Taxes

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  • Deadly Tulsa tornado starts slow 2015 storm season

    Don't Mess With Taxes
    skbell1
    26 Mar 2015 | 1:10 pm
    Every year we whine about winter and wish for spring's arrival. Then Mother Nature shows up in a horrid mood and ruins everything. She was particularly nasty yesterday (Wednesday, March 25) to Oklahoma residents. A tornado in a Tulsa-area neighborhood killed one woman and twister magnet Moore about 125 miles to the south was hit again. The March 25 Tulsa-area twister viewed from a downtown hotel. "This was 2 blocks from my hotel & was taken by one of the other hotel guests," writes Gloria Bell on her Facebook page. This morning, Oklahoma Gov. Mary Fallin declared a state…
  • Crossing the Line

    Our Taxing Times
    trishmc
    21 Mar 2015 | 7:36 pm
    This is not the time of the year to P*** off your tax pro! Do I have your attention? For the last two months, I have been able to help a lot of good people meet their tax filing requirements. I love visiting with them and catching up while I work on their return. I have also been lied to, scammed and manipulated. Sometimes by those same good people. It’s part of the job. I know that and most of the time I can laugh it off. With three weeks to go, it’s harder to laugh off the downside. Part of it is that is because I’m tired but the real problem is that the manipulation gets stronger the…
  • Mike Lee seeks to stall increase in gas tax - The Hill

    TAX NEWS - Google News
    27 Mar 2015 | 6:05 am
    The HillMike Lee seeks to stall increase in gas taxThe HillSen. Mike Lee (R-Utah) wants to make it harder for lawmakers to increase the federal gas tax as they search for way to pay for a new transportation spending bill later this year. Lee is introducing an amendment to the Senate's budget resolution that New Jersey gas tax hike looks unlikely in near futureAsbury Park Pressall 8 news articles »
  • Tax-News.com: Egypt Collects Property Tax Under Revised Law

    Tax-News.Com Live Tax Headlines
    27 Mar 2015 | 1:45 pm
    Tax-News.com: The Egyptian Government has sent out assessments and exemption forms under new property tax legislation.
  • Maine Considers a Property Tax on Some Nonprofits

    NYT > Property Taxes
    7 Mar 2015 | 9:00 pm
    Nonprofit organizations across the country are closely watching Maine as it considers becoming the first state to impose property taxes on hospitals, private colleges and summer camps.
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    Don't Mess With Taxes

  • Deadly Tulsa tornado starts slow 2015 storm season

    skbell1
    26 Mar 2015 | 1:10 pm
    Every year we whine about winter and wish for spring's arrival. Then Mother Nature shows up in a horrid mood and ruins everything. She was particularly nasty yesterday (Wednesday, March 25) to Oklahoma residents. A tornado in a Tulsa-area neighborhood killed one woman and twister magnet Moore about 125 miles to the south was hit again. The March 25 Tulsa-area twister viewed from a downtown hotel. "This was 2 blocks from my hotel & was taken by one of the other hotel guests," writes Gloria Bell on her Facebook page. This morning, Oklahoma Gov. Mary Fallin declared a state…
  • Obamacare, bitcoin add twists to 2014 tax filing checklist

    skbell1
    25 Mar 2015 | 10:51 am
    You're finally ready to sit down and do your taxes. Are you sure?  The only thing worse than filling out your 1040 and all those other forms is finding that you forgot something and have to file an amended return. A tax-filing checklist will help ensure you have all the information you need to complete your federal income taxes correctly. Generally, the documents and materials you need stay pretty much the same from tax year to tax year. For 2014 returns, however, there are a couple of new considerations. Obamacare filing issues: This year, millions of folks are dealing for the first…
  • $42 million Montana mansion owner loses property tax fight

    skbell1
    24 Mar 2015 | 12:05 pm
    As a homeowner who every year thinks that my local tax assessor has a much too inflated opinion of my house's worth, I certainly sympathize with anyone who fights for a lower real estate tax bill. But even I think the owner of what one real estate company lists as largest private home in Montana was asking a little too much of tax officials. Don Abbey of La Mirada, Calif., wanted his 2014 property tax bill of $367,696 on his lake mansion reduced by at least two-thirds. Photo courtesy LuxuryRealEstate.com Not going to happen. The Montana Tax Appeal Board has upheld the $41.8 million…
  • Downton Abbey's new tax connection via Rep. Aaron Schock

    skbell1
    23 Mar 2015 | 12:45 pm
    When Downton Abbey showed up on PBS back in 2011, the hubby and I were avid viewers. We're both Anglophiles, PBS supporters and it had a nice tax hook for me. Thanks to arcane Britishinheritance and tax laws in the early 20th century, Lord and Lady Grantham had to marry off their eldest daughter, Mary, to a distant relative to retain possession of the family estate. Lady Mary Crawley is shocked, perhaps at Rep. Aaron Schock's situation? Watch more of Lady Mary's and other Downton Abbey residents' reactions at the PBS Masterpiece website. The convolutions, both legal and…
  • IRS refunds $25,000 in fines to Denver marijuana shop

    skbell1
    22 Mar 2015 | 7:23 am
    Allgreens, a medical marijuana dispensary in Denver, has won its cash payment battle with the Internal Revenue Service. The IRS demands electronic payroll tax deposits. Allgreens, however, began making its federal employee withholding tax payments in cash after its bank, leery of working with a business that Uncle Sam deems illegal, closed the dispensary's account. So although Allgreens was meeting its federal tax obligations in full and on time, it also was racking up penalty charges for not making them in the form the IRS wants. Allgreens headed to U.S. Tax Court. Now, however, the…
 
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    Our Taxing Times

  • Crossing the Line

    trishmc
    21 Mar 2015 | 7:36 pm
    This is not the time of the year to P*** off your tax pro! Do I have your attention? For the last two months, I have been able to help a lot of good people meet their tax filing requirements. I love visiting with them and catching up while I work on their return. I have also been lied to, scammed and manipulated. Sometimes by those same good people. It’s part of the job. I know that and most of the time I can laugh it off. With three weeks to go, it’s harder to laugh off the downside. Part of it is that is because I’m tired but the real problem is that the manipulation gets stronger the…
  • While I Was Working...II

    trishmc
    20 Mar 2015 | 6:46 pm
    There are just a little over three weeks left before April 15th and I’ve been busy with tax returns. However, there have been a few tax items that need to be pointed out now. The IRS has started sending out letter 5071C to verify identity. You receive this letter when the IRS has a return with your name and Social Security Number and something has raised a red flag. Before they send out a refund they want to make sure that you did file that return. You are asked to go to idverify.irs.gov or call a special number. You’ll need last year’s tax return (and this year’s if you’ve filed)…
  • Extensions - You Still Have to Pay

    trishmc
    20 Mar 2015 | 9:51 am
    There is a little more than 3 weeks left before your 2014 tax return is due. What if you can’t get your return done in time to file by then? You can file an extension. It can be done electronically or by filing a paper Form 4868 by April 15th. And it does have to be postmarked or electronically filed by April 15th. After that time, the extension won’t help you. As the tax filing deadlines approach, I get calls from clients wanting me to file an extension for them. It’s easy to do electronically; set up a file and send. I don’t need signatures. What I do need is to know about what the…
  • Shared Responsibility Scam

    trishmc
    13 Mar 2015 | 7:21 pm
    Did your paid preparer (notice I didn’t say tax pro) tell you that you owed a Shared Responsibility Payment and that you need to write the check to them? If you did, you might be paying it twice. That is if you needed to pay it in the first place. The Shared Responsibility Payment (SRP) is part of the Affordable Care Act (ACA) which went into effect in 2014. It’s the penalty for taxpayers who didn’t have health insurance coverage for the whole year. It is calculated as part of the tax return preparation and added to the other taxes on the return. The IRS is receiving reports of…
  • File It or Lose It

    trishmc
    11 Mar 2015 | 11:43 am
    It seems that I am seeing more back year returns this year. I don’t track them so I can’t be sure. But it sure feels like I’m doing more. There a lot of good reasons to get your back returns filed if you haven’t already. First reason is that it is the law. If you owe on a back return, you might save yourself some of the failure to file penalty by filing a return. Then there is the statute of limitations for the IRS to review a return. When you file a return, you start the clock ticking until the IRS can’t look at that year’s return. They can open a return for review for three…
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    TAX NEWS - Google News

  • Mike Lee seeks to stall increase in gas tax - The Hill

    27 Mar 2015 | 6:05 am
    The HillMike Lee seeks to stall increase in gas taxThe HillSen. Mike Lee (R-Utah) wants to make it harder for lawmakers to increase the federal gas tax as they search for way to pay for a new transportation spending bill later this year. Lee is introducing an amendment to the Senate's budget resolution that New Jersey gas tax hike looks unlikely in near futureAsbury Park Pressall 8 news articles »
  • Native American Tribe--With Tax Exempt Casinos--Has Nation's First Junk Food ... - Forbes

    27 Mar 2015 | 5:58 am
    ForbesNative American Tribe--With Tax Exempt Casinos--Has Nation's First Junk Food ForbesJunk food taxes are sin taxes to control behavior, but they also raise revenue. With obesity, diabetes and other health problems on the rise, junk food taxes are hardly a novel concept. But they have been hard fought and harder to pass. Not anymore First US Junk Food Tax Coming to Navajo NationNewserall 2 news articles »
  • Is 2016 the Right Year for Tax Reform? - U.S. News & World Report (blog)

    27 Mar 2015 | 3:15 am
    U.S. News & World Report (blog)Is 2016 the Right Year for Tax Reform?U.S. News & World Report (blog)"Instead of a tax code that crushes innovation, that imposes burdens on families struggling to make ends meet, imagine a simple flat tax that lets every American fill out his or her taxes on a postcard," the GOP senator from Texas said. "Imagine Tax system concerns aren't personalBankrate.comall 4 news articles »
  • Sales tax hike to take effect - Toledo Blade

    26 Mar 2015 | 9:01 pm
    Sales tax hike to take effectToledo BladeThat's the date the county's sales tax rate inches up a quarter of a percentage point to 7.25 percent. Lucas County Commissioners unanimously approved the increase in January, but state law requires any changes in tax rates to go into effect at the
  • Loveland sheds grocery sales tax - The Coloradoan

    26 Mar 2015 | 6:02 pm
    The ColoradoanLoveland sheds grocery sales taxThe ColoradoanLoveland will eliminate its sales tax on some groceries beginning in November, saving the average household about $192 a year and costing the city about $6 million over three years. The move will affect only taxes on food purchased for consumption at ...
 
