Taxes

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  • From the Archives: Adjunct Professors and Mileage Deductions

    The Dinesen Tax Times by Jason T. Dinesen, LPA, E.A.
    Jason Dinesen
    29 May 2015 | 4:30 am
    One last “greatest hits” post before new material resumes on Tuesday. This post from more than 3 years ago is still very popular. Apparently a lot of adjunct professors are out there Googling about mileage deductions. —– Originally published April 18, 2012 A website visitor poses the following question: can an adjunct professor deduct mileage from their home office to the classes they teach? As with anything related to taxes, the answer is “maybe.” Do You Really Have a Home Office? Almost all of us have some part of our house or apartment that we say is our “home…
  • Have You Received a Deficiency Notice or Another Letter Regarding Tax Problems From the IRS?

    Tax Problem Attorney Blog
    Dennis N. Brager
    28 May 2015 | 6:00 am
    You filed your taxes like you were supposed to and you should be able to spend the rest of the year free from worries about taxes. But, then one day it appears. The envelope is fairly nondescript except for the name and address of the Internal Revenue Service emblazoned upon it. Maybe you tear it open immediately or maybe you wait until you are feeling a little braver, but in either case your mind starts racing and you can’t quite shake the feeling that you’ll soon be facing major tax problems. However, not every notice from the IRS represents a major issue or concern. But, if you do…
  • IRS “Get Transcript” Application Hacked; 104,000 Tax Returns Illegally Accessed

    Taxable Talk
    Russ
    26 May 2015 | 2:35 pm
    This afternoon IRS Commissioner John Koskinen announced that criminals were able to use the IRS “Get Transcript” application to access approximately 104,000 tax returns. (An additional 100,000 or so attempts were unsuccessful.) From the Wall Street Journal: Thieves used the information from prior years’ returns to help them file for fraudulent refunds, the IRS said. The IRS said the matter is under review by the Treasury Inspector General for Tax Administration as well as the IRS’s Criminal Investigation unit. In addition, the agency said its “Get Transcript”…
  • Surprise! You Heard About that May 29th Filing Deadline, Right?

    Taxable Talk
    Russ
    27 May 2015 | 3:03 pm
    You’re looking at the headline and wondering what I’m drinking. There’s no May 29th tax deadline, right? Well, yes, that’s correct; however, there is a May 29th government filing deadline that will impact some business owners. The Bureau of Economic Analysis surveys all US owners of foreign (non-US) entities every five years. Via Jack Townsend’s Federal Tax Crimes blog is the news that the BEA survey is due as soon as this Friday, May 29th! He links to a report from Joseph Perera and Farley P. Katz titled, “Alert: Benchmark Survey of U.S. Direct Investment…
  • Five 529 plan facts to celebrate 529 Day

    Don't Mess With Taxes
    skbell1
    29 May 2015 | 11:10 am
    May 29 is an important if unofficial holiday if you're facing or expect one day to deal with the ever escalating costs of college. It's 529 Day.  While 529 plans are nicknamed for the section of the Internal Revenue Code that authorizes them (they're officially known as qualified tuition programs), this 29th day of the fifth month is the perfect time to commemorate the many benefits of these college savings accounts. 592 plans have been around since 1996, but many folks still are unaware of them. Financial services firm Edward Jones' fourth annual 529 Plan Awareness…
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    Don't Mess With Taxes

  • Five 529 plan facts to celebrate 529 Day

    skbell1
    29 May 2015 | 11:10 am
    May 29 is an important if unofficial holiday if you're facing or expect one day to deal with the ever escalating costs of college. It's 529 Day.  While 529 plans are nicknamed for the section of the Internal Revenue Code that authorizes them (they're officially known as qualified tuition programs), this 29th day of the fifth month is the perfect time to commemorate the many benefits of these college savings accounts. 592 plans have been around since 1996, but many folks still are unaware of them. Financial services firm Edward Jones' fourth annual 529 Plan Awareness…
  • IRS security breach highlights need to rethink online privacy

    skbell1
    28 May 2015 | 11:31 am
    After learning that cyber criminals had accessed more than 100,000 tax return transcripts, I joked to the hubby that we're OK. As soon as they crooks saw that we never get tax refunds, they tossed our info. I wish my humorous take on this very serious situation were true. Unfortunately, identity thieves will use any piece of personal information, good or bad, to their advantage. That's the fear that 104,000 taxpayers are facing now that crooks, thought to be a part of a sophisticated Russian crime syndicate, have their hands on the filers' Social Security numbers, birth dates,…
  • Italy charges Bulgari luxury jewelry heirs with tax evasion

    skbell1
    27 May 2015 | 1:35 pm
    You've got to give props to Italian tax officials for their persistence. Last fall, Italy's highest court overturned the tax evasion convictions of fashion icons Domenico Dolce and Stefano Gabbana, whose luxe label bears their surnames. That, however, has not deterred Italian tax collectors. Now they are going after high-end jewelers Paolo and Nicola Bulgari. The brothers, whose watches and bracelets adorn the wrists of the world's wealthy, are accused of tax evasion. An item from the new Bulgari, or BVLGARI in the trademarked classical Latin lettering that appears in their…
  • Winners of meet-the-candidate contests face tax costs

    skbell1
    26 May 2015 | 1:36 pm
    Want to spend some up-close and person time with a potential presidential nominee? It's not exactly the type of sweepstakes that most Americans want to enter, but some folks are entering contests in which they can win face-to-face time with the next potential U.S. president. National Journal reports that Democratic candidate Hillary Clinton and her Republican nominee wannabe counterparts Jeb Bush, Marco Rubio and Ben Carson have all gotten into this additional type of political contest. And just like the more popular nonpolitical games of chance (you do have your ticket for…
  • Uncle Sam offers tax help for disaster recovery

    skbell1
    26 May 2015 | 10:59 am
    The 2015 Memorial Day weekend weather was horrid for much of the United States. The unofficial start of summer kicked off with record rainfall across the midsection of the country, causing flash floods in formerly drought-stricken areas. Tornadoes touched down. People lost their businesses, homes and tragically some lost their lives. Central Texas was among the hard hit areas. Twisters get a lot of attention and rightly so. There was damage in the Austin area from straight-line winds and small tornadoes that danced across the area. But it was the water that wreaked the most havoc, here and…
 
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    Our Taxing Times

  • Identity Theft at Work

    trishmc
    27 May 2015 | 2:20 pm
    If you were planning to grab a tax transcript off the IRS’s online “Get Transcript” program, you’re out of luck. The application has been closed down because about 100,000 taxpayer accounts were broken into. The IRS wasn’t hacked. The thieves attempted to break into 200,000 accounts using information they were able to accumulate from various outside sources. Basically, they logging in as the taxpayer and were able to answer the security questions and accessed 100,000 accounts. The rest of the accounts weren’t hacked because the thieves didn’t have the information to pass the…
  • Taxes and The Military

    trishmc
    24 May 2015 | 1:05 pm
    I hope everyone is having a good Memorial Day Weekend. But please take a minute to remember why we celebrate the day: to honor those who have died in service of the United States. In fact, May is National Military Appreciation Month. I’m an Army Brat. My dad was career Army and served until he had no option but to retire or become an officer. Mom was in the Navy during WWII. One brother was career Navy who became an attorney when he retired. Another brother served in the Army for a tour and I almost made it to the Air Force. So it’s nice to know that there are special tax treatments…
  • You Lose and Then It Gets Worse

    trishmc
    22 May 2015 | 2:20 pm
    It’s bad enough to lose a court case that most expected they would win but now the IRS is paying more than they ever took in from the RTRP test. Almost $8 million more. From an IRS notice: The IRS is refunding the fees that return preparers paid for the Registered Tax Return Preparer test. Letters will be mailed to refund recipients on May 28 and checks will be mailed on June 2. Return preparers took the test between November 2011 and January 2013 and paid a fee of $116. About 89,000 tests were paid for and taken, with some preparers taking the test more than once. The refunds are being…
  • Graduation and Taxes

    trishmc
    22 May 2015 | 1:31 pm
    Congratulations Graduates and parents. I wish you good fortune in your future. Graduation is one of life’s major changes. And as with any life changes there are tax issues to be considered. Dependency Exemption Whether the graduation is from high school or college, parents need to be aware that they may lose the dependent exemption for their graduate. There are a lot of factors involved in deciding if you can claim a dependent and being a full time student for at least 5 months of the year is one of those factors. A 2015 high school graduate who has been claimed on his parent’s return may…
  • U.S. Income Taxes.

