Taxes

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  • Voters get their say Nov. 4 on myriad ballot initiatives

    Don't Mess With Taxes
    skbell1
    29 Oct 2014 | 1:22 pm
    Nov. 4 is not just a day to decide which candidates will fill local, state and federal legislative offices. Voters across the country also will be having their say on 146 ballot measures. The topics awaiting the people's voice range from guaranteeing gun rights, legalizing marijuana, hiking the minimum wage and even defining what it takes to be a person. Oh yeah. There also are several tax ballot initiatives, as detailed in today's Weekly Tax Tip. Straight to voters: Although lawmakers are chosen to make tough decisions about running a state or other levels of government, they are…
  • How to Trim Taxes While Playing Santa

    accountingweb.com
    Julian Block
    30 Oct 2014 | 4:48 am
    There are tax-advantaged ways to give, if you know the subtle rules. The $14,000 annual exclusion and $5,340,000 lifetime max do not have to be rigid limits, if you know some workarounds. In one important case, the IRS ruled in the taxpayer's favor.
  • 2015 income tax rates, income brackets Rates the same, but income amounts increased for inflation

    Don't Mess With Taxes
    skbell1
    30 Oct 2014 | 1:55 pm
    This is why people hate taxes. OK. There's no one "this" when it comes to tax loathing. But here's one big reason: confusing dates. Right now we're working on ways to reduce our current year's tax bill. To do that, we must make many tax moves by Dec. 31. But some of those moves will depend on what our tax situations will be like in the coming year. So we've got to juggle two tax years simultaneously. That's two too many tax years for most folks. Still, it's a necessary tax evil. And the latest comparison and evaluation of this year's and next…
  • Protests Against Internet Tax in Hungary Continue—Larger Than Ever - Gizmodo

    TAX NEWS - Google News
    31 Oct 2014 | 4:24 am
    GizmodoProtests Against Internet Tax in Hungary Continue—Larger Than EverGizmodoAccording to Reuters, an estimated 100,000 people rallied at night to protest at a planned tax on data traffic suggested by Prime Minister Viktor Orban's government. By a more conservative estimate, about 50,000-70,000 people demanded the withdrawal of ...Proposed Internet Tax Draws Hungarians to Streets in ProtestNew York TimesProtests held in Hungary against internet taxAljazeera.comVodafone Urges Hungary to Withdraw Planned Internet TaxWall Street JournalReuters -BBC News -NBCNews.comall…
  • Tax-News.com: Tax Foundation Issues Annual State Tax Climate Index

    Tax-News.Com Live Tax Headlines
    31 Oct 2014 | 9:14 am
    Tax-News.com: The 2015 edition of the State Business Tax Climate Index from the Tax Foundation has been issued. It is intended to enable US business leaders, lawmakers, and taxpayers to gauge the "competitiveness" of their state's tax system.
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    Don't Mess With Taxes

  • 2015 income tax rates, income brackets Rates the same, but income amounts increased for inflation

    skbell1
    30 Oct 2014 | 1:55 pm
    This is why people hate taxes. OK. There's no one "this" when it comes to tax loathing. But here's one big reason: confusing dates. Right now we're working on ways to reduce our current year's tax bill. To do that, we must make many tax moves by Dec. 31. But some of those moves will depend on what our tax situations will be like in the coming year. So we've got to juggle two tax years simultaneously. That's two too many tax years for most folks. Still, it's a necessary tax evil. And the latest comparison and evaluation of this year's and next…
  • Voters get their say Nov. 4 on myriad ballot initiatives

    skbell1
    29 Oct 2014 | 1:22 pm
    Nov. 4 is not just a day to decide which candidates will fill local, state and federal legislative offices. Voters across the country also will be having their say on 146 ballot measures. The topics awaiting the people's voice range from guaranteeing gun rights, legalizing marijuana, hiking the minimum wage and even defining what it takes to be a person. Oh yeah. There also are several tax ballot initiatives, as detailed in today's Weekly Tax Tip. Straight to voters: Although lawmakers are chosen to make tough decisions about running a state or other levels of government, they are…
  • Desert island bipartisanship, sort of, on new reality TV show

    skbell1
    28 Oct 2014 | 3:15 pm
    What does it take to get U.S. Senators from opposing parties to work together? Dropping them off on a deserted island. That's the premise Rival Survival, a new reality TV show that debuts at 10 p.m. (9 Central) Wednesday, Oct. 29, on Discovery Channel. Republican Jeff Flake of Arizona and Democrat Martin Heinrich of New Mexico spent six days and nights on Eru, one of the Marshall Islands. Judging from some of the previews the cable channel has released, the Senators still occasionally exchanged political barbs. But according to the lawmakers who are making the PR rounds in advance of the…
  • IRS seizes honest taxpayers' assets under forfeiture program

    skbell1
    27 Oct 2014 | 6:14 am
    Oh my Lord, IRS. What in the hell were you thinking? The Internal Revenue Service is already the most hated government agency, and then you go and seize honest working people's assets just because you can. Even worse, you make it incredibly hard for them to prove that it's you, not them, that is in the wrong. I repeat: What in the hell were you thinking? Apparently, according to a New York Times' story, the IRS was thinking that civil forfeiture laws offer an easy way to collect more money. Under the Civil Asset Forfeiture Reform Act, law enforcement agents can take private…
  • Dolce & Gabbana tax convictions erased by Italy's top court

    skbell1
    26 Oct 2014 | 1:15 pm
    Domenico Dolce and Stefano Gabbana, founders of the high-end Italian fashion label Dolce & Gabbana, are no longer convicted tax evaders. Italy's highest court on Oct. 24 overturned two lower court convictions that the duo had participated in what Italian prosecutors called a "sophisticated tax fraud" scheme. Dolce and Gabbana had been found guilty in April 2013 of using a Luxembourg holding company to avoid paying taxes of €200 million ($253.39 million U.S. as of this morning's exchange rate) on royalties for sales in 2004 and 2005. That sizable chunk -- I'm…
 
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    TAX NEWS - Google News

  • Protests Against Internet Tax in Hungary Continue—Larger Than Ever - Gizmodo

    31 Oct 2014 | 4:24 am
    GizmodoProtests Against Internet Tax in Hungary Continue—Larger Than EverGizmodoAccording to Reuters, an estimated 100,000 people rallied at night to protest at a planned tax on data traffic suggested by Prime Minister Viktor Orban's government. By a more conservative estimate, about 50,000-70,000 people demanded the withdrawal of ...Proposed Internet Tax Draws Hungarians to Streets in ProtestNew York TimesProtests held in Hungary against internet taxAljazeera.comVodafone Urges Hungary to Withdraw Planned Internet TaxWall Street JournalReuters -BBC News -NBCNews.comall…
  • Two Montgomery men sentenced in mass tax scheme - Montgomery Advertiser