 
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    Start Making Sense

  • Overheard on the street

    25 Mar 2015 | 6:36 pm
    Walking home at the end of the workday, I passed by a couple of guys, and over-heard the following monologue from one of them, which seemed script-worthy, so I kept it in mind and wrote it down as soon as I got home:"I was immediately head over heels, and I was like, oh no, this is going to disrupt my sleep.  But luckily, I didn't have to pursue her, she pursued me.  I met her on Friday.  She texted me on Saturday. I texted her back on Sunday.  On Monday ... "But at this point I was too far past them to hear whatever came next.  Anyway, it's Wednesday.
  • NYU Tax Policy Colloquium, week 8: Leigh Osofsky's The Case for Categorical Nonenforcement

    25 Mar 2015 | 7:26 am
    Yesterday we continued our theme this semester of branching from tax towards other law, rather than towards public economics, by discussing the above paper.  "Categorical non-enforcement" is a label that one might, subject to dispute, extend to the Obama Administration's currently contested immigration plan, but there are also various tax applications of the concept.  More on this momentarily.Despite the paper's title suggesting that it is "for" the allowability of categorical non-enforcement, it's probably better viewed as anti-anti-categorical non-enforcement, in the sense of…
  • Deep thought for the day

    13 Mar 2015 | 5:43 am
    People like cats for reciprocating their feelings but just a bit less; people like dogs for reciprocating their feelings but just a bit more.
  • Since I haven't had any cat posts for a while ...

    11 Mar 2015 | 8:40 am
    Yogurt-drinker deploys highly sophisticated lapping technology.  Arguably more impressive than the first-generation iWatch.  Then again, cats and their forerunners have been working on it for millions of years.
  • NYU Tax Policy Colloquium, week 7: George Yin's Protecting Taxpayers from Congressional Lawbreaking

    11 Mar 2015 | 8:17 am
    Last year at the Tax Policy Colloquium, I thought that the balance had perhaps tipped a bit too far towards economics rather than tax law, from the standpoint of best serving our students and much of our audience.  This year, partly due to deliberate adjustment but also due to the papers we happen to have drawn, it's been more "legal," and often less focused on tax law in particular than, say, constitutional and administrative law, than ever previously in the 20 years I've been doing this.  I wonder if there is any broader trend here at work, regarding shifting interests in tax…
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    MauledAgain

  • Yes, Tax Uncertainty Hurts

    James Edward Maule
    27 Mar 2015 | 5:01 am
    In a recent commentary, Tom Giovanetti of The Institute for Policy Innovation explains that tax uncertainty causes economic harm. Tax uncertainty exists when taxpayers don’t know what the tax law applicable to a particular year will be because the Congress waits until near the end of the year to extend or not extend provisions that expired as of the end of the previous year. In the commentary, Giovanetti focuses on the ever-changing specifics of the section 179 deduction.Giovanetti is correct. Tax uncertainty causes economic harm. It also cause other problems, not the least of which is…
  • When Social Security Benefits Aren’t Social Security Benefits: When They Meet Tax

    James Edward Maule
    25 Mar 2015 | 5:01 am
    A recent case, McCarthy v. Comr., T.C. Memo 2015-50, illustrates why it is easy to become confused when retirement plan benefits, social security benefits, and tax law meet up at a three-way intersection.The taxpayers are a married couple. The wife was a participant in a state retirement plan for teachers. Her employment was not covered employment for social security purposes. Accordingly, her social security benefits were reduced on account of the retirement payments from the state retirement plan. The husband’s employment was covered employment, and he received social security benefits of…
  • Tax Credit for Purchasing a Residence Requires a Purchase

    James Edward Maule
    23 Mar 2015 | 5:01 am
    A recent case, Pittman v. Comr., T.C. Memo 2015-44, hammers home the point that a taxpayer is not entitled to claim the credit for purchasing a home for the first time if the taxpayer does not purchase a home. It seems a simple proposition, but sometimes the simplest of things can be confusing when thinking disappears.On January 22, 2007, the taxpayer rented a residence from a homeowner. On the same date, the taxpayer and the homeowner entered into an option contract, giving the taxpayer the option to purchase the residence. The option expired on January 31, 2008. The taxpayer paid an option…
  • Moving to Prison? Let the IRS Know Unless It Helped Put You There

    James Edward Maule
    20 Mar 2015 | 5:00 am
    Last week, in Moving? Let the IRS Know, I explained why it is important for taxpayers to keep the IRS informed of changes in address. Because the IRS generally is permitted to send deficiency notices to the address on the taxpayer’s most recently filed return, a taxpayer who no longer resides at that address is apt not to receive a deficiency notice. There is an exception for notification by the postal service, which generally requires the taxpayer to initiate a change of address filing with the post office. In other words, the burden of keeping the taxpayer’s address up to date sits with…
  • Back to Taxes and Potholes

    James Edward Maule
    18 Mar 2015 | 5:01 am
    It amazes me that Americans, given the choice between paying $100 in some sort of road use tax and paying $500 for uninsured vehicle repairs necessitated by poorly maintained roads, prefer to pay $500. It’s no wonder that tax cut con artists ply their trade with impunity.The inability of most Americans to figure out that paying $100 is better than paying $500 has been the topic of more than a few posts in this blog. In posts such as Liquid Fuels Tax Increases on the Table, You Get What You Vote For, Zap the Tax Zappers, Potholes: Poster Children for Why Tax Increases Save Money, When Tax…
 
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    TaxProf Blog

  • Minnesota Hosts Symposium Today on Reforming the IRS

    Paul Caron
    27 Mar 2015 | 4:05 am
    Minnesota hosts a Tax Policy Symposium today on Reforming the IRS: Congress asks the IRS to handle a variety of government functions—not just collecting taxes, but also implementing the Affordable Care Act, monitoring the activities of tax-exempt organizations, and administering refundable tax credits designed to accomplish various social welfare goals,...
  • Virginia Tax Study Group Meets Today

    Paul Caron
    27 Mar 2015 | 3:55 am
    The Virginia Tax Study Group meets today: Panel #1: D.C. Panel Cameron Arterton (Deputy Tax Legislative Counsel, U.S. Treasury Department) Tony Coughlin (Tax Counsel, Senate Finance Committee) Rohit Kumar (Principal, PricewaterhouseCoopers) Cecily Rock (Senior Legislation Counsel, Joint Committee on Taxation) Jon Traub (Principal, Deloitte) Panel #2: The Significance of Recent...
  • UK to Kill Private Equity Management Fee Waivers

    Paul Caron
    27 Mar 2015 | 2:30 am
    The UK has proposed legislation that would kill private equity management fee waivers ("disguised fees" in UK parlance), effective April 6, 2015. In this country, private equity management fee waivers are listed (on page 21) of the 2014– 2015 Priority Guidance Plan, with guidance supposedly "imminent." Prior TaxProf Blog coverage:...
  • Tributes to Leon Gabinet

    Paul Caron
    27 Mar 2015 | 1:11 am
    Tax Prof Leon Gabinet retired last Spring at age 87 after 46 years on the Case Western Law School faculty: Born in Poland, Gabinet moved with his family to Chicago as a boy. After serving in the U.S. Navy during World War II, he received his bachelor's and law degrees...
  • The IRS Scandal, Day 687

    Paul Caron
    27 Mar 2015 | 12:13 am
    Town Hall, Congress Should Protect the Fair Treatment for All Donations: Beginning in 2010, the Internal Revenue Service (IRS) systematically targeted taxpayers based on their political beliefs. Unaccountable, unelected bureaucrats at the IRS deliberately slowed and denied applications for tax-exempt status because the applicants did not share their politics. Although...
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    Texas State & Local Tax Law Blog

  • Tax-related bills to watch in the 2015 Texas Legislature: taxing aircraft

    Alan E. Sherman
    16 Mar 2015 | 1:30 pm
    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…
  • Alert: The Texas Supreme Court has denied review in the Cirrus Exploration lawsuit

    Alan E. Sherman
    27 Feb 2015 | 2:30 pm
    Earlier today, February 27th, the Texas Supreme Court denied the Comptroller of Public Accounts’ petition for review in Hegar, et. al. v. Cirrus Exploration Company, No. 14-0292. Cirrus Exploration  is one of many recent sales and use tax lawsuits involving aircraft purchases; in this case, the dispute was whether helicopter purchases were tax exempt on the basis of having been “…sold to a person using the aircraft as a certificated or licensed carrier of persons or property...” as provided by Subsect. (a)(1) of Texas Tax Code ann. §151.328 and further…
  • Texas revised franchise tax ("margin tax") litigation: what to expect in 2015

    Alan E. Sherman
    2 Feb 2015 | 2:00 pm
    We’re now a month into 2015, and so far there haven’t been any dramatic litigation developments in Texas’ statewide taxes.  That may be about to change, however, as several pending appellate court cases have been fully briefed and are likely to be decided soon. There are a number of other cases at earlier stages of litigation, and some of those will probably result in appellate opinions or trial court judgments later this year. Today’s post summarizes a few of the more significant pending cases involving the revised franchise tax, the so-called “margin…
  • One down, more to go: today, the Texas Supreme Court denied review in Richmont Aviation