    trishmc
    12 May 2015 | 7:00 am
    Trying something new. If it works, I'll use it occasionally for posts. If it doesn't work, I'll just post the link.  
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    TAX NEWS - Google News

  • DOR says state tax returns 'on target' - Jackson Clarion Ledger

    29 May 2015 | 3:16 pm
    Jackson Clarion LedgerDOR says state tax returns 'on target'Jackson Clarion LedgerThe Department of Revenue reports it is "on target" with state income tax returns this year, and able to answer more phone calls from taxpayers after budget and staff increases. As of early this week, DOR spokeswoman Kathy Waterbury said, the
  • President of closed Falmouth poker chip company sentenced for tax evasion - Press Herald

    29 May 2015 | 2:43 pm
    President of closed Falmouth poker chip company sentenced for tax evasionPress HeraldA Falmouth man who paid the employees of his now-closed poker chip manufacturing company off the books and misused the money intended for income tax was sentenced on Friday to serve 10 months jail. John Kendall, however, plans to appeal his ...
  • Red Bank drops tax increase - Asbury Park Press

    29 May 2015 | 2:33 pm
    Asbury Park PressRed Bank drops tax increaseAsbury Park PressRED BANK – The Borough Council adopted a flat budget in what Red Bank Borough Councilman Michael DuPont said was a first-time occurrence. A flat budget means that Red Bank residents will see no tax increase for the municipal portion of property taxes ...
  • How the breach of IRS tax returns is part of a much bigger problem facing ... - Washington Post (blog)

    29 May 2015 | 12:29 pm
    CNNHow the breach of IRS tax returns is part of a much bigger problem facing Washington Post (blog)The data breach at the IRS that left the personal information of 104,000 taxpayers in the hands of thieves is the latest wrinkle in a mammoth problem faced by tax authorities: Identity theft and its crippling consequences. An unprecedented surge in IRS believes massive data theft originated in RussiaCNNTax Identity Theft Victims Cite Woes With IRSWall Street JournalDoes it Matter if Russia Hacked the IRS?DC InnoKIOW -Yahoo News -The VAR Guyall 184 news articles »
  • Ohio retailers elated that Amazon.com will collect sales tax starting Monday - cleveland.com

    29 May 2015 | 12:24 pm
    cleveland.comOhio retailers elated that Amazon.com will collect sales tax starting Mondaycleveland.comSmall businesses such as these in Cleveland's Shaker Square neighborhood are likely to benefit from the news that Amazon.com will begin collecting state sales taxes starting Monday -- the same sales taxes that brick-and-mortar stores have been required Amazon to start collecting Ohio sales taxToledo BladeAmazon to start collecting sales tax on purchases in OhioDayton Daily NewsAmazon to start collecting sales tax on Ohioans' purchasesColumbus DispatchColumbus Business First…
 
 
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    THE WANDERING TAX PRO

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

    29 May 2015 | 2:00 am
    * Tax pros – have you seen the new post at THE TAX PROFESSIONAL yet?  Why not?  Please review and answer the questions I raise in the post.  And please tell your fellow tax preparers about THE TAX PROFESSIONAL.* And check out this week’s post at BOB’S BABBLINGS.     * Oi vey!  TAXPRO TODAY REPORTS “IRS Detects Massive Data Breach in 'Get Transcript' Application” (highlight is mine) -“The Internal Revenue Service warned of a huge data breach of its online Get Transcript application that allowed the tax returns of approximately 104,000…
  • WHAT A DISRUPTIVE DEVELOPMENT THIS IS!

    28 May 2015 | 2:00 am
    I recently initiated discussions, via THE TAX PROFESSIONAL, among tax preparers about how the excessive Earned Income Tax Credit due diligence requirements and the Obamacare health insurance coverage requirement have affected their practices and policies.  The bottom line appears to be that these developments turned out to be not as bad as expected, while still unnecessary inconveniences.The one development of this millennium that has been the most disruptive to the tax filing season is not the EITC due diligence or Obamacare.  It is the consistent late arriving multiple corrected…
  • OOPS - THEY DID IT AGAIN!

    27 May 2015 | 11:38 am
    The taxes imposed by the State of New Jersey are among the highest taxes in the country – sales tax, income tax, estate and inheritance tax, and especially property tax.  The only tax that does not rank in the top 5 is the state’s gas tax.  While not the major factor in my move to PA it was certainly a secondary one.To provide some relief to NJ homeowners, especially seniors and the disabled, the state has two Property Tax Relief programs – the NJ Homestead Benefit and the Property Tax Reimbursement (aka Senior Freeze).The Property Tax Reimbursement (PTR) program “reimburses…
  • WHAT’S THE BUZZ, TELL ME WHAT’S A HAPPENNIN’ – TUESDAY EDITION

    26 May 2015 | 2:00 am
    * Tax pros – have you seen the new post at THE TAX PROFESSIONAL yet?  Why not?I pose some questions that I would like tax pros to answer. And please tell your fellow tax preparers about THE TAX PROFESSIONAL.* Read about my recent trip to Lancaster PA in BOB’S BABBLINGS.     * Around this time of the year clients begin to receive a Form 5498 for 2014.  They are emailed or postal mailed to me with questions about WTF they are for.Bill Perez explains the situation in detail in the appropriately titled “Form 5498” at ABOUT.COM -“Form 5498 is an annual…
  • WHAT’S THE BUZZ, TELL ME WHAT’S A HAPPENNIN’

    22 May 2015 | 2:00 am
    * Tax pros – have you seen the new post at THE TAX PROFESSIONAL yet?  Why not? And please tell your fellow tax preparers about THE TAX PROFESSIONAL.* Learn the answer to last week’s Trivia Challenge at BOB’S BABBLINGS.     * Jason Dinesen continues his lesson with “Why Make Estimated Tax Payments, Part 2” at DINESEN TAX TIMES.Another reason – if you don’t your Uncle Sam could hit you with a penalty!* Jean Murray does good work in exposing “5 Myths about Limited Liability Companies (LLCs)” at ABOUT.COM. * I realize it is a bit early – but Kay…
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    Start Making Sense

  • Amy Rigby concert

    22 May 2015 | 9:01 am
    Last night, at the Hifi Bar in the East Village, I got to see a great Amy Rigby concert, sitting about 10 feet from the stage.  The first photo shows her with husband Wreckless Eric on bass, the second with audience special guests Lenny Kaye and Syd Straw. Other NYC rock scene fabulosos were also there in the crowd, e.g., Yo La Tengo's Ira Kaplan and Georgia Hubley, as well as rock critic Robert Christgau, plus quite a few more who seemed vaguely familiar, though perhaps it was just because they had that look.  (One of them, sitting next to me, was explaining to Ira Kaplan before…
  • New international tax paper posted on SSRN

    12 May 2015 | 1:42 pm
    I've just posted on SSRN a recently-completed paper on international taxation, entitled "The Crossroads Versus the Seesaw: Getting a 'Fix' on Recent International Tax Policy Developments."It should be downloadable here.  Somewhat on the short side by law professor standards (46 pages), but fairly densely packed with content although, I hope, highly readable for those with knowledge of the field.I'll be presenting it at the 9th annual symposium at the Oxford University Centre for Business Taxation, in late June, and also at the National Tax Association Annual Meeting in Boston this…
  • Bentham House conference on the Philosophical Foundations of Tax Law

    11 May 2015 | 9:48 am
    Yesterday I returned from my short sojourn in London, where I attended the Third Annual Bentham House Conference: Philosophical Foundations of Tax Law, held at the University College London.  This was a very enjoyable and stimulating two-day event in which legal academics from a number of different fields (not just tax) interacted regarding a range of topics.  Murphy and Nagel's The Myth of Ownership came up a lot, as did the work of Dworkin, Rawls, and Nozick, although one of my favorite quotes from the entire session started with the words: "If you are a fan of Aquinas - and who…
  • Off to London, or should I say on to London

