Taxes

  • Most Topular Stories

  • One Ringy Dingy, Two Ringy Dingies…

    Taxable Talk
    Russ
    25 Nov 2014 | 6:16 pm
    …2400 Ringy Dingies. Yes, I was on hold for two hours today on the IRS Practitioner Priority Service before my call was picked up. It’s November–not a high time for calling the IRS–but add the combination of the IRS Centralized Authorization File Unit taking well over the promised five days to input a faxed Power of Attorney or Tax Information Authorization, lots of notices being issued by the IRS that require a response, and ridiculous hold times are the norm. Oh, yes, I was told the expected wait time was 30 to 60 minutes. Sigh….
  • For the 2015 Tax Season, the Word to Know Is 'Mindfulness'

    accountingweb.com
    Deanna White
    25 Nov 2014 | 1:06 pm
    What do the heads of companies such as Aetna and Ford know about making themselves more effective and reducing stress?
  • Congress fighting over which business and individual tax extenders to make permanent

    Don't Mess With Taxes
    skbell1
    24 Nov 2014 | 2:49 pm
    Apparently a lot of folks are not happy about proposals to extend the 55 or so tax breaks that expired at the end of 2013. Actually, that's good news. It at least means that people are talking taxes. The big issue is whether to do away with some of the extenders, the name given the technically temporary tax breaks that must renewed periodically by the House and Senate. Wait! Don't freak out. The tax provisions wouldn't be eliminated. They just wouldn't be extenders. Instead, they would become permanent parts of the tax code. Permanent tax trade-offs: That's what a lot…
  • Lame duck extenders deal turns into a tax turkey

    Don't Mess With Taxes
    skbell1
    26 Nov 2014 | 3:55 am
    Just when it looked like things were going so well with the tax extenders negotiations, the Washington we all know (and some love) reared its political head. The more than 50 tax breaks that expired at the end of 2013 are likely to stay dead. Or at least that was the situation as of last night. What happened? The White House decided the proposal being hammered out by Senate Majority Leader Harry Reid (D-Nev.) and House Ways and Means Chairman Dave Camp (R-Mich.) was a turkey. The deal, according to the White House, was far too favorable to business interests at the expense of middle-class…
  • IRS awards millions in bonuses to tax-delinquent employees - Washington Times

    TAX NEWS - Google News
    26 Nov 2014 | 8:57 pm
    Washington TimesIRS awards millions in bonuses to tax-delinquent employeesWashington TimesIRS Commissioner John Koskinen said in an email to employees that bonuses were an appropriate way for taxpayers to reward the agency that polices them. “I believe that rewarding our high-performing employees is a vital investment for our nation's tax ...IRS staffers with tax debts eligible for bonusesThe Hillall 6 news articles »
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    Don't Mess With Taxes

  • Lame duck extenders deal turns into a tax turkey

    skbell1
    26 Nov 2014 | 3:55 am
    Just when it looked like things were going so well with the tax extenders negotiations, the Washington we all know (and some love) reared its political head. The more than 50 tax breaks that expired at the end of 2013 are likely to stay dead. Or at least that was the situation as of last night. What happened? The White House decided the proposal being hammered out by Senate Majority Leader Harry Reid (D-Nev.) and House Ways and Means Chairman Dave Camp (R-Mich.) was a turkey. The deal, according to the White House, was far too favorable to business interests at the expense of middle-class…
  • Are taxes why Kung Fu Panda left San Francisco for Boston?

    skbell1
    25 Nov 2014 | 11:33 am
    Major League Baseball fans on opposite sides of the United States are going to have very different Thanksgivings this year. In Boston, Red Sox Nation is very thankful for their team's signing this week of two of the sport's biggest free agents, third baseman Pablo "Kung Fu Panda" Sandoval and Hanley Ramirez, who plays (for now) shortstop. Click image for MLB.com story and video on Boston's blockbuster player acquisitions. San Francisco and Los Angeles baseball fans, meanwhile, will be crying in their turkey dinners. Exact contract details for the pair haven't…
  • Congress fighting over which business and individual tax extenders to make permanent

    skbell1
    24 Nov 2014 | 2:49 pm
    Apparently a lot of folks are not happy about proposals to extend the 55 or so tax breaks that expired at the end of 2013. Actually, that's good news. It at least means that people are talking taxes. The big issue is whether to do away with some of the extenders, the name given the technically temporary tax breaks that must renewed periodically by the House and Senate. Wait! Don't freak out. The tax provisions wouldn't be eliminated. They just wouldn't be extenders. Instead, they would become permanent parts of the tax code. Permanent tax trade-offs: That's what a lot…
  • Possible break in hunt for Lois Lerner's lost IRS emailsBut don't get too excited; there's no guarantee of a smoking gun email

    skbell1
    23 Nov 2014 | 1:44 pm
    Things have been pretty quiet of late in the Congressional crusade against the Internal Revenue Service, so you can't be blamed for thinking that the tax agency was off the hook for its ham-handed handling all around of 501(c)(4) applications. After all, a federal court judge on Oct. 23 threw out a pair of lawsuits filed by Tea Party groups, Linchpins of Liberty and True the Vote, against the IRS that had claimed the IRS targeted them for special scrutiny. Last week, however, another thorn -- or more accurately 30,000 thorns -- in the IRS side flared up. That's when the Democratic…
  • Tax crimes, in the U.S. and internationally

    skbell1
    23 Nov 2014 | 8:33 am
    It was global tax crime time last week at my other tax blog. In Russia, one of the contractors who helped get Sochi ready for the last Winter Olympics is facing tax evasion charges. Oleg Shishov, CEO of the building firm Mostovik, is accused of falsifying tax documents from 2009 to 2012 in order to avoid paying more than 515 million rubles, or $10.9 million U.S., in taxes. Shishov could face up to six years in a Russian prison if convicted. Closer to home, 18 South Florida college students were among 21 indivudals charged with participating in a $1.9 million identity theft tax refund fraud…
 
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    TAX NEWS - Google News

  • IRS awards millions in bonuses to tax-delinquent employees - Washington Times

    26 Nov 2014 | 8:57 pm
    Washington TimesIRS awards millions in bonuses to tax-delinquent employeesWashington TimesIRS Commissioner John Koskinen said in an email to employees that bonuses were an appropriate way for taxpayers to reward the agency that polices them. “I believe that rewarding our high-performing employees is a vital investment for our nation's tax ...IRS staffers with tax debts eligible for bonusesThe Hillall 6 news articles »
  • Angelina Jolie: Mansion tax 'could put me off' U.K. move - CNNMoney

    26 Nov 2014 | 12:22 pm
    CNNMoneyAngelina Jolie: Mansion tax 'could put me off' U.K. moveCNNMoneyA controversial plan to tax expensive properties in the U.K. could keep Angelina Jolie from becoming a Londoner. The Hollywood actress said she was fond of England, having lived in the country before.and more »
  • A 'Tax Day' Americans could love? - CNN

    26 Nov 2014 | 9:15 am
    A 'Tax Day' Americans could love?CNN(CNN) -- November is the month we celebrate Thanksgiving in the United States. In Finland, there is a different type of celebration. It turns out that all tax returns of every Finn are made public this month, which leads to a "media frenzy of gossip and more »
  • Now Unhappy, Happy's Pizza Founder Is Convicted Of Tax Fraud - Forbes

    25 Nov 2014 | 11:32 pm
    ForbesNow Unhappy, Happy's Pizza Founder Is Convicted Of Tax FraudForbesTwo sets of books and a cash skim can get you in trouble. The president and founder of Detroit-based Happy's Pizza, Happy Asker, was found guilty of 32 tax crimes and conspiracy to defraud the United States. The jury took 4½ hours to convict on three ...
  • Congressional plans to extend tax breaks hits snags - Washington Post

    25 Nov 2014 | 9:11 pm
    Congressional plans to extend tax breaks hits snagsWashington PostCongressional negotiators were considering a package of tax breaks Tuesday that would add as much as $450 billion to the federal budget deficit over the next decade, wiping out most of the revenue gains President Obama won from Republicans just two ...
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    Tax-News.Com Live Tax Headlines

  • Tax-News.com: Big Businesses Contributing More Tax Than Ever

    26 Nov 2014 | 1:10 pm
    Tax-News.com: A new survey from accountancy firm PwC has revealed that the UK's biggest businesses contributed a record GBP80bn (USD125.5bn) to the Exchequer in 2013-14, while the make-up of their total tax bill continues to shift.
  • Tax-News.com: Russia Enacts Russian CFC Bill

