbell1
    30 Sep 2014 | 11:55 am
    Fashionistas are wrapping up a month of shows that have taken them from New York to London to Milan and now Paris. One big name designer, however, might not be paying as close attention as usual to the City of Light's catwalks this week. A couple of Prada executives have taxes instead of tailleur on their minds. A month of global fashion weeks, during which designers preview their coming spring and fall clothing lines, concludes this week in Paris. Click the image for a glimpse of what the rich and famous might be wearing in early 2015. Prada chairwoman Miuccia Prada Bianchi and her…
  • UK's top financial officer kills 'death tax' on pensions

    skbell1
    29 Sep 2014 | 11:42 am
    I've been keeping a close eye on the United Kingdom for the last week because the hubby was in Scotland covering the Ryder Cup international golf tournament. That event got a lot of attention, especially since it came on the heels of Scotland's vote to remain part of the UK. Then there was the European golfers' trouncing of their U.S. counterparts. Now financial and tax folks are focusing on our closest European ally because of the decision by the UK's top financial officer to abolish its tax on some inherited pensions. George Osborne announces to the gathering of the…
  • Arizona smokers get tax bills for old online cigarette purchases

    skbell1
    28 Sep 2014 | 3:52 pm
    Smokers are an easy and popular target for state tax collectors. Whenever they want to raise some added revenue, they bump up the sales tax on cigarettes. That's why nicotine addicts are always looking for ways around their states' sin taxes. Many thought they had found the perfect cigarette sales tax work-around: just buy the tax-free smokes from an Internet seller. Well, that isn't working out so well for some Arizona smokers. They now are facing stiff tax bills on cigarettes they bought online, sales tax-free, almost a decade ago. Old purchases, current tax bills: The…
  • Lying to your tax pro could result in a bad tax situation

    skbell1
    27 Sep 2014 | 2:43 pm
    Tax preparers have been under official scrutiny for more than a decade. Many folks, including a series of head honchos at the Internal Revenue Service, say that ill-prepared and unregulated tax professionals produce serious problems for Uncle Sam and taxpayers. Most folks in the tax world are well aware of the IRS' efforts to oversee paid tax preparers who aren't already governed by professional standards. To date, the IRS hasn't had much luck. It has lost in federal courtrooms, and now is fighting for the right to implement a voluntary tax preparer testing system. The tax…
 
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    Tax-News.Com Live Tax Headlines

  • Tax-News.com: China Reforms Resource Tax on Coal

    2 Oct 2014 | 6:00 am
    Tax-News.com: On September 29, Premier Li Keqiang chaired a State Council executive meeting that reformed China's resource tax for coal, by imposing it on an basis, instead of on production volume, from December 1, 2014.
  • Tax-News.com: US Gambling Industry Pays USD38bn In Taxes

    2 Oct 2014 | 5:55 am
    Tax-News.com: The United States gambling industry paid USD38bn in federal, state and local taxes in 2013, according to a report produced by Oxford Economics on behalf of the American Gaming Association.
  • Tax-News.com: Eliminating US Death Tax Would Stimulate Growth

    2 Oct 2014 | 5:40 am
    Tax-News.com: The Heritage Foundation has confirmed the increased jobs and growth that would arise by cancelling the United States estate tax, more commonly known as the "death tax."
  • Tax-News.com: Spain Presents 2015 Budget

    2 Oct 2014 | 5:40 am
    Tax-News.com: Spain's 2015 Budget, presented by Budget Minister Cristobal Montoro on September 30, 2014, contains a number of measures aimed at stimulating economic growth, including cuts to the corporate and personal income tax rates.
  • Tax-News.com: China Expands Scope Of VAT, Business Tax Exemption

    2 Oct 2014 | 5:40 am
    Tax-News.com: The Chinese State Administration of Taxation on September 29, 2014, announced the release of Circular No. 71 ( [2014] No. 71) providing for a temporary exemption for small businesses from business tax and value-added tax from October 1, 2014, to December 31, 2015.
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    THE WANDERING TAX PRO

  • WHAT’S THE BUZZ, TELL ME WHAT’S A HAPPENNIN’ - TUESDAY EDITION

    30 Sep 2014 | 2:00 am
    I am off to Lancaster PA to learn how to prepare my PA corporation’s state income tax return.  I will return with a Friday BUZZ.* The October “issue” of THE TAX PROFESSIONAL will be up early tomorrow morning.  It has some more food for thought for tax preparers, and I would appreciate hearing your comments on the topics discussed.  You can email them to rdftaxpro@yahoo.com with “THE TAX PROFESSIONAL” in the “subject line”.I am also interested in your comments on topics discussed in previous “issues”.  * KIPLINGER.COM warns “Retirees, Watch Out for the…
  • WHAT’S THE BUZZ, TELL ME WHAT’S A HAPPENNIN’

    26 Sep 2014 | 2:00 am
    * Manasa Nadig talks about “Back-To-School Blues & Tax Credits To Go With It!!” at THE BUZZ ABOUT TAXES.* Kay Bell reports “Real Tax Trouble for RHONJ Stars” at her BANKRATE.COM blog.It seems that one of the Unreal Skanks of New Jersey, and her husband, were –“. . . named in a 41-count federal indictment that charges them with, among other things, lending fraud involving fake W-2 forms, false income amounts and hidden assets. Joe also was charged with failure to file federal tax returns. The pair also faces a variety of New Jersey state charges.”If they go to the slammer (my…
  • IRS ANNOUNCES NEW PER DIEM RATES FOR BUSINESS TRAVEL

    24 Sep 2014 | 2:00 am
    As it does every year at this time, the IRS has issued the special “per diem rates” for meals and incidental expenses and lodging to use in lieu of claiming actual expenses when deducting, or being reimbursed for, the costs of an overnight business trip for the fiscal period October 1, 2014 – September 30, 2015.  There appears to be no change from the prior period rates.Under IRS Rev Proc 2007-63 self-employed taxpayers and employees claiming unreimbursed employee expenses cannot use the per diem for lodging.  They can only use the meal and/or incidental expense per diems, and…
  • WHAT’S THE BUZZ, TELL ME WHAT’S A HAPPENNIN’ - TUESDAY EDITION

    23 Sep 2014 | 2:00 am
    * I am working on the content for the October issue of THE TAX PROFESSIONAL.  Have you seen the September issue yet?  Why not? * Philip Bump tells us “Americans Think 51 Percent of Every Tax Dollar is Wasted. Come On, Guys” at the Washington Post’s THE FIX blog. While Philip points out examples of substantial federal government waste, he thinks that 51% is a ridiculously high number.I don’t know about federal spending, but having lived in Hudson County NJ for most of my life I don’t think the number is too high for local and state waste (at least in NJ).* Jean Murray…
  • WHAT ABOUT A FEDERAL TAX AMNESTY?