    6 May 2015 | 12:54 pm
    Having just finished the NYU Tax Policy Colloquium, Year 20 - classes and grading both (although I have no technical means of officially posting the grades yet) - I am off to London tonight.  On Friday and Saturday, I will be attending the Third Annual Bentham House Conference, at the UCL Faculty of Laws (which is part of the University College of London).  This year's conference title is "The Philosophical Foundations of Tax Law."  Basic info about the conference is available here, and the conference program is here.  The papers themselves are only for log-in by…
  • Tax policy colloquium, week 14: Gregg Polsky's "A Compendium of Private Equity Tax Games"

    6 May 2015 | 12:32 pm
    Here is a picture of a place on Route 23 in Northern New Jersey that is reported to have excellent kielbasa, pierogis, etc.  I'm definitely hoping to try it sometime.Yesterday, at the last session of the 20th annual NYU Tax Policy Colloquium, we instead had "Polsky Smack" - an illuminating smackdown by Gregg Polsky of current or at least recent practices in the private equity realm.One could call this our third installment, over the years (I hope I am not forgetting one) of significant contributions to the private equity / "2 & 20" debate.A long time back, Vic Fleischer presented the…
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    MauledAgain

  • Collecting an Existing Tax Does Not Create a New Tax

    James Edward Maule
    29 May 2015 | 5:01 am
    For whatever reason, some people seem to think that being required to pay an existing tax amounts to the creation of a new tax. In a recent news story about an IRS proposal to reduce the reporting threshold for gambling winnings from $1200 to $600, a casino client who had hit the jackpot – of more than $1,200 – complained that the proposed rule was unacceptable because “Everything else is already taxed enough.” But the flaw in that argument is that the jackpot, no matter the amount, is and always has been subject to the federal income tax. In most states, it also is subject to state…
  • When Arguing Tax Policy, Don’t Let Simplistic Inaccuracies Overshadow Strong But Complicated Arguments

    James Edward Maule
    27 May 2015 | 5:01 am
    An image making the rounds on facebook has this to offer about federal taxation:Government Handouts That the Rich Get, But Fox “News” Will Never Mention:1. Mortgage interest deductions for big houses and second homes2. The yacht tax deduction3. Rental property deductions4. Fancy business meal deductions5. The absurdly low capital gains tax rate6. The absurdly low estate tax rate7. Gambling loss deductions8. The low cap on taxes subject to Social Security taxes9. Retirement subsidies for gilded retirement plans10. Tax deductions for fancy tax preparationBut Tell Me Again Who the Real…
  • Between Theory and Reality is the (Tax) Test

    James Edward Maule
    25 May 2015 | 5:01 am
    No, I’m not referring to the tax exams that stand between a student’s coursework and practice experience. What has been pulled from the back burner of this blog is something I’ve discussed many times, though not recently. It’s the mileage-based road fee, which I first discussed in Tax Meets Technology on the Road, and analyzed again in Mileage-Based Road Fees, Again, Mileage-Based Road Fees, Yet Again, Change, Tax, Mileage-Based Road Fees, and Secrecy, Pennsylvania State Gasoline Tax Increase: The Last Hurrah?, Making Progress with Mileage-Based Road Fees, Mileage-Based Road Fees Gain…
  • Doing Arithmetic: An Insight into Tax Policy Conundrums

    James Edward Maule
    22 May 2015 | 5:01 am
    Sometimes, in trying to help people understand the facts beneath tax policy issues, I wonder why many have difficulty grasping the essentials, and thus being misled or even duped by the sound bit and buzz phrases tossed about by politicians and lobbyists. The inability of so many people to understand why flattening tax rates does just about nothing to simplify tax law, or to comprehend how phase-outs cause tax rates on middle incomes to be higher than those on high taxable incomes, probably correlates with deficiencies in arithmetic understanding.A recent article on housing sales in the…
  • The Dependency Exemption Parental Tie-Breaker Rule

    James Edward Maule
    20 May 2015 | 5:00 am
    A recent case, Rolle v. Comr., T.C. Memo 2015-93, illustrates the dependency tie-breaker rule. The taxpayer married Raina in 2006. During 2011, the taxpayer, Raina, and their children lived together from January 1 through July 31. On or about July 31, the taxpayer and Raina separated. The children were in Raina’s sole custody from August 19 through December 31. The facts do not disclose where the children were from August 1 through August 18. The taxpayer filed a federal income tax return for 2011, claiming head of household status and claiming the children as dependents. Raina filed a…
 
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    TaxProf Blog

  • European Association Of Tax Law Professors Annual Meeting

    Paul Caron
    29 May 2015 | 12:43 pm
    U.S. Tax Prof presentations at today's European Association of Tax Law Professors Annual Meeting: Leandra Lederman (Indiana), Administrative Surcharges: Instruments of Cooperative Tax Compliance Regimes Stephen W. Mazza (Dean, Kansas), De-criminalisation of Tax Law by Administrative Penalties on Tax Duties
  • Weekly Tax Roundup

    Paul Caron
    29 May 2015 | 12:30 pm
    Accounting Today, Howard Stern Airs Taxpayer Phone Call to IRS Neil Buchanan (George Washington), Comptroller v. Wynne: An Odd Remedy That Does Not Solve the Supposed Problem Neil Buchanan (George Washington), Interstate Trade Wars, Taxes, and the Dormant Commerce Clause Neil Buchanan (George Washington), Triple Taxation and the Non-Dangers of...
  • Weekly Legal Education Roundup

    Paul Caron
    29 May 2015 | 11:01 am
    Above the Law, The Cruel Grading System Of Low-Ranked Law Schools Above the Law, Free Market Law Professor Seeks Unpaid Help Above the Law, Law Dean Calls Other Law Dean A ‘Prick,’ Prick Alumni Lose Their Minds Above the Law, Law Schools + The Internet = Embarrassing Screenshots Margaret Barry...
  • Weekly SSRN Tax Roundup

    Paul Caron
    29 May 2015 | 10:00 am
    Orkhan Abdulkarimli (Baku State), Taxation of E-Commerce Calvin Johnson (Texas), Better Twice Measured: Partner Basis from Partnership Debt, 147 Tax Notes 79 (Apr. 6, 2015) Dominika Langenmayr, Voluntary Disclosure of Evaded Taxes -- Increasing Revenues, or Increasing Incentives to Evade? Wolfram Richter & Markus Breuer, Pricing the Transfer of Intellectual...
  • Weekly Student Tax Note Roundup

    Paul Caron
    29 May 2015 | 9:30 am
    Sung Woo Hu (J.D. 2014, Minnesota), Note, Fine-Tuning the Tax Whistleblower Statute: Why Qui-tam Is Not a Solution, 99 Minn. L. Rev. 783 (2014) Jonathan Sidhu (J.D. 2014, UC-Berkeley), Comment, For the General Welfare: Finding a Limit on the Taxing Power After NFIB v. Sebelius, 103 Cal. L. Rev. 103...
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    Texas State & Local Tax Law Blog

  • Today, the Comptroller formally announced the end of “trailing nexus” in Texas

    Alan Sherman
    29 May 2015 | 1:30 pm
    Nearly a year ago, the Texas Comptroller of Public Accounts circulated a draft of possible changes to the agency’s State Sales and Use Tax Rule 3.286 (“Seller’s and Purchaser’s Responsibilities, including Nexus, Permits, Returns and Reporting Periods, Collection and Exemption Rules, and Criminal Penalties”). The draft included the Comptroller’s intention to remove the rule’s “trailing nexus” provision in Subsect. (b)(2),  that is, the obligation of an out-of-state seller that once had nexus with Texas to continue to collect and remit…
  • Texas Comptroller hearings should soon be more accessible to taxpayers and practitioners

    Alan Sherman
    28 May 2015 | 4:00 am
    Glenn Hegar, the new Texas Comptroller of Pubic Accounts, recently announced some important changes to the agency’s practice of disclosing administrative hearing decisions. Beginning June 1st, all Comptroller decisions will be placed on the agency’s State Tax Automated Research (STAR) System and indexed, at a minimum, by tax type. According to Comptroller Hegar’s announcement, the decisions to be published will include those “…that are still accessible but were not previously added to the STAR system in prior years.” This is an extremely important development because, depending on…
  • Proposed legislation affecting Texas tax disputes: administrative hearing procedures