    31 Oct 2014 | 4:11 am
    Montgomery AdvertiserTwo Montgomery men sentenced in mass tax schemeMontgomery AdvertiserTwo Montgomery men were sentenced to prison Tuesday for their alleged involvement in a massive tax refund scheme. Edmund Lee McCall, 39, of Montgomery and his partner, Antonio Devan Harris, 39, also of Montgomery, will face time in prison after being ...
  • Susan J. Demas: Mark Schauer will ax the 'retirement tax' - and Republicans ... - MLive.com

    31 Oct 2014 | 3:44 am
    MLive.comSusan J. Demas: Mark Schauer will ax the 'retirement tax' - and Republicans MLive.comIf Mark Schauer is elected governor, you can probably kiss the reviled "retirement tax" and other tax hikes goodbye. There's been a lot of hand-wringing from very serious political observers that the Democrat won't be able to do that -- or even more and more »
  • IRS Raises Limit On Tax-Free Lifetime Gifts For 2015 - Forbes

    31 Oct 2014 | 3:01 am
    USA TODAYIRS Raises Limit On Tax-Free Lifetime Gifts For 2015ForbesAs many estate planners anticipated, the Internal Revenue Service has raised the limit on tax-free transfers during life or at death. Starting in 2015 that amount, known as the basic exclusion, will go up to $5.43 million per person, from $5.34 million Estate Tax Exemption for 2015 Is AnnouncedWall Street Journal (blog)IRS Adjusts Tax Rate and Deduction Levels for 2015Accounting TodayTax dodgers beware Democrats tax ad offensive Deficits are so 2011 IRS joins Politicoall 22 news articles »
  • 2015 Federal Income Tax Rates, Retirement Contribution Limits, Kiddie Tax ... - Forbes

    30 Oct 2014 | 4:27 pm
    2015 Federal Income Tax Rates, Retirement Contribution Limits, Kiddie Tax ForbesToday the IRS announced changes to several inflation-adjusted tax items, including the 2015 federal income tax brackets and rates that will impact your 2015 tax return. Earlier in the week, the IRS also announced changes to 2015 retirement plan ...
 
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    NYT > Property Taxes

  • Pied-à-Neighborhood

    25 Oct 2014 | 9:00 pm
    The Census Bureau tracks vacancy rates to find out who lives in Manhattan full time.
  • Property Tax Envy

    25 Oct 2014 | 9:00 pm
    Property tax disparities between single-family homes and apartments, tax abatements and how affordable housing works.
  • Detroit Needs Residents, but Sends Some Packing

    26 Jun 2014 | 9:00 pm
    In a city that needs to keep its residents, there is a virtual pipeline out, with more than one in 10 homes subject to foreclosure because of back property taxes.
  • How Texans May See a Property Tax Cut

    26 Jun 2014 | 9:00 pm
    Although the state does not levy property taxes, the issue isn’t going away, and state lawmakers have the means to affect rates.
  • Property Taxes and the Urge to Tinker

    14 Jun 2014 | 9:00 pm
    It is possible for a government that does not levy property taxes to lower them, but it can be complicated.
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    THE WANDERING TAX PRO

  • A SCARY THOUGHT

    31 Oct 2014 | 2:00 am
    Here is a scary thought for Halloween.  What if the 114thCongress turns out to be made up of most of the same idiots as the 113thCongress!The current 113thCongress is perhaps the worst Congress in history.  It is certainly the least productive. A recent article in the New York Post reported -“The divided House and Senate have managed to pass just 163 laws that garnered President Obama’s signature since the two-year term began in January 2013. At this rate, Congress will have no problem beating the previous record set during the 2011-2013 session in which 284 laws were…
  • WHAT’S THE BUZZ, TELL ME WHAT’S A HAPPENNIN’ - SPECIAL THURSDAY EDITION

    30 Oct 2014 | 2:00 am
     The BUZZ is a day early.  It was rather meaty already – and I have a special Halloween post scheduled for Friday.* The November “issue” of THE TAX PROFESSIONAL will be up on Saturday.  Have you seen the October issue yet?  Please check it out and let me know your thoughts on the topics I discuss.  * The NATIONAL SOCIETY OF ACCOUNTANTS announces “DC Court Shoots Down AICPA Tax Preparer Lawsuit”.“A D.C. federal judge on Monday decided the Internal Revenue Service can continue its voluntary Annual Filing Season Program for uncredentialed return…
  • THE SAVER'S CREDIT NUMBERS FOR 2015

    29 Oct 2014 | 2:00 am
    The IRS recently announced the inflation adjustments for the Retirement Savings Contributions Credit (aka Saver’s Credit) for 2015.This credit applies to up to $2,000 in contributions to a traditional or ROTH IRA and employee contributions to a 401(k), 403(b), 457, SIMPLE or SEP plan.  You must be at least 18 years old at the end of the year. If you are claimed as a dependent on someone else's return or were a full-time student for any part of 5 calendar months during the year you are not eligible for the credit.  Rollover contributions (money that you moved from another…
  • WHAT’S THE BUZZ, TELL ME WHAT’S A HAPPENNIN’ - TUESDAY EDITION

    28 Oct 2014 | 2:00 am
    I guess some BUZZ is better than no BUZZ.* It is almost time for the new issue of THE TAX PROFESSIONAL! Pleaseemail me your thoughts on the issues I have discussed in the September and October issues at rdftaxpro@yahoo.com with THE TAX PROFESSIONAL in the “subject line”.  Please!* Check out my article “2015 Contribution Limits for Pension Plans Are Announced” at MAINSTREET.COM.* Sterling Raskie explains “Why You Should Consider Long Term Care Insurance” at GETTING YOUR FINANCIAL DUCKS IN A ROW.I have found that LTCI is basically for the middle and upper-middle classes who…
  • DON'T TRY TO BUY A HOUSE OR CONDO WITH ONLY 5% DOWN!