    22 Sep 2014 | 2:00 am
    A new amnesty-like program for delinquent taxes in New Jersey reminded me of a recommendation I made back in 2008.The Internal Revenue Service often cannot collect outstanding liabilities because taxpayers can't afford to pay them.  Taxpayers cannot afford to pay the balances because of the substantial accrual of penalty and interest.  An initial outstanding tax liability of $5,000 could easily mushroom to $15,000 over a period of years.  The result in many cases is that the IRS ends up writing off most or all of the amount due after the 10-year collection period has…
 
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    Start Making Sense

  • Three interesting but totally different articles in today's Times

    30 Sep 2014 | 6:49 am
    An article on the decision not to bail out Lehman Brothers (suggesting that it was in some ways arbitrary, ill-thought-out, deceptively presented, and quite political) builds on recent pieces discussing AIG et al (with no haircut whatsoever for Goldman Sachs) that bring to mind the dual nature of the 2008 rescues.  On the one hand, the Fed's interventions were necessary to prevent true global macroeconomic calamity, well beyond the plenty-bad-enough consequences that we nonetheless experienced, and yet they were politically attacked in a way that could make doing the right thing harder…
  • Book review for Fixing U.S. International Taxation

    30 Sep 2014 | 6:20 am
    Christiana Panayi of the Queen Mary University in London has written a book review of my recently published book Fixing U.S. International Taxation.  It should be appearing shortly in the British Tax Review.  The text of the review goes something like this:"Professor Daniel Shaviro is a well-known and widely published professor of international taxation at New York University. As the title suggests, in this book Shaviro advances several proposals aimed at improving US international tax law. Broadly, his main proposal is to set the average effective rate on…
  • NYU-UCLA conference on Piketty's Capital in the Twenty-First Century

    28 Sep 2014 | 8:42 am
    The conference is this Friday, 9 am - 4 pm, alas by invitation only due to space limitations (but we might be able to fit in a few more people), at NYU Law School.  Papers by Liam Murphy (philosophy), Suzanne Mettler (political science), Gregory Clark (economic history), Wojciech Kopsczuk (economics), and myself with Joe Bankman (law).  Piketty to respond verbally to all papers.Papers are or will be available to those registered for the conference, but not to be posted just yet.  I am reasonably happy with Joe's and my paper, but obviously we will see how others respond.
  • A short comment on baseball

    26 Sep 2014 | 8:38 am
    A now-mediocre player, on a now-mediocre team, gets a walk-off hit at home (apparently, his first such in 7 years) in a meaningless game. Fans go crazy. But living in the past turns sour at some point (as we Met fans well know)..
  • Another long silence ...

    21 Sep 2014 | 1:25 pm
    While on sabbatical, I've been traveling again, mixed personal and work.  Recent locales: Paris, Giverny, Vienna, Budapest, now Vienna again, all fantastic places in very different ways.  I'll be back in NYC on Wednesday.While away, I've noticed a disagreement about U.S. corporate inversions among 2 friends, Ed Kleinbard at USC Law School and Kim Blanchard at Weil Gotschal.  Ed's views on inversions are well-known, and I generally agree with them (although his approach and mine to U.S. international tax issues certainly differ in some respects - e.g., I am more hostile to the…
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    MauledAgain

  • So Who Really To Be Helped with Taxpayer Dollars?

    James Edward Maule
    1 Oct 2014 | 5:01 am
    One of the arguments advanced by the anti-tax, anti-government crowd is the supposed inappropriateness of using taxpayer dollars to help people in need. Using terms such as lazy, shiftless, and taker to describe these recipients of taxpayer assistance, these advocates of eliminating taxes and government fail to recognize that most people rescued by government safety nets are in need because of matters beyond their control. Veterans neglected by the government, victims of diseases many of which are caused by corporate pollution and chemical mis-use, people out of work thanks to short-sighted…
  • When Two Are Cheaper Than One

    James Edward Maule
    29 Sep 2014 | 5:01 am
    Many years ago, while discussing entry-level law practice jobs, I suggested that it would make more sense for law firms to hire two law school graduates at half the salary they were dishing out to one new employee. I saw, and continue to see, many advantages. This approach would increase the number of jobs, it would increase diversity in terms of finding good lawyers just as having more draft picks helps a professional sports team increase the chances of finding an athlete with a sustainable career, it would reduce the stress associated with the 80-hour work weeks connected to those salaries,…
  • Tax Protesting: A Bad Idea No Matter How One Views It

    James Edward Maule
    26 Sep 2014 | 5:01 am
    More than two and a half years ago, in Tax Advice With No Teeth, I pointed out that one of the risks encountered by tax protesters who rely on advice from people who are not tax professionals and who know little to nothing about tax. When tax protesters are charged with criminal tax fraud, relying on rumors and false claims does not provide a sustainable defense. Tax protesters also run a serious risk of civil penalties, in addition to interest accruing on the unpaid tax liability.A recent Tax Court case, Salzer v. Comr., T.C. Memo 2014-188, provides another disadvantage faced by tax…
  • The Dangers of Earmarking General Tax Revenue

    James Edward Maule
    24 Sep 2014 | 5:01 am
    Earlier this month, in Tax-Exempt Status Benefits Aren’t Necessary Unless There is Net Income, I noted that calls to tax the NFL, and other tax-exempt sports leagues, make sense only if those leagues generate taxable income, but if those leagues are genuinely non-profit organizations simply bringing in dues from member teams to offset league expenses they wouldn’t be generating any sort of profit or taxable income. But, I added, if they are generating taxable income, they ought not be tax-exempt.Now comes a Philadelphia Inquirer story, reporting that Senator Cory Booker has introduced…
  • Yet Another Danger of Tax Complexity

    James Edward Maule
    22 Sep 2014 | 5:01 am
    When the phrase “tax complexity” shows up in a conversation, most people think about the complications of a particular tax. It’s no secret that the federal income tax is absurdly complex. Most people know that the lists of items subject to, and exempt from, a particular sales tax do not fit any particular pattern and separate similar items based on the most miniscule of differences.But tax complexity can also refer to the confusing array of taxes that affect institutions and individuals. There are income taxes, sales taxes, transfer taxes, gift taxes, excise taxes, to name but a few.
 
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    TaxProf Blog

  • Zolt Presents Fiscal Contracting in Latin America Today at Harvard

    Paul Caron
    1 Oct 2014 | 1:05 pm
    Eric M. Zolt (UCLA) presents Fiscal Contracting in Latin America (with Richard M. Bird (Toronto)) at Harvard today as part of its Tax Law, Policy and Practice Workshop Series hosted by Daniel Halperin and Stephen Shay: Latin America has long been characterized as a region of high income inequality. In...
  • Schön Presents International Taxation of Risk Today at Toronto

    Paul Caron
    1 Oct 2014 | 12:10 pm
    Wolfgang Schön (Max Planck Institute for Tax Law and Public Finance) presents International Taxation of Risk at Toronto today as part of its James Hausman Tax Law and Policy Workshop Series: The allocation of risk and of the income from risky investment and activities belongs to the central topics of...
  • Lewis & Clark Law School Closes Legal Clinic, Cites Enrollment, Revenue Decline

    Paul Caron
    1 Oct 2014 | 10:30 am
    The Oregonian: Lewis & Clark Law School Closes Downtown Legal Clinic, Cites Enrollment, Revenue Decline: Lewis & Clark Law School is closing its namesake legal clinic in downtown Portland that provides services to the poor, a high-profile victim of the school's budget constraints. As Lewis & Clark and the state's...
  • University of Arizona Professor Plagiarized Student's Work

    Paul Caron
    1 Oct 2014 | 10:00 am
    Arizona Daily Star, UA Professor Plagiarized Student's Work, School Finds: A University of Arizona professor recently lauded as a top new teaching talent in her field has been reprimanded for plagiarizing the work of a former student. Susannah Dickinson, an assistant professor in the UA’s school of architecture since 2009,...
  • A Mother's Love

    Paul Caron
    1 Oct 2014 | 9:30 am
    (Hat Tip: Naomi Goodno.)
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    Roth & Company, P.C

  • Tax Roundup, 10/1/14: Another court says Obamacare tax credits limited to state exchanges. Also: the Iowa Tollway.