    26 Nov 2014 | 5:10 am
    Tax-News.com: On November 18, 2014, the Lower House of Russia's Parliament, the State Duma, approved in the second and third readings Bill No. 630365-6, which would introduce a new controlled foreign corporation regime in the country.
  • Tax-News.com: US Sets Preliminary Anti-Subsidy Duties On Chinese Tires

    26 Nov 2014 | 4:54 am
    Tax-News.com: In a case involving imports estimated to total USD2.1bn last year, after only USD968m in 2011, the United States Commerce Department has announced initial anti-subsidy duties on imports from China of tires for passenger vehicles and light trucks.
  • Tax-News.com: MEPs Support Juncker Amid Lux Leaks Vote

    26 Nov 2014 | 4:45 am
    Tax-News.com: Most leaders of the European Parliament's political factions have expressed support for European Commission President Jean-Claude Juncker ahead of a vote on a motion of censure, launched in the aftermath of the leak of Luxembourg's past tax rulings.
  • Tax-News.com: Brussels Moving On Ownership Registries, Says STEP

    26 Nov 2014 | 4:45 am
    Tax-News.com: The Society of Trust and Estate Practitioners has noted that a proposal to require EU member states to maintain public registers of information on entities' beneficial owners is progressing quickly in Brussels.
 
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    Tax Policy Center: The Numbers

  • EITC Claims, 2008

    17 Nov 2014 | 9:00 pm
    This set of estimates consists of the following related tables: (T14-0114) Number of EITC Claims, 2008 (T14-0115) Total EITC Claims ($ millions), 2008
  • Options to reduce the 10-Percent Individual Income Tax Rate, Increase the Standard Deduction and Reform the EITC

    1 Oct 2014 | 10:00 pm
    This set of estimates consists of the following related tables: (T14-0113) Options to Reduce the 10-Percent Individual Income Tax Rate, Increase the Standard Deduction and Reform the EITC, Impact on Tax Revenue ($ billions), 2015-24, Baseline: Current Law
  • Options to Reduce Individual Income Tax Rates

    14 Aug 2014 | 10:00 pm
    This set of estimates consists of the following related tables: (T14-0096) Decrease Individual Income Tax Rates by One Percentage Point, Change in Individual Income Tax Revenue, 2015-2024 ($ billions), Baseline: Current Law (T14-0097) Decrease 10 Percent Individual Income Tax Rate to 9 Percent, Baseline: Current Law, Distribution of Federal Tax Change by Expanded Cash Income Level, 2015 (T14-0098) Decrease 10 Percent Individual Income Tax Rate to 9 Percent, Baseline: Current Law, Distribution of Federal Tax Change by Expanded Cash Income Percentile, 2015 (T14-0099) Decrease 15 Percent…
  • Repeal the Alternative Minimum Tax

    29 Jul 2014 | 10:00 pm
    This set of estimates consists of the following related tables: (T14-0086) Repeal the Individual Alternative Minimum Tax (AMT), Impact on Income Tax Revenue ($ billions), 2015-2024, Baseline: Current Law (T14-0087) Repeal the Individual Alternative Minimum Tax (AMT), Baseline: Current Law, Distribution of Federal Tax Change by Expanded Cash Income Level, 2015 (T14-0088) Repeal the Individual Alternative Minimum Tax (AMT), Baseline: Current Law, Distribution of Federal Tax Change by Expanded Cash Income Level, 2023 (T14-0089) Repeal the Individual Alternative Minimum Tax (AMT), Baseline:…
  • Sen. Shaheen's Child and Dependent Care Tax Credit (CDCTC) Proposal

    27 Jul 2014 | 10:00 pm
    Distribution analysis and revenue estimate of Sen. Shaheen's CDCTC Proposal, The "Helping Working Families Afford Child Care Act." This set of estimates consists of the following related tables: (T14-0079) Sen. Shaheen's Child and Dependent Care Tax Credit (CDCTC) Proposal: The "Helping Working Families Afford Child Care Act", Change in Individual Income Tax Revenue, 2015-2024 ($ billions), Baseline: Current Law (T14-0080) Sen. Shaheen's Child and Dependent Care Tax Credit (CDCTC) Proposal: The "Helping Working Families Afford Child Care Act", Baseline: Current Law,…
 
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    THE WANDERING TAX PRO

  • WHAT’S THE BUZZ, TELL ME WHAT’S A HAPPENNIN’ – SPECIAL MONDAY EDITION

    24 Nov 2014 | 2:00 am
    I’m a day early - to make up for no BUZZ last week.   * Tax pros – As I prepare the December issue of THE TAX PROFESSIONAL I am still waiting to “hear” your comments on the issues discussed in the November, and previous, “issues”.  Email your comments to rdftaxpro@gmail.com.  * A belated happy 9thanniversary (11/14) greeting to DON’T MESS WITH TAXES.  This past summer TWTP celebrated 13 years of posting.* My year-end tax planning articles finally started to show up at MAINSTREET.COM.  First up is “2014 Year-End Tax Planning Strategies to Ensure a…
  • BACK TO THE BOARDWALK

    21 Nov 2014 | 2:00 am
    Once again I celebrated my natel day in Atlantic City while attending the National Association of Tax Professionals’ year-end tax update workshops.  I travelled to Bally’s Hotel and Casino in Atlantic City, where I had been earlier this year for the NATP Forum, for 2 days of the 3-day “Taxpro Symposium”.  We were supposed to be at the Showboat, but that hotel and casino had closed its doors.  I paid the same rate at Bally’s that I had booked for the Showboat.  Once again I got a lower rate by booking independently online without using the NATP code.  What…
  • TAX HISTORY

    20 Nov 2014 | 2:00 am
    I couldn't come up with anything else to write about, so here is a "rerun" of a post from a few years back with an overview of the history of our federal income tax, updated for more recent developments. 1643: The colony of New Plymouth, Massachusetts levies the first recorded income tax in America.1861: Congress passed the first income tax law as an emergency measure to fund the Civil War.1872: Congress repeals the income tax law.1894: As a response to complaints that excessive reliance on tariffs as a source of revenue resulted in an increase in the cost of imported goods,…
  • DON'T BE A NON-FILER!

    19 Nov 2014 | 2:00 am
    The November issue of NATP’s TAXPRO Monthly includes an article on “Engaging the Nonfiler”.The article describes a “nonfiler” as “as taxpayer who simply failed to file his or her tax return – either accidentally or intentionally”.Over the past 40+ years I have come across quite a few clients who did not file on time.  Often I have prepared two or even three consecutive years' 1040s at the same time.I currently have a client who has not filed her 2011, 2012, or 2013 returns.  Based on our relationship I know that she really has not filed, and not just gone to another…
  • TAX EFFICIENT INVESTING

    18 Nov 2014 | 2:00 am
    You have several options available for investing your current, retirement, college, and health savings.  It is important to understand the tax aspects of each option, and the tax treatment of the various types of investment accounts – currently taxable, tax-deferred, and tax-exempt - to maximize your “after-tax” earnings from your investments.DOMESTIC STOCKSInvestment in shares of stock, both domestic and foreign, can generate qualified dividends while held and, if held for more than a year, long-term capital gains when sold.  Qualified dividends and long-term capital gains…
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    Start Making Sense

  • You take what you can get

    18 Nov 2014 | 3:13 pm
    Harry Grubert has published a thoughtful review of my book, Fixing U.S. International Taxation, in the latest issue of the National Tax Journal.  It's a good read, not just for anything it says about my book, but perhaps even more so for its addressing some topics (such as formulary apportionment) that I mention in the book, but that have been been of especial long-term interest to him.Although Harry is an economist and I'm a lawyer, he might actually have preferred a more "lawyer"-type book, whereas I wrote a conceptually more "economist"-type one.  Thus, take what I consider to be…
  • I forgot to post this a couple of weeks ago

    17 Nov 2014 | 7:31 pm
    Posing with Lee Sheppard before a discussion of Ed Kleinbard's book, on Halloween at NYU Law School.
  • My own paper presentation at NTA

    17 Nov 2014 | 9:46 am
    In addition to commenting on the Green-Phillips paper noted in the preceding blog entry, I also presented one of my recent papers, forthcoming in the Connecticut Law Review, entitled "Multiple Myopias, Multiple Selves, and the Under-Saving Problem."  Jason Seligman of Ohio State offered thoughtful and helpful comments.  This was my first, and perhaps last, presentation of this paper, which I finished early last summer, as consumer demand has generally been higher for my Piketty paper (as well as for a short piece on corporate tax reform that I will post on SSRN after it appears in…
  • Comment I gave at the NTA Annual Meeting