    Alan Sherman
    13 Apr 2015 | 11:25 am
    Senate Bill (S.B.) 1291 (and its identical companion, House Bill (H.B.) 4005) now pending in the current session of the Texas Legislature would, if enacted into law, significantly alter the procedures applicable to the resolution of disputes involving the state’s taxes administered and enforced by the Texas Comptroller of Public Accounts. A previous post on this site captioned “Proposed legislation affecting Texas tax disputes: pre-hearing procedures” briefly discussed the changes that the introduced versions of either bill would make to pre-hearing procedures in such disputes.
  • Proposed legislation affecting Texas tax disputes: pre-hearing procedures

    Alan Sherman
    30 Mar 2015 | 11:22 am
    Senate Bill (S.B.) 1291, recently filed in the current session of the 84th Texas Legislature along with its identical companion, House Bill (H.B.) 4005, proposes to significantly alter the procedures applicable to the resolution of disputes involving Texas’s statewide taxes administered and enforced by the Texas Comptroller of Public Accounts. The bills’ changes would be reflected in modifications to the Comptroller’s pre-hearing procedures, in hearings held at the State Office of Administrative Hearings (SOAH) and in tax litigation in state court. Today’s post summarizes some of the…
  • Tax-related bills to watch in the 2015 Texas Legislature: taxing aircraft

    Alan Sherman
    16 Mar 2015 | 11:17 am
    This past Friday, March 13th, was the last day for the unrestricted filing of bills in the current regular session of the 84th Texas Legislature (certain restrictions will make it harder to file a bill between now and the end of the legislative session on June 1st). It’s not surprising, then, that hundreds of bills were filed by the deadline, including many bills affecting state and local taxes. Most bills, including those dealing with taxes, won’t make it through the legislative process; some will, though, so this is a good time to start watching the more interesting tax-related bills.
 
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    Roth & Company, P.C

  • Tax Roundup, 5/29/15: A distracted IRS takes its eye off the ball. And more Friday goodness.

    Joe Kristan
    29 May 2015 | 6:33 am
    The income tax, the Ultimate Swiss Army Knife of public policy. Flickr Image courtesy redjar under Creative Commons license. The IRS Fails at Job One. (Christopher Bergin, Tax Analysts Blog). Over the years, as the fight for transparency continues, I’ve marveled that while the IRS was willing to waste hundreds of thousands of dollars to hide information the courts eventually would force it to turn over to the public, it never shirked from its responsibility to protect the truly private information it was entrusted with. I’ve always admired the IRS for its unflinching diligence in…
  • Tax Roundup, 5/28/15: Tax Court doesn’t let auto dealer undo LIFO termination seven years later. And more!

    Joe Kristan
    28 May 2015 | 6:07 am
      You messed up, but you’re stuck with it. A California auto dealer decided to get off LIFO inventory. “Last-in, First-out” inventory accounting generally reduces current income by capitalizing smaller amounts in inventory over time. If you sell your business, however, it catches up with you — those savings all come into income at once. The auto dealership operated as an S corporation. The owner decided that because he might be selling soon, he would go off LIFO using the automatic method change procedure then offered by the IRS. That procedure, Rev. Proc. 97-37,…
  • Tax Roundup, 5/27/15: 104,000 taxpayers compromised by IRS transcript app breach. And: EITC is no free lunch!

    Joe Kristan
    27 May 2015 | 6:38 am
    That took some work. The IRS disclosed yesterday that 104,000 taxpayer accounts have been compromised by identity thieves who did it the hard way. The Wall Street Journal reports: The IRS said that to access the information, crooks had to clear a multistep authentication process that required prior personal knowledge about the taxpayer, including Social Security information, date of birth, tax filing status and street address before accessing IRS systems. The process also involved answering personal identity-verification questions, such as “What was your high school mascot?” Mr.
  • Tax Roundup, 5/26/15: It’s not always the onions that make you cry. And: beer taxes and other summer fun!

    Joe Kristan
    26 May 2015 | 6:54 am
    Onions aren’t the only thing that will make you cry. An S corporation brokering onions tried to reduce its tax bill through a “Section 419(f)” arrangement that purported to be a tax-exempt employee benefit plan. In reality, many such plans were actually tax shelters attempting to invest deductible employer contributions in variable life policies and similar financial instruments benefiting the owner. The IRS got wise to these plans and issued Notice 95-34, ruling that such arrangements are “reportable transactions” subject to special taxpayer disclosure rules.
  • IRS issues Applicable Federal Rates (AFR) for June 2015

    Joe Kristan
    22 May 2015 | 2:00 pm
    The IRS has issued (Rev. Rul. 2015-14) the minimum required interest rates for loans made in June 2015: -Short-Term (demand loans and loans with terms of up to 3 years): 0.43 -Mid-Term (loans from 3-9 years): 1.60% -Long-Term (over 9 years): 2.50% The Long-term tax-exempt rate for Section 382 ownership changes in June 2015 is 2.50 Historical AFRs may be found here or from prior Tax Update posts.
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    RUBIN ON TAX

  • Can the IRS Abate Interest and Penalties That Have Already Been Paid?

    Charles (Chuck) Rubin
    25 May 2015 | 8:31 am
    A taxpayer filed a late tax return, and paid with it interest and penalties based on the tax due. The taxpayer then filed a time-barred refund claim, providing that the tax amount due was overstated on the original return. It was too late for the taxpayers to receive a refund of the overpaid taxes. However, the statute of limitations for refund of the interest and penalties paid had not yet expired. Could the IRS abate the penalties and interest due to the lower amount of tax that should have applied? Code Sec. 6404(a) provides: “IRS is authorized to abate the unpaid portion of the…
  • Applicable Federal Rates–June 2015

    Charles (Chuck) Rubin
    23 May 2015 | 1:36 pm
    Follow @crubincrubin
  • Supreme Court Mandates State Income Tax Credits, Pretty Much

    Charles (Chuck) Rubin
    19 May 2015 | 12:51 pm
    Maryland imposes income taxes on its residents. There is a state level income tax, and a county level tax. If a Maryland resident incurs income in other states and pays state income tax to those other states, there is a mechanism for the resident to receive a credit against the Maryland state level taxes for the non-Maryland taxes paid. This avoids double taxation of that income. However, there is no such credit mechanism for non-Maryland taxes paid in regard to the county level tax, so double taxes can result for those taxes. The U.S. Supreme Court has ruled that the failure to provide such…
  • Seniors Need to Use Care in Deferring Income Into 2016

    Charles (Chuck) Rubin
    17 May 2015 | 6:32 am
    Tax Planning 101 says to defer income into the next year if you can, since it is better to pay a tax later than sooner. You get to keep the money in your account and can earn interest (good luck with that with today’s nonexistent interest rates – thank you Federal Reserve) or invest it for other gains and appreciation. An exception to that rule is if tax rates are going up – in that case, you might be better paying the tax in an earlier year at a lower rate. Medicare surcharges are going up in 2018. Those surcharges are based on income earned in 2016. The higher rates will impact single…
  • Triple Drop and Check

    Charles (Chuck) Rubin
    11 May 2015 | 3:45 pm
    Sounds like an ice hockey term, but this is a tax blog so don’t get your hopes up. Parent corporation owns all the stock of subsidiary 1, which owns all the stock of subsidiary 2, which owns all the stock of subsidiary 3. Parent corporation also owns 100% of an LLC that had elected to be taxed as a corporation. Parent corporation will transfer all of its interests in the LLC to subsidiary 1, which will transfer it to subsidiary 2, which will transfer it to subsidiary 3 (with stock issued to the transferor by the transferee at each step). After it is in subsidiary 3 a check-the-box election…
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    Tax Problem Attorney Blog

  • Have You Received a Deficiency Notice or Another Letter Regarding Tax Problems From the IRS?