    27 Oct 2014 | 2:00 am
    I wholeheartedly agree with Megan McArdle, who tells it like it is in “Can't Afford a House? Don't Buy One” at BLOOMBERG VIEW, and the following advice included therein (highlights are mine) -“But buying a house is a good idea only if you meet the following conditions:1.You can afford a sizable down payment to cushion you from the effects of local economic downturns or you have a super-stable job, such as working for the government or your father-in-law, that makes you unlikely to ever miss any payments.2.You can afford the maintenance as well as the payments, insurance and…
 
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    Start Making Sense

  • A concern for the 99.9 percent?

    30 Oct 2014 | 10:40 am
    According to a recent paper posted by Emmanuel Saez and Gabriel Zucman, "the rise of wealth inequality [in the U.S. in recent decades] is almost entirely due to the rise of the top 0.1% wealth share, from 7% in 1979 to 22% in 2012."Saez presented this paper yesterday (Wednesday) at the University of British Columbia in Vancouver.  I was actually in Vancouver at the start of the day, by reason of my having presented my Piketty paper (coauthored with Joe Bankman) on Monday, but a change to my flight time prevented me from attending the session.Here are the slides for my talk from my prior…
  • World Series note

    30 Oct 2014 | 5:24 am
    I was rooting for the Royals, but obviously had to admire Bumgarner's performance.  (Plus, extra bonus points from me because he's left-handed.)The interesting thing was that he appeared to realize, within a few batters, that he simply didn't have his usual command or velocity, so he adapted.  Rather than throwing nothing but strike after strike (to all four corners of the strike zone), he kept on moving the ball around, but frequently missed the strike zone on purpose - especially high.  The Royals, knowing his usual style by now and presumably over-anxious as well, couldn't…
  • Avi-Yonah reviews Kleinbard

    27 Oct 2014 | 9:07 am
    Speaking of Chicago-style legal writing, at least in the sense of frequency as opposed to scope of enterprise, Reuven Avi-Yonah has posted a very short book review of Ed Kleinbard's We Are Better Than This.The style, as in Avi-Yonah's book review a few months back of my Fixing U.S. International Taxation, is to say, in 6 pages or less: "The author says ABC and DEF.  I agree with ABC but disagree with DEF.  Therefore, the author is to be commended for saying ABC, but criticized for saying DEF."Actually, in my case, I don't think there was an ABC - just a DEF, but, as I noted at…
  • "Are you a Chicago-style (Quantity) or a Harvard-style (Quality) scholar?" - I try to be both at the same time

    27 Oct 2014 | 8:04 am
    The other day, the TaxProf Blog linked to an Orin Kerr blogpost rightly noting two distinct styles in legal academia: the Chicago style, which involves writing a lot, and the Harvard style, which involves trying to make fewer but more significant, comprehensive, and well-thought-through statements.A blog with regular entries, like this one, is clearly a Chicago-style enterprise.But in my academic writing, I try to be both at the same time: closer to Chicago than Harvard frequency, but (apart from a few quick commissioned pieces and such) with the aim of putting more into each project than the…
  • They're not happy

    24 Oct 2014 | 6:52 am
    One argument we sometimes hear concerning U.S. international taxation is that, whereas the current U.S. system is "out of step" with world norms, other major OECD nations have figured out what to do.  Just enact a territorial system, exempting foreign source active business income, perhaps with some moderate anti-tax haven rules, and you're done / good to go / insert bland bromide of choice.One good thing about these other systems, as I emphasize in my book, is that adopting territoriality happens to rid you of both deferral and the foreign tax credit - but not because the tax rate on…
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    MauledAgain

  • How Not to File a Tax Court Petition

    James Edward Maule
    29 Oct 2014 | 5:01 am
    A recent case, Sanchez v. Comr., T.C. Memo 2014-223, demonstrates how a taxpayer should not file a Tax Court petition. The taxpayer received a notice of deficiency that was mailed on December 2, 2013, making the petition due by March 3, 2014. The taxpayer used an unidentified third party to prepare the petition. That person was “given documents to mail,” printed postage from Stamps.com, added extra postage for making the mailing certified, took the petition to the post office, noticed there were long lines, and dropped the envelope in the outgoing mail slot without getting a postal…
  • The True Cost of Stopping a Tax Increase

    James Edward Maule
    27 Oct 2014 | 5:01 am
    From this story, I learned that there is a ballot question in Massachusetts asking voters to decide whether the inflation-adjustment indexing of the state gasoline tax, enacted in 2013 and scheduled to go into effect in 2015, should be repealed. The writer of the story introduces it by asking, “Repealing a yet-to-be-implemented gas tax provision passed in 2013 is the top question on the ballot Nov. 4, but what does that really mean for your wallet?” It’s a good question.The writer points out that it is impossible to predict future gasoline tax increases because the index for inflation…
  • At The Mercy of the Tax Office

    James Edward Maule
    24 Oct 2014 | 5:01 am
    It could be anyone’s nightmare. For one woman, it is her reality.According to this story, the city of Norcross, Georgia, has sold a woman’s condominium unit because she did not pay a $94.85 city tax bill. She did not receive the bill because the address on the bill was wrong and it was returned to the sender. For the same reason, the follow-up notices that the property would be sold did not reach her.It is troubling that in the so-called information age, a city office cannot get a tax bill and notices to a taxpayer, especially after the items are returned because the address on them is…
  • Tax Complications Often Mask Tax Breaks

    James Edward Maule
    22 Oct 2014 | 5:01 am
    On Monday, a reader of the Albuquerque Journal sent an inquiry to a columnist who carefully answered the question. The reader wanted to know why it would be better to make a charitable donation of stock rather than a donation of cash in the same amount as the value of the stock. The reader pointed out that, whichever choice was made, the charitable contribution deduction would be the same. The columnist explained that there was a big difference. By donating the stock, the reader avoids paying the capital gains tax that would be due if the reader sold the stock and donated cash proceeds.The…
  • Putting the Brakes on Tax Breaks

    James Edward Maule
    20 Oct 2014 | 5:01 am
    Philadelphia City Council has approved legislation giving yet another tax break to employers. According to this story, city officials are using a tax break to do what state law prohibits them from doing directly. They want private sector employers to pay workers at least $12 an hour rather than the current $7.25 minimum hourly wage. The legislation would provide each employer an annual $5,000 tax credit for each new full-time worker hired at a rate of at least $12 an hour.Some math is in order. An employer who would otherwise pay $7.25 per hour to an employee who works 2,000 hours but who…
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    accountingweb.com

  • 'Jersey Shore' Star Ends Up in One Fine Tax Mess

    Ken Berry
    30 Oct 2014 | 10:15 am
    Mike Sorrentino, one of the stars on the former TV show "Jersey Shore," is having legal troubles. But the arraignment was postponed so that he could participate in a new reality TV show.
  • Bramwell’s Lunch Beat: CapEx Not Affected by Expired Tax Breaks