    17 Nov 2014 | 9:18 am
    At the recently-concluded NTA Annual Meeting, I was asked to offer a brief comment on a nice paper by Richard Green and Mark Phillips of USC, entitled "Demand for the 1%: Tax Incidence and Implications for Optimal Income Tax Rates."  I myself can access a link for the paper here, but I'm not sure the link will work for readers who didn't register for the NTA conference.Anyway, here is an approximate reconstruction of my comments:Assigning me to comment on this paper is a great example of the NTA at either its best or its worst.  That’s for all of you to judge, depending on how…
  • A defense of cats (not that they need it)

    16 Nov 2014 | 2:12 pm
    For some reason, I have been annoyedly mulling over, for a couple of weeks now, an article that appeared in Ezra Klein's Vox blog concerning cats.  The case it sought to make, essentially, was "cats are bad."Okay, I'll grant Vox the fact that cats kill a whole lot of birds.  But that obviously is only outdoor cats.  Our four have no chance of meeting wildlife other than creatures that we unabashedly classify as vermin if they cross the threshold into our house.  (I am far more benign towards these creatures when they remain outside.)Then there was another point I suppose I…
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    MauledAgain

  • Giving Thanks: “No, Thank YOU!”

    James Edward Maule
    26 Nov 2014 | 5:01 am
    A few years ago, in a sermon, the then pastor of my church, a former English teacher, pointed out that he was bothered by the increasing use of “No, thank YOU!” as a response to saying “Thank you” to someone. Somehow, a phrase which most of us have been conditioned to use as a way of declining an offer has become part of a struggle to determine which person is expressing the superior level of gratitude. The risk in this strange cultural twist is that the expression gets lost in the distraction of competing givings of thanks. That’s not what Thanksgiving is intended to celebrate.With…
  • More Tax Ignorance

    James Edward Maule
    24 Nov 2014 | 5:01 am
    Circulating on facebook, and probably on other social media, is a photograph with this legend:Up until 1913 Americans kept all of their earnings. Despite this, we still had: schools, colleges, roads, vast railroads, streets, subways, the Army, Navy and the Marine Corps, (who managed to win 8 wars. Tell me again why We The People need to be extorted ???Though I could write for hours about the deficiencies of praising the roads and educational institutions of the nineteenth century, I prefer to focus on the first sentence.Taken at face value, the first sentence makes no sense. Americans did not…
  • How Difficult Is It to Understand Use Taxes?

    James Edward Maule
    21 Nov 2014 | 5:01 am
    A recent commentary in the Philadelphia Inquirer advocates extension of the moratorium on collection of sales taxes by out-of-state retailers. It rejects the claim that online merchants have an advantage over brick-and-mortar retailers, a claim made by those who want out-of-state retailers to collect sales taxes even if they have no nexus with the state.The commentary makes good points and not so good points. It is true, as it points out, that some online sellers bear the cost of shipping. They cannot use promotions such as free, hot coffee to their shoppers. Their customers cannot easily try…
  • Satire, Tax or Otherwise, Lost on Americans

    James Edward Maule
    19 Nov 2014 | 5:01 am
    Few people understand satire. It’s such a dangerous practice that one wonders whether in the long run it does more harm than good. Recently, a website specializing in satire, but carrying a name that doesn’t hint at its character as nicely as, for example, the Onion, published a fake report claiming that the IRS would delay until October 2015 payment of income tax refunds normally received in the early months of the year. The best guess, taking up on a story such as this one, is that the authors were trying to spoof the delay in the filing season announced in early 2014 because Congress…
  • Soda Sales Shifting?

    James Edward Maule
    17 Nov 2014 | 5:01 am
    In last Wednesday’s post, Escaping Tax and User Fee Revenue Diversion, my analysis of a Philadelphia cigarette tax included an exploration of city residents making purchases outside the city in order to escape the tax. That point was just one piece of my criticism of a tax that puts an education expenditure burden on a narrow group of taxpayers and not on all of those who benefit from the expenditures.Another tax that doesn’t impress me is the so-called “soda tax,” designed to change people’s beverage drinking habits. In a series of posts, beginning with What Sort of Tax?, and…
 
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    TaxProf Blog

  • Law Professor Blogs Network in ABA Blawg 100 and ABA Blawg Hall of Fame

    Paul Caron
    26 Nov 2014 | 10:55 am
    Kudos to our Law Professor Blogs Network bloggers named to the 2014 ABA Blawg 100 -- "the 100 best Web sites by lawyers, for lawyers, as chosen by the editors of the ABA Journal": EvidenceProf Blog, edited by Colin Miller (South Carolina): "Every weekday, law professors—primarily the University of South...
  • Are You a Jerk at Work?

    Paul Caron
    26 Nov 2014 | 7:06 am
    Columbia Press Release, Are You Seen as a Jerk at Work? A New Study Reveals That Many People Are Oblivious to How They Come Across to Counterparts and Colleagues: When Jill Abramson was ousted from her position as the executive editor of The New York Times, it was reported that...
  • Hoenig: What's Wrong With Trafficking in NOLs?

    Paul Caron
    26 Nov 2014 | 3:05 am
    Mark Hoenig (Weil, Gotshal & Manges, New York), Trafficking in Net Operating Losses: What's So Bad?, 145 Tax Notes 919 (Nov. 24, 2014): Hoenig examines the almost century-long history of Congress’s efforts to allow tax losses and limit their transfer. He explores the rationale for those efforts, assesses the system...
  • The IRS Scandal, Day 566

    Paul Caron
    26 Nov 2014 | 12:24 am
    Washington Examiner: 2,500 New Documents ID'd in White House-IRS Taxpayer Harassment Cases: In a shocking revelation, the Treasury Inspector General has identified some 2,500 documents that “potentially” show taxpayer information held by the Internal Revenue Service being shared with President Obama’s White House. The discovery was revealed to the group...
  • Alarie Presents Policy Preferences and Expertise in Canadian Tax Adjudication Today at Columbia

    Paul Caron
    25 Nov 2014 | 1:00 pm
    Benjamin Alarie (Toronto) presents Policy Preferences and Expertise in Canadian Tax Adjudication, 62 Canadian Tax J. ___ (2014) (with Andrew Green (Toronto)), at Columbia today as part of its Tax Policy Colloquium Series hosted by Alex Raskolnikov, David Schizer, and Wojciech Kopczuk: Both taxpayers and governments struggle to stay on...
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    Roth & Company, P.C

  • Tax Roundup, 11/25/14: Administration complicates extender negotiations. And: Instant Tax Service has to stay dead.

    Joe Kristan
    25 Nov 2014 | 6:43 am
    Programming note: The Tax Update will be on the road for Thanksgiving starting Wednesday. Have a great weekend, see you Monday.    Nice Section 179 deduction you have there. Hate to see something bad happen to it. Extenders as extortion. The administration yesterday complicated the negotiations on the extension of the perpetually-expiring tax provisions by demanding an extension of the refundable child credit and a permanent expansion of the fraud-ridden earned income tax credit, the New York Times reports. It’s obnoxious to throw a new welfare program provision into the…
  • Tax Roundup, 11/24/14: Report from the Battle of Scottsdale.

    Joe Kristan
    24 Nov 2014 | 6:24 am
    Battle report from a skirmish in the state tax policy wars. I was in Scottsdale Friday to join Joseph Henchman of the Tax Foundation to talk about state film tax incentives. We were on a panel with three advocates for incentives — two from the film industry and one a retired head of a state film office. Our audience was a panel from the National Conference of State Legislators, mostly legislators heading state taxwriting committees. Joseph did a nice job explaining that all of the studies not financed by the film industry show tax credits for films to at best an inefficient way to…
  • Tax Roundup, 11/20/14: ACA and filing season pessimism revisited.

    Joe Kristan
    20 Nov 2014 | 6:27 am
    Programming note: The Tax Update will take tomorrow off. I will be in Phoenix tomorrow on a panel on state film tax credits sponsored by the National Conference of State Legislators.  The panel will include, among others, Joseph Henchman of the Tax Foundation. Normal programming resumes Monday.   ACA frenzy! Thanks to a kind Twitter mention from Megan McArdle (who you really should follow at @asymmetricinfo), my Tuesday post on ACA and filing-season dread made it to a wider audience than usual, including the readers of Real Clear Politics. A cousin who I normally only see at…
  • Tax Roundup, 11/19/14: Mayor of London, U.S. tax delinquent. And: sticks, stones, and IRS.