    Dennis N. Brager
    28 May 2015 | 6:00 am
    You filed your taxes like you were supposed to and you should be able to spend the rest of the year free from worries about taxes. But, then one day it appears. The envelope is fairly nondescript except for the name and address of the Internal Revenue Service emblazoned upon it. Maybe you tear it open immediately or maybe you wait until you are feeling a little braver, but in either case your mind starts racing and you can’t quite shake the feeling that you’ll soon be facing major tax problems. However, not every notice from the IRS represents a major issue or concern. But, if you do…
  • U.S. Expatriates and International Workers: Beware of Exceptions to the Foreign Income Exclusion

    Dennis N. Brager
    21 May 2015 | 6:00 am
    U.S. citizen, resident aliens and others who are U.S. taxpayers face a unique mode of taxation in the United States. That is, U.S. taxpayers are taxed on their worldwide income regardless of where it was earned. Predictably and understandably, this method of taxation results in many expatriates worrying about whether they will face double taxation – paying taxes on their income to both the nation they are living in and to the IRS. While there are provisions in the U.S. Tax Code, and various tax treaties to address the issue of double-taxation, these provisions can be difficult to…
  • Tax Problems Following a Divorce or Marital Problems? Innocent Spouse Relief May Be an Option

    Dennis N. Brager
    20 May 2015 | 6:00 am
    Many married couples find it advantageous to file a joint tax return rather than filing separately. This comes as no surprise as the federal government has built a number of tax advantages for married couples filing jointly into the tax code. These benefits include: Depending income distribution, a lower rate of taxation than they would face filing separately. Increased limits for charitable deductions IRA and retirement account benefits Estate protection Reduced tax administration expenses However there are also drawbacks to filing jointly with your spouse – especially so if the…
  • Failure to File Taxes? Expats can face a Customs Hold, Failure to File Penalty, and a Failure to Pay Penalty

    Dennis N. Brager
    15 May 2015 | 11:40 am
    If you are living in the United States it can be difficult to miss the numerous announcements and pronouncements of the impending April 15th tax deadline. And yet, every year thousands of US taxpayers will fail to file and pay taxes. There are a variety of reasons for this failure. These reasons can include situations where the taxpayer simply doesn’t want to pay tax and is concealing income. In other circumstances the taxpayer may know that he or she would be unable to pay and thought that concealing income by not filing would help their tax situation. In still other circumstances the…
  • Tax Preparer Fraud Can Lead to Serious Consequences for Both the Tax Professional and Filer

    Dennis N. Brager
    27 Apr 2015 | 6:00 am
    Most accountants, CPAs, and certified tax preparers are honest, hardworking people who are dedicated to their profession. Most tax professionals simply want to secure the best possible tax deal for their clients while following all best practices regarding accuracy. However some tax professionals may over emphasize their ability secure favorable tax treatment for their clients and may cross the line into overly aggressive tax minimization strategies. Even more troubling, other tax preparers may be corrupted by greed and act dishonestly by improperly obtaining or using client tax refunds or…
 
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    Taxable Talk

  • Surprise! You Heard About that May 29th Filing Deadline, Right?

    Russ
    27 May 2015 | 3:03 pm
    You’re looking at the headline and wondering what I’m drinking. There’s no May 29th tax deadline, right? Well, yes, that’s correct; however, there is a May 29th government filing deadline that will impact some business owners. The Bureau of Economic Analysis surveys all US owners of foreign (non-US) entities every five years. Via Jack Townsend’s Federal Tax Crimes blog is the news that the BEA survey is due as soon as this Friday, May 29th! He links to a report from Joseph Perera and Farley P. Katz titled, “Alert: Benchmark Survey of U.S. Direct Investment…
  • IRS “Get Transcript” Application Hacked; 104,000 Tax Returns Illegally Accessed

    Russ
    26 May 2015 | 2:35 pm
    This afternoon IRS Commissioner John Koskinen announced that criminals were able to use the IRS “Get Transcript” application to access approximately 104,000 tax returns. (An additional 100,000 or so attempts were unsuccessful.) From the Wall Street Journal: Thieves used the information from prior years’ returns to help them file for fraudulent refunds, the IRS said. The IRS said the matter is under review by the Treasury Inspector General for Tax Administration as well as the IRS’s Criminal Investigation unit. In addition, the agency said its “Get Transcript”…
  • Staking and the WSOP: 2015 Update

    Russ
    25 May 2015 | 4:44 pm
    The 2015 World Series of Poker begins on Wednesday at the Rio Hotel and Casino here in Las Vegas. While many things have changed for this year (for example, the WSOP will have a “Colossus” tournament this coming Friday and Saturday with possibly 20,000 entrants), some things have not. The Rio will continue to refuse to accept IRS Form 5754 for individuals backed (or ‘staked’) by others. This player-unfriendly policy exists at few casinos, and it places a burden on players. Back in 2007 I wrote about this situation. It has now been eight years and nothing has changed.
  • The Real Impact of the Wynne Decision

    Russ
    19 May 2015 | 9:29 am
    Yesterday’s decision in Comptroller of the Treasury of Maryland v Wynne Et Ux generated some reporting in print media. Yet much of what I saw was incorrect in part or in whole. New York does give full tax credits for individuals with out-of-state income; I do not believe they will be impacted. However, many states do not give credits for local taxes. Joe Kristan highlighted Iowa today; Kentucky is another state that does not currently offer such tax credits. Under Wynne I believe they’ll be required to offer such credits. (I only know about Kentucky because I had a client impacted…
  • A Wynne for the Dormant Commerce Clause

    Russ
    18 May 2015 | 9:15 am
    The US Supreme Court today decided Comptroller of Maryland v. Wynne. The Wynnes, Maryland residents, had out of state income duly reported on both their Maryland tax return and on other state tax returns. They wanted a full credit for the non-Maryland taxes paid on their Maryland tax return. However, the Comptroller of Maryland denied the full credit. Maryland has a system where counties have add-on taxes to the state’s income tax. Maryland allowed the credit for state tax but not the county tax. The Wynnes appealed the decision. They lost at low levels but won in the Maryland Court of…
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    » Blog

  • Florida among States that are Economically Booming

    Darrin Mish
    29 May 2015 | 6:29 am
    In a recent report by Heritage Foundation economists Stephen Moore, Arthur B. Laffer and Joel Griffith, Florida and other Republican states are booming – all because of their economic practices.  Florida is among 9 states that do not impose personal income tax (the others being Washington, Wyoming, Tennessee, Alaska, Nevada, Texas, South Dakota and New Hampshire).  When these states were compared to the 9 other states that have the highest income tax rate (Kentucky, Vermont, Minnesota, New Jersey, Maryland, Hawaii, New York, Oregon and California), they came out tops in terms of…
  • IRS to Issue New Rules for Political Groups

    Darrin Mish
    27 May 2015 | 8:16 pm
    Last week, the IRS announced that its draft regulations on political non-profit groups could be released by June.  But these rules are unlikely to be effective before the next election in 2016.  Such rules are necessary because at this point, it is unclear how much these tax-exempt groups could spend on election campaigns or even what constitutes ‘political’ activity. Read more about the new IRS rules for political groups that could come out in June.   The post IRS to Issue New Rules for Political Groups appeared first on .
  • IRS’ Get Transcript Service Compromised by Identity Thieves

    Darrin Mish
    26 May 2015 | 7:56 pm
    In a startling development, the IRS has revealed that its online “Get Transcript” service which allows taxpayers to obtain previous copies of their tax submissions, has been hacked by sophisticated identity thieves who stole more than 100,000 records of names and Social Security numbers before the crime was discovered.  These identity thieves managed to bypass the security screen that requires the name, Social Security number, date of birth, tax filing status and street address before accessing the vital database of taxpayers information. In commenting on this incident, IRS…
  • Birdman Pays Up $2M in Overdue Taxes

    Darrin Mish
    26 May 2015 | 3:37 pm
    Popular hip hop artiste Birdman has paid up his dues to the IRS – almost $2 million.  This comes as a result of two IRS liens totaling $1,942,400.58, one in December last year and the other in February of this year.  But considering Birdman is one of Forbes’ five wealthiest hip hop artistes and worth more than $100 million, this payment is not much more than petty cash to him. The post Birdman Pays Up $2M in Overdue Taxes appeared first on .
  • The Morning Ledger: CFOs Fret Over Coming ‘Cadillac Tax’ on Health Benefits

    Darrin Mish
    26 May 2015 | 4:12 am
    blogs.wsj.com — A provision of Obamacare set to take effect in 2018 will slap a hefty tax bill on employee health plans that exceed certain cost thresholds, and that has CFOs looking at a range of alternatives, from scaling back current offerings to eliminating the plans altogether, CFO Journal’s Kimberly S. Johnson and Maxwell Murphy report. Read more about The Morning Ledger: CFOs Fret Over Coming ‘Cadillac Tax’ on Health Benefits The post The Morning Ledger: CFOs Fret Over Coming ‘Cadillac Tax’ on Health Benefits appeared first on .
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    IRS Hitman 888-415-1337