    Alan E. Sherman
    22 Aug 2014 | 10:00 am
    Today, the Texas Supreme Court denied the petition for review brought by the Texas Attorney General on behalf of the Texas Comptroller of Public Accounts in the case of Richmont Aviation, Inc. v. Combs, No. 03-11-00486-CV (Sept. 12, 2013). There, the Third Court of Appeals at Austin had ruled that Texas Tax Code Ann. §112.108’s requirement that a taxpayer can only file suit if it first pays the assessment against it or posts a bond for twice the amount of the assessment violated the “open courts” doctrine of the state constitution. The intermediate appellate…
  • In Texas, a trade association has standing to challenge a tax statute on behalf of its members (at least for now)

    Alan E. Sherman
    18 Aug 2014 | 8:00 am
    Last Friday, the Texas Third Court of Appeals at Austin issued its opinion affirming the state District Court’s judgment in Combs, et al. v. Texas Small Tobacco Coalition and Global Tobacco, Inc., No. 03-13-00753-CV (August 15, 2014). This was the court’s latest holding to the effect that a trade association can seek declaratory and injunctive relief against a state fee (treated by court and the parties as a “tax”) on behalf of the association’s members that would otherwise be required to pay it. The earlier case that had allowed such a challenge was Texas…
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    Roth & Company, P.C

  • Tax Roundup, 3/27/15: Scammer targets the Tax Update! And: a Des Moines tax crime sentence.

    Joe Kristan
    27 Mar 2015 | 5:43 am
    Enhancements in scam productiity. The IRS-impersonator-scammer community seems to be seeking improved productivity through automation. A robo-call to my house yesterday threatened us with dire consequences, including being sued, for unpaid taxes if we didn’t immediately call a New York City phone number — presumably with credit card and bank account information so they could loot our savings. It was, of course, a scam call. The last year has seen the rise of the IRS-impersonation phone scam. My wife took the call, and wisely didn’t fall for it, but she found it convincing…
  • Tax Roundup, 3/26/15: Not every project is an “activity,” and why that’s a good thing. And: starting Iowa’s tax law fresh.

    Joe Kristan
    26 Mar 2015 | 6:06 am
    What’s an activity? The tax law’s “passive loss” rules limit business losses when a taxpayer fails to “materially participate” in an “activity.” Whether an “activity” is “passive” is mostly based on the amount of time spent in the activity by the taxpayer. That can raise a tricky question: just what is an “activity?” Many businesses do multiple things. Take a CPA firm that does tax and auditing. If those feckless auditors lose money, is that a separate “activity” from the hard-working tax side?
  • Tax Roundup, 3/25/15: Why the casino may not be the place to invest those millions from that Chinese guy.

    Joe Kristan
    25 Mar 2015 | 6:35 am
    In the movies, an American who is entrusted with millions from a Chinese shipping magnate, but blows it at casinos, would face unimaginably dire consequences. In real life, he faces the IRS. That’s the story in a weird Tax Court case decided yesterday. The shipping magnate, a Mr Cheung, had fared poorly as an investor. He met a Mr. Sun from Texas and decided that he might be better at investing. He shipped the money to a C corporation and an e-Trade account owned by Mr. Sun, under a handshake deal with fuzzy terms. Judge Paris explains: The only part of the arrangement that both Mr.
  • Tax Roundup, 3/24/15: Goldilocks and the medical practice. And: the spirit is willing, but the Tax Fairy is weak.

    Joe Kristan
    24 Mar 2015 | 6:30 am
    Reasonable Compensation and the Goldilocks Rule. The IRS has been fighting taxpayers over how much compensation is “reasonable” since Great-grandpa realized he could reduce his corporate tax by taking it out as a salary. The agency historically fought this war over whether taxpayers were taking too much compensation. The IRS has since opened a second front, arguing that S corporation owner-employees were improperly reducing their employment taxes by taking too little salary out of the corporation. Employee owners now need to find a comp level that is “just right.”…
  • Tax Roundup, 3/23/15: ACA is five years old today. How’s that working out?

    Joe Kristan
    23 Mar 2015 | 6:51 am
    Productivity wins! All three Iowa teams are out of the men’s NCAA basketball tournament. Back to those 1040s, fans!   President Obama signs the Affordable Care Act. Image via wikimedia.org Five years. The Affordable Care Act, or Obamacare, was signed into law five years ago today. Thanks to many delays — some part of the original law, others done in spite of the law to get past the elections — taxpayers and preparers are just beginning to cope with key portions of the law. This is the first year for returns with the individual mandate — officially, and creepily,…
 
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    RUBIN ON TAX

  • Article Abstract: Can Post-Valuation Events Impact Estate Tax valuation?

    Charles (Chuck) Rubin
    22 Mar 2015 | 11:04 am
      TITLE Use  of Foreseeable Postmortem  Events  In Valuing  Estate AUTHOR(S) Audrey G. Young PUBLICATION Estate Planning Journal, April 2015 PUBLISHER WG&L ABSTRACT (Key Points & Discussions) There is disparate case law on whether post-death events are admissible in determining value at death for estate tax purposes. Examples of relevant cases include: Estate of Gilford (Tax Court): “In general, property is valued as of the valuation date on the basis of market conditions and facts available on that date without regard to hindsight. However, we have held…
  • Applicable Federal Rates - April 2015

    Charles (Chuck) Rubin
    20 Mar 2015 | 1:29 pm
    (Unofficial – please confirm be using these figures in actual computations) Follow @crubincrubin
  • Temporary Investment of Homestead Sale Proceeds in Marketable Securities Does Not Jeopardize Protected Status [Florida]

    Charles (Chuck) Rubin
    14 Mar 2015 | 10:27 am
    In 2010, Patrick Sill had a $740,487.22 judgment entered against him. In October 2013, he sold his homestead and deposited his $458,696.67 share of the sale proceeds into a Wells Fargo investment account entitled “FL Homestead Account.” He did not deposit other assets into this account. More than 1/2 of the account was invested in mutual funds and unit investment trusts. The judgment creditor sought access to the proceeds of the account. The trial court denied the creditor, and the 4th DCA has now affirmed that. Key points:      a. A debtor is permitted to sell a…
  • Article Abstract – Preferred Interest Partnerships to Use DSUE Amounts Received by a Surviving Spouse

    Charles (Chuck) Rubin
    12 Mar 2015 | 1:43 pm
      TITLE Tasty Freeze: Preferred Partnership Tax-Saving Recipe AUTHOR(S) Michael N. Gooen and Tracy A. Snow PUBLICATION Estate Planning Journal - May 2015 PUBLISHER WG&L ABSTRACT (Key Points & Discussions) Surviving spouse's can obtain the use of the unused unified credit amounts of their predeceased spouse (DSUE) if a portability election is made. However, if the surviving spouse remarries, and their new spouse dies before them, then the DSUE from the first spouse is lost and the DSUE, if any, from the latest spouse to die applies instead. If this new spouse has a smaller DSUE…
  • SURVIVING SPOUSE NOT OBLIGATED TO REFILE HOMESTEAD EXEMPTION–MARTIN COUNTY’S $283,070 TAX BILL VOIDED [FLORIDA]

    Charles (Chuck) Rubin
    8 Mar 2015 | 9:09 am
    Florida taxpayers that apply for and receive a homestead exemption receive a reduction on their ad valorem taxes. Perhaps more importantly, the homestead become subject to the "Save Our Homes" annual 3% limit on increases in value of the homestead for ad valorem purposes. A husband purchased a residence in Martin County in 1985 and applied for and received homestead exemption. In 1985 he married and in 2000 he conveyed the house to himself and his wife as tenants by the entireties. Both the husband and the wife occupy the house as their primary residence. The wife never applied for homestead…
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    Tax Problem Attorney Blog

  • What are the top signs a criminal tax investigation is forthcoming?

    Dennis N. Brager
    13 Mar 2015 | 7:00 am
    While many people think that a criminal tax situation is something that cannot happen to them unless they had the intent to defraud the government, the truth is that criminal tax charges can be triggered by even a slight misstep. Mistakes on your taxes that are perceived as willful misstatements by an IRS agent, and accountant or tax preparer malpractice are but a couple of the common ways that well-meaning taxpayers find themselves facing serious criminal penalties including a federal prison sentence. In short, the things an average person does not know about tax law or tax crimes can hurt…
  • More than 100 International Agreements Mean the Risk of Undisclosed Foreign Account Detection is Higher Than Ever

    Dennis N. Brager
    12 Mar 2015 | 7:00 am
    At one point, banking secrecy laws in traditional tax havens were considered to provide ample protections in concealing the identity of the account holder. Wealthy individuals, companies, partnerships and a variety of other entities utilized these secrecy laws to open accounts where millions of dollars of otherwise taxable income could be surreptitiously funneled away to a foreign jurisdiction. For decades, this was considered business as usual by some individuals and the continued viability of these tax evasion strategies was not seriously questioned. That has changed. The law today is…
  • Filing Taxes Each and Every Year is Essential

    Dennis N. Brager
    11 Mar 2015 | 6:00 am
    If you were to ask people about the things that they should do every single year, they are likely to mention visiting the doctor for a physical, taking their car in for preventative maintenance, and maybe even a tradition that the person spearheads every year. It is unlikely, however, the individual will mention their yearly duty to file and pay taxes. While taxes are due each and every year, they are typically something that we prefer not to dwell on, unless forced to. In fact, many people will not even consider taxes until days before the due date when the media is saturated with messages…
  • How do taxpayers end up with FBAR compliance problems?