    Jason Bramwell
    30 Oct 2014 | 9:27 am
    The menu for Oct. 30 features specials on lawmakers exploring post-election tax break deal, IRS issues tax guidance related to Ebola outbreak, Big Four pressured into anti-Hong Kong protest, and more.
  • How to Trim Taxes While Playing Santa

    Julian Block
    30 Oct 2014 | 4:48 am
    There are tax-advantaged ways to give, if you know the subtle rules. The $14,000 annual exclusion and $5,340,000 lifetime max do not have to be rigid limits, if you know some workarounds. In one important case, the IRS ruled in the taxpayer's favor.
  • Auditing Special Purpose Frameworks: Operating Expenses—Part 1

    Larry Perry CPA
    29 Oct 2014 | 10:07 am
    This article discusses basic accounting principles for operating expenses under the FRF for SMEs. Lease accounting is also covered. Part 2 will address basic auditing procedures.
  • Bramwell’s Lunch Beat: States with the Best Business Tax Climates

    Jason Bramwell
    29 Oct 2014 | 9:27 am
    The menu for Oct. 29 features specials on federal judge throws out AICPA lawsuit against the IRS, EU warns Hungary over Internet tax proposal, Pfizer on the hunt for an inversion partner, and more.
 
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    TaxProf Blog

  • The Coming 'Civil War' Between Doctrinal Faculty and Experiential Faculty as Law Schools Downsize

    Paul Caron
    31 Oct 2014 | 3:28 am
    David Barnhizer (Cleveland State), ‘Drumbeats of Doom’ and the Downsizing of Law Faculties: The “drumbeats of doom” are everywhere for law schools. Let’s review just a few. Thomas Jefferson School of Law is bankrupt. Cooley law school closed its Ann Arbor campus. Ave Maria was launched in Ann Arbor and...
  • Gerzog: A Simplified Verifiable Gift Tax

    Paul Caron
    31 Oct 2014 | 2:00 am
    Wendy Gerzog (Baltimore), A Simplified Verifiable Gift Tax: The purpose of this article is to create a simpler and more accountable federal gift tax. The proposed tax would simplify gift completion rules, adopt a hard-to-complete rule of transfer taxation, reduce the annual exclusion while expanding the consumption exclusion, and, by...
  • Math for Law Students

    Paul Caron
    31 Oct 2014 | 1:27 am
    Terrance O'Reilly (Willamette), Math for Law Students: Topics include fractions, decimals, absolute values, powers/exponents, rounding, percent and percentage change, average, median, bytes, interest, future value, present discounted value and linear functions.
  • The IRS Scandal, Day 540

    Paul Caron
    31 Oct 2014 | 12:10 am
    Legal Times: IRS Official Fights Video Depo, Citing Fear of Harassment: An Internal Revenue Service employee caught up in the controversy over tax-exempt groups wants a federal judge to block a subpoena for her videotaped testimony. The official, Holly Paz, cites privacy and safety fears. A group that applied for...
  • Cornell's Free Online Tax Code Now Offers Links to IRS Letter Rulings

    Paul Caron
    30 Oct 2014 | 12:05 pm
    The wonderful, free online Internal Revenue Code from Cornell's Legal Information Institute ("LII") now contains links to private letter rulings for each Code section (just click on the "IRS Rulings" tab above the statutory language (e.g., here)). Over 58,000 rulings are linked to across the Code's 850 section. From LII...
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    Roth & Company, P.C

  • Tax Roundup, 10/30/14: Maquoketa! And: I was so upset, I only reported the loss items from my K-1.

    Joe Kristan
    30 Oct 2014 | 7:19 am
      Greetings from Maquoketa, Iowa, home of the Cardinals and the largest cave complex in the state. Today is Day 1 of the second session of the Iowa State University Center for Agricultural Law and Taxation Farm and Urban Tax School. I’m on the Day 1 panel with Roger McEowen and Kristy Maitre, updating practitioners on 2014 developments and the upcoming ACA reporting nightmares. There is still time to register for the schools in Sheldon, Red Oak, Ottumwa, Mason City, Denison and Ames. Register today!     Emotional stress can have strange effects. But maybe not that…
  • Tax Roundup, 10/29/14: Iowa Business Tax Climate worsens. And: Ex-IRS man does a Reddit AMA.

    Joe Kristan
    29 Oct 2014 | 6:38 am
    41st out of 50. Iowa reclaimed its bottom-10 standing among the states in the 2015 Tax Foundation Business Tax Climate Index released yesterday. Iowa’s standing fell one spot from 2014. The Tax Foundation report mentions Iowa’s highest-in-the-nation corporation tax rate, its high individual rates, and its complicated tax system.  Iowa was rated as having the second-worst corporation tax system. The Tax Foundation explains how the worst states got that way: The states in the bottom ten suffer from the same afflictions: complex, non-neutral taxes with comparatively high rates.
  • Tax Roundup, 10/28/14: Back-to-school edition! And: IRS says it will stop stealing.

    Joe Kristan
    28 Oct 2014 | 7:00 am
    The 2014 tour of Iowa begins. I am helping Roger McEowen and Kristy Maitre teach Day 1 of the Farm and Urban Tax School this year, and this morning we are starting the first of eight sessions in Waterloo. We hit Maquoketa Thursday.  Other sessions will be in Sheldon, Red Oak, Ottumwa, Mason City, Denison and Ames. It’s two great days of CPE, and it’s a bargain. Get your details and sign up for a convenient session at the ISU Center for Agricultural Law and Taxation today.  Here is the crowd this morning: Looks like fun, no? f you are a Tax Update reader, come see me (Hi,…
  • Tax Roundup, 10/27/14: IRS visits Arnolds Park restaurant, tips itself.

    Joe Kristan
    27 Oct 2014 | 6:03 am
    IRS Commissioner Koskinen likes to say there is nothing wrong with the IRS that a bigger budget can’t cure. A story out of Arnolds Park, Iowa might cause one to question that. The New York Times reports: For almost 40 years, Carole Hinders has dished out Mexican specialties at her modest cash-only restaurant. For just as long, she deposited the earnings at a small bank branch a block away — until last year, when two tax agents knocked on her door and informed her that they had seized her checking account, almost $33,000. The Internal Revenue Service agents did not accuse Ms. Hinders…
  • Tax Roundup, 10/24/14: IRS attorney says revolving door spins away billions. And: pass-through isn’t always small.