    Joe Kristan
    19 Nov 2014 | 6:34 am
    Boris Johnson and an unidentified IRS agent. I thought the Revolution was fought to get away from the English, not to tax them. From Robert W. Wood comes a story that says volumes about how absurd America’s system of worldwide taxation is: London’s Mayor Boris Johnson is English, but being born in New York means he’s American too. Turns out he never gave up his U.S. citizenship, as the BBC confirmed. Sure, he threatened to renounce in a column for the Spectator, but he renewed his U.S. passport instead. And on his recent book tour, in a Diane Rehm Show Interview, November 13,…
  • Tax Roundup, 11/18/14: The ACA and filing season. Be afraid.

    Joe Kristan
    18 Nov 2014 | 7:05 am
    Megan McArdle, Reality Check on Obamacare Year Two: Another thing to keep in mind, however: This open enrollment period isn’t the biggest test for Obamacare in the next 12 months.  The biggest test will be what happens on or around April 15th.  That’s the first time all the people who didn’t buy insurance will get hit with the individual mandate penalty, and the ones who thought that it was a nominal $95 fee are in for a nasty shock .  April 15th will also be the first time that people who got too much in subsidies are going to be asked to pay back some of that money.
 
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    RUBIN ON TAX

  • Telephone Calls from the IRS

    Charles (Chuck) Rubin
    22 Nov 2014 | 6:24 am
    In the last week, I have received two messages on my answering machine at home purporting to be from the IRS, advising me that I owe taxes and if I don’t call them back I may be arrested. I’ve also gotten calls from other people about similar calls. 99% of these are scams. If the IRS has a problem with you, they will mail you notices – they will not call you first. If you want to be sure, don’t call back the number given. Instead, call the IRS at 1.800.829.1040 and they can tell you what, if anything, is going on with your tax account, including whether you owe any money. For more on…
  • Waiver of Florida Spousal Homestead Rights by Deed Upheld

    Charles (Chuck) Rubin
    14 Nov 2014 | 8:25 am
    Summary: A recent Florida appellate decision finds that the joinder of a spouse on a deed of homestead property to a trust constitutes a valid waiver of homestead rights, even though the deed contains no waiver language. FACTS: Jerome and Alma were married. In 2000, they executed a warranty deed conveying their homestead property to themselves as tenants in common. That same day, Jerome conveyed his one-half of the property to a 5 year qualified personal residence trust (QPRT). Alma joined on the deed. Jerome did not survive the 5 year term of the QPRT, so pursuant to the QPRT terms his half…
  • Laches as a Limit on the Duty of a Trustee to Account

    Charles (Chuck) Rubin
    13 Nov 2014 | 2:45 pm
    Doris Corya was a trustee (or co-trustee) of four trusts that failed to provide fiduciary accountings to a beneficiary otherwise entitled to receive accountings under Florida law. The failure to account went back many years – the oldest of the four trusts was established in 1953 (although Florida’s statutory obligation to account may not go back that far). Roy Sanders, a beneficiary, brought an action against Doris to compel the preparation and delivery of the unprepared fiduciary accountings. The trial court found that Doris was obligated to prepare and deliver such accountings, back…
  • Caution with Automatic Removal of Ex-Spouse as a Beneficiary Upon Divorce

    Charles (Chuck) Rubin
    12 Nov 2014 | 6:07 pm
    Fla.Stats. Section 732.703 provides for the automatic removal of a spouse as a beneficiary of a life insurance policy upon divorce. Many other states have similar provisions. It is easy to become complacent in expecting this statutory provision to automatically remove a former spouse. This can be a mistake. For example, while the Florida law provides that this removal of a former spouse will apply to an insurance policy owned by an employee benefit plan, the statute provides that this change will not occur if there is a conflict between this provision and federal law. Such a conflict may…
  • Interest Deductions When Interest Added to Principal Balance

    Charles (Chuck) Rubin
    6 Nov 2014 | 3:48 pm
    A cash basis taxpayer owes interest and principal to a lender on a home mortgage loan. The taxpayer goes to another lender, borrows additional money against the residence, and uses the loan proceeds to pay off the accrued interest on the first loan. Such an interest payment should be deductible (assuming the interest is otherwise deductible under the Code). Now look at a similar factual situation. Here, the taxpayer does not borrow money from a new lender, but modifies his existing loan with the existing lender to add the accrued interest to the principal balance. When such accrued interest…
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    Tax Problem Attorney Blog

  • Brager Tax Law Group Obtains over 6,500 Pages in Freedom of Information Act Request for Offshore Voluntary Disclosure Program Documents

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

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

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

  • As God as my Witness, I Thought Turkeys Could Fly

    Russ
    26 Nov 2014 | 3:03 pm
    Have a Happy Thanksgiving everyone:
  • One Ringy Dingy, Two Ringy Dingies…

    Russ
    25 Nov 2014 | 6:16 pm
    …2400 Ringy Dingies. Yes, I was on hold for two hours today on the IRS Practitioner Priority Service before my call was picked up. It’s November–not a high time for calling the IRS–but add the combination of the IRS Centralized Authorization File Unit taking well over the promised five days to input a faxed Power of Attorney or Tax Information Authorization, lots of notices being issued by the IRS that require a response, and ridiculous hold times are the norm. Oh, yes, I was told the expected wait time was 30 to 60 minutes. Sigh….
  • Would the Proprietors of “I Married an Idiot” Commit Tax Fraud?

    Russ
    20 Nov 2014 | 4:05 pm
    Sometimes you can’t make this stuff up. Perhaps you missed the website imarriedanidiot.com. The website is down, but thanks to the Internet Archive it will continue to be accessible. I’ll leave it to the reader to peruse the web site. I saw a brief story on Mark Garcia and Patricia McQuarry in the Pioneer Press. It seems that they not only thought they married an idiot, they committed an idiotic form of tax fraud. The couple, who are married and were the proprietors of the aforementioned web site, decided to claim to have received “…hundreds of thousands of dollars in…
  • IRS Clarifies Electronic Signature Requirements

    Russ
    18 Nov 2014 | 11:53 am
    The IRS released a new version of Publication 1345 today (html version only is available for now). Included in it is the following: Note: An electronic signature via remote transaction does not include handwritten signatures on Forms 8878 or 8879 sent to the ERO by hand delivery, U.S. mail, private delivery service, fax, email or an Internet website. Thus, if a client signs a signature document in ink, hands it to me, mails it to me, faxes it to me, or uploads it to me via our web portal (or even if he emails it to me), it’s not an electronic signature and I don’t have to check…
  • The Horrible, No Good, Very Bad Upcoming Tax Season

    Russ
    16 Nov 2014 | 7:48 pm
    If you’re a tax professional here’s a warning: The 2015 Tax Season will be one you’re almost certain to remember for all the wrong reasons. If you’re a client of a tax professional be forewarned: Your tax professional will be even more grouchy than usual next year. Why? The upcoming tax season will likely be the worst in 30 years. There are four reasons for this: tax extenders, budget issues the IRS faces, the Affordable Care Act (aka ObamaCare), and the new property capitalization/repair regulations. Let’s look at them seriatim. 1. Tax Extenders. Stop me if…
 
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    IRS Hitman 888-415-1337

  • Things to Do Before Tax Season Begins

    21 Nov 2014 | 8:28 am
    To avoid any unpleasant surprises in the coming tax season, it’s good to review a few simple rules now. As tax season is only a few months away, you can take some precautions to enjoy smooth and successful filing of taxes. Some of the most important things to consider in preventing errors in filing are explained below.Adjust Your WithholdingAs a W2 employee, you’ll want to ensure that your tax withholding is not falling short of the minimum amount that you should be withholding. If you pay lower than the minimum amount from your wages, you’ll have a balance due when you file your…
  • Tax Breaks That You Might Overlook

    14 Nov 2014 | 7:30 am
    When preparing taxes for 2014, consider some of the tax deductions that most taxpayers forget to take. A single tax break may not save you a substantial amount, but if you claim several small deductions, you can collectively save much more in taxes. Here are some of the tax breaks that you may want to deduct for 2014 to lower your tax bill.Expenses Incurred While Doing Charity WorkWhile most taxpayers claim monetary charitable deductions on their returns, those who undertake charitable work often miss claiming expenses. If you contribute your time to a charity, you can deduct the cost of…
  • Avoid Owing Back Taxes