    Dennis N. Brager
    6 Mar 2015 | 1:00 pm
    FBAR compliance mistakes and failures can be incredibly easy to make, but noncompliance carries harsh and significant financial penalties. In some instances where there is the appearance of fraud or willfulness, your tax matter may be referred to the IRS Criminal Investigation division (CI). Once your matter has been referred to CI, you should seek an experienced tax professional because criminal tax charges are likely to follow. However, if you take deliberate, well-considered and strategic action before being audited or coming under investigation, you may be able to resolve you past FBAR…
  • Online Poker Players Beware: Digital Accounts Can Trigger an FBAR obligation

    Dennis N. Brager
    20 Feb 2015 | 9:00 am
    FBAR reporting obligations require a US taxpayer holding $10,000 or more in a foreign financial account, at any moment in time during the tax year, to file a Report of Foreign Bank and Financial Accounts (FBAR). Once this obligation is known, at least in some contexts, the FBAR reporting requirement seems fairly obvious. Funds held in a foreign bank or securities that exceed $10,000 would rather clearly trigger an FBAR filing requirement. However, services provided over the Internet and hybrid services that can be used for multiple purposes can sometimes obscure these distinctions. Such was…
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    Taxable Talk

  • A Break in my Hiatus: Poker Chips and Tax Evasion

    Russ
    22 Mar 2015 | 6:06 pm
    When my friend Steve Evans posted a link to a story about Chipco’s president being arrested on tax evasion, that got my attention. Chipco was a Maine-based company that made high-quality poker chips. Many of the local casino here in Las Vegas have used Chipco chips. I have a particular fondness for them; one of my poker chip sets features these chips that I got to design back in 2002. John Kendall was the president of Chipco (formally, Chipco International). They closed a couple of years ago. Those in the poker community thought that there closing was mostly due to the end of the poker…
  • Annual Blog Hiatus

    Russ
    16 Mar 2015 | 8:11 pm
    It’s been a busy Tax Season already, and it shows no signs of letting up. That means it’s time for my annual blog hiatus. You needn’t worry if you’re waiting for my annual Bozo Tax Tips; they’ve already been written and will begin appearing on Tuesday, March 31st. If anything truly momentous in the world of tax happens, I’ll interrupt my hiatus and post on it; otherwise, I’ll be back on April 21st.
  • Foreign Earned Income Exclusion Gets a Vegas Preparer in Hot Water

    Russ
    15 Mar 2015 | 8:11 pm
    I prepare quite a few returns with the Foreign Earned Income Exclusion. The Exclusion allows bona fide residents of a foreign country or individuals who are outside of the United States for 330 days out of a 365-consecutive day period to exclude about $99,000 from income tax. Of course, you do have to be outside of the US (or otherwise qualify) to take the Exclusion. That minor distinction was allegedly forgotten by a Las Vegas tax preparer. Harvey Cage owns CSN Tax Services. He faces a lawsuit from the US Department of Justice alleging that he not be allowed to prepare returns containing the…
  • Gilbert Hyatt Loses in Federal Court

    Russ
    15 Mar 2015 | 7:52 pm
    A federal court in Sacramento ruled against inventor Gilbert Hyatt last week. Mr. Hyatt is involved in a 22-year old battle with California’s Franchise Tax Board (the state’s income tax agency). This all stems over when Mr. Hyatt moved to Las Vegas, and that seven month difference has resulted in a case that has already made it once to the US Supreme Court. The underlying issue is a residency audit of Mr. Hyatt to discover when he moved to Nevada. Did he move at the end of September 1991 or April 1992? At audit, the FTB ruled it was April (leading to an additional $7.4 million of…
  • Form 1042 Filing Deadline is Monday, March 16th

    Russ
    12 Mar 2015 | 7:32 pm
    Most people are aware of Form 1099; that’s the form you send individuals in the US to report various kinds of income. There’s a similar form used when you’re sending paperwork to non-Americans: It’s Form 1042-S. These forms must be mailed to the recipient and filed with the IRS by Monday, March 16th. If you file electronically with the FIRE system, no Form 1042-T (the cover page used with the 1042-S’s) is needed. Form 1042 is the annual report of withholding. The deadline for filing these forms is Monday. Like the deadline for corporate tax returns, this is a…
 
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    » Blog

  • Households Eligible for Affordable Care Act Tax Subsidies Could Owe Money

    admin
    26 Mar 2015 | 7:34 am
    www.acainternational.org – An analysis by the Kaiser Family Foundation shows taxpayers whose income is higher than what they projected when applying to receive subsidies could be required to repay all or a portion of the credit. Half of U.S. households eligible for a 2014 tax subsidy under the Affordable Care Act would owe a repayment to the government, while 45 percent would receive a refund, according to a news release from the Kaiser Family Foundation, which recently conducted an analysis on the healthcare law tax credits. Read more about households who may have to pay back their…
  • Internet Sales Tax May Be Coming

    admin
    26 Mar 2015 | 6:29 am
    In Senate’s meeting this week, a curious “vote-a-rama” will take place in which senators introduce amendments to the budget.  Sen Mike Enzi will try to introduce an Internet Sales tax, somewhat similar to the sales tax paid by brick and mortar businesses.  The rationale behind it is precisely that, since brick and mortar businesses pay the sales tax of their respective states, why don’t Internet or online stores do the same? Do you think this is a good idea? Read more about the proposed Internet Sales tax and its impact on our lives. The post Internet Sales Tax May…
  • 7 Tips for New Taxpayers

    admin
    26 Mar 2015 | 3:36 am
    If you have just entered the workforce and are filing your taxes for the first (or first few) times, here are some friendly tips that can very well save you some money plus help you avoid the dreadful tax audit. Claim education credits Are you still pursuing your educational degree?  You should claim credits available for student loan interest payments up to certain income limits.  You can claim a deduction of up to $2,500 for student loan interest.  There is also the American Opportunity Tax Credit that allows you to claim the first $2,000 of student expenses and then 25% of the next…
  • What To Do if Your Tax Refund is Stolen

    admin
    25 Mar 2015 | 3:37 am
    The Treasury Inspector General for Tax Administration (TIGTA) reports a total of 1.6 million victims of identity theft in the first half of 2013, compared to just 271,000 for the whole of 2010.  In monetary terms, the 2013 payout of stolen tax refunds came up to $5.8 billion. If you are a victim of identity theft and lost your tax refund, here’s what you can do. Report your loss immediately You need to all the IRS Identity Protection Specialized Unit at 800-908-4490 and fill out some forms for the authorities to take action.  The basic form to fill is the identity theft affidavit,…
  • Protect Your Tax Refund from Identity Thieves

    admin
    24 Mar 2015 | 3:40 am
    Everyone needs to be protected from identity thieves.  Last year, the Treasury Inspector General for Tax Administration (TIGTA) estimated that $24.4 billion was attempted to be stolen by identity thieves.  A significant proportion of that amount was successfully stolen.  In addition, a third of the identity theft cases reported to the Federal Trade Commission last year was tax-and-wage-related ones. One reason why identity theft is so prevalent is the speed of refunds given.  The IRS will try their best to pay you your refund within 21 days of your tax return submission.  And identity…
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    IRS Hitman 888-415-1337

  • What To Do If You Owe Back Taxes

    20 Mar 2015 | 9:57 am
    If you discover that you owe back taxes to the IRS, you should resolve it as soon as you can to avoid paying costly penalties and interest. If you have not yet filed your tax return, it’s smart to pay as much as you can before the filing deadline, and satisfy the balance using a payment plan after filing season.If you have filed your return and you owe back taxes, then you must choose the appropriate payment plan to resolve your debt. The IRS has various resolution plans depending upon taxpayers’ financial circumstances. Even if you can only afford to pay a partial amount of your tax…
  • How to Resolve Back Taxes using Payment Plans

    13 Mar 2015 | 7:35 pm
    If you discovered that you have a tax debt, you can obtain a formal resolution using an IRS payment plan. Innocent Spouse ReliefIf you filed jointly and you found that you owe back taxes because of information reported by your spouse, then you can claim full relief from the payment of the tax debt if:·      You had no knowledge of the understatement of income that led to the tax debt, and·      You had no reason to know about the understatement of income.If both these criteria are met, then the responsibility of paying the entire tax debt…
  • Claiming the Premium Tax Credit

    6 Mar 2015 | 8:49 am
    For the first time, taxpayers are reporting their health care coverage status to the government. Many taxpayers that have purchased health care from the Marketplace can claim the premium tax credit. Taxpayers are able to take advantage of this credit by receiving it in advance. The credit is provided to help those with low and moderate income to afford health care.The Marketplace calculates the amount of premium tax credit taxpayers are eligible for once information about their family’s details and projected household income have been provided. Taxpayers can have the credit paid to them in…
  • The Top Five Tax Scams for 2015

    27 Feb 2015 | 9:55 am
    Information is one of the most effective ways to combat tax scams. If taxpayers know the methods tax scammers use to operate, they are less likely to be victimized. In an effort to spread awareness about tax scams, the IRS issues the “Dirty Dozen” tax scams list every year. For 2015, the top 5 tax scams that taxpayers should be aware of are:1. Phone ScamsThe IRS phone scams remains an ongoing threat to taxpayers. This has quickly became one of the biggest tax scams in the country. Scammers make unsolicited phone calls to taxpayers, demanding payment of back taxes. They use intimidation…
  • Why Direct Deposit Should Be Preferred

    20 Feb 2015 | 10:50 am
    More and more taxpayers are using direct deposit to receive their tax refunds. According to the IRS, more than 84 million taxpayers used direct deposit last year as their preferred payment method. Typically, the fastest way to receive your refund is to file your tax return electronically and use direct deposit. The obvious advantage of using direct deposit is that it is fast and secure. That is because your refund is directly deposited into your bank account. In cases of identity theft, scammers can easily get the refund directed to another postal address.With direct deposit, taxpayers do not…
 
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    Taxation RSS Feed | JD Supra Law News