    Joe Kristan
    24 Oct 2014 | 7:00 am
    Taxes are for the little people without connections. A sensational open letter to the top Treasury tax brass from an IRS attorney alleges that the agency routinely shuts off promising examinations of big well-connected taxpayers. From Raw Story (via the TaxProf): In a letter to Treasury Secretary Jacob Lew, IRS commissioner John A. Koskinen, and IRS chief counsel William Wilkins, Jane J. Kim, an attorney in the IRS Office of the Chief Counsel in New York, accused IRS executives of “deliberately” facilitating multi-billion dollar tax giveaways. The letter, dated October 19, will add…
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    RUBIN ON TAX

  • IRS Proposes Elimination of 36 Month Discharge of Indebtedness Reporting

    Charles (Chuck) Rubin
    30 Oct 2014 | 5:00 pm
    Unless a statutory exception applies, when a debt is discharged without payment being made, the debtor will have discharge of indebtedness income under Section 108 of the Code. So that the IRS is alerted to this income, Section 6050P requires applicable financial entities to issue an information report to report the discharge of debt. There are 8 events that give rise to this reporting – 7 of them relate to an event that coincide with an actual discharge of debt. One of them does not – under the 36 month rule reporting is required if no payment has been received on the indebtedness for 36…
  • Federal Tax Lien Did Not Survive Death of Joint Tenant

    Charles (Chuck) Rubin
    23 Oct 2014 | 11:23 am
    Two individuals (Cunning and Wren) acquired real property in the U.S. Virgin Islands as joint tenants with rights of survivorship (JTWROS) in 2005. In 2010 the IRS filed a federal tax lien against Cunning in the U.S. Virgin Islands. Cunning died in 2011, so that Wren succeeded to 100% ownership of the real property. The IRS sought to continue its tax lien against the real property.The District Court in the Virgin Islands ruled that the lien died with Cunning such that Wren owns the interest free of the tax lien. In most states, when property is held in joint tenancy with a right of…
  • Applicable Federal Rates–November 2014

    Charles (Chuck) Rubin
    18 Oct 2014 | 9:11 am
    Follow @crubincrubin
  • IRS Modifies Offshore Filing Procedures

    Charles (Chuck) Rubin
    15 Oct 2014 | 6:02 pm
    The IRS has issued FAQs relating to the new streamlined procedures for offshore compliance, and for Delinquent International Information Return Submission Procedures.The FAQs for the streamlined program provide more detailed guidance on how the 5% penalty will be computed, how 100% owners of an incorporated business will be treated, and how stock of a foreign corporation will be valued.The FAQ for Delinquent International Information Return Submission Procedures remove an implied requirement of reporting in the prior IRS announcements – the FAQ provides that these procedures can be used…
  • Treasury Makes Life Easier for Holders of Canadian Retirement Account Interests

    Charles (Chuck) Rubin
    9 Oct 2014 | 1:37 pm
    Summary: Treasury automates the process for U.S. taxpayers making an election to defer taxation of Canadian RRSPs and RRIFs and to eliminate some information reporting requirements as to those accounts. U.S. persons are generally not subject to U.S. income tax on individual retirement accounts ("IRAs") until distributions are taken. Canada has retirement accounts similar to IRAs. These are known as Canadian registered retirement savings plans (“ RRSPs” ) and registered retirement income funds (“ RRIFs” ). Similar to U.S. treatment, Canada does not impose its income tax on…
 
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    Tax Problem Attorney Blog

  • New FAQs For Offshore Voluntary Disclosure Program (OVDP) Released by IRS

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

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

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

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

    19 Jun 2014 | 10:52 am
    Massive change is coming to the IRS
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    Taxable Talk

  • The 2015 State Business Tax Climate Index: Not Much Has Changed

    Russ
    28 Oct 2014 | 4:53 pm
    I guess I could have called this, “Bring me the usual suspects,” but I’ve been using that phrase over and over. Yet not much has changed, so the usual suspects have good tax climates and the usual suspects have bad tax climates. That’s according to the Tax Foundation and their 2015 State Business Tax Climate Index. Let’s look at the ten best states for business: 1. Wyoming 2. South Dakota 3. Nevada 4. Alaska 5. Florida 6. Montana 7. New Hampshire 8. Indiana 9. Utah 10. Texas This list is remarkably similar to last year. The only state dropping out is Washington.
  • AICPA Lawsuit Against IRS Dismissed Over Standing

    Russ
    28 Oct 2014 | 3:18 pm
    Earlier this year the IRS announced its new “Annual Filing Season Program,” a voluntary program for tax preparers to register with the IRS. The American Institute of Certified Public Accountants (AICPA) filed a lawsuit asking for the program to be blocked. The IRS asked the court to dismiss the lawsuit, arguing that the AICPA had no standing to sue the IRS in this case. Judge James Boasberg agreed with the IRS, and today the lawsuit was dismissed. Judge Boasberg is the same jurist who decided Loving v. IRS. I’m not an attorney, so I’m not going to give a treatise on…
  • SARs Leading to Forfeiture: The IRS Oversteps

    Russ
    26 Oct 2014 | 7:21 pm
    There have been plenty of stories on civil forfeiture recently. Two poker players had their cash seized in Iowa while driving home from a poker tournament in Illinois. They had their funds returned, but have now filed a lawsuit against the Iowa police. The IRS has also been using forfeiture. The New York Times today spotlighted the IRS using forfeiture–one example is, coincidentally, from Iowa. For those not aware, civil forfeiture occurs when an individual’s funds are seized but the individual is not necessarily charged with a crime. The police agency involved alleges that…
  • Copying Steven Martinez’s Idea Is Not a Good Choice

    Russ
    19 Oct 2014 | 7:49 pm
    I’m on the road this weekend, but a story from the San Francisco Bay Area caught my eye. Charles Waldo was already in jail. He was arrested on a 50-count indictment for insurance fraud, tax evasion, felony vandalism, and a high speed chase through central Costa Contra County. While awaiting trial, Mr. Waldo was in the Martinez, California jail. When you’re in prison you do have time on your hands to determine your defense. There’s plenty of time to research the law on the charges you’re facing, work on strategy with your defense counsel, and perhaps other means of…
  • You Filed That Extension, And Only Now Are Realizing the Deadline is Wednesday…