    7 Nov 2014 | 7:20 am
    In a few months, the tax filing season will be upon us. If you are required to file a tax return for 2014, it’s a good idea to start planning ahead now. First, you must determine the correct amount of taxes you owe. Underpayment or misreporting can lead to a tax liability. If you are unsure of how much you owe in taxes, you can seek help from a tax professional or use an IRS Volunteer at the Income Tax Assistance (VITA) center. A VITA center provides free tax preparation to individuals that cannot afford to hire professional tax preparers. Generally, taxpayers that earn $53,000 or less a…
  • Ebola Donations: Check Status of Charity before Donating

    31 Oct 2014 | 8:15 am
    More than 4, 800 EVD-related deaths and more than 9,900 suspected and confirmed cases of EVD have been reported in the countries of Guinea, Liberia, and Sierra Leone of West Africa through October 22, 2014. Many Americans are making donations to help the victims of Ebola in these countries. To assist the donators in their cause, the IRS has implemented a tax relief program so you can easily make charity contributions towards Ebola and also save on taxes.If you are thinking of donating to Ebola victims in Guinea, Liberia and Sierra Leone, then you can save on taxes. To take the tax advantage…
  • Penalties and Interest on Back Taxes

    24 Oct 2014 | 1:06 pm
    What you owe to the IRS isn’t just for your original tax debt; the IRS charges a penalty on the total back tax amount every month. Usually, penalties are charged at 0.5 percent. As a result of the additional monthly fee, what is owed can increase substantially over time.Along with penalties, the IRS also charges interest on the tax debt. Interest is charged every month that even a portion of the debt goes unpaid. Both penalties and interest inflate the tax debt amount until it is paid in full. It’s vital for taxpayers to remember that the IRS will continue charging both penalty and…
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    L & R Tax Preparation LLC RSS Feed

  • Tips for Taxpayers with Foreign Income

    1 Nov 2014 | 7:00 am
    U.S. citizens and residents who live or work abroad may need to file a federal income tax return. Keep reading to learn more.
  • Year-End Tax Planning for Individuals

    1 Nov 2014 | 7:00 am
    Tax planning is always a good idea, but this year, once again, presents more challenges than usual. Learn which tax planning strategies you should use now to cut your tax bill.
  • Year-End Tax Planning for Businesses

    1 Nov 2014 | 7:00 am
    While the fate of several business-related tax extenders is uncertain, there are a number of end of year tax strategies businesses can use to reduce their tax burden for 2014. Here's the lowdown on some of the best options.
  • Three Most Common Budgeting Errors

    1 Nov 2014 | 7:00 am
    Do you find it tricky to maintain a budget for your business? Here's how to avoid three of the most common budgeting mistakes and take control of your company's finances.
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    Taxation RSS Feed | JD Supra Law News

  • Ancillary Joint Ventures Involving Taxable and Tax-Exempt Health Care Entities: Addressing the Chilling Effect of IRS Inaction

    Pillsbury Winthrop Shaw Pittman LLP
    26 Nov 2014 | 7:59 am
    Tax-exempt health care systems facing growing operating costs and falling revenues frequently explore creation of ancillary joint ventures (AJVs) as vehicles to raise capital, share risk, expand coverage, and provide care more efficiently, while...By: Pillsbury Winthrop Shaw Pittman LLP
  • Don't Forget! Preparing for the Affordable Care Act Employer Mandate

    Spilman Thomas & Battle, PLLC
    26 Nov 2014 | 6:52 am
    With 2015 just a few weeks away, employers with 100 or more full-time and full-time equivalent employees should be gearing up for the implementation of the Affordable Care Act (“ACA”) employer mandate, which subjects employers to a tax for.......By: Spilman Thomas & Battle, PLLC
  • The Affordable Care Act Part Two – Preparing for 2015

    Cole Schotz
    26 Nov 2014 | 6:26 am
    This is the second of a three part series on the Affordable Care Act (“ACA” or “Act”), commonly known as “ObamaCare.” This post discusses the Employer Mandate, which takes effect January 1, 2015, and certain reporting requirements that will also...By: Cole Schotz
  • November 2014: White Collar Litigation Update

    Quinn Emanuel Urquhart & Sullivan, LLP
    25 Nov 2014 | 3:39 pm
    The Future of the Department of Justice’s High Visibility Offshore Tax Evasion Initiative. On August 29, 2013, the U.S. Department of Justice (“DOJ”) Tax Division announced the Program for Non-Prosecution Agreements and Non-Target Letters for...By: Quinn Emanuel Urquhart & Sullivan, LLP
  • New Spanish Regulation for Venture Capital and Private Equity Entities

    Latham & Watkins LLP
    25 Nov 2014 | 11:45 am
    Changes harmonize Spanish regulations with existing EU regulations and increase the scope of acceptable investment activities for closed-ended investment entities. Introduction - On 12 November 2014 the Spanish Parliament enacted new law...By: Latham & Watkins LLP
 
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  • World feels the sting of Russian sanctions

    26 Nov 2014 | 9:33 pm
    World feels the sting of Russian sanctionsGettyBusinesses all over the Western world are reporting major losses months after penalyzing Russia.One country benefiting from bansMore newsDesperate Thai advertising ISIS' next target
  • Effective Ebola vaccine could be coming soon

    26 Nov 2014 | 9:33 pm
    Effective Ebola vaccine could be coming soonGetty Researchers reported an experimental immunization shot for the deadly disease was safe and showed signs of protection among healthy volunteers. Questions remain about dosageIn other newsEbola survivors speak outHealth benefits of eating turkey
  • Jolie confesses how her relationship has changed

    26 Nov 2014 | 9:33 pm
    Jolie confesses how her relationship has changed AP Angelina's secret wedding made her want to try a new task at home.Brad doesn't seem to buy it ...Take a lookAniston sports very strange braWill Smith supports Alfonso
  • Latest executive order ruffling some feathers

    26 Nov 2014 | 9:33 pm
    Latest executive order ruffling some feathersGettyThe president joked that he may have passed down the 'most talked about executive action' on Wednesday.Admittedly 'puzzling' action he tookMore on ThanksgivingTurkey Day deals to gobble up9 ways for a waste-free holiday
  • Ferguson sees calm after two nights of unrest

    26 Nov 2014 | 9:33 pm
    Ferguson sees calm after two nights of unrest APProtesters continued to hold scattered demonstrations as business owners and residents boarded up windows and cleared away debris.Thanksgiving hopes of the communityIn related newsMichael Brown's mother in disbeliefNational Guard controls violence
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  • World feels the sting of Russian sanctions

    26 Nov 2014 | 9:33 pm
    World feels the sting of Russian sanctionsGettyBusinesses all over the Western world are reporting major losses months after penalyzing Russia.One country benefiting from bansMore newsDesperate Thai advertising ISIS' next target
  • Effective Ebola vaccine could be coming soon

    26 Nov 2014 | 9:33 pm
    Effective Ebola vaccine could be coming soonGetty Researchers reported an experimental immunization shot for the deadly disease was safe and showed signs of protection among healthy volunteers. Questions remain about dosageIn other newsEbola survivors speak outHealth benefits of eating turkey
  • Jolie confesses how her relationship has changed

    26 Nov 2014 | 9:33 pm
    Jolie confesses how her relationship has changed AP Angelina's secret wedding made her want to try a new task at home.Brad doesn't seem to buy it ...Take a lookAniston sports very strange braWill Smith supports Alfonso
  • Latest executive order ruffling some feathers

    26 Nov 2014 | 9:33 pm
    Latest executive order ruffling some feathersGettyThe president joked that he may have passed down the 'most talked about executive action' on Wednesday.Admittedly 'puzzling' action he tookMore on ThanksgivingTurkey Day deals to gobble up9 ways for a waste-free holiday
  • Ferguson sees calm after two nights of unrest

    26 Nov 2014 | 9:33 pm
    Ferguson sees calm after two nights of unrest APProtesters continued to hold scattered demonstrations as business owners and residents boarded up windows and cleared away debris.Thanksgiving hopes of the communityIn related newsMichael Brown's mother in disbeliefNational Guard controls violence
  • add this feed to my.Alltop

  • World feels the sting of Russian sanctions

    26 Nov 2014 | 9:33 pm
    World feels the sting of Russian sanctionsGettyBusinesses all over the Western world are reporting major losses months after penalyzing Russia.One country benefiting from bansMore newsDesperate Thai advertising ISIS' next target
  • Effective Ebola vaccine could be coming soon