  • BVI issues updated FATCA Guidance Notes

    Harney Westwood & Riegels
    27 Mar 2015 | 6:06 am
    The International Tax Authority (ITA) of the British Virgin Islands has recently announced the issue of Version 2.0 of the Guidance Notes on the International Tax Compliance Requirements of the Intergovernmental Agreements between the British Virgin...By: Harney Westwood & Riegels
  • Due Date for FATCA Reporting of US Accounts Is Approaching

    Katten Muchin Rosenman LLP
    26 Mar 2015 | 10:48 am
    The deadline to report US accounts by offshore funds that are organized in Model 2 Intergovernmental Agreement (IGA) jurisdictions, such as Bermuda, as required by Foreign Account Tax Compliance Act (FATCA), is quickly approaching. The first report...By: Katten Muchin Rosenman LLP
  • Recent Guidance on Charter School Participation in State Pension Plans

    Franczek Radelet P.C.
    26 Mar 2015 | 9:34 am
    In Illinois, charter school teachers and certain administrators are eligible to participate in the Illinois Teachers’ Retirement System (TRS) and the Chicago Teachers’ Pension Fund (CTPF). Both of these pension systems are considered “governmental...By: Franczek Radelet P.C.
  • IRS Finalizes Revenue Procedure on 501(r) Corrective Measures

    Robinson & Cole LLP
    26 Mar 2015 | 8:53 am
    On March 10, 2015, the Internal Revenue Service (IRS) released Revenue Procedure 2015-21 (Revenue Procedure), which will be officially published on March 30, 2015, in Internal Revenue Bulletin 2015-13. The Revenue Procedure provides guidance for...By: Robinson & Cole LLP
  • 24 Months Through the Crystal Ball: Emerging Trends in State and Local Taxation (Part I)

    Rimon PC
    26 Mar 2015 | 8:08 am
    For businesses operating across state lines, state taxation bears a resemblance to standing with one foot on each of two logs in a flowing river: even during calm periods, staying above water is a challenge. And these are not calm times. To assist...By: Rimon PC
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  • Red wine isn't the only alcohol with benefits

    27 Mar 2015 | 6:34 am
    Red wine isn't the only alcohol with benefitsGettyEveryone's heard about the healthy effects of red wine, but another popular alcoholic beverage has some powerful health benefits of its own.Elements that help battle cancerMore from Everyday HealthPrepare for allergy seasonLoneliness can really hurt you
  • Sen. Harry Reid makes a major announcement

    27 Mar 2015 | 6:34 am
    Sen. Harry Reid makes a major announcementAPThe 75-year-old Senate minority leader revealed Friday that he would not seek re-election to another term.Why it would be 'inappropriate'More in the newsRyan opens door to budget dealDemocrat trolls Tom Cotton
  • Make your skin look, act and feel younger

    27 Mar 2015 | 6:34 am
    Make your skin look, act and feel youngerGettyGet amazing anti-aging results without going under the knife: A volumizing, sculpting product that just might change your life.Exclusive gel will lift, plump and firmMore videos to shopLuxurious eye treatment to trySandals the stars love
  • Two people still unaccounted for after NYC blast

    27 Mar 2015 | 6:34 am
    Two people still unaccounted for after NYC blastGettyOfficials said Friday morning that two people are still missing following an explosion that injured 19 people in New York City Thursday.Telling find inspectors found in buildingMore in the news American with Ebola improvingTrooper shot on first day solo
  • Conflicting pics emerge of Alps 'suicide' co-pilot

    27 Mar 2015 | 6:34 am
    Conflicting pics emerge of Alps 'suicide' co-pilot GettyNeighbors describe a healthy and quiet man, while the German media has painted a depressed pilot who received psych treatment.Plus, unclear 'SIC' note found in fileRelated storiesFew pilot mental health regulationsFrench pilots angry over info leak
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  • Red wine isn't the only alcohol with benefits

    27 Mar 2015 | 6:34 am
    Red wine isn't the only alcohol with benefitsGettyEveryone's heard about the healthy effects of red wine, but another popular alcoholic beverage has some powerful health benefits of its own.Elements that help battle cancerMore from Everyday HealthPrepare for allergy seasonLoneliness can really hurt you
  • Sen. Harry Reid makes a major announcement

    27 Mar 2015 | 6:34 am
    Sen. Harry Reid makes a major announcementAPThe 75-year-old Senate minority leader revealed Friday that he would not seek re-election to another term.Why it would be 'inappropriate'More in the newsRyan opens door to budget dealDemocrat trolls Tom Cotton
  • Make your skin look, act and feel younger

    27 Mar 2015 | 6:34 am
    Make your skin look, act and feel youngerGettyGet amazing anti-aging results without going under the knife: A volumizing, sculpting product that just might change your life.Exclusive gel will lift, plump and firmMore videos to shopLuxurious eye treatment to trySandals the stars love
  • Two people still unaccounted for after NYC blast

    27 Mar 2015 | 6:34 am
    Two people still unaccounted for after NYC blastGettyOfficials said Friday morning that two people are still missing following an explosion that injured 19 people in New York City Thursday.Telling find inspectors found in buildingMore in the news American with Ebola improvingTrooper shot on first day solo
  • Conflicting pics emerge of Alps 'suicide' co-pilot

    27 Mar 2015 | 6:34 am
    Conflicting pics emerge of Alps 'suicide' co-pilot GettyNeighbors describe a healthy and quiet man, while the German media has painted a depressed pilot who received psych treatment.Plus, unclear 'SIC' note found in fileRelated storiesFew pilot mental health regulationsFrench pilots angry over info leak
 
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  • Red wine isn't the only alcohol with benefits

    27 Mar 2015 | 6:34 am
    Red wine isn't the only alcohol with benefitsGettyEveryone's heard about the healthy effects of red wine, but another popular alcoholic beverage has some powerful health benefits of its own.Elements that help battle cancerMore from Everyday HealthPrepare for allergy seasonLoneliness can really hurt you
  • Sen. Harry Reid makes a major announcement

    27 Mar 2015 | 6:34 am
    Sen. Harry Reid makes a major announcementAPThe 75-year-old Senate minority leader revealed Friday that he would not seek re-election to another term.Why it would be 'inappropriate'More in the newsRyan opens door to budget dealDemocrat trolls Tom Cotton
  • Make your skin look, act and feel younger

    27 Mar 2015 | 6:34 am
    Make your skin look, act and feel youngerGettyGet amazing anti-aging results without going under the knife: A volumizing, sculpting product that just might change your life.Exclusive gel will lift, plump and firmMore videos to shopLuxurious eye treatment to trySandals the stars love
  • Two people still unaccounted for after NYC blast

    27 Mar 2015 | 6:34 am
    Two people still unaccounted for after NYC blastGettyOfficials said Friday morning that two people are still missing following an explosion that injured 19 people in New York City Thursday.Telling find inspectors found in buildingMore in the news American with Ebola improvingTrooper shot on first day solo
  • Conflicting pics emerge of Alps 'suicide' co-pilot

    27 Mar 2015 | 6:34 am
    Conflicting pics emerge of Alps 'suicide' co-pilot GettyNeighbors describe a healthy and quiet man, while the German media has painted a depressed pilot who received psych treatment.Plus, unclear 'SIC' note found in fileRelated storiesFew pilot mental health regulationsFrench pilots angry over info leak
  • add this feed to my.Alltop

  • Red wine isn't the only alcohol with benefits

    27 Mar 2015 | 6:34 am
    Red wine isn't the only alcohol with benefitsGettyEveryone's heard about the healthy effects of red wine, but another popular alcoholic beverage has some powerful health benefits of its own.Elements that help battle cancerMore from Everyday HealthPrepare for allergy seasonLoneliness can really hurt you
  • Sen. Harry Reid makes a major announcement

    27 Mar 2015 | 6:34 am
    Sen. Harry Reid makes a major announcementAPThe 75-year-old Senate minority leader revealed Friday that he would not seek re-election to another term.Why it would be 'inappropriate'More in the newsRyan opens door to budget dealDemocrat trolls Tom Cotton
  • Make your skin look, act and feel younger

    27 Mar 2015 | 6:34 am
    Make your skin look, act and feel youngerGettyGet amazing anti-aging results without going under the knife: A volumizing, sculpting product that just might change your life.Exclusive gel will lift, plump and firmMore videos to shopLuxurious eye treatment to trySandals the stars love
  • Two people still unaccounted for after NYC blast

    27 Mar 2015 | 6:34 am
    Two people still unaccounted for after NYC blastGettyOfficials said Friday morning that two people are still missing following an explosion that injured 19 people in New York City Thursday.Telling find inspectors found in buildingMore in the news American with Ebola improvingTrooper shot on first day solo
  • Conflicting pics emerge of Alps 'suicide' co-pilot

    27 Mar 2015 | 6:34 am
    Conflicting pics emerge of Alps 'suicide' co-pilot GettyNeighbors describe a healthy and quiet man, while the German media has painted a depressed pilot who received psych treatment.Plus, unclear 'SIC' note found in fileRelated storiesFew pilot mental health regulationsFrench pilots angry over info leak
  • add this feed to my.Alltop

  • Red wine isn't the only alcohol with benefits

    27 Mar 2015 | 6:34 am
    Red wine isn't the only alcohol with benefitsGettyEveryone's heard about the healthy effects of red wine, but another popular alcoholic beverage has some powerful health benefits of its own.Elements that help battle cancerMore from Everyday HealthPrepare for allergy seasonLoneliness can really hurt you
  • Sen. Harry Reid makes a major announcement

    27 Mar 2015 | 6:34 am
    Sen. Harry Reid makes a major announcementAPThe 75-year-old Senate minority leader revealed Friday that he would not seek re-election to another term.Why it would be 'inappropriate'More in the newsRyan opens door to budget dealDemocrat trolls Tom Cotton
  • Make your skin look, act and feel younger