    Joe Kristan
    1 Oct 2014 | 5:57 am
    State means state. A U.S. District Court in Oklahoma has joined the D.C. District in holding that the tax credit subsidies for health insurance are limited to the 14 states that have established a health insurance exchange under the ACA. Other states let the feds set up exchanges.  Michael Cannon reports: Noting that Obama administration wants to issue Exchange subsidies in states with federal Exchanges even though the PPACA (quoting Halbig) “unambiguously restricts the [Exchange] subsidy to insurance purchased on Exchanges ‘established by the State,’” Judge White argues that the…
  • Tax Roundup, 9/30/14: IRS handling of uncollected taxes slammed. And: ISU TaxPlace goes live!

    Joe Kristan
    30 Sep 2014 | 6:53 am
    Priorities.  While allowing billions of false refunds to go to two-bit grifters via ID-theft refund fraud, the IRS also manages to not correctly follow up on billions of unpaid assessed taxes, according to a new report by the Treasury Inspector General for Tax Administration.  “Of a stratified sample of 250 cases reviewed, there was no evidence that employees completed all of the required research steps for 57 percent of the cases prior to their closing.” How much money was potentially involved?  A chart from the report: This is what happens when the tax law is treated as the…
  • Tax Roundup, 9/29/14: Obamacare fines can hit $12,000 for a family for 2014. And: tax-evading Congressman beamed up.

    Joe Kristan
    29 Sep 2014 | 6:37 am
    Laura Saunders, Penalty for Not Having Health Coverage Can Be Thousands of Dollars; The ACA Penalty Can Top $12,000 for a High-Income Family of Five: For a family of five, the penalty could be as high as $12,240 for the 2014 tax year, experts say. And for many people, the penalty will rise sharply in 2015 and 2016. The massive health-care changes passed in 2010 are phasing in, and this is the first year most Americans must have approved health insurance. Those who don’t will owe a penalty under the Individual Shared Responsibility Provision. It’s due with your income taxes,…
  • Tax Roundup, 9/26/14: Fact-check Fail Edition. And: it’s Buzz day!

    Joe Kristan
    26 Sep 2014 | 7:12 am
    During the continuing brutal assault on reason perpetrated by campaign ads in election season, it would be nice if the press would do competent work to identify misleading and stupid claims by candidates. Alas. Erin Jordan at Cedar Rapids’ TheGazette.com took a stab at it in her “fact check” of an ad by Pat Murphy running in Iowa’s 1st congressional district: “Blum cheated his workers out of overtime.” “He moved his business to dodge Iowa taxes.” “He laid off over 70 workers” Source of Claim: Iowa Sen. Pat Murphy, a Dubuque Democrat running for U.S. House…
  • Tax Roundup, 9/25/14: Jersey Shore Special! And: does bonus depreciation really work?

    Joe Kristan
    25 Sep 2014 | 6:09 am
    The IRS just dropped in to see what situation my situation is in. The big tax news today apparently is that some guy from the “Jersey Shore” T.V. show with the nickname “The Situation” is accused of not paying his taxes on $8.9 million of income. TaxGrrrl reports: According to the indictment, the feds allege that Mike and his brother, Marc (who is also Mike’s manager) used two companies they controlled, MPS Entertainment, LLC and Situation Nation, Inc., to evade taxation. Both of the companies were set up as S corporations which means that they were passthrough…
 
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    RUBIN ON TAX

  • MISSION CREEP COSTS A SECTION 501(c)(3) ORGANIZATION ITS EXEMPTION

    Charles (Chuck) Rubin
    27 Sep 2014 | 11:01 am
    SUMMARY: A change in function of a Section 501(c)(3) organization results in the IRS revoking its exemption. To receive Section 501(c)(3) status, exempt organizations apply for exemption from the IRS. The exemption application provides details on what the organization intends to do, and the IRS confirms that it is an appropriate activity for a Section 501(c)(3) organization. Many times, as organizations evolve they move into other areas and functions. Such organizations must monitor their functions and determine that the new functions are exempt functions under Code Section 501(c)(3). In a…
  • NO INFORMAL ABANDONMENT OF RESIDENCY ALLOWED

    Charles (Chuck) Rubin
    25 Sep 2014 | 2:50 pm
      SUMMARY: The Tax Court rules against informal abandonment of resident status. Individuals who are admitted to the US as lawful permanent residents ("green card" holders) are treated as U.S. residents for income tax purposes. Code section 7701(b)(1)(A)(i). As such they are subject to U.S. income taxes on their worldwide income. Resident status is deemed to continue unless it is rescinded or administratively or judicially determined to have been abandoned. Treas.Regs. section 301.7701(b)-1(b)(1). In a recent Tax Court case, a green card holder argued that he ceased to be a U.S. resident…
  • APPLICABLE FEDERAL RATES–OCTOBER 2014

    Charles (Chuck) Rubin
    20 Sep 2014 | 3:22 pm
    Follow @crubincrubin
  • FREQUENT FLYER MILES–SOMETIMES TAXABLE, SOMETIMES NOT

    Charles (Chuck) Rubin
    17 Sep 2014 | 1:05 pm
    A recent Tax Court case adds to the rules that now exist whether frequent flyer miles will be considered taxable income. Below is a summary. 1. The general rule under Announcement 2002-18 is that awarded miles, whether issued by an airline for purchasing tickets, or from other issuers (well, at least rental car companies and hotels) in exchange for purchases, is not presently taxable. The IRS reserves the right to change this rule in the future on a prospective basis. 2. That announcement indicates the awarded miles will be taxable if they are converted to cash, to compensation that is paid…
  • INTEREST INCOME RISK ON UNPAID RELATED PARTY LOANS

    Charles (Chuck) Rubin
    13 Sep 2014 | 11:01 am
    SUMMARY: If interest is not timely paid on related party indebtedness, the payee may need to report original interest discount income. How often do you see or implement interest-bearing related party loans (e.g., among family members or between related corporations or other entities)? Pretty often, I’m sure. How often do you see these loans not kept current? Not a rare occurrence. How often do you see interest income picked up on the income tax return of the holder relating to unpaid interest income? Maybe not so much. Such holders are running a significant risk of omitting an item from…
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    Tax Problem Attorney Blog

  • 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…
  • Business Owners Get Jail Time for Tax Evasion

    3 Sep 2014 | 12:15 pm
    Sometimes understating income is just carelessness. Sometimes its tax fraud or tax evasion. People don't always realize that tax fraud or tax evasion can lead to time in jail. Convincing judges to sentence defendants to prison for criminal tax evasion continues to be a priority for the Department of Justice where taxpayers have willfully underreported their income or made false statements to the IRS revenue agents regarding their tax liabilities, as shown by unrelated decisions handed down against Abdelhamid M. Horany and Robert C. Sathre. Horany, a business owner, admitted to underreporting…
  • Expect Increased Assessment and Collection of Trust Fund Recovery Penalties

    22 Aug 2014 | 10:00 am
    Enforcement of The Trust Fund Recovery Penalty (TFRP) is a source of potential government revenue that, according to the Treasury Inspector General for Tax Administration (TIGTA), needs to be revamped to become more efficient. Under existing law, employers are required to withhold from their employees' salaries amounts to cover Federal income, Social Security, and Medicare taxes. These are referred to as "trust fund taxes." When the employer fails to pay these taxes, the IRS can collect them from "responsible persons," who have willfully failed to pay them. In determining who is a responsible…
  • Big Changes to IRS Offshore Voluntary Disclosure Program (OVDP) for FBAR Non-Filers

    19 Jun 2014 | 10:52 am
    Massive change is coming to the IRS
  • Swisspartners Group Entered Into NPA to Avoid Criminal Tax Prosecution But Must Pay $4.4 Million in Forfeiture and Restitution for Assisting U.S. Tax Evasion