    26 Nov 2014 | 9:33 pm
    Effective Ebola vaccine could be coming soonGetty Researchers reported an experimental immunization shot for the deadly disease was safe and showed signs of protection among healthy volunteers. Questions remain about dosageIn other newsEbola survivors speak outHealth benefits of eating turkey
  • Jolie confesses how her relationship has changed

    26 Nov 2014 | 9:33 pm
    Jolie confesses how her relationship has changed AP Angelina's secret wedding made her want to try a new task at home.Brad doesn't seem to buy it ...Take a lookAniston sports very strange braWill Smith supports Alfonso
  • Latest executive order ruffling some feathers

    26 Nov 2014 | 9:33 pm
    Latest executive order ruffling some feathersGettyThe president joked that he may have passed down the 'most talked about executive action' on Wednesday.Admittedly 'puzzling' action he tookMore on ThanksgivingTurkey Day deals to gobble up9 ways for a waste-free holiday
  • Ferguson sees calm after two nights of unrest

    26 Nov 2014 | 9:33 pm
    Ferguson sees calm after two nights of unrest APProtesters continued to hold scattered demonstrations as business owners and residents boarded up windows and cleared away debris.Thanksgiving hopes of the communityIn related newsMichael Brown's mother in disbeliefNational Guard controls violence
 
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  • World feels the sting of Russian sanctions

    26 Nov 2014 | 9:33 pm
    World feels the sting of Russian sanctionsGettyBusinesses all over the Western world are reporting major losses months after penalyzing Russia.One country benefiting from bansMore newsDesperate Thai advertising ISIS' next target
  • Effective Ebola vaccine could be coming soon

    26 Nov 2014 | 9:33 pm
    Effective Ebola vaccine could be coming soonGetty Researchers reported an experimental immunization shot for the deadly disease was safe and showed signs of protection among healthy volunteers. Questions remain about dosageIn other newsEbola survivors speak outHealth benefits of eating turkey
  • Jolie confesses how her relationship has changed

    26 Nov 2014 | 9:33 pm
    Jolie confesses how her relationship has changed AP Angelina's secret wedding made her want to try a new task at home.Brad doesn't seem to buy it ...Take a lookAniston sports very strange braWill Smith supports Alfonso
  • Latest executive order ruffling some feathers

    26 Nov 2014 | 9:33 pm
    Latest executive order ruffling some feathersGettyThe president joked that he may have passed down the 'most talked about executive action' on Wednesday.Admittedly 'puzzling' action he tookMore on ThanksgivingTurkey Day deals to gobble up9 ways for a waste-free holiday
  • Ferguson sees calm after two nights of unrest

    26 Nov 2014 | 9:33 pm
    Ferguson sees calm after two nights of unrest APProtesters continued to hold scattered demonstrations as business owners and residents boarded up windows and cleared away debris.Thanksgiving hopes of the communityIn related newsMichael Brown's mother in disbeliefNational Guard controls violence
  • add this feed to my.Alltop

  • World feels the sting of Russian sanctions

    26 Nov 2014 | 9:33 pm
    World feels the sting of Russian sanctionsGettyBusinesses all over the Western world are reporting major losses months after penalyzing Russia.One country benefiting from bansMore newsDesperate Thai advertising ISIS' next target
  • Effective Ebola vaccine could be coming soon

    26 Nov 2014 | 9:33 pm
    Effective Ebola vaccine could be coming soonGetty Researchers reported an experimental immunization shot for the deadly disease was safe and showed signs of protection among healthy volunteers. Questions remain about dosageIn other newsEbola survivors speak outHealth benefits of eating turkey
  • Jolie confesses how her relationship has changed

    26 Nov 2014 | 9:33 pm
    Jolie confesses how her relationship has changed AP Angelina's secret wedding made her want to try a new task at home.Brad doesn't seem to buy it ...Take a lookAniston sports very strange braWill Smith supports Alfonso
  • Latest executive order ruffling some feathers

    26 Nov 2014 | 9:33 pm
    Latest executive order ruffling some feathersGettyThe president joked that he may have passed down the 'most talked about executive action' on Wednesday.Admittedly 'puzzling' action he tookMore on ThanksgivingTurkey Day deals to gobble up9 ways for a waste-free holiday
  • Ferguson sees calm after two nights of unrest

    26 Nov 2014 | 9:33 pm
    Ferguson sees calm after two nights of unrest APProtesters continued to hold scattered demonstrations as business owners and residents boarded up windows and cleared away debris.Thanksgiving hopes of the communityIn related newsMichael Brown's mother in disbeliefNational Guard controls violence
  • add this feed to my.Alltop

  • World feels the sting of Russian sanctions

    26 Nov 2014 | 9:33 pm
    World feels the sting of Russian sanctionsGettyBusinesses all over the Western world are reporting major losses months after penalyzing Russia.One country benefiting from bansMore newsDesperate Thai advertising ISIS' next target
  • Effective Ebola vaccine could be coming soon

    26 Nov 2014 | 9:33 pm
    Effective Ebola vaccine could be coming soonGetty Researchers reported an experimental immunization shot for the deadly disease was safe and showed signs of protection among healthy volunteers. Questions remain about dosageIn other newsEbola survivors speak outHealth benefits of eating turkey
  • Jolie confesses how her relationship has changed

    26 Nov 2014 | 9:33 pm
    Jolie confesses how her relationship has changed AP Angelina's secret wedding made her want to try a new task at home.Brad doesn't seem to buy it ...Take a lookAniston sports very strange braWill Smith supports Alfonso
  • Latest executive order ruffling some feathers

    26 Nov 2014 | 9:33 pm
    Latest executive order ruffling some feathersGettyThe president joked that he may have passed down the 'most talked about executive action' on Wednesday.Admittedly 'puzzling' action he tookMore on ThanksgivingTurkey Day deals to gobble up9 ways for a waste-free holiday
  • Ferguson sees calm after two nights of unrest

    26 Nov 2014 | 9:33 pm
    Ferguson sees calm after two nights of unrest APProtesters continued to hold scattered demonstrations as business owners and residents boarded up windows and cleared away debris.Thanksgiving hopes of the communityIn related newsMichael Brown's mother in disbeliefNational Guard controls violence
 
  • add this feed to my.Alltop

  • World feels the sting of Russian sanctions

    26 Nov 2014 | 9:33 pm
    World feels the sting of Russian sanctionsGettyBusinesses all over the Western world are reporting major losses months after penalyzing Russia.One country benefiting from bansMore newsDesperate Thai advertising ISIS' next target
  • Effective Ebola vaccine could be coming soon

    26 Nov 2014 | 9:33 pm
    Effective Ebola vaccine could be coming soonGetty Researchers reported an experimental immunization shot for the deadly disease was safe and showed signs of protection among healthy volunteers. Questions remain about dosageIn other newsEbola survivors speak outHealth benefits of eating turkey
  • Jolie confesses how her relationship has changed

    26 Nov 2014 | 9:33 pm
    Jolie confesses how her relationship has changed AP Angelina's secret wedding made her want to try a new task at home.Brad doesn't seem to buy it ...Take a lookAniston sports very strange braWill Smith supports Alfonso
  • Latest executive order ruffling some feathers

    26 Nov 2014 | 9:33 pm
    Latest executive order ruffling some feathersGettyThe president joked that he may have passed down the 'most talked about executive action' on Wednesday.Admittedly 'puzzling' action he tookMore on ThanksgivingTurkey Day deals to gobble up9 ways for a waste-free holiday
  • Ferguson sees calm after two nights of unrest

    26 Nov 2014 | 9:33 pm
    Ferguson sees calm after two nights of unrest APProtesters continued to hold scattered demonstrations as business owners and residents boarded up windows and cleared away debris.Thanksgiving hopes of the communityIn related newsMichael Brown's mother in disbeliefNational Guard controls violence
  • add this feed to my.Alltop

  • World feels the sting of Russian sanctions

    26 Nov 2014 | 9:33 pm
    World feels the sting of Russian sanctionsGettyBusinesses all over the Western world are reporting major losses months after penalyzing Russia.One country benefiting from bansMore newsDesperate Thai advertising ISIS' next target
  • Effective Ebola vaccine could be coming soon

    26 Nov 2014 | 9:33 pm
    Effective Ebola vaccine could be coming soonGetty Researchers reported an experimental immunization shot for the deadly disease was safe and showed signs of protection among healthy volunteers. Questions remain about dosageIn other newsEbola survivors speak outHealth benefits of eating turkey
  • Jolie confesses how her relationship has changed