    27 Mar 2015 | 6:34 am
    Make your skin look, act and feel youngerGettyGet amazing anti-aging results without going under the knife: A volumizing, sculpting product that just might change your life.Exclusive gel will lift, plump and firmMore videos to shopLuxurious eye treatment to trySandals the stars love
  • Two people still unaccounted for after NYC blast

    27 Mar 2015 | 6:34 am
    Two people still unaccounted for after NYC blastGettyOfficials said Friday morning that two people are still missing following an explosion that injured 19 people in New York City Thursday.Telling find inspectors found in buildingMore in the news American with Ebola improvingTrooper shot on first day solo
  • Conflicting pics emerge of Alps 'suicide' co-pilot

    27 Mar 2015 | 6:34 am
    Conflicting pics emerge of Alps 'suicide' co-pilot GettyNeighbors describe a healthy and quiet man, while the German media has painted a depressed pilot who received psych treatment.Plus, unclear 'SIC' note found in fileRelated storiesFew pilot mental health regulationsFrench pilots angry over info leak
 
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  • Red wine isn't the only alcohol with benefits

    27 Mar 2015 | 6:34 am
    Red wine isn't the only alcohol with benefitsGettyEveryone's heard about the healthy effects of red wine, but another popular alcoholic beverage has some powerful health benefits of its own.Elements that help battle cancerMore from Everyday HealthPrepare for allergy seasonLoneliness can really hurt you
  • Sen. Harry Reid makes a major announcement

    27 Mar 2015 | 6:34 am
    Sen. Harry Reid makes a major announcementAPThe 75-year-old Senate minority leader revealed Friday that he would not seek re-election to another term.Why it would be 'inappropriate'More in the newsRyan opens door to budget dealDemocrat trolls Tom Cotton
  • Make your skin look, act and feel younger

    27 Mar 2015 | 6:34 am
    Make your skin look, act and feel youngerGettyGet amazing anti-aging results without going under the knife: A volumizing, sculpting product that just might change your life.Exclusive gel will lift, plump and firmMore videos to shopLuxurious eye treatment to trySandals the stars love
  • Two people still unaccounted for after NYC blast

    27 Mar 2015 | 6:34 am
    Two people still unaccounted for after NYC blastGettyOfficials said Friday morning that two people are still missing following an explosion that injured 19 people in New York City Thursday.Telling find inspectors found in buildingMore in the news American with Ebola improvingTrooper shot on first day solo
  • Conflicting pics emerge of Alps 'suicide' co-pilot

    27 Mar 2015 | 6:34 am
    Conflicting pics emerge of Alps 'suicide' co-pilot GettyNeighbors describe a healthy and quiet man, while the German media has painted a depressed pilot who received psych treatment.Plus, unclear 'SIC' note found in fileRelated storiesFew pilot mental health regulationsFrench pilots angry over info leak
  • add this feed to my.Alltop

  • Red wine isn't the only alcohol with benefits

    27 Mar 2015 | 6:34 am
    Red wine isn't the only alcohol with benefitsGettyEveryone's heard about the healthy effects of red wine, but another popular alcoholic beverage has some powerful health benefits of its own.Elements that help battle cancerMore from Everyday HealthPrepare for allergy seasonLoneliness can really hurt you
  • Sen. Harry Reid makes a major announcement

    27 Mar 2015 | 6:34 am
    Sen. Harry Reid makes a major announcementAPThe 75-year-old Senate minority leader revealed Friday that he would not seek re-election to another term.Why it would be 'inappropriate'More in the newsRyan opens door to budget dealDemocrat trolls Tom Cotton
  • Make your skin look, act and feel younger

    27 Mar 2015 | 6:34 am
    Make your skin look, act and feel youngerGettyGet amazing anti-aging results without going under the knife: A volumizing, sculpting product that just might change your life.Exclusive gel will lift, plump and firmMore videos to shopLuxurious eye treatment to trySandals the stars love
  • Two people still unaccounted for after NYC blast

    27 Mar 2015 | 6:34 am
    Two people still unaccounted for after NYC blastGettyOfficials said Friday morning that two people are still missing following an explosion that injured 19 people in New York City Thursday.Telling find inspectors found in buildingMore in the news American with Ebola improvingTrooper shot on first day solo
  • Conflicting pics emerge of Alps 'suicide' co-pilot

    27 Mar 2015 | 6:34 am
    Conflicting pics emerge of Alps 'suicide' co-pilot GettyNeighbors describe a healthy and quiet man, while the German media has painted a depressed pilot who received psych treatment.Plus, unclear 'SIC' note found in fileRelated storiesFew pilot mental health regulationsFrench pilots angry over info leak
  • add this feed to my.Alltop

  • Red wine isn't the only alcohol with benefits

    27 Mar 2015 | 6:34 am
    Red wine isn't the only alcohol with benefitsGettyEveryone's heard about the healthy effects of red wine, but another popular alcoholic beverage has some powerful health benefits of its own.Elements that help battle cancerMore from Everyday HealthPrepare for allergy seasonLoneliness can really hurt you
  • Sen. Harry Reid makes a major announcement

    27 Mar 2015 | 6:34 am
    Sen. Harry Reid makes a major announcementAPThe 75-year-old Senate minority leader revealed Friday that he would not seek re-election to another term.Why it would be 'inappropriate'More in the newsRyan opens door to budget dealDemocrat trolls Tom Cotton
  • Make your skin look, act and feel younger

    27 Mar 2015 | 6:34 am
    Make your skin look, act and feel youngerGettyGet amazing anti-aging results without going under the knife: A volumizing, sculpting product that just might change your life.Exclusive gel will lift, plump and firmMore videos to shopLuxurious eye treatment to trySandals the stars love
  • Two people still unaccounted for after NYC blast

    27 Mar 2015 | 6:34 am
    Two people still unaccounted for after NYC blastGettyOfficials said Friday morning that two people are still missing following an explosion that injured 19 people in New York City Thursday.Telling find inspectors found in buildingMore in the news American with Ebola improvingTrooper shot on first day solo
  • Conflicting pics emerge of Alps 'suicide' co-pilot

    27 Mar 2015 | 6:34 am
    Conflicting pics emerge of Alps 'suicide' co-pilot GettyNeighbors describe a healthy and quiet man, while the German media has painted a depressed pilot who received psych treatment.Plus, unclear 'SIC' note found in fileRelated storiesFew pilot mental health regulationsFrench pilots angry over info leak
 
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  • Red wine isn't the only alcohol with benefits

    27 Mar 2015 | 6:34 am
    Red wine isn't the only alcohol with benefitsGettyEveryone's heard about the healthy effects of red wine, but another popular alcoholic beverage has some powerful health benefits of its own.Elements that help battle cancerMore from Everyday HealthPrepare for allergy seasonLoneliness can really hurt you
  • Sen. Harry Reid makes a major announcement

    27 Mar 2015 | 6:34 am
    Sen. Harry Reid makes a major announcementAPThe 75-year-old Senate minority leader revealed Friday that he would not seek re-election to another term.Why it would be 'inappropriate'More in the newsRyan opens door to budget dealDemocrat trolls Tom Cotton
  • Make your skin look, act and feel younger

    27 Mar 2015 | 6:34 am
    Make your skin look, act and feel youngerGettyGet amazing anti-aging results without going under the knife: A volumizing, sculpting product that just might change your life.Exclusive gel will lift, plump and firmMore videos to shopLuxurious eye treatment to trySandals the stars love
  • Two people still unaccounted for after NYC blast

    27 Mar 2015 | 6:34 am
    Two people still unaccounted for after NYC blastGettyOfficials said Friday morning that two people are still missing following an explosion that injured 19 people in New York City Thursday.Telling find inspectors found in buildingMore in the news American with Ebola improvingTrooper shot on first day solo
  • Conflicting pics emerge of Alps 'suicide' co-pilot

    27 Mar 2015 | 6:34 am
    Conflicting pics emerge of Alps 'suicide' co-pilot GettyNeighbors describe a healthy and quiet man, while the German media has painted a depressed pilot who received psych treatment.Plus, unclear 'SIC' note found in fileRelated storiesFew pilot mental health regulationsFrench pilots angry over info leak
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    Value Added Tax Blog

  • The VAT job market in the U.S.

    Mark
    26 Mar 2015 | 1:16 pm
    I haven’t spend much time on this blog in relation to the VAT job market here in the U.S. Until recently there wasn’t really one. The main VAT experts were secondees at Big 4 firms – good people that came and went. A dozen VAT talented holdouts, mostly in senior roles, remained at the Big 4, […]
  • Brazil – tax on exported services

    Mark
    22 Mar 2015 | 9:31 am
    Brazil leads the “BRIC” countries in indirect tax complexity – and for a good reason. One of the indirect taxes levied is ISS – municipal service tax – and Brazilian service providers struggle in particular with the situation where the service is performed in Brazil but “enjoyed” overseas, by a non-resident party. The correspondents in Brazil […]
  • EU VAT and e-businesses – country overview

    Mark
    19 Mar 2015 | 2:46 pm
    The VAT liability of online sales of services (i.e. downloads of music, video, games etc. etc.) has been in the spotlight lately – to a point where the UK Prime Minister is pushing for even further simplifications (see my earlier post here). U.S.-based e-sellers have been facing similar challenges for a couple of years already, and it […]
  • EU invoicing rules database

    Mark
    19 Mar 2015 | 2:37 pm
    The EU Commission has updated their invoicing rules database: please bookmark this page as you will want to return to this regularly: http://ec.europa.eu/taxation_customs/tic/public/invRules/invRulesPublicationPage.html
  • UK supports EU VAT registration threshold for e-businesses

    Mark
    19 Mar 2015 | 2:34 pm
    Yahoo UK reported: “The Prime Minister [Cameron] is planning to raise new VAT regulations for automated digital services at the EU summit beginning today in Brussels amid fears some small traders could be forced out of business altogether.” and “In particular, he wants the commission to introduce a turnover threshold, as well as exempting small […]
 