    13 Jun 2014 | 7:00 am
    To avoid prosecution for tax evasion and other alleged crimes, the Swisspartners Investment Network AG, a Swiss-based asset management firm, and three of its wholly-owned subsidiaries (collectively, the Swisspartners Group) entered into a non-prosecution agreement (NPA) with the U.S. Attorney's Office. Although many taxpayers have been entering the tax litigation attorneys at Brager Tax Law Group, A P.C.
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    Taxable Talk

  • One Good Erasure Deserves Another

    Russ
    1 Oct 2014 | 8:34 pm
    I wonder if this sounds familiar to anyone: An organization is looking for key information stored on IRS computers. A lawsuit ensues, and the hard drives were allegedly wiped clean. No, I’m not talking about the IRS Scandal, Lois Lerner, and the Freedom of Information Act lawsuits. Rather, I’m talking about a tax fight between NetJets and the IRS. NetJets sued the IRS for $643 million alleging, according to the Columbus Dispatch, that a ticket tax was misapplied. The IRS countersued for $366 million, alleging that NetJets hasn’t paid all their taxes. Both sides have…
  • James Traficant Dies

    Russ
    27 Sep 2014 | 12:52 pm
    James Traficant, the colorful ex-Congressman from Youngstown, Ohio, died today at age 73. He had been injured on Tuesday when a tractor flipped on to him at his farm near Youngstown. Mr. Traficant spent eight years at ClubFed following his conviction on charges of tax evasion, bribery, racketeering, and obstruction of justice. After his release in 2009, he ran for Congress as an independent but lost. As a Congressman, Mr. Traficant was known for his bombastic style and his trademark saying of “Beam me up.” My condolences to his family.
  • California Mandates E-Filing of Business Returns

    Russ
    27 Sep 2014 | 9:12 am
    The California legislature passed a law mandating e-filing of most business returns beginning with 2014 returns filed in 2015. This legislation was signed into law. Exemptions are available but must be requested from the Franchise Tax Board. Although not mentioned in the law, presumably a return that fails in e-filing (is rejected by the FTB) would also be allowed to be paper filed. The exemptions that are available are for technology issues and other items that constitute “reasonable cause and not willful neglect.” A penalty of $100 for an initial failure is in the law, with…
  • They Both Begin With “E”

    Russ
    21 Sep 2014 | 7:53 pm
    Here’s a good way to make some money (for a while). You create a phony vendor, and send invoices to your company for that vendor for work that was, of course, never preformed. The money from the phony vendor isn’t reported on your tax return–it’s always good when your after-tax income is the same as your before-tax income. Now, there are some potential drawbacks to this scheme. You would be embezzling from your company. Depending on how you do that, it will be some sort of felony. Not reporting the illegal income on your tax return is tax evasion, another felony. And…
  • “I’ve tried to tell you the truth every time I’ve been here”

    Russ
    21 Sep 2014 | 1:07 pm
    That quote is from IRS Commissioner John Koskinen during his testimony from earlier this week on Capitol Hill. I have a simple question for Commissioner Koskinen: Why doesn’t that quote read, “I’ve told you the truth every time I’ve been here”? The obfuscation coming from the IRS hurts the entire US population. The IRS’s budget has been (rightfully) cut: Republicans are not willing to fund what appears to be a partisan office being used against the GOP.
 
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    IRS Hitman 888-415-1337

  • IRS Alert: Scammers Target Foreign Financial Institutions

    26 Sep 2014 | 8:50 am
    Scammers are using the foreign account tax compliance act (FATCA) to mislead foreign financial institutions that they are from the IRS. These scammers are asking for account holders' confidential information, which they later use to carry out tax fraud and other financial crimes. Emailing is the fraudsters' preferred method of communication.Scammers often use changes in the tax laws and new tax rules implemented by the IRS to deceive unsuspecting people. As many taxpayers and financial institutions are not aware of all the regulations due to the newness of the rules, scammers are often…
  • Report Changes to Avoid Problems with Premium Tax Credit

    19 Sep 2014 | 7:57 am
    If you got married, moved to a different state, had an income increase or adopted a child, remember to report the change(s) to the health Insurance Marketplace. Some of the other institutes that you need to report any major life changes are:The postal serviceUtility companiesYour employerFinancial institutions, including bank(s)When it comes to the premium tax credit, reporting changes helps the health care department correctly determine the correct insurance coverage and accurately calculate the amount of credit you are allowed. It’s important to inform the Health Insurance Marketplace of…
  • Paying Tax Debt When You Can Pay in Full

    12 Sep 2014 | 10:56 am
    Most taxpayers that have a tax debt can pay it in full. As such, there are generally two options for resolution: taxpayers can pay their entire tax debt at once or they can pay what’s owed in monthly installments. Paying in a single payment saves money on penalties and interest. The IRS continues charging these fees even after a taxpayer has qualified for an installment plan and has begun to make payments. In this instance, both penalties and interest will be charged until the amount owed is paid in full. Satisfying a tax debt in monthly installments is a good option for those who can pay,…
  • Tax Scam Alert: Phishing and Phone Scams

    5 Sep 2014 | 10:06 pm
    Emails and phone calls are the most common methods scammers use to dupe people. At any time, someone claiming to be from the IRS can reach out to you. The phony IRS agent may try to extract sensitive information from you such as your Social Security Number or convince/intimidate you into transferring your money to them to pay for your alleged tax debt.The latest email phishing scheme is Update your IRS efile. In this scam, fraudsters send an email to random people claiming to be the IRS. The email contains a link to a bogus website that is designed to look like the IRS site, and youll be…
  • Why Tax Debt Should be Paid

    29 Aug 2014 | 10:36 am
    Regardless of how much you owe in tax debt, if you elect not to pay it there are a couple of things you should expect. The first is that your tax debt will increase due to the accumulation of penalties and interest. The second is that the IRS will try to collect back taxes. Both of these can have an impact on your finances. Collection efforts such as a lien or levy can be even more damaging, as they can compromise your money and your credit.Many taxpayers postpone or avoid payment of tax debt because they are not aware of the penalties and interest the IRS charges on back taxes. As these fees…
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    L & R Tax Preparation LLC RSS Feed

  • Which Moving Expenses are Deductible?

    1 Oct 2014 | 7:00 am
    If you moved due to a change in your job or business location or because you started a new job or business, you may be able to deduct your reasonable moving expenses. Wondering if you can deduct your moving expenses? Keep reading to find out.
  • Small Business and the Affordable Care Act

    1 Oct 2014 | 7:00 am
    Whether you're self-employed or run a small business, here's what you need to know about the Affordable Care Act.
  • Hobby or Business? Why It Matters

    1 Oct 2014 | 7:00 am
    Millions of Americans have hobbies, but when that hobby starts to turn a profit, it might just be considered a business by the IRS. Learn more about the tax implications of a hobby versus a business.
 