    Russ
    12 Oct 2014 | 7:59 pm
    Yes, only three days are left until the extension deadline. If you file on October 16th, it’s as if you never filed that extension (you will owe a 22.5% late filing penalty). So what should you do if you’re just starting on your return now? First, in most cases tax professionals say it’s better to extend than amend. But extending is now out [1], so it’s better to get a reasonable return in. It can’t be a frivolous return: If you file a frivolous return, it’s even worse than not filing–you can get hit with a penalty for filing a frivolous return. 1.
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    IRS Tax Problem Solver Blog - IRS Help

  • Mayweather Jr. Caught between Taxman and Pacman

    Darrin Mish
    24 Oct 2014 | 12:50 pm
    Floyd Mayweather Jr. is pondering this next move. Faced with a deadline by boxing promoter Bob Arum, the American boxer has to make a decision that will have implications on himself both inside and outside the ring. Arum is waiting impatiently, as is the rest of the boxing world, for Mayweather Jr’s decision on fighting famed Filipino boxer Manny Pacquiao, nicknamed the Pacman. Manny is widely held to be the best pound-for-pound boxer in the world. He has the speed, skill, endurance and power to defeat any boxer in his weight category, including Mayweather Jr. The American’s critics…
  • Form 3949-A

    Darrin Mish
    29 Sep 2013 | 10:53 pm
    If you suspect that an individual is not fulfilling his or her tax obligations (for example he or she is evading taxes), you have a right to report this to the IRS. You do so by filling in Form 3949-A Information Referral and sending it to the IRS in Fresno, California. Alternatively, if you wish you may send a letter with the relevant information. Your letter should contain the name and address, social security number (or business employer identification number) of the person (or business) you are reporting, a description of the alleged transgression done, including how you came to know…
  • Correct Employee FICA (Part 2)

    Darrin Mish
    27 Sep 2013 | 5:03 am
    Today, I’ll conclude on my article yesterday about how to correct FICA withholding errors on your employees’ wages. As I said yesterday, it’s easy to make withholding mistakes, so keep IRS Publication 505, "Tax Withholding and Estimated Tax," handy, and consult with a tax professional if need be. So what can you do if you overpaid in your withholding? For overpayments of FICA taxes, you as the employer may make an adjustment or seek a credit or refund of the employer share of the FICA tax. Generally, you cannot seek the employer’s share of overpaid FICA taxes unless you in…
  • Correct Employee FICA (part 1)

    Darrin Mish
    26 Sep 2013 | 4:45 am
    The Federal Insurance Contributions Act (FICA) stipulates that all employers and employees must contribute 12.4% of annual income must be paid for Social Security tax and 2.9% into Medicare up to a total of $113,700. These funds are for financial and health welfare of all salaried workers. While there is a cap on your salary below which you are obligated to contribute to Social Security, there is no such cap for Medicare contributions, meaning no matter how much you earn, you still have to contribute to Medicare. As a salaried worker, you pay only half the FICA bill i.e. 6.2% for Social…
  • How to Qualify for National Taxpayer Advocate Service

    Darrin Mish
    25 Sep 2013 | 2:03 pm
    The National Taxpayer Advocate Service (TAS) is designed to help you, the taxpayer resolve your issues with the IRS when normal channels of resolution have failed. The TAS is an independent body that reports directly to Congress so they help keep the IRS in check. The TAS offers its services for free but there are some eligibility criteria you must fulfill. Here they are: 1. Economic harm or potential economic harm If an IRS collection action has resulted in financial and economic distress to you, for example you are threatened with eviction or foreclosure, or you cannot afford to pay your…
 
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    IRS Hitman 888-415-1337

  • Penalties and Interest on Back Taxes

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

    17 Oct 2014 | 8:44 am
    As an employer, you have certain responsibilities under Obamacare or the Affordable Care Act. If you have 50 or more employees who work for you full-time, then you are considered an ALE( applicable large employer). An ALE employer is subject to Employer Shared Responsibility provisions. A full-time employee is one that works on an average of at least 30 hours per week.If an employer comes under the Employer Shared Responsibility provisions, then the he or she needs to prove at least the minimum level of health coverage to their full-time employees (and their dependents). The employer may need…
  • Do You e-file Your Business Taxes?

    10 Oct 2014 | 10:17 am
    If you are an employer, then you can easily file tax returns by using e-file. Large and mid-sized corporations are required to file using e-file. Businesses big or small, and self-employed can opt for e-filing over paper filing if they wish to. E-file is fast becoming the preferred method of filing returns because of the safety it provides, its ease of use, and quick filing. After encouraging individual taxpayers to file their returns through e-file, the IRS is now pushing businesses to use e-file to file returns. E-file allows faster processing of returns, and is safer and faster than paper…
  • Factors That Affect Tax Debt Resolution

    3 Oct 2014 | 1:05 pm
    In order to successfully resolve a tax debt, it’s important to understand the IRS policies and tax laws that affect your situation. Care must be taken in choosing an appropriate payment plan that will provide you the most effective resolution. The IRS has various payment plans, otherwise known as Installment Agreements. Programs that reduce or delay payment of a tax debt are not applicable to all taxpayers and there are specific requirements to secure them.Even if you can qualify for a payment plan, it’s important to make sure you can meet the agreement requirements. Many times, taxpayers…
  • IRS Alert: Scammers Target Foreign Financial Institutions

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

    31 Oct 2014 | 3:42 am
    This sea looks perfectly normal by day ...Purple CloverBut once nightfall hits, the water sparkles like a starry sky -- and it's just 1 of the 25 places to see before you die.Where to find this sea of starsMore from Purple CloverThe years of living dangerouslyYou'll never experience this again
  • Grandmother: Honey Boo Boo is in danger

    31 Oct 2014 | 3:42 am
    Grandmother: Honey Boo Boo is in dangerETSandra Hale, Mama June's mother, revealed more unsettling details about Anna's molestation in an ET interview.'My reaction was I wanted to kill him'In other newsCeleb surgically changes eye colorTaylor Swift snapped court-side
  • 'World's oldest mom' reveals her struggles

    31 Oct 2014 | 3:42 am
    'World's oldest mom' reveals her strugglesGettyIn 2008, Rajo Devi reportedly gave birth to a baby girl at 70 years old.Heartbreaking reason she was desperate to get pregnantMore to watchGilbert on her father's suicideNurse defies Ebola quarantine
  • First lawsuit filed against Malaysia Airlines

    31 Oct 2014 | 3:42 am
    First lawsuit filed against Malaysia AirlinesAPThe lawyer of the two boys, 11 and 13, said they've waited 8 months and believe they have 'sufficient evidence for a strong case.'What victim's children are seekingMore newsReported armed man at Boeing plantHK protesters remain determined
  • Frein charged with murder, could face death

    31 Oct 2014 | 3:42 am
    Frein charged with murder, could face deathTwitterAfter a 48-day manhunt, marshals arrested Frein at an abandoned airplane hangar 30 miles from where he killed a trooper on Sept. 12.Details on 'meek surrender'In other newsFour killed in deadly plane crashVictim's family testifies at Arias trial
 
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  • This sea looks perfectly normal by day ...