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    J. Stefan - EzineArticles Expert Author

  • No Articles Found

    27 Mar 2015 | 7:42 am
    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.

  • Financing a Small Business, Part 5 of 5: Know When to Keep Quiet With the Banker

    Jason Dinesen
    26 Mar 2015 | 4:30 am
    In February of 2014, I wrote a blog post titled “Financing a Small Business: 4 Items to Remember.” Over the last few weeks I’ve expanded on those 4 things, and today the series concludes with a bonus 5th item that came to me later. —– “Be careful what you say to the banker.” Or put a little more bluntly: “Know when to shut up.” Here are a couple of real-world examples I’ve seen where business owners got hung up with the bank because the owner wouldn’t stop talking. One: I’ve Gotta Have the Money. Actually, I Could Get By Just Fine Without It A business…
  • Recordkeeping Considerations for a Startup Business

    Jason Dinesen
    24 Mar 2015 | 4:30 am
    This post is an excerpt from a presentation I give to entrepreneurs who are trying to get small businesses off the ground. —– Surprisingly, the IRS doesn’t have specific requirements for proper documentation of most items of income and expenses. See IRS Publication 583, which gives suggestions — but not requirements — on proper documentation. There are some exceptions, mainly for expenses relating to mileage and meals and entertainment, where the documentation requirements are stricter. But in general, there are no hard and fast requirements from the IRS on…
  • Glossary: Earned Income Credit

    Jason Dinesen
    20 Mar 2015 | 4:30 am
    The Earned Income Credit refers to a tax credit available to taxpayers between the ages of 25 and 65 whose income is below certain levels. The EIC is surprisingly complex. The IRS publication on the subject, Publication 596, lists 15 bullet points under a table titled “Earned Income Credit in a Nutshell.” Here’s a very basic overview of the EIC. You Might Qualify for the EIC if: Your income is less than $14,340 (or $19,680 if married) and you have no children Your income is less than $37,870 (or 43,210 if married) and you have 1 child Your income is less than $43,038 (or…
  • Marriage in the Tax Code, Part 4: Joint Returns Still the Norm in 1917

    Jason Dinesen
    18 Mar 2015 | 4:30 am
    This post is part of a long-term project I’ve been working on regarding the history of marriage in the tax code. As I finish sections of the research paper I’m working on, I’ll post them here. This is a big project, one that will likely take years, literally, to finish, so I can’t guarantee when the next post on this topic will appear. —– As detailed in Part 3, the tax code changed in 1917 and drew millions more people into the tax system. But one thing that didn’t change for most married couples was the way they filed tax returns. There were still no filing…
  • Financing a Small Business, Part 4 of 5: Don’t Spend Money Just to Get Tax Deductions

    Jason Dinesen
    16 Mar 2015 | 4:30 am
    In February of 2014, I wrote a blog post titled “Financing a Small Business: 4 Items to Remember.” Over the next few weeks I’m going to expand on the 4 things from that post, plus a bonus 5th item that came to me later. —– At the end of each year, you’ll see accountants giving blanket advice to purchase things so you can get tax deductions. I give the same advice but with a catch: Make sure you actually need the things you’re buying. If it’s something you need and were planning on buying, then yes, make the purchase in December so you get the deduction in the current…
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    Tax Calculation

  • Mechanism of calculating a property tax

    Tax Manager
    4 Mar 2015 | 12:21 am
    There are millions of homeowners who deal with property taxes every year. Property taxes are the taxes which are analysed by the local municipalities in order to raise the revenue of a city or a town. These taxes are usually levied on any piece of privately owned real estate and empty plots for houses based on the estimated value of the property. These taxes can also be levied on possessions like cars. Property tax is also called as House Tax or Millage Tax. When it comes to real estate, the amount of the tax is based on the value of the land. Thus, to higher be the value of the land higher…
  • Kids Learn About Money From Their Parents

    Tax Manager
    17 Dec 2013 | 3:22 am
    In almost all areas of life, your children are going to learn from you, and this certainly extends to the choices that you make with your money. Much of what they learn could be completely unintended; you may not sit down with them and tell them how to manage their own funds, but you can be sure that they will be watching you and absorbing everything. As a parent, this puts a great amount of responsibility on you since your children could mirror your choices, both those that are good and those that are not, in the future. Children are More Aware Now Than in the Past Some studies have even…
  • Tax Prep Business – How Valuable can be it this season?

    Tax Manager
    16 Dec 2013 | 2:46 am
    Income tax is a burden on personal finance. It takes hard work to earn income and if tax is deducted every month it remains very little in hand to live happily. In addition to that if one has a lower income and to enjoy a tax refund it comes at the end of the year once return is filed and till that time one has to live without cash. Those who need quick cash out of their income tax refund can take the help of the Tax preparation firms. In exchange of their services they charge a certain percentage of fees. One of the paid services these tax preparation firms provide is Refund Application Loan…
  • Debt Relief – How Government Tax Breaks Help Consumers For Reducing Debt

    Tax Manager
    16 Dec 2013 | 2:38 am
    Debt relief has become the most talked about topics in the recent times. The economic recession has seen the most stable companies fighting to keep themselves operational. There have been massive job cuts across the globe and this has their effect on the personal lives of the people. Individuals are finding it difficult to continue living in the way they used to lead before the recession. Cash flow has seen a serious beating and people are suffering under great pressure to keep their finances in tact. Everyone is it the top shots or the common man is finding it difficult to deal with the…
  • New Tax on Foreign Property Investors?

    Tax Manager
    15 Nov 2013 | 12:23 am
    Buying a house and dealing with estate agents is stressful at the best of times. Everybody has heard a horror story or two about a friend of a friend who ended up having to shell out ridiculous amounts of fees in order to secure their new property. Many Britons in more affluent areas are being priced out of the market in the area which they grew up due to the demand for property and housing from foreign investors. However, hot on the heels of the news that house prices are currently rising at the fastest pace in over three years, reports that the government is considering whether to slap…
 
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    IncomeTaxReturnIndia.com

  • LIC Jeevan Lakshya

    Tax Dost
    27 Mar 2015 | 12:24 am
    LIC Jeevan Lakshya is a participating non-linked plan which offers a combination of protection and savings. This plan provides for Annual Income benefit that may help to fulfill the needs of the family, primarily for the benefit of children, in case of unfortunate death of Policyholder any time before maturity … Continue reading →
  • RBI ask banks to follow Rules – Sukanya Samriddhi Account

    Tax Dost
    11 Mar 2015 | 11:43 pm
    The Chairman and Managing Director/Managing Director Head Office, Government Accounts Department State Bank of India/State Bank of Patiala/ State Bank of Bikaner & Jaipur/State Bank of Travancore/ State Bank of Hyderabad/State Bank of Mysore/Andhra Bank/ Allahabad Bank/Bank of Baroda/Bank of India/Punjab & Sind Bank/ Bank of Maharashtra/Canara Bank/Central Bank of … Continue reading →
  • Budget Speech 2015 by Arun Jaitley Finance Minister

    Tax Dost
    28 Feb 2015 | 1:03 am
      February 28, 2015 Madam Speaker, I rise to present the Budget of the Union for the year 2015-16. 2.       I present this Budget in an economic environment which is far more positive than in the recent past. When other economies are facing serious challenges, India is … Continue reading →
  • Income Tax Rates for current year 2015-2016 (Assessment year 2016-2017)

    Tax Dost
    27 Feb 2015 | 11:33 pm
    Income Tax Rates for Assessment year 2016-2017: Income Tax Rates/Slab for Assessment Year 2016-17  Rates/ %age Up to 2,50,000 Up to 2,50,000 (for women) Up to 3,00,000 (for resident individual of 60 years till 80 years) Nil 250,001 – 5,00,000 Up to 500,000 (for resident individual of 80 years and … Continue reading →
  • Budget 2015 updates

    Tax Dost
    27 Feb 2015 | 10:18 pm
      India Budget updates: Jan Dhan Yojana, coal auctions and Swachch Bharat our achievements: FM Proposal to allocate Rs 34600 cr for MNRGA FM: We will finish the journey to 3% fiscal deficit in two years TO MERGE FMC & SEBI: FM Extra Rs 1000 crore to Nirbhaya Fund Visa … Continue reading →
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    Philadelphia Estate and Tax Attorney Blog

  • Only Two Days Left So Please Vote For My Philadelphia Estate and Tax Blog As The Best Tax Blog in America For 2015

    STEVEN J. FROMM, ATTORNEY, LL.M. (TAXATION)
    17 Mar 2015 | 1:21 pm
    My very own Philadelphia Estate and Tax Attorney Blog qualified as one of 50 finalists in the running for Best Tax Blogs of 2015! I hope you will take the time to vote as it really only takes a couple of seconds to do so.  Just hit this link http://wallethub.com/blog/best-tax-blog/10470/?user=sjfpc and then find my pretty face or my Philadelphia Estate and Tax Attorney Blog and hit the blue “Vote” button.  That’s it. As of Friday, my blog is 207 votes behind the leader so your vote really matters! So vote for the my tax blog, the little tax blog that could! If you are…
  • Philadelphia Businesses Must Now Provide A New Tax Notice To Employees and Non-Payroll Workers

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

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

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

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

  • Pre-Trial Conferences in Tax Litigation

    Bill Hartsock
    28 Feb 2015 | 11:25 am
    Although pre-trial conferences are not a typical occurrence in tax litigation, the Tax Court will occasionally allow them to take place to address intractable disputes between the parties. In tax litigation, it is generally the responsibility of the parties to develop the case from pre-trial work through trial, but when disputes arise, the parties can request the Tax Court to officiate over a pre-trial conference.Tags: Tax Litigation Information and AdviceRead more about Pre-Trial Conferences in Tax Litigation
  • Preparing for a Tax Court Trial