    26 Nov 2014 | 9:33 pm
    Jolie confesses how her relationship has changed AP Angelina's secret wedding made her want to try a new task at home.Brad doesn't seem to buy it ...Take a lookAniston sports very strange braWill Smith supports Alfonso
  • Latest executive order ruffling some feathers

    26 Nov 2014 | 9:33 pm
    Latest executive order ruffling some feathersGettyThe president joked that he may have passed down the 'most talked about executive action' on Wednesday.Admittedly 'puzzling' action he tookMore on ThanksgivingTurkey Day deals to gobble up9 ways for a waste-free holiday
  • Ferguson sees calm after two nights of unrest

    26 Nov 2014 | 9:33 pm
    Ferguson sees calm after two nights of unrest APProtesters continued to hold scattered demonstrations as business owners and residents boarded up windows and cleared away debris.Thanksgiving hopes of the communityIn related newsMichael Brown's mother in disbeliefNational Guard controls violence
  • add this feed to my.Alltop

  • World feels the sting of Russian sanctions

    26 Nov 2014 | 9:33 pm
    World feels the sting of Russian sanctionsGettyBusinesses all over the Western world are reporting major losses months after penalyzing Russia.One country benefiting from bansMore newsDesperate Thai advertising ISIS' next target
  • Effective Ebola vaccine could be coming soon

    26 Nov 2014 | 9:33 pm
    Effective Ebola vaccine could be coming soonGetty Researchers reported an experimental immunization shot for the deadly disease was safe and showed signs of protection among healthy volunteers. Questions remain about dosageIn other newsEbola survivors speak outHealth benefits of eating turkey
  • Jolie confesses how her relationship has changed

    26 Nov 2014 | 9:33 pm
    Jolie confesses how her relationship has changed AP Angelina's secret wedding made her want to try a new task at home.Brad doesn't seem to buy it ...Take a lookAniston sports very strange braWill Smith supports Alfonso
  • Latest executive order ruffling some feathers

    26 Nov 2014 | 9:33 pm
    Latest executive order ruffling some feathersGettyThe president joked that he may have passed down the 'most talked about executive action' on Wednesday.Admittedly 'puzzling' action he tookMore on ThanksgivingTurkey Day deals to gobble up9 ways for a waste-free holiday
  • Ferguson sees calm after two nights of unrest

    26 Nov 2014 | 9:33 pm
    Ferguson sees calm after two nights of unrest APProtesters continued to hold scattered demonstrations as business owners and residents boarded up windows and cleared away debris.Thanksgiving hopes of the communityIn related newsMichael Brown's mother in disbeliefNational Guard controls violence
 
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    Value Added Tax Blog

  • It’s drop shipment week!

    Mark
    7 Nov 2014 | 8:15 am
    I just replied to the fifth question this week about the VAT implications of drop-shipments in the EU. You know, these are shipments where the seller ships directly to the buyer’s customer. So there are two transactions, one where the ship-to is different from the bill-to, and one where the bill-from is different from the […]
  • Luxembourg taxes explained

    Mark
    6 Nov 2014 | 5:36 pm
    It is pretty straight-forward to explain why major B2C service providers (think Apple iTunes, eBay and Amazon) favor Luxembourg for a EU headquarters – the VAT rate is one of the lowest in the EU, and under the pre-2015 VAT rules that is / was a major advantage. Yes, Madeira has an even lower VAT rate, […]
  • India: GST in April 2016 (?)

    Mark
    6 Nov 2014 | 4:51 am
    “A GST roll-out is most likely April 2016″ Every fall there is an Indian official who seems to be designated to make a statement that federal GST implementation is a year and a half out. The big issue is a constitutional amendment (in addition to all the states being in agreement). Parliament in India seems to […]
  • Spain: Changes in import VAT accounting

    Mark
    5 Nov 2014 | 2:00 pm
    Meridian writes about Spanish plans to introduce an arrangement to postpone the import VAT liability to the next VAT return. As Meridian notes, there are an increasing number of countries that allow for a similar simplification (see art. 201 of the VAT Directive). According to my somewhat dated “EU VAT Compass” (IBFD, 2011) these postponed […]
  • Mind The VAT Gap…

    Mark
    24 Oct 2014 | 8:19 am
    An estimated €177 billion in VAT revenues was lost due to non-compliance or non-collection in 2012, according to the latest VAT Gap study published by the Commission. “Algirdas Šemeta, Commissioner for Taxation, said: “The VAT Gap is essentially a marker of how effective – or not – VAT enforcement and compliance measures are across the […]
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    J. Stefan - EzineArticles Expert Author

  • No Articles Found

    26 Nov 2014 | 9:40 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: Having a Side Business in Multi-Level Marketing Doesn’t Make Personal Expenses Deductible

    Jason Dinesen
    26 Nov 2014 | 4:30 am
    It’s a holiday week, so I’m re-publishing popular posts from days gone by. This story about deductions relating to multi-level marketing and tax deductions, has quickly been one of the most-clicked-on stories on this blog: —– Originally published September 18, 2013 If you sell food products in a multi-level marketing system, can you deduct personal grocery expenses? I’ve actually had this question posed to me before. The person’s “sponsor” in the MLM system told the taxpayer that the taxpayer could deduct all of their grocery purchases from Wal-Mart, etc. as a…
  • From the Archives: Win a Home On TV, Find a Tax Collector in the Attic

    Jason Dinesen
    24 Nov 2014 | 4:30 am
    It’s a holiday week, so I’m re-publishing popular stories from days gone by. This popular story from January 2012 is about the tax consequences of winning a home in a TV giveaway. It was part 1 of a 6-part series. All 6 parts have remained popular almost 3 years later. —– Originally published January 2, 2012 HGTV gave away a home in their “Urban Oasis” promotion last week (it was an apartment in the Trump Tower in Chicago) and they are giving away another home on February 17. The winners of those homes are always so happy on camera — but they may not be happy…
  • I Don’t Have Time to Write Grant Proposals or Meet with Donors … But Give Me Money Anyway!

    Jason Dinesen
    20 Nov 2014 | 4:30 am
    A few weeks ago I attended a conference in my capacity as a board member of a not-for-profit. This was not a “business” conference for me, because the conference was related to the work the not-for-profit does, not to accounting. I was there as a board member, not an accountant. But of course, I can’t just turn off the accountant part of my brain. And some things were said at this conference that I have to blog about here in relation to not-for-profit and small-business management. I Don’t Have Time to Do the Dirty Work Many of the people at this conference were…
  • Tell Your Accountant Before You Start Operating in Other States

    Jason Dinesen
    18 Nov 2014 | 4:30 am
    The most-recent edition of the NATP TaxPro Journal had an article that caught my attention: “Taking on a New Business Client: 18 Things You Need to Know.” It was a really good article (the only item I disagreed with was the author saying to ask for a copy of the business’s “fire inspection certificate” — I’m not sure why that’s relevant for a tax preparer to have). And I want to add a #19, or better yet, replace the “fire inspection certificate” item with: ask if the client is operating in other states. Some small business owners…
  • My Experiences at the NAEA Leadership Academy

    Jason Dinesen
    14 Nov 2014 | 4:30 am
    My graduation picture. On the left is Mike Nelson, Executive Vice President of NAEA. On the right is is Terry Durkin, EA, President-Elect of NAEA. I had the privilege of attending the Schuldiner/Smollan Memorial Leadership Academy conducted by the National Association of Enrolled Agents. This academy teaches about effective governance of state affiliates of NAEA (and I feel the concepts taught can apply broadly to all not-for-profit boards). I’m not big on over-the-top emotional expressions and exaggerations, but I have to say: this was a life-changing experience. And it was FUN. The…
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    IncomeTaxReturnIndia.com

  • Holidays To Be Observed In Central Government Offices During The Year 2015

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

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

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

    Tax Dost
    19 Oct 2014 | 12:30 am
    TDS is applicable on sale of immovable property as per Finance Bill of 2013. Where in the sale consideration of property is equal or exceeds to Rs. 50,00,000. According to Sec 194 IA, the Income Tax Act, 1961 TDS is applicable from from June 1, 2013  for sale of poperty excessding Rs 50 lacs. … Continue reading →
  • Check your PAN Name, Verify PAN

    Tax Dost
    18 Oct 2014 | 2:46 am
    Check your PAN Name, Verify PAN Their is frequent queries on how can i verify pan details, PAN no income tax assessing officer ward and circle no. or how can i track status of my PAN application status. To know about PAN related information including PAN address and PAN details, … Continue reading →
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    Tax Lien Certificates - Smart Investing

  • Tax Lien Certificates – Predictable, Certain, And Secure

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

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

  • Things a Taxpayer Should Know in Criminal Investigations

    Bill Hartsock
    24 Nov 2014 | 3:49 pm
    An important part of surviving a Criminal Investigation process is understanding and reasonable expectations on the part of the taxpayer. If a taxpayer understands the process as it proceeds, he or she will be less likely to undermine the goals of the investigation or take any steps to exacerbate his or her own precarious situation. While under investigation, taxpayers often have questions about particular topics.Tags: IRS Tax Fraud Information & Advice From The Tax LawyerRead more about Things a Taxpayer Should Know in Criminal Investigations
  • At Risk For Willfull & Material False Statement Tax Crime?