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  • Jeter reveals his post-retirement business launch

    1 Oct 2014 | 10:28 pm
    Jeter reveals his post-retirement business launchGettyAfter laying down his bat, Derek Jeter will remain in the sports realm -- but in a very different capacity.Who he is cutting outMore in sports newsNBA Media Day's strangest shotsStrahan will be in 'Magic Mike 2'
  • Secret Service director resigns amid scandal

    1 Oct 2014 | 10:28 pm
    Secret Service director resigns amid scandalGettyAfter coming under fire for numerous security breaches, Julia Pierson has stepped down as the head of the Secret Service.Deceit Obama couldn't overlookMore headlinesISIS beheads three more victimsPaper of record calls for layoffs
  • Tiger Woods makes big announcement

    1 Oct 2014 | 10:28 pm
    Tiger Woods makes big announcementAPCelebrities and satellite businesses have not always been so successful, but Tiger will give this new venture a chance. Business opportunity he's chasingMore sports coverage 'Melo the most underrated star?NFL player blasts Panthers GM
  • Giants dominate Pirates in 8-0 win

    1 Oct 2014 | 10:28 pm
    Giants dominate Pirates in 8-0 winAPBrandon Crawford hit the first grand slam by a shortstop in postseason history as San Francisco routed Pittsburgh in their wild-card matchup. Next up, the Washington NationalsMore sports'Natitude' catching on in DCPolice ask Royals fans for a favor
  • How man with Ebola virus got into the US

    1 Oct 2014 | 10:28 pm
    How man with Ebola virus got into the USAPDetails emerged of the man's roundabout 28-hour trip to the U.S., which officials said included several lengthy airport layovers.Why airline investors are spookedRelated Ebola coverageSchool kids put at riskTimeline of US Ebola diagnosis
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  • Jeter reveals his post-retirement business launch

    1 Oct 2014 | 10:28 pm
    Jeter reveals his post-retirement business launchGettyAfter laying down his bat, Derek Jeter will remain in the sports realm -- but in a very different capacity.Who he is cutting outMore in sports newsNBA Media Day's strangest shotsStrahan will be in 'Magic Mike 2'
  • Secret Service director resigns amid scandal

    1 Oct 2014 | 10:28 pm
    Secret Service director resigns amid scandalGettyAfter coming under fire for numerous security breaches, Julia Pierson has stepped down as the head of the Secret Service.Deceit Obama couldn't overlookMore headlinesISIS beheads three more victimsPaper of record calls for layoffs
  • Tiger Woods makes big announcement

    1 Oct 2014 | 10:28 pm
    Tiger Woods makes big announcementAPCelebrities and satellite businesses have not always been so successful, but Tiger will give this new venture a chance. Business opportunity he's chasingMore sports coverage 'Melo the most underrated star?NFL player blasts Panthers GM
  • Giants dominate Pirates in 8-0 win

    1 Oct 2014 | 10:28 pm
    Giants dominate Pirates in 8-0 winAPBrandon Crawford hit the first grand slam by a shortstop in postseason history as San Francisco routed Pittsburgh in their wild-card matchup. Next up, the Washington NationalsMore sports'Natitude' catching on in DCPolice ask Royals fans for a favor
  • How man with Ebola virus got into the US

    1 Oct 2014 | 10:28 pm
    How man with Ebola virus got into the USAPDetails emerged of the man's roundabout 28-hour trip to the U.S., which officials said included several lengthy airport layovers.Why airline investors are spookedRelated Ebola coverageSchool kids put at riskTimeline of US Ebola diagnosis
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  • Jeter reveals his post-retirement business launch

    1 Oct 2014 | 10:28 pm
    Jeter reveals his post-retirement business launchGettyAfter laying down his bat, Derek Jeter will remain in the sports realm -- but in a very different capacity.Who he is cutting outMore in sports newsNBA Media Day's strangest shotsStrahan will be in 'Magic Mike 2'
  • Secret Service director resigns amid scandal

    1 Oct 2014 | 10:28 pm
    Secret Service director resigns amid scandalGettyAfter coming under fire for numerous security breaches, Julia Pierson has stepped down as the head of the Secret Service.Deceit Obama couldn't overlookMore headlinesISIS beheads three more victimsPaper of record calls for layoffs
  • Tiger Woods makes big announcement

    1 Oct 2014 | 10:28 pm
    Tiger Woods makes big announcementAPCelebrities and satellite businesses have not always been so successful, but Tiger will give this new venture a chance. Business opportunity he's chasingMore sports coverage 'Melo the most underrated star?NFL player blasts Panthers GM
  • Giants dominate Pirates in 8-0 win

    1 Oct 2014 | 10:28 pm
    Giants dominate Pirates in 8-0 winAPBrandon Crawford hit the first grand slam by a shortstop in postseason history as San Francisco routed Pittsburgh in their wild-card matchup. Next up, the Washington NationalsMore sports'Natitude' catching on in DCPolice ask Royals fans for a favor
  • How man with Ebola virus got into the US

    1 Oct 2014 | 10:28 pm
    How man with Ebola virus got into the USAPDetails emerged of the man's roundabout 28-hour trip to the U.S., which officials said included several lengthy airport layovers.Why airline investors are spookedRelated Ebola coverageSchool kids put at riskTimeline of US Ebola diagnosis
 
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  • Jeter reveals his post-retirement business launch

    1 Oct 2014 | 10:28 pm
    Jeter reveals his post-retirement business launchGettyAfter laying down his bat, Derek Jeter will remain in the sports realm -- but in a very different capacity.Who he is cutting outMore in sports newsNBA Media Day's strangest shotsStrahan will be in 'Magic Mike 2'
  • Secret Service director resigns amid scandal

    1 Oct 2014 | 10:28 pm
    Secret Service director resigns amid scandalGettyAfter coming under fire for numerous security breaches, Julia Pierson has stepped down as the head of the Secret Service.Deceit Obama couldn't overlookMore headlinesISIS beheads three more victimsPaper of record calls for layoffs
  • Tiger Woods makes big announcement

    1 Oct 2014 | 10:28 pm
    Tiger Woods makes big announcementAPCelebrities and satellite businesses have not always been so successful, but Tiger will give this new venture a chance. Business opportunity he's chasingMore sports coverage 'Melo the most underrated star?NFL player blasts Panthers GM
  • Giants dominate Pirates in 8-0 win

    1 Oct 2014 | 10:28 pm
    Giants dominate Pirates in 8-0 winAPBrandon Crawford hit the first grand slam by a shortstop in postseason history as San Francisco routed Pittsburgh in their wild-card matchup. Next up, the Washington NationalsMore sports'Natitude' catching on in DCPolice ask Royals fans for a favor
  • How man with Ebola virus got into the US

    1 Oct 2014 | 10:28 pm
    How man with Ebola virus got into the USAPDetails emerged of the man's roundabout 28-hour trip to the U.S., which officials said included several lengthy airport layovers.Why airline investors are spookedRelated Ebola coverageSchool kids put at riskTimeline of US Ebola diagnosis
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  • Jeter reveals his post-retirement business launch

    1 Oct 2014 | 10:28 pm
    Jeter reveals his post-retirement business launchGettyAfter laying down his bat, Derek Jeter will remain in the sports realm -- but in a very different capacity.Who he is cutting outMore in sports newsNBA Media Day's strangest shotsStrahan will be in 'Magic Mike 2'
  • Secret Service director resigns amid scandal

    1 Oct 2014 | 10:28 pm
    Secret Service director resigns amid scandalGettyAfter coming under fire for numerous security breaches, Julia Pierson has stepped down as the head of the Secret Service.Deceit Obama couldn't overlookMore headlinesISIS beheads three more victimsPaper of record calls for layoffs
  • Tiger Woods makes big announcement

    1 Oct 2014 | 10:28 pm
    Tiger Woods makes big announcementAPCelebrities and satellite businesses have not always been so successful, but Tiger will give this new venture a chance. Business opportunity he's chasingMore sports coverage 'Melo the most underrated star?NFL player blasts Panthers GM
  • Giants dominate Pirates in 8-0 win

    1 Oct 2014 | 10:28 pm
    Giants dominate Pirates in 8-0 winAPBrandon Crawford hit the first grand slam by a shortstop in postseason history as San Francisco routed Pittsburgh in their wild-card matchup. Next up, the Washington NationalsMore sports'Natitude' catching on in DCPolice ask Royals fans for a favor
  • How man with Ebola virus got into the US