    31 Oct 2014 | 3:42 am
    This sea looks perfectly normal by day ...Purple CloverBut once nightfall hits, the water sparkles like a starry sky -- and it's just 1 of the 25 places to see before you die.Where to find this sea of starsMore from Purple CloverThe years of living dangerouslyYou'll never experience this again
  • Grandmother: Honey Boo Boo is in danger

    31 Oct 2014 | 3:42 am
    Grandmother: Honey Boo Boo is in dangerETSandra Hale, Mama June's mother, revealed more unsettling details about Anna's molestation in an ET interview.'My reaction was I wanted to kill him'In other newsCeleb surgically changes eye colorTaylor Swift snapped court-side
  • 'World's oldest mom' reveals her struggles

    31 Oct 2014 | 3:42 am
    'World's oldest mom' reveals her strugglesGettyIn 2008, Rajo Devi reportedly gave birth to a baby girl at 70 years old.Heartbreaking reason she was desperate to get pregnantMore to watchGilbert on her father's suicideNurse defies Ebola quarantine
  • First lawsuit filed against Malaysia Airlines

    31 Oct 2014 | 3:42 am
    First lawsuit filed against Malaysia AirlinesAPThe lawyer of the two boys, 11 and 13, said they've waited 8 months and believe they have 'sufficient evidence for a strong case.'What victim's children are seekingMore newsReported armed man at Boeing plantHK protesters remain determined
  • Frein charged with murder, could face death

    31 Oct 2014 | 3:42 am
    Frein charged with murder, could face deathTwitterAfter a 48-day manhunt, marshals arrested Frein at an abandoned airplane hangar 30 miles from where he killed a trooper on Sept. 12.Details on 'meek surrender'In other newsFour killed in deadly plane crashVictim's family testifies at Arias trial
  • add this feed to my.Alltop

  • This sea looks perfectly normal by day ...

    31 Oct 2014 | 3:42 am
    This sea looks perfectly normal by day ...Purple CloverBut once nightfall hits, the water sparkles like a starry sky -- and it's just 1 of the 25 places to see before you die.Where to find this sea of starsMore from Purple CloverThe years of living dangerouslyYou'll never experience this again
  • Grandmother: Honey Boo Boo is in danger

    31 Oct 2014 | 3:42 am
    Grandmother: Honey Boo Boo is in dangerETSandra Hale, Mama June's mother, revealed more unsettling details about Anna's molestation in an ET interview.'My reaction was I wanted to kill him'In other newsCeleb surgically changes eye colorTaylor Swift snapped court-side
  • 'World's oldest mom' reveals her struggles

    31 Oct 2014 | 3:42 am
    'World's oldest mom' reveals her strugglesGettyIn 2008, Rajo Devi reportedly gave birth to a baby girl at 70 years old.Heartbreaking reason she was desperate to get pregnantMore to watchGilbert on her father's suicideNurse defies Ebola quarantine
  • First lawsuit filed against Malaysia Airlines

    31 Oct 2014 | 3:42 am
    First lawsuit filed against Malaysia AirlinesAPThe lawyer of the two boys, 11 and 13, said they've waited 8 months and believe they have 'sufficient evidence for a strong case.'What victim's children are seekingMore newsReported armed man at Boeing plantHK protesters remain determined
  • Frein charged with murder, could face death

    31 Oct 2014 | 3:42 am
    Frein charged with murder, could face deathTwitterAfter a 48-day manhunt, marshals arrested Frein at an abandoned airplane hangar 30 miles from where he killed a trooper on Sept. 12.Details on 'meek surrender'In other newsFour killed in deadly plane crashVictim's family testifies at Arias trial
  • add this feed to my.Alltop

  • This sea looks perfectly normal by day ...

    31 Oct 2014 | 3:42 am
    This sea looks perfectly normal by day ...Purple CloverBut once nightfall hits, the water sparkles like a starry sky -- and it's just 1 of the 25 places to see before you die.Where to find this sea of starsMore from Purple CloverThe years of living dangerouslyYou'll never experience this again
  • Grandmother: Honey Boo Boo is in danger

    31 Oct 2014 | 3:42 am
    Grandmother: Honey Boo Boo is in dangerETSandra Hale, Mama June's mother, revealed more unsettling details about Anna's molestation in an ET interview.'My reaction was I wanted to kill him'In other newsCeleb surgically changes eye colorTaylor Swift snapped court-side
  • 'World's oldest mom' reveals her struggles

    31 Oct 2014 | 3:42 am
    'World's oldest mom' reveals her strugglesGettyIn 2008, Rajo Devi reportedly gave birth to a baby girl at 70 years old.Heartbreaking reason she was desperate to get pregnantMore to watchGilbert on her father's suicideNurse defies Ebola quarantine
  • First lawsuit filed against Malaysia Airlines

    31 Oct 2014 | 3:42 am
    First lawsuit filed against Malaysia AirlinesAPThe lawyer of the two boys, 11 and 13, said they've waited 8 months and believe they have 'sufficient evidence for a strong case.'What victim's children are seekingMore newsReported armed man at Boeing plantHK protesters remain determined
  • Frein charged with murder, could face death

    31 Oct 2014 | 3:42 am
    Frein charged with murder, could face deathTwitterAfter a 48-day manhunt, marshals arrested Frein at an abandoned airplane hangar 30 miles from where he killed a trooper on Sept. 12.Details on 'meek surrender'In other newsFour killed in deadly plane crashVictim's family testifies at Arias trial
 
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  • This sea looks perfectly normal by day ...