  • Threat of IRS Phone Scam Continues

    8 May 2015 | 9:38 am
    Tax scams do not end with the tax season. The IRS phone scam continues to victimize taxpayers. Fraudsters make phone calls to taxpayers, pretending to be IRS agents, and inform them that they owe back taxes. They instruct the individual to transfer money to them. If a taxpayer refuses or protests, the scammers use intimidation and threats to pressure him or her into acting.Taxpayers face the threat of this tax scam at any time because it highly profitable for fraudsters year round. Unlike the filing of fraudulent tax returns that typically occurs during the tax season, the IRS phone scam can…
  • How Late Payment of Taxes Affects You

    1 May 2015 | 9:01 am
    Every month your taxes remain unpaid after the April 15 deadline, you pay a penalty of 0.5%. In most cases, the penalty doesn’t go beyond 0.5%, but it can reach a maximum of 25% per month. Along with the penalty, you are also charged interest on the unpaid taxes at the federal short-term rate, plus 3 percent for a year. This is compounded daily. Penalties and interest increase the total taxes owed each month until they are paid or a permanent resolution achieved.As long as you have taxes due for payment, the IRS will eventually contact you for collection. Even if you did not file a tax…
  • Benefits of a Retirement Plan

    24 Apr 2015 | 11:58 am
    Along with saving taxes, a retirement plan also secures your future. You can save more in taxes by choosing the right kind of retirement plans according to your financial situation. Before you select one, it’s important to know the various types of retirement plans available:1. Individual Retirement Arrangements (IRAs)2. Roth IRAs3. 401(k) Plans4. 403(b) Plans5. SIMPLE IRA Plans (Savings Incentive Match Plans for Employees)6. SEP Plans (Simplified Employee Pension)7. SARSEP Plans (Salary Reduction Simplified Employee Pension)8. Payroll Deduction IRAs9. Profit-Sharing Plans10. Defined…
  • Use Installment Agreement to Pay Back Taxes

    17 Apr 2015 | 8:14 am
    Tax season is over. At this point, any unpaid taxes for 2014 will be treated as back taxes. If you do owe taxes for 2014 or for any year before that, you can pay them in monthly installments. Even those who filed for an extension, but could not pay their entire tax bill, an Installment Agreement can be requested. There are different types of Installment Agreements, each plan based on the amount of tax debt owed. The less you owe in back taxes, the easier it is to qualify for an installment agreement. You can apply for an online Installment Agreement if you owe $50,000 or less in back…
  • Do This If You Can’t File or Pay Your Taxes

    10 Apr 2015 | 10:48 am
    The IRS received over 99 million tax returns and issued more than 77 million in refunds through April 3, 2015, with the average refund amount being $2,800. If you haven’t yet filed your tax return or paid your taxes, you should act now to avoid penalties. Here is how:  If you cannot file your tax return by April 15, you can request a tax-filing extension. You can do that by using the IRS Free File on irs.gov. This is a free service that provides you with an automatic extension of six months to file (until Oct. 15) on Form 4868. By filing this form, you avoid the late-payment penalty of…
 
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    Tax Law Forum

  • IRS Hacked.

    Rob Teuber
    28 May 2015 | 7:23 am
    Of all the targets available, it really isn’t surprising that hackers would try to gain access to the substantial database of financial information at the IRS.  Unfortunately, a successful breach of the security protocols was accomplished by such hackers beginning in February and into mid-May through the “get transcript” function of the IRS website.  Ordinarily, for someone to get a transcript through the IRS website, they must enter such personal information to authenticate their identity.  It appears the hackers already had the information needed to satisfy the existing…
  • Planning ahead - 2015 Forms 1040 will be due on April 18,2016 (for most)

    Rob Teuber
    21 May 2015 | 9:13 am
    You get an extra weekend to file your tax returns in 2016 thanks to an uncommon mix of holiday's and weekends.  Ordinarily an unextended Form 1040 Individual Income Tax Return is due on April 15th of any given year.  However, when the 15th falls on a weekend or legal holiday, the due date of the tax return is the day after the weekend or legal holiday. April 15, 2016 is a Friday.  Without more, your income tax return would be due that day.  Yet, the District of Columbia observes Emancipation Day on April 16.  Where Emancipation Day falls on a Saturday, it is observed…
  • “The IRS is calling…and threatening to arrest me!”

    Rob Teuber
    20 May 2015 | 8:51 am
    A few days ago, I received a call from a panicked former client.  Two years back we had gone through an IRS tax audit and worked out a reasonable payment plan to resolve the remaining tax debt.  The client had been honoring all obligations of that payment plan: paying on time, filing on time and not incurring any new debts.  The client’s immediate fear, however, was triggered by a call from a “US Treasury agent.”  That “agent” was instructing my client to pay a fictional the balance due by cashier’s check before the end of the day. A failure to do so would…
  • Go Team USA!

    Rob Teuber
    22 Jun 2014 | 2:21 pm
  • Private Debt Collectors to Chase Delinquent Taxes?

    Rob Teuber
    27 May 2014 | 2:23 pm
    As Washington DC legislators in the U.S. Congress consider the provisions of what would become part of the EXPIRE Act of 2014, they are mulling over the institution of a twice failed program to collect past due tax debts – the use of private debt collection agencies.  In each of the last two decades the attempts to use private debt collectors to chase tax liabilities have defied projections and lost more money than was collected.  Recently, the National Taxpayer Advocate has written a letter to the senate (found here) to reiterate that problem and to outline the numerous…
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  • State Won't Let Stores Open on Nov. 22

    29 May 2015 | 4:36 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'

    29 May 2015 | 4:36 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

    29 May 2015 | 4:36 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

    29 May 2015 | 4:36 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

    29 May 2015 | 4:36 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

    29 May 2015 | 4:36 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'

    29 May 2015 | 4:36 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

    29 May 2015 | 4:36 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

    29 May 2015 | 4:36 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

    29 May 2015 | 4:36 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

    29 May 2015 | 4:36 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'

    29 May 2015 | 4:36 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

    29 May 2015 | 4:36 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

    29 May 2015 | 4:36 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

    29 May 2015 | 4:36 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

    29 May 2015 | 4:36 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'

    29 May 2015 | 4:36 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

    29 May 2015 | 4:36 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

    29 May 2015 | 4:36 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

    29 May 2015 | 4:36 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

    29 May 2015 | 4:36 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'

    29 May 2015 | 4:36 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

    29 May 2015 | 4:36 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

    29 May 2015 | 4:36 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

    29 May 2015 | 4:36 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

    29 May 2015 | 4:36 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'

    29 May 2015 | 4:36 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

    29 May 2015 | 4:36 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

    29 May 2015 | 4:36 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

    29 May 2015 | 4:36 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

    29 May 2015 | 4:36 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'

    29 May 2015 | 4:36 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

    29 May 2015 | 4:36 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

    29 May 2015 | 4:36 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

    29 May 2015 | 4:36 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

    29 May 2015 | 4:36 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'

    29 May 2015 | 4:36 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

    29 May 2015 | 4:36 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

    29 May 2015 | 4:36 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

    29 May 2015 | 4:36 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

    29 May 2015 | 4:36 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'

    29 May 2015 | 4:36 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

    29 May 2015 | 4:36 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

    29 May 2015 | 4:36 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

    29 May 2015 | 4:36 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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    Value Added Tax Blog

  • Starbucks is looking for an experienced sales tax person

    Mark
    28 May 2015 | 6:59 pm
    I typically don’t do job postings, but – as our Singapore cab driver suggested this morning – rules are made to be broken. So here is a Starbucks job opening. You will be working with a knowledgeable and dedicated team of longstanding Starbucks partners (and, err, a dedicated external counsel). A love for coffee is appreciated, but if […]
  • Low Value Consignment Relief reconsidered?