    1 Oct 2014 | 10:28 pm
    How man with Ebola virus got into the USAPDetails emerged of the man's roundabout 28-hour trip to the U.S., which officials said included several lengthy airport layovers.Why airline investors are spookedRelated Ebola coverageSchool kids put at riskTimeline of US Ebola diagnosis
  • add this feed to my.Alltop

  • Jeter reveals his post-retirement business launch

    1 Oct 2014 | 10:28 pm
    Jeter reveals his post-retirement business launchGettyAfter laying down his bat, Derek Jeter will remain in the sports realm -- but in a very different capacity.Who he is cutting outMore in sports newsNBA Media Day's strangest shotsStrahan will be in 'Magic Mike 2'
  • Secret Service director resigns amid scandal

    1 Oct 2014 | 10:28 pm
    Secret Service director resigns amid scandalGettyAfter coming under fire for numerous security breaches, Julia Pierson has stepped down as the head of the Secret Service.Deceit Obama couldn't overlookMore headlinesISIS beheads three more victimsPaper of record calls for layoffs
  • Tiger Woods makes big announcement

    1 Oct 2014 | 10:28 pm
    Tiger Woods makes big announcementAPCelebrities and satellite businesses have not always been so successful, but Tiger will give this new venture a chance. Business opportunity he's chasingMore sports coverage 'Melo the most underrated star?NFL player blasts Panthers GM
  • Giants dominate Pirates in 8-0 win

    1 Oct 2014 | 10:28 pm
    Giants dominate Pirates in 8-0 winAPBrandon Crawford hit the first grand slam by a shortstop in postseason history as San Francisco routed Pittsburgh in their wild-card matchup. Next up, the Washington NationalsMore sports'Natitude' catching on in DCPolice ask Royals fans for a favor
  • How man with Ebola virus got into the US

    1 Oct 2014 | 10:28 pm
    How man with Ebola virus got into the USAPDetails emerged of the man's roundabout 28-hour trip to the U.S., which officials said included several lengthy airport layovers.Why airline investors are spookedRelated Ebola coverageSchool kids put at riskTimeline of US Ebola diagnosis
 
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  • Jeter reveals his post-retirement business launch

    1 Oct 2014 | 10:28 pm
    Jeter reveals his post-retirement business launchGettyAfter laying down his bat, Derek Jeter will remain in the sports realm -- but in a very different capacity.Who he is cutting outMore in sports newsNBA Media Day's strangest shotsStrahan will be in 'Magic Mike 2'
  • Secret Service director resigns amid scandal

    1 Oct 2014 | 10:28 pm
    Secret Service director resigns amid scandalGettyAfter coming under fire for numerous security breaches, Julia Pierson has stepped down as the head of the Secret Service.Deceit Obama couldn't overlookMore headlinesISIS beheads three more victimsPaper of record calls for layoffs
  • Tiger Woods makes big announcement

    1 Oct 2014 | 10:28 pm
    Tiger Woods makes big announcementAPCelebrities and satellite businesses have not always been so successful, but Tiger will give this new venture a chance. Business opportunity he's chasingMore sports coverage 'Melo the most underrated star?NFL player blasts Panthers GM
  • Giants dominate Pirates in 8-0 win

    1 Oct 2014 | 10:28 pm
    Giants dominate Pirates in 8-0 winAPBrandon Crawford hit the first grand slam by a shortstop in postseason history as San Francisco routed Pittsburgh in their wild-card matchup. Next up, the Washington NationalsMore sports'Natitude' catching on in DCPolice ask Royals fans for a favor
  • How man with Ebola virus got into the US

    1 Oct 2014 | 10:28 pm
    How man with Ebola virus got into the USAPDetails emerged of the man's roundabout 28-hour trip to the U.S., which officials said included several lengthy airport layovers.Why airline investors are spookedRelated Ebola coverageSchool kids put at riskTimeline of US Ebola diagnosis
  • add this feed to my.Alltop

  • Jeter reveals his post-retirement business launch

    1 Oct 2014 | 10:28 pm
    Jeter reveals his post-retirement business launchGettyAfter laying down his bat, Derek Jeter will remain in the sports realm -- but in a very different capacity.Who he is cutting outMore in sports newsNBA Media Day's strangest shotsStrahan will be in 'Magic Mike 2'
  • Secret Service director resigns amid scandal

    1 Oct 2014 | 10:28 pm
    Secret Service director resigns amid scandalGettyAfter coming under fire for numerous security breaches, Julia Pierson has stepped down as the head of the Secret Service.Deceit Obama couldn't overlookMore headlinesISIS beheads three more victimsPaper of record calls for layoffs
  • Tiger Woods makes big announcement

    1 Oct 2014 | 10:28 pm
    Tiger Woods makes big announcementAPCelebrities and satellite businesses have not always been so successful, but Tiger will give this new venture a chance. Business opportunity he's chasingMore sports coverage 'Melo the most underrated star?NFL player blasts Panthers GM
  • Giants dominate Pirates in 8-0 win

    1 Oct 2014 | 10:28 pm
    Giants dominate Pirates in 8-0 winAPBrandon Crawford hit the first grand slam by a shortstop in postseason history as San Francisco routed Pittsburgh in their wild-card matchup. Next up, the Washington NationalsMore sports'Natitude' catching on in DCPolice ask Royals fans for a favor
  • How man with Ebola virus got into the US

    1 Oct 2014 | 10:28 pm
    How man with Ebola virus got into the USAPDetails emerged of the man's roundabout 28-hour trip to the U.S., which officials said included several lengthy airport layovers.Why airline investors are spookedRelated Ebola coverageSchool kids put at riskTimeline of US Ebola diagnosis
  • add this feed to my.Alltop

  • Jeter reveals his post-retirement business launch

    1 Oct 2014 | 10:28 pm
    Jeter reveals his post-retirement business launchGettyAfter laying down his bat, Derek Jeter will remain in the sports realm -- but in a very different capacity.Who he is cutting outMore in sports newsNBA Media Day's strangest shotsStrahan will be in 'Magic Mike 2'
  • Secret Service director resigns amid scandal

    1 Oct 2014 | 10:28 pm
    Secret Service director resigns amid scandalGettyAfter coming under fire for numerous security breaches, Julia Pierson has stepped down as the head of the Secret Service.Deceit Obama couldn't overlookMore headlinesISIS beheads three more victimsPaper of record calls for layoffs
  • Tiger Woods makes big announcement

    1 Oct 2014 | 10:28 pm
    Tiger Woods makes big announcementAPCelebrities and satellite businesses have not always been so successful, but Tiger will give this new venture a chance. Business opportunity he's chasingMore sports coverage 'Melo the most underrated star?NFL player blasts Panthers GM
  • Giants dominate Pirates in 8-0 win

    1 Oct 2014 | 10:28 pm
    Giants dominate Pirates in 8-0 winAPBrandon Crawford hit the first grand slam by a shortstop in postseason history as San Francisco routed Pittsburgh in their wild-card matchup. Next up, the Washington NationalsMore sports'Natitude' catching on in DCPolice ask Royals fans for a favor
  • How man with Ebola virus got into the US

    1 Oct 2014 | 10:28 pm
    How man with Ebola virus got into the USAPDetails emerged of the man's roundabout 28-hour trip to the U.S., which officials said included several lengthy airport layovers.Why airline investors are spookedRelated Ebola coverageSchool kids put at riskTimeline of US Ebola diagnosis
 
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    Value Added Tax Blog

  • Oh, those 2015 rules…

    Mark
    20 Sep 2014 | 11:35 am
    It seems like every VAT consultant, in the US and in the EU, has jumped on the new EU VAT rules that kick in on January 1, 2015. I have not paid as much attention to the changes, simply because the impact on U.S. companies is rather limited. As a reminder, this is about the supplies […]
  • Scandia – supplies to a branch

    Mark
    20 Sep 2014 | 11:14 am
    In a wholly unsurprising ruling the European Court of Justice ruled last week that supplies by a head-office to a branch are within the scope of VAT if the branch is part of a VAT group / fiscal unity. The Netherlands at least has had this rule in their regulations for decennia, but see here […]
  • OECD news: BEPS

    Mark
    20 Sep 2014 | 10:54 am
    “Base Erosion & Profit Shifting” sounds like something that has nothing to do with VAT. VAT expert James Robinson penned his thoughts on this OECD initiative – well worth a read.
  • I’m back…

    Mark
    20 Sep 2014 | 10:48 am
    Last week at the IPT VAT conference I was encouraged to pick up blogging about VAT. Thanks everybody! Here we go… Starbucks session at IPT Reagan airport
  • Portugal – VAT rate up to 23.5%?