    Bill Hartsock
    24 Feb 2015 | 2:54 pm
    When your case is set for trial in the tax court, you will generally receive notice approximately five months prior to the trial date. The Tax Court provides ample notice to litigants so that they are able to pursue out-of-court settlements if they wish.Tags: Tax Litigation Information and AdviceRead more about Preparing for a Tax Court Trial
  • What to Expect at a Tax Court Trial

    Bill Hartsock
    20 Feb 2015 | 1:41 pm
    If you are preparing for a Tax Court trial, you likely have many questions regarding what to expect. On the first day of your trial, the Tax Court trial clerk will announce the calendar call, which announces the name of each case that has not settled. At this time, the taxpayer and his or her counsel should be prepared to come forward when called by the trial clerk and announce his or her name to the Tax Court judge.Tags: Tax Litigation Information and AdviceRead more about What to Expect at a Tax Court Trial
  • How to deal with the DOJ Tax Division on your Criminal Tax Case

    Bill Hartsock
    16 Feb 2015 | 1:27 pm
    The Department of Justice Criminal Tax Division has the ultimate authority to review and prosecute criminal tax cases. If you are subject to a criminal tax investigation or prosecution, it will likely be headed by the DOJ. The department has the power to authorize or decline criminal prosecutions, take action in response to Criminal Investigation Division or U.S. Attorney Grand Jury requests, and to oversee tax matters involving Tax Division directives.Tags: IRS Tax Fraud Information & Advice From The Tax LawyerRead more about How to deal with the DOJ Tax Division on your Criminal…
  • Alternatives To Litigation in Tax Dispute Resolution

    Bill Hartsock
    10 Feb 2015 | 10:16 am
    Cases in Tax Court can sometimes be settled through a binding arbitration process or other alternative dispute resolution methods rather than tax court litigation. Under Tax Court Rule 124, parties to a Tax Court dispute can jointly agree to submit the matter to binding arbitration, as long as the case has not proceeded to trial yet. Other alternative dispute resolution methods, including mediation, can also be employed in Tax Court.Tags: Tax Litigation Information and AdviceRead more about Alternatives To Litigation in Tax Dispute Resolution
 
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    Bankrate.com » Taxes

  • Tax system concerns aren’t personal

    Kay Bell
    26 Mar 2015 | 12:59 pm
    A recent poll found that most people aren't too upset about their own tax bills. However, they do worry that corporations and the wealthy aren't paying their fair share of taxes.
  • Bills propose return to old FSA rules

    Kay Bell
    24 Mar 2015 | 11:26 am
    Bills in the House and Senate call for a return to prior flexible spending account rules, including no OTC drug restrictions and no account contribution limits.
  • Jean Chatzky: Your tax-filing checklist

    Jean Chatzky
    23 Mar 2015 | 6:00 am
    What's new? What should you look out for? Here are some tax-time tips that could save you filing headaches.
  • IRS seeking taxpayer ID verification

    Kay Bell
    19 Mar 2015 | 12:25 pm
    The IRS is asking some taxpayers to verify their identities before it will process their returns. Don't panic. It's a legitimate effort to stop tax identity theft.
  • Real costs of IRS budget cuts

    Kay Bell
    17 Mar 2015 | 12:18 pm
    The Internal Revenue Service is likely to see its budget cut even more by Congress. One representative is trying to rally support for a budget hike. Good luck.
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    Sales Use Tax

  • 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 →
  • Click-Through Nexus: Michigan & Illinois Join Amazon Party

    Jerry Donnini
    23 Feb 2015 | 8:50 am
    Although nexus sounds like a terrible disease it is just means connection or link. If a company has enough of a connection or link to a state, then the state can force a company to abide by its laws. From … Continue reading →
  • State Nexus Policies: Can Out-of-State Servers Create Nexus?

    Jerry Donnini
    28 Jan 2015 | 9:23 am
    As technology continues to change, so does the moving target as to what exactly gives a company nexus within a particular jurisdiction. Although there was no significant change in federal legislation or new Supreme Court cases interpreting nexus, states continue … Continue reading →
  • Dropship Exemption Certificates: The 6 “Most Restrictive” States

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

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

  • The First Requests for Information Sent to Category 2 Banks Are neither Nominative nor Completely Grouped

    admin
    19 Mar 2015 | 2:19 am
    According to information from the Agefi, the first requests for assistance sent to the banks Category 2 are neither nominative nor truly grouped. The request received by Geneva banks do not mention the names of the clients involved, but they do not either follow the pattern of clustered applications that had followed the UBS case. “It is a hybrid model summarizes a lawyer who had to deal with some of these requests for assistance. These queries are not exactly grouped. Based on the information received through the program, the United States know that banks have customers they want to…
  • Banque Morval SA Withdraws from the US Tax Program

    admin
    18 Mar 2015 | 2:08 am
    While announcing its full year 2014 results, Banque Morval SA, who overseas CHF 2bn, confirmed it withdrew from the US Tax Program. It previously entered the US Tax Program under Category 2. ’We did our due diligence in 2014, with our auditors, Swiss and American lawyers and the US accountants’ says Emanuele di Zanon Valgiurata the responsible person for the private banking arm and a member of the owners’ family. The lawyers advised to leave the program and the bank informed the US Department of Jusstice in the last quarter of 2014. Emanuele di Zanon Valgiurata adds that the whole…
  • Safra Sarasin Set Aside Provisions for US Tax Matter Settlement

    admin
    17 Mar 2015 | 2:41 pm
    Vice Chairman of J. Safra Sarasin Holding Ltd., the Swiss private bank owned by billionaire Joseph Safra, confirmed it made provision for the potential settlement of the US Tax dispute. However, while announcing it 2014 results the bank did not confirmed it signed up under Category 2 of the US Program reports Bloomberg. As a reminder The Category 2 banks are the banks that were not under investigation by the DoJ at the time of signature of the US Program but have reason to believe that they have committed tax-related offenses. The Category 2 banks need to deliver information about the…
  • G. Kaminsky Is Sent to Prison on Undeclared Account Holding Charges

    admin
    13 Mar 2015 | 1:36 pm
    Gregg Kaminsky, a Georgia-based citizen, is accused of false declarations and goes to prison. G. Kiminsky opened a UBS bank account in 2000 and kept it secret without filing a Foreign Bank and Financial Accounts form (FBAR) with the Internal Revenue Service (IRS). According to the Wall Street Journal he moved the $400k remaining in his UBS account to a bank in Hong Kong during May and June 2009, after UBS admitted it helped U.S. taxpayers hide money abroad. At the time, he informed UBS that he expected any details regarding the account over its history to be kept entirely confidential’…
  • Hapoalim Adds 89m Shekels to its Provisions for US Tax Settlement

    admin
    10 Mar 2015 | 4:59 am
    Hapoalim, Israel’s largest bank, posted Q4, 2014 net profit of 478m shekels ($119m), compared with 633m in 2013 and below expectations of 615m in a Reuters poll. It was impacted by the additional89m shekels provisions to cover a possible US tax settlement. ‘The bank said it is too early to assess if it will be fined’ says Reuters. In December 2014, Leumi, another Israeli bank, agreed to pay fines of $400m to settle investigations into whether it helped its wealthy Americans evade taxes.
 
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    Botz, Deal & Company, P.C.

  • Tax Legislation and Reform Cautiously Move Forward in New 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 tax 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…
  • IRS Provides Repair Regulations Relief for Small Businesses

    Linda Techmeyer
    26 Mar 2015 | 7:29 am
    In Rev. Proc. 2015-20, the IRS substantially simplified the requirements for small businesses to adopt the tangible property regulations (the “repair regulations”) for 2014. The relief allows small businesses to change their accounting methods, to comply with the regulations, without having to apply Code Sec. 481 and without having to file Form 3115, Application for Change in Accounting Method. The repair regulations are broad and comprehensive, applying to any business that uses tangible property. The regulations totally redo the rules for deducting and capitalizing expenses…
  • Obama’s 2015 Tax Proposals Offer Help for Middle Class Families

    Dale Brown
    16 Feb 2015 | 8:46 am
    President Obama and the White House unveiled Obama’s tax program for 2015, with proposals designed to help middle class families. The proposals include providing a new $500 credit for two-earner families; enhancing the earned income tax credit (EITC), the child credit, and the dependent care credit; reforming and consolidating the multiple tax breaks for education; and expanding retirement savings vehicles. The tax cuts are estimated to cost $175 billion over 10 years. The President would pay for the proposals by increasing increased taxes on capital gains and dividends; closing the…
  • 2014 Tax Organizer Is Ready!

    Linda Techmeyer
    28 Jan 2015 | 9:07 am
    It’s time to begin your “gathering process” for your annual taxes.  Botz Deal’s 2014 Tax Organizer is now available. The organizer will make you aware of items in your personal life that will affect your current year’s income taxes and provide a place to record this information.  Once you begin using this organizer on an annual basis, it will also indicate all figures on last year’s tax return to serve as a reminder for the current year. The post 2014 Tax Organizer Is Ready! appeared first on Botz, Deal & Company, P.C..
  • Taxpayers attaining age 70 1/2 in 2014: start RMDs this year or wait till 2015?

    Linda Techmeyer
    5 Nov 2014 | 2:57 pm
    Taxpayers who attain age 70 ½  in 2014 have until their required beginning date of April 1, 2015, to begin making required minimum distributions (RMDs) from their IRAs. As a general rule, they also must begin RMDs from their qualified retirement plan accounts by that date (non-5% company owners who continue working may, however, defer RMDs until April 1st following the year they retire). This article explains when these taxpayers should consider taking their first-year’s RMDs from their IRAs and/or qualified retirement plan accounts before the end of 2014. It also shows when such…
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