    Mark
    23 May 2015 | 9:34 am
    Most countries have some form of threshold for import VAT – if the value of a shipment is below the threshold no import VAT is due. The reason is that the compliance costs and the cost of customs collection and administration exceeds the tax revenue. The European Commission has now concluded a study, that shows that […]
  • A hybrid SUT / VAT for Puerto Rico?

    Mark
    22 May 2015 | 12:00 am
    I know that more than a few clients of mine are trying not to lose track of the developments in Puerto Rico. The various proposals for indirect taxes that have been doing the rounds recently are all very interesting, but the key for businesses is how all this can be timely implemented in the ERP […]
  • New VAT guidance for U.S. e-businesses

    Mark
    21 May 2015 | 8:30 pm
    The new EU rules for VAT on digital services have been a source of discontent and confusion, and various publications and even “action groups” have taken the opportunity to publish inflammatory and at best incorrect materials on the Internet. However, this is mainly a compliance issue for smaller EU-based e-businesses. For U.S. based sellers of […]
  • UK Indirect Tax survey results published

    Mark
    21 May 2015 | 1:57 pm
    This survey from Deloitte UK is focused on UK businesses (and in particular on the financial services industry), but the results are nevertheless interesting for a much broader audience. For example, 10% of the UK-based respondents has responsibility for US sales tax; and 40% of the respondents has not been asked by any stakeholder to justify their […]
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    J. Stefan - EzineArticles Expert Author

  • No Articles Found

    29 May 2015 | 3:44 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.

  • From the Archives: Adjunct Professors and Mileage Deductions

    Jason Dinesen
    29 May 2015 | 4:30 am
    One last “greatest hits” post before new material resumes on Tuesday. This post from more than 3 years ago is still very popular. Apparently a lot of adjunct professors are out there Googling about mileage deductions. —– Originally published April 18, 2012 A website visitor poses the following question: can an adjunct professor deduct mileage from their home office to the classes they teach? As with anything related to taxes, the answer is “maybe.” Do You Really Have a Home Office? Almost all of us have some part of our house or apartment that we say is our “home…
  • From the Archives: You Won the Dream Home, Part 4 — Changing My Mind

    Jason Dinesen
    27 May 2015 | 4:30 am
    In early 2012, I wrote 6 parts relating to the tax consequences of winning the HGTV Dream Home. I wasn’t happy with any of the 6 parts because they were so disjointed. It was supposed to be a 2- or 3-part series, very simple. But as I was writing I kept thinking of new variables, and readers would write to me with suggestions and corrections. By the end of the 6 parts, the series had become hard to follow. But all 6 parts remain popular more than 3 years later. Here’s Part 4 of that series. —– Originally published January 26, 2012 I learned some new information on…
  • From the Archives: New Preparer Requirements on Earned Income Credit = Higher Fees for Clients

    Jason Dinesen
    25 May 2015 | 4:30 am
    It’s a holiday week so I’m re-publishing popular posts from the past. This post is editorial commentary from December 21, 2012, about new IRS requirements on preparers regarding tax returns claiming the earned income credit. With editorials, it’s interesting to look at predictions as time passes. What I’ve found in my practice is, the EIC documentation requirements have indeed resulted in higher fees for returns claiming the EIC, but I didn’t raise fees as much as I had thought I would. I also have found that the paperwork burden is not nearly as bad as I had…
  • Glossary of Tax Terms: AMT

    Jason Dinesen
    21 May 2015 | 4:30 am
    AMT stands for Alternative Minimum Tax. AMT is an alternative tax calculation that re-figures taxable income without personal exemptions and certain itemized deductions. Those certain itemized deductions that are not allowed for AMT purposes are: All state and local taxes (income tax, property tax, car registration, etc.) Miscellaneous deductions subject to the 2% of AGI limitation The allowable amount of medical expenses is different Mortgage interest if any part of the mortgage was used for a purpose other than buying, building or improving your home (example: you take out a line of credit…
  • Why Make Estimated Tax Payments, Part 2

    Jason Dinesen
    19 May 2015 | 4:30 am
    This is part 2 of an explanation of estimated tax payments. In Part 1, I detailed the math behind the tax formula. In Part 2, I’ll explain why a taxpayer might want to make estimated tax payments. Here’s the reason: if you’re fully self-employed, you don’t draw a paycheck in the traditional sense. Since you don’t draw a paycheck, there’s no withholding on your earnings. If we reference the tax formula in Part 1, if your tax liability is larger than your withholdings, estimated tax payments and tax credits, you’ll owe tax when you file your tax return. If you’re fully…
 
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    IncomeTaxReturnIndia.com

  • Pradhan Mantri Jeevan Jyoti Bima Yojana, Pradhan Mantri Suraksha Bima Yojana and Atal Pension Yojna

    Tax Dost
    5 May 2015 | 1:59 am
    IDBI Bank commences enrolment under Pradhan Mantri Jeevan Jyoti Bima Yojna (PMJJBY), Pradhan Mantri Suraksha Bima Yojna (PMSBY) and Atal Pension Yojana (APY) starting May 1, 2015. Pradhan Mantri Suraksha Bima Yojana: Highlights of the Pradhan Mantri Suraksha Bima Yojana (Pmsby – Scheme 1 – for Accidental Death Insurance) are … Continue reading →
  • Income Tax Form for Assessment Year 2015-2016

    Tax Dost
    17 Apr 2015 | 10:45 pm
    Income tax  forms for Assessment year 2015-2016 is released by income tax department. For Assessment year 2015-2016, every person (not being a co.) to e-file (Electronic Income tax Return) the income tax return if its total income exceeds Rs. 5,00,000. While filing the return care should be taken to ensure that you select correct … Continue reading →
  • Income tax calculator for Financial year 2015-2016

    Tax Dost
    2 Apr 2015 | 9:34 pm
    Income tax calculator for Financial year 2015-2016   Please feel free to use Income tax Calculator. For convenience of Tax Payers we have made this in excel. This completely downloadable and you are free to share with your friends and relatives. Download Income Tax Calculator for Year 2015-2016  : You can … Continue reading →
  • No change in rate of Service Tax from 1 April 2015

    Tax Dost
    2 Apr 2015 | 12:08 am
    Clarification- No change in rate of Service Tax Finance bill, 2015 has proposed to increase effective rate of Service Tax from 12.36% to 14%. It is wrongly reported in some quarters that the effective date of change in rate of Service Tax is 1st April, 2015. It is hereby clarified … Continue reading →
  • New Service Tax Rate Applicability

    Tax Dost
    29 Mar 2015 | 11:56 pm
    The effective service tax rate, if and when the Swacch Bharat Cess is introduced, will not exceed 14.28%. This should be good news for those who feared that the service tax rates could go up to 16% after the cess is imposed. The cess may be imposed sometime after June, … Continue reading →
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    Tax Law Blog

  • IRS Notice CP81

    Bill Hartsock
    12 May 2015 | 9:58 pm
    It is critically important to know your rights before interacting with the IRS. San Diego Tax Attorney William D. Hartsock offers this advice.Tags: IRS NoticesNotices AuditNotices AppealNotices LitigationNotices CollectionsRead more about IRS Notice CP81
  • IRS Notice CP80

    Bill Hartsock
    12 May 2015 | 9:55 pm
    It is critically important to know your rights before interacting with the IRS. San Diego Tax Attorney William D. Hartsock offers this advice.Tags: IRS NoticesNotices AuditNotices AppealNotices LitigationNotices CollectionsRead more about IRS Notice CP80
  • IRS Notice CP39

    Bill Hartsock
    12 May 2015 | 9:49 pm
    It is critical to know your rights before turning any information over to the IRS. San Diego Tax Attorney William D. Hartsock offers this advice.Tags: IRS NoticesNotices AuditNotices AppealNotices LitigationNotices CollectionsRead more about IRS Notice CP39
  • IRS Notice CP30

    Bill Hartsock
    12 May 2015 | 9:44 pm
    It is so important to know your rights before turning any information over to the IRS. San Diego Tax Attorney William D. Hartsock offers this advice.Tags: IRS NoticesNotices AuditNotices AppealNotices LitigationNotices CollectionsRead more about IRS Notice CP30
  • IRS Notice CP21I

    Bill Hartsock
    12 May 2015 | 9:41 pm
    It is critical to know your rights before turning any information over to the IRS. San Diego Tax Attorney William D. Hartsock offers this advice.Tags: IRS NoticesNotices AuditNotices AppealNotices LitigationNotices CollectionsRead more about IRS Notice CP21I
 
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    Sales Use Tax

  • Should Federal Sales Tax Deduction Be Made Permanent?