    Mark
    8 May 2014 | 10:51 am
    Just when you thought that VAT rate increases have died down, Portugal announced plans to increase their VAT rate from 23% to 23.5%… From January 1, 2015, or so they say now.
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    J. Stefan - EzineArticles Expert Author

  • No Articles Found

    1 Oct 2014 | 10:08 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.

  • Letting My Hair Grow Back: DIY is Not Always Better

    Jason Dinesen
    1 Oct 2014 | 4:30 am
    Me, back when I thought a shaved head would save me big bucks. In June 2013, I decided to shave my head. My logic was, why should I pay someone $10 or $15 each month just to cut my hair? I’ll just shave it off and be done with it. No more haircuts, no need for shampoo. I felt like I had made a brilliant decision. About 6 weeks ago, I scrapped the whole “shaved head thing.” I’m growing my hair back and will be paying someone else to trim it every now and then. Why? Because the cost savings associated with doing it myself DIDN’T EXIST. In fact, I believe I spent MORE MONEY shaving my…
  • The IRS Says I’m Not Authorized to Speak On My Own Behalf

    Jason Dinesen
    29 Sep 2014 | 4:30 am
    Filed under “dumb but true things the IRS does.” A few months ago, I received a letter from the IRS, in which the IRS disputed which payroll form my company should be filing. Without going into all the details, the short version is: I think I’m supposed to file a Form 941; the IRS thinks it should be a Form 944. In August, I wrote a letter to the IRS, asking them to please update their records to show that I am to use Form 941 as my reporting form. Last week, I got the following letter back from the IRS. This is in response to the inquiry of August 12, 2014, from your accountant. We…
  • Things Tax Preparers Say: S-Corporation Compensation (Again!)

    Jason Dinesen
    25 Sep 2014 | 4:30 am
    This really should be filed under “Things Tax Preparers DIDN’T Say”. And again it’s about S-corporation compensation. SCENARIO: S-corporation owner hasn’t been paying himself a salary despite having large corporate net income, and despite taking large withdrawals of money from the corporation. Those withdrawals had always been called “shareholder distributions.” On the owner’s personal return, all of the corporate net income was reported as ordinary income. He also makes contributions into an IRA. PROBLEM: The salary issue is the obvious problem…
  • Entrepreneurial Maturity

    Jason Dinesen
    23 Sep 2014 | 4:30 am
    I wish I could take credit for the term “entrepreneurial maturity” but I can’t. Credit goes to Jason Jones, a licensed public accountant who offers CFO services to businesses. In writing about his challenges in working with businesses, Jason says: (T)he challenge I immediately discovered was in finding small business clients who had the entrepreneurial maturity to realize what they needed to know financially in order for their business to thrive and survive, and who had a strong awareness of their own conscious incompetence accordingly. All too often, I got referrals from…
  • IRS Says Online Sorority Is Not Tax Exempt

    Jason Dinesen
    19 Sep 2014 | 4:30 am
    Tax law says certain clubs and social groups are exempt from income tax. This can include college sororities. But according to the IRS, this doesn’t apply to sororities created by online schools where the sorority members never meet face-to-face. Background A national, for-profit college (the IRS ruling didn’t say which one) started an online sorority. Reading through IRS Letter Ruling 201434022, it appears that this sorority operates similar to other sororities, except almost all activities take place online. Section 501(c)(7) of the Internal Revenue Code says organizations…
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    IncomeTaxReturnIndia.com

  • LIC Jeevan Shagun Single Premium Policy provides insurance and good returns

    Tax Dost
    9 Sep 2014 | 5:34 pm
      LIC Jeevan Shagun is new Money Back Plan Single premium policy from LIC. Jeevan Shagun (Plan No. 826) is good option as it provides good return and is available against one time payment. Jeevan Shagun is  a close ended plan which would be open for sale from 01 September , 2014 … Continue reading →
  • Late filing of Income tax Return after 31.07.2014

    Tax Dost
    3 Aug 2014 | 4:04 am
    Due date for filing tax return was 31.07.2014 ( 31 st July ) for all Individuals getting salary and running their own business or profession or working as free lancer. Due date for assessee who are required to get their books audited, the last date for filing return is 30th September. … Continue reading →
  • Return Filing camp in Delhi will remain open on Saturday and Sunday

    Tax Dost
    25 Jul 2014 | 9:45 am
    Income Tax Return filing Camp will start from 25th july 2014 till 31 st july 2014. These camps will remaim open on Saturday ( 27 th July 2014) and Sunday ( 28th july 2014) Location of these camps: In Delhi These camps will be held at Pratyakshar Bhawan, Civic City … Continue reading →
  • Income Tax Rates for current year 2014-2015 (Assessment year 2015-2016)

    Tax Dost
    21 Jul 2014 | 10:12 am
    Income Tax Rates for Assessment year 2015-2016 (Previous year 2013-14) Income Tax Rates/Slab for Assessment Year 2015-16 (Previous Year 2013-14) Rates/ %age Up to 2,50,000 Up to 2,50,000 (for women) Up to 3,00,000 (for resident individual of 60 years till 80 years) Nil 250,001 – 5,00,000 Up to 500,000 (for … Continue reading →
  • Which ITR should I use for Filling tax return – ITR 1 or ITR2

    Tax Dost
    20 Jul 2014 | 10:05 am
    Income Tax Return filing last date is 31st july 2014 for non- Audit cases. There is lot of confusion among tax payers, which is the correct income tax form. Whether I should use ITR 1 or ITR 2. Who can use ITR 1 ITR–1 Form is to be used by … Continue reading →
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    Tax Lien Certificates - Smart Investing

  • Tax Lien Sales – Who Can Invest?

    eluke
    8 Sep 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 Aug 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
    17 Jul 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 Liens – Frequently Asked Questions

    eluke
    16 Jun 2014 | 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 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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    Blog

  • How to Negotiate with a Tax Appeals Officer

    Bill Hartsock
    30 Sep 2014 | 4:04 pm
    The Tax Appeals conference is presided over by the Appeals officer in charge of the case. Although the process is rather informal, the IRS and the Treasury Department provide some guidance as to how the conference is to be conducted in the Internal Revenue Manual and Treasury Regulations (1).Tags: Tax Appeal Information & Advice From The Tax LawyerRead more about How to Negotiate with a Tax Appeals Officer
  • Making a Timely Disclosure under Offshore Voluntary Disclosure Program

    Bill Hartsock
    22 Sep 2014 | 1:12 pm
    Under the IRS Offshore Voluntary Disclosure Program, taxpayers have the opportunity of making a voluntary disclosure of all their offshore financial accounts and assets to the IRS. In exchange for making the voluntary disclosure, the IRS offers taxpayers a decreased risk of criminal prosecution for federal tax crimes and assorted fines and penalties.Tags: FBAR News and Information On Programs and ProceduresRead more about Making a Timely Disclosure under Offshore Voluntary Disclosure Program
  • What to Expect at a Tax Appeals Conference