    Bill Hartsock
    20 Nov 2014 | 2:01 pm
    In a previous article titled Can You be Prosecuted for Perjury or False Statements in Your Tax Returns?, we described some of the elements of the False Statements tax crime.Tags: IRS Tax Fraud Information & Advice From The Tax LawyerRead more about At Risk For Willfull & Material False Statement Tax Crime?
  • Failure to Pay Tax or Estimated Tax

    Bill Hartsock
    17 Nov 2014 | 2:26 pm
    IRC § 7203 enumerates a crime for failure to pay tax or estimated tax and other lesser tax crimes, including failure to supply information and failure to maintain records. In reality, the willful failure to pay tax offense is rarely prosecuted. According to the statute, the elements of the crime are as follows:Tags: IRS Tax Fraud Information & Advice From The Tax LawyerRead more about Failure to Pay Tax or Estimated Tax
  • Failure to File Returns or Pay Tax

    Bill Hartsock
    14 Nov 2014 | 12:44 pm
    Failure to file returns or pay taxes is a federal tax crime that will be prosecuted by the IRS.Tags: IRS Tax Fraud Information & Advice From The Tax LawyerRead more about Failure to File Returns or Pay Tax
  • Techniques and Procedures Used in Criminal Investigations

    Bill Hartsock
    10 Nov 2014 | 10:26 am
    The Criminal Investigation Division of the IRS difference from the compliance groups in that its sole purpose is criminal enforcement, not determining or collecting correct tax liability from a taxpayer.Tags: IRS Tax Fraud Information & Advice From The Tax LawyerRead more about Techniques and Procedures Used in Criminal Investigations
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    Bankrate.com » Taxes

  • Cyber Monday tax-free, for now

    Kay Bell
    25 Nov 2014 | 9:19 am
    Do you do your holiday shopping online to avoid sales taxes? Enjoy it this year. It could be the last sales-tax-free Cyber Monday.
  • Miami college kids charged with tax fraud

    Kay Bell
    20 Nov 2014 | 8:36 am
    A group of South Florida college kids learned a lesson the hard way. They allegedly are part of a $1.9 million identity theft tax fraud ring.
  • Sochi contractor facing tax evasion charges

    Kay Bell
    18 Nov 2014 | 10:51 am
    It took a lot of work to get Sochi ready for the 2014 Winter Olympics games. One contractor involved in the makeover now is facing Russian tax evasion charges.
  • Trump casinos face Atlantic City tax lien

    Kay Bell
    13 Nov 2014 | 6:35 am
    Atlantic City has fallen on hard times, but is hoping that it soon will get cash from property tax lien sales, including two against Trump casinos.
  • Tax options after the storm passes

    Kay Bell
    11 Nov 2014 | 10:15 am
    Old Man Winter arrived early and with a vengeance this week across much of the United States. Resulting property damages could mean tax help for some.
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    Sales Use Tax

  • Marketplace Fairness Act: Dead, Alive – or in Legislative Limbo?

    Sylvia F. Dion
    16 Nov 2014 | 12:14 pm
    In the past few days there have been several news reports claiming that the Marketplace Fairness Act, S. 743, will not be enacted by the end of the year.  As a matter of fact, most of the news reports are … Continue reading →
  • MFA Promotes Taxation Without Representation

    Jerry Donnini
    11 Nov 2014 | 10:39 am
    “No taxation without representation” is most famous to me from the Schoolhouse rock series that taught be about every important aspect of American history. Based on the video and song, the slogan was used in the mid-1700’s by British colonists … Continue reading →
  • Dropshippers: Are Exemption Certificates Required For Every State?

    Michael J. Fleming
    27 Oct 2014 | 12:08 pm
    As many have observed, there has been a paradigm shift in the way that states approach exemption certificates. Historically, many states and auditors may have given companies wide latitude in sales tax audits for situations where it was plainly obvious … Continue reading →
  • Amazon Increases Costs for Customers Again

    Jerry Donnini
    23 Oct 2014 | 2:34 pm
    In October, 2014, Amazon customers will be charged higher prices in two more states. Specifically, effective October 1, 2014, Amazon began charging customers located in Maryland and Minnesota sales tax on purchases from the online retailer. This marks the 22nd … Continue reading →
  • Selecting a Tax Automation Solution: 5 Options to Consider

    Diane Yetter
    21 Oct 2014 | 12:15 pm
    For companies that sell in multiple jurisdictions, having an automated tax transaction solution in place to manage sales and use tax functions is necessary. There are many benefits to an automated tax solution, most importantly reduced errors and increased productivity. … Continue reading →
 
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    US Tax Program

  • HSBC Admits Fault and Is Fined $12.5m to Resolve Charges Relating to US Clients

    admin
    26 Nov 2014 | 12:58 am
    HSBC admits wrongdoing and is fined $12.5m to resolve charges that its Swiss bank unit serviced US clients without being SEC registered According to Reuters the SEC said ‘HSBC’s Swiss unit amassed 368 U.S. accounts, and its employees traveled to the United States at least 40 times to solicit clients and provide investment advice without being registered’. As the New York Times reminds us, this case only close one part of a broader investigation and only relates to the SEC registration. The US Department of Justice (DoJ) is investigating the Swiss unit.
  • Bank Leumi Le-Israel Ltd Setting aside More Cash to Cover US Investigation Costs

    admin
    24 Nov 2014 | 5:54 am
    Bank Leumi Le-Israel Ltd said it boosts the provisions relating to the settlement under negotiation with US Department of Justice (DoJ). It increased provisions by 476m shekels ($123 m) in Q3 to about 1.5 billion shekels. The bank is under investigation by the US regulators on its role to help wealthy Americans evade taxes. Leumi also said that there is a settlement under negotiation with US authorities  
  • Raiffeisen Announced its Intent to Participate in the US Program under Category 3

    admin
    24 Nov 2014 | 2:41 am
    Raiffeisen announced that they have sent a Letter of Intent to the US Department of Justice (DoJ) to show their intention of participating in the US Program under Category 3. Category 3 banks are those that believe they have not engaged in activities that could have breached US law. An Independent Examiner (e.g. US or Swiss law firm or accountant) needs to verify this. Information about the total managed US assets needs to be provided by these banks as well as a confirmation that effective compliance programs are in place. They do not need to pay a penalty but the handling costs endured by…
  • ‘I Adjudge Credit Suisse Guilty’ Says Judge Rebecca Beach Smith

    admin
    21 Nov 2014 | 11:06 am
    Judge rebecca Beach Smith said today at a hearing that lasted less than an hour ‘I adjudge Credit Suisse guilty’ reports Bloomberg. The judge had little choice. She had to either impose the terms of the sentence agreed with the US department of Justice (DoJ) or throw out the entire deal. Credit Suisse AG was the 1st banking unit in over a decade to plead guilty at a US criminal court. It agreed to pay $2.6bn to settle the allegation it helped rich US clients to avoid taxes.  
  • Lawyer, Consultant, and Independent Examiner’s Fees Eat up the Profits at Swiss Banks

    admin
    21 Nov 2014 | 2:12 am
    The participation of Swiss banks in the US Program to settle the tax dispute with the USA is very costly. High costs are involved in hiring and flying in the US Independent Examiners, external advisers, and setting up internal team. According to the Tages Anzeiger no one wants to call a number, but a number of banks declared that the legal fees will eat up half of a normal annual profit. In addition to the legal fees the Category 2 banks have to count with fines as well. The newspaper also raises that the provision made by banks were first thought to be used at 75% for fines and 25% for…
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