    Annette Nellen
    27 May 2015 | 12:55 pm
    Since 2004, there has been a temporary provision to allow individuals to take an itemized deduction for either state income tax or state sales tax. This works well for individuals in states without an income tax. On April 16, 2015, … Continue reading →
  • New Sales Tax “Basics” Blog: 5 Hotspots You Need to Understand

    Michael J. Fleming
    7 May 2015 | 11:52 am
    I would like to take this opportunity to introduce Andy Johnson and myself.  We are both with Peisner Johnson & Company, a CPA firm that focuses exclusively on state and local taxes. Over the past 22 years (since we were … Continue reading →
  • Independent Contractor vs Employee: Sales Tax Nexus Implications

    Jerry Donnini
    20 Apr 2015 | 9:06 am
    Independent contractors are often a viable option and necessity for many businesses. If a business cannot afford to hire a full time employee, then it often looks to an independent contractor to limit payroll costs, benefits, unemployment, and social security … Continue reading →
  • Medical Exemptions: Is Idaho’s Eyeglass Exemption a Designer Dud?

    Annette Nellen
    3 Apr 2015 | 11:07 am
    Idaho recently amended its list of sales tax exemptions to include “eyeglasses and eyeglass component parts” (HB 75, 3/24/15, effective 7/1/15).  There were already exemptions for drugs, hemodialysis supplies, braces and orthopedic appliances, dental prostheses and other medical related items. … Continue reading →
  • Use Tax Look-up Tables: What Is the Logic Behind the Numbers?

    Annette Nellen
    9 Mar 2015 | 12:58 pm
    In preparing state income tax returns for 2014, many individuals will see a line on that form for paying their use tax. The majority of states have such a line. A few states take that good idea one step further … Continue reading →
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    US Tax Program

  • DoJ Announces Settlement with 4 More Swiss Banks under the US Tax Program

    admin
    28 May 2015 | 10:45 am
    The US Department of Justice (DoJ) announces settlement for a further 4 Swiss banks that signed up under Category 2 of the US Tax program, namely Société Générale Private Banking (Lugano-Svizzera) SA (SGPB-Lugano) MediBank AG (MediBank) LBBW (Schweiz) AG (LBBW-Schweiz) Scobag Privatbank AG (Scobag) The agreement requires the banks to: Make a complete disclosure of their cross-border activities; Provide detailed information on an account-by-account basis for accounts in which U.S. taxpayers have a direct or indirect interest; Cooperate in treaty requests for account information; Provide…
  • Julius Baer Early Cooperation with the US Authorities Help Might Mitigate its Penalties

    admin
    25 May 2015 | 10:02 pm
    In 2009, after the UBS case, Julius Baer board members decided to tackle the US business and the issues it might create. Based on the advice of a US law firm, the board decided to inform the US Department of Justice (DoJ) that it, too, had been dealing with US taxpayers that could be seen as problematic. Julius Baer decision  was taken against the advice of the Swiss financial authorities (FINMA) who still believed in a global settlement at the time. According the Wall Street Journal ‘Julius Baer’s decision may be included in a statement of facts to be published alongside the…
  • US Ambassador Levine Sees Resolution of Tax Dispute for Category 2 Banks in 2015

    admin
    21 May 2015 | 4:58 am
    The US Ambassador in Switzerland, Suzan LeVine, estimates in an interview with the Handelszeitung that the Category 2 banks of the US Tax Program will find a resolution during 2015. She is optimistic that the program will be concluded by year-end. However she believe that the Category 1 banks, i.e. the institutions that were already under criminal investigation by the DoJ at the time of the publication of the US Tax Program on August 29, 2013. They are excluded from the US Tax Program and need to negotiate their fines individually and directly with the DoJ.
  • DoJ Can Break NPA, Should Banks Worry Before Signing them?

    admin
    20 May 2015 | 2:04 am
    Since 2002 Non-Prosecution and Deferred Prosecution Agreements (NPA, DPA) have helped prosecutors and the US Department of Justice (DoJ) to have companies admit wrongdoing without pleading guilty. Such agreements have been used in numerous bank settlements and have often included promises to not commit future wrongdoing during a specific period as well as sometimes installing an independent monitor within the financial institution. As the DoJ decided to scrap the UBS’s NPA in the LIBOR settlement, it will probably change the way negotiations will take place between the prosecution and…
  • Finter Bank Zurich AG Pays $5.414m to Resolve Tax-Related Issues and Signs an NPA with the DoJ

    admin
    15 May 2015 | 10:47 am
    A third Swiss bank, Finter Bank Zurich AG, reaches an agreement with the US Department of Justice (DoJ) and agrees to pay a fine of $5.414 according to the terms of the Non-Prosecution Agreement (NPA). Finter also agrees ‘to cooperate in any related criminal or civil proceedings, and demonstrate its implementation of controls to stop misconduct involving undeclared US accounts’ reports the DoJ. According to the DoJ report ‘Finter provided services that allowed U.S. clients to eliminate the paper trail associated with the undeclared assets and income, including “hold…
 
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    Botz, Deal & Company, P.C.

  • Tax-related Identity Theft

    Dale Brown
    20 May 2015 | 10:09 am
    Tax-related identity theft Tax-related identity theft most often occurs when a criminal uses a stolen Social Security number to file a tax return claiming a fraudulent refund. Often, criminals will claim bogus tax credits or deductions to generate large refunds. Fraud is particularly prevalent for the earned income tax credit, residential energy credits and others. In many cases, the victims of tax-related identity theft only discover the crime when they file their genuine return with the IRS. By this time, all the taxpayer can do is to take steps to prevent a recurrence. Being proactive…
  • Missouri Sales And Use Tax

    Dale Brown
    12 May 2015 | 12:57 pm
      The Missouri Department of Revenue has ruled that a taxpayer’s purchases of general, in-transit, and transitional inventory are not subject to Missouri sales and use tax. Mo. Rev. Stat. § 144.011.1(2) and Mo. Rev. Stat. § 144.617.1(2) exclude the transfer of tangible personal property incident to the liquidation or cessation of a taxpayer’s trade or business, conducted in proprietorship, partnership or corporate form, except to the extent any transfer is made in the ordinary course of the taxpayer’s trade or business, from the sales and use tax. The taxpayer in…
  • The US Tax Court Rules on Hours Test

    Dale Brown
    6 May 2015 | 1:56 pm
    The US Tax Court rules on the Hours Test and determined that the hours traveling to and from rental properties qualify for the Hours Test even when the log didn’t originally contain all the time spent driving to and from rental properties.  The taxpayers lived approximate 26–30 miles from the city where their 12 rental properties were located. Trips to the city which took 42-55 minutes, depending on driving conditions, were regularly made by the wife as she tended to issues related to maintaining and operating their rental properties. She maintained a detailed log showing the activities…
  • Missouri Department of Revenue Ruled on Sales and Use Tax

    Dale Brown
    30 Apr 2015 | 8:36 am
    The Missouri Department of Revenue ruled on Sales and Use Tax that the machinery, equipment, materials and supplies purchased for use in a taxpayer’s construction related activities are not exempt from sales and use tax. Mo. Rev. Stat. § 144.030.2 exempts from tax machinery and equipment, and materials and supplies used solely, to establish either a new or replacement manufacturing, mining, or fabricating plant only if that machinery and equipment is used directly in the manufacturing of a product for final use or sale. In this instance, the taxpayer is engaged in various construction…
  • Tax Legislation and Reform Cautiously Move Forward in Congress

    Linda Techmeyer
    26 Mar 2015 | 7:34 am
    The White House and the new Congress continue to look for common ground on tax legislation and reform in 2015. Both sides say tax reform is possible in 2015 and behind the usual rhetoric there seems to be a real drive to move tax reform in the 114th Congress. Reform could be similar to the comprehensive package moved nearly 30 years ago in the Tax Reform Act of 1986, or, as many observers predict, will take a new track to reflect a vastly different economy and Tax Code compared to 1986. Tax bills The two tax writing committees-House Ways and Means and Senate Finance-have so far approved a…
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