    Bill Hartsock
    18 Sep 2014 | 2:13 pm
    Tax Appeals conferences are typically rather informal. There is generally no stenographer present to record the issues of fact and tax law discussed, unless specifically requested by the taxpayer via specific procedures. When you or others provide testimony during the tax appeals conference , it is not under oath; however, matters of fact must be stated on a signed affidavit under penalty of perjury (1).Tags: Tax Appeal Information & Advice From The Tax LawyerRead more about What to Expect at a Tax Appeals Conference
  • The Tax Appeals Conference - How To Prepare

    Bill Hartsock
    15 Sep 2014 | 12:33 pm
    The Tax appeals Conference is generally an informal affair. However, despite the informality, it is worth noting that the judge presiding over the tax appeals conference is technically an adversary to the taxpayer who argues the IRS’s position.Tags: Tax Appeal Information & Advice From The Tax LawyerRead more about The Tax Appeals Conference - How To Prepare
  • Tax Appeals - How to Prepare a Written Protest

    Bill Hartsock
    12 Sep 2014 | 11:55 am
    Once you have decided that filing a written protest in tax appeals is the correct strategy for addressing your dispute with the IRS, you must then prepare the written protest itself.Tags: Tax Appeal Information & Advice From The Tax LawyerRead more about Tax Appeals - How to Prepare a Written Protest
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    Bankrate.com » Taxes

  • IRS’ costly collection shortcuts

    Kay Bell
    30 Sep 2014 | 12:49 pm
    The IRS is closing some delinquent tax cases as uncollectible before agency employees complete all required steps to track down the owing individuals, according to a new report.
  • Bad tax ‘situation’ for reality TV star

    Kay Bell
    25 Sep 2014 | 8:52 am
    Mike "The Situation" Sorrentino is facing federal charges for a variety of alleged tax crimes. Find out how to avoid a similar situation in your tax life.
  • Real tax trouble for RHONJ stars

    Kay Bell
    23 Sep 2014 | 1:04 pm
    Things are getting real for Real Housewives of NJ reality TV stars Teresa and Joe Giudice. They could be going to federal jail for, in part, tax evasion charges.
  • Tax effects on retirement savings

    Kay Bell
    18 Sep 2014 | 7:30 am
    Do you take advantage of tax-favored retirement savings accounts? Congress is looking at ways to make IRAs and 401(k) plans more appealing.
  • US 32nd in tax competitiveness

    Kay Bell
    16 Sep 2014 | 12:43 pm
    Business leaders have long complained the U.S. tax code penalizes businesses. A new study agrees, putting America near the bottom of a tax competitiveness list.
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    Sales Use Tax

  • Colorado Statute of Limitations: Watch Dates in Home Rule Cities

    Keith Crichton
    16 Sep 2014 | 4:49 pm
    Article XX, Section 6 of the Colorado Constitution grants a great deal of authority to the state’s Home Rule cities.  However the legislature determined “that the enforcement of sales and use taxes can affect persons and entities across the jurisdictional … Continue reading →
  • Colorado DMA “Amazon Tax ” Case Moves Forward

    Jerry Donnini
    12 Sep 2014 | 9:59 am
    Direct Marketing Association has continued its fight for consumer privacy with Colorado. Specifically, DMA filed its opening brief in the Supreme Court of the United States on September 9, 2014. The Supreme Court will hear the case during its upcoming … Continue reading →
  • Back to School for Sales Tax Exemptions

    Annette Nellen
    19 Aug 2014 | 10:49 am
    Special tax rules tend to violate principles of good tax policy, such as simplicity, neutrality and equity. For example, a sales tax exemption for certain types of manufacturing equipment will require specific definitions of the eligible equipment. We have seen … Continue reading →
  • Showdown in Congress: The Marketplace Fairness Act Update

    Jerry Donnini
    14 Aug 2014 | 9:21 am
    Over the past few years, small and mid-sized businesses have feared the Marketplace Fairness Act (“MFA”).  Under the new Act online retailers that have sales over a certain threshold would be required to charge, collect, and remit tax in any … Continue reading →
  • Permanent Internet Tax Freedom Act Moves One Step Closer to Final Law

    Sylvia F. Dion
    16 Jul 2014 | 8:35 am
    The Permanent Internet Tax Freedom Act, H.R. 3086, made big news yesterday – July 15th! This significant piece of legislation was approved via voice vote by the U.S. House of Representatives, moving the proposal one step further to becoming final … Continue reading →
 
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    US Tax Program

  • US Customers Business Is Picking up again in Switzerland

    admin
    1 Oct 2014 | 6:50 am
    A number of asset managers and law firms have founded an association for SECregistered financial advisors. The newly founded and soon to be launched Swiss Registered Investment Advisor Association SRIAA) establishes itself as an information platform SECregistered asset managers and finance-related actors who are interested in the USmarket. This shows that despite the US Program, the business with US customers still find an interest in Switzerland. Its member are: asset managers BFI Wealth Management (International) Ltd. Kaiser Partner Financial Advisors Ltd. Kaiser Partner Private Bank AG…
  • US Attorney General Eric Holder Quits the Department of Justice (DoJ)

    admin
    26 Sep 2014 | 2:11 am
    President Obama announced that US Attorney General Eric Holder will quit the Department of Justice (DoJ) once a replacement has been found. This departure triggered a number of comments and statements, some are reported on the DoJ website. On Reuters Barbara Arnwine, president of the Lawyers’ Committee for Civil Rights, says “We’ve always seen him as an important spokesperson for the administration and that role should not go unfulfilled.” In his pursuit of tax evaders, he was part of the elaboration of the US Program, the agreement to a solution to the tax dispute…
  • Lenz & Staehelin’s Partner Sees US Tax Dispute with Swiss Banks to Drag on into 2015

    admin
    23 Sep 2014 | 3:50 pm
    Shelby du Pasquier, a partner at Lenz & Staehelin, represents more than 20 banks in the tax dispute between the Swiss banks and the USA. At the private banking summit Euroforum he said “it will be a costly exercise that will run until spring of next year” when commenting on the US Program and added that he thinks that Julius Baer Group Ltd and a ‘smaller bank’ might be next for settlement after UBS in 2009 and Credit Suisse last spring. Shelby du Pasquier also told Bloomberg that the US is eager to move on to scrutinize other offshore jurisdictions such as the…
  • US Tax Dispute Is Impacting the Swiss Banking Sector Consolidation

    admin
    23 Sep 2014 | 11:16 am
    Due to the US Program, Shelby du Pasquier, a partner at Lenz & Staehelin, sees an acceleration as well as an increased complexity in the banking sector deals. In this new environment, buyers want to exclude the legacy business when proceeding to an acquisition. “It is difficult for legal reasons to purposefully select the employees who will be transferred to the new entity” says Shelby du Pasquier to Finanz und Wirtschaft.  
  • US Tool to the Disappearance of Banking Secrecy

    admin
    22 Sep 2014 | 3:52 am
    While focusing on FATCA, this Forbes article also touches on the banking secrecy and its fading especially at Swiss banks. It requires foreign banks to reveal Us-related accounts holding over $50k. The world has agreed to the application of FATCA, even Russia and China, and names are being revealed to the IRS. In Canada a lawsuit has been filed against the Canadian Attorney General challenging the constitutionality of Canada’s FATCA agreement with the US. This suit intends to block FATCA and prohibit the handover of US-related names to the IRS. However, for now, Canada has signed the FATCA…
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