    31 Oct 2014 | 3:42 am
    This sea looks perfectly normal by day ...Purple CloverBut once nightfall hits, the water sparkles like a starry sky -- and it's just 1 of the 25 places to see before you die.Where to find this sea of starsMore from Purple CloverThe years of living dangerouslyYou'll never experience this again
  • Grandmother: Honey Boo Boo is in danger

    31 Oct 2014 | 3:42 am
    Grandmother: Honey Boo Boo is in dangerETSandra Hale, Mama June's mother, revealed more unsettling details about Anna's molestation in an ET interview.'My reaction was I wanted to kill him'In other newsCeleb surgically changes eye colorTaylor Swift snapped court-side
  • 'World's oldest mom' reveals her struggles

    31 Oct 2014 | 3:42 am
    'World's oldest mom' reveals her strugglesGettyIn 2008, Rajo Devi reportedly gave birth to a baby girl at 70 years old.Heartbreaking reason she was desperate to get pregnantMore to watchGilbert on her father's suicideNurse defies Ebola quarantine
  • First lawsuit filed against Malaysia Airlines

    31 Oct 2014 | 3:42 am
    First lawsuit filed against Malaysia AirlinesAPThe lawyer of the two boys, 11 and 13, said they've waited 8 months and believe they have 'sufficient evidence for a strong case.'What victim's children are seekingMore newsReported armed man at Boeing plantHK protesters remain determined
  • Frein charged with murder, could face death

    31 Oct 2014 | 3:42 am
    Frein charged with murder, could face deathTwitterAfter a 48-day manhunt, marshals arrested Frein at an abandoned airplane hangar 30 miles from where he killed a trooper on Sept. 12.Details on 'meek surrender'In other newsFour killed in deadly plane crashVictim's family testifies at Arias trial
  • add this feed to my.Alltop

  • This sea looks perfectly normal by day ...

    31 Oct 2014 | 3:42 am
    This sea looks perfectly normal by day ...Purple CloverBut once nightfall hits, the water sparkles like a starry sky -- and it's just 1 of the 25 places to see before you die.Where to find this sea of starsMore from Purple CloverThe years of living dangerouslyYou'll never experience this again
  • Grandmother: Honey Boo Boo is in danger

    31 Oct 2014 | 3:42 am
    Grandmother: Honey Boo Boo is in dangerETSandra Hale, Mama June's mother, revealed more unsettling details about Anna's molestation in an ET interview.'My reaction was I wanted to kill him'In other newsCeleb surgically changes eye colorTaylor Swift snapped court-side
  • 'World's oldest mom' reveals her struggles

    31 Oct 2014 | 3:42 am
    'World's oldest mom' reveals her strugglesGettyIn 2008, Rajo Devi reportedly gave birth to a baby girl at 70 years old.Heartbreaking reason she was desperate to get pregnantMore to watchGilbert on her father's suicideNurse defies Ebola quarantine
  • First lawsuit filed against Malaysia Airlines

    31 Oct 2014 | 3:42 am
    First lawsuit filed against Malaysia AirlinesAPThe lawyer of the two boys, 11 and 13, said they've waited 8 months and believe they have 'sufficient evidence for a strong case.'What victim's children are seekingMore newsReported armed man at Boeing plantHK protesters remain determined
  • Frein charged with murder, could face death

    31 Oct 2014 | 3:42 am
    Frein charged with murder, could face deathTwitterAfter a 48-day manhunt, marshals arrested Frein at an abandoned airplane hangar 30 miles from where he killed a trooper on Sept. 12.Details on 'meek surrender'In other newsFour killed in deadly plane crashVictim's family testifies at Arias trial
  • add this feed to my.Alltop

  • This sea looks perfectly normal by day ...

    31 Oct 2014 | 3:42 am
    This sea looks perfectly normal by day ...Purple CloverBut once nightfall hits, the water sparkles like a starry sky -- and it's just 1 of the 25 places to see before you die.Where to find this sea of starsMore from Purple CloverThe years of living dangerouslyYou'll never experience this again
  • Grandmother: Honey Boo Boo is in danger

    31 Oct 2014 | 3:42 am
    Grandmother: Honey Boo Boo is in dangerETSandra Hale, Mama June's mother, revealed more unsettling details about Anna's molestation in an ET interview.'My reaction was I wanted to kill him'In other newsCeleb surgically changes eye colorTaylor Swift snapped court-side
  • 'World's oldest mom' reveals her struggles

    31 Oct 2014 | 3:42 am
    'World's oldest mom' reveals her strugglesGettyIn 2008, Rajo Devi reportedly gave birth to a baby girl at 70 years old.Heartbreaking reason she was desperate to get pregnantMore to watchGilbert on her father's suicideNurse defies Ebola quarantine
  • First lawsuit filed against Malaysia Airlines

    31 Oct 2014 | 3:42 am
    First lawsuit filed against Malaysia AirlinesAPThe lawyer of the two boys, 11 and 13, said they've waited 8 months and believe they have 'sufficient evidence for a strong case.'What victim's children are seekingMore newsReported armed man at Boeing plantHK protesters remain determined
  • Frein charged with murder, could face death

    31 Oct 2014 | 3:42 am
    Frein charged with murder, could face deathTwitterAfter a 48-day manhunt, marshals arrested Frein at an abandoned airplane hangar 30 miles from where he killed a trooper on Sept. 12.Details on 'meek surrender'In other newsFour killed in deadly plane crashVictim's family testifies at Arias trial
 
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  • This sea looks perfectly normal by day ...

    31 Oct 2014 | 3:42 am
    This sea looks perfectly normal by day ...Purple CloverBut once nightfall hits, the water sparkles like a starry sky -- and it's just 1 of the 25 places to see before you die.Where to find this sea of starsMore from Purple CloverThe years of living dangerouslyYou'll never experience this again
  • Grandmother: Honey Boo Boo is in danger

    31 Oct 2014 | 3:42 am
    Grandmother: Honey Boo Boo is in dangerETSandra Hale, Mama June's mother, revealed more unsettling details about Anna's molestation in an ET interview.'My reaction was I wanted to kill him'In other newsCeleb surgically changes eye colorTaylor Swift snapped court-side
  • 'World's oldest mom' reveals her struggles

    31 Oct 2014 | 3:42 am
    'World's oldest mom' reveals her strugglesGettyIn 2008, Rajo Devi reportedly gave birth to a baby girl at 70 years old.Heartbreaking reason she was desperate to get pregnantMore to watchGilbert on her father's suicideNurse defies Ebola quarantine
  • First lawsuit filed against Malaysia Airlines

    31 Oct 2014 | 3:42 am
    First lawsuit filed against Malaysia AirlinesAPThe lawyer of the two boys, 11 and 13, said they've waited 8 months and believe they have 'sufficient evidence for a strong case.'What victim's children are seekingMore newsReported armed man at Boeing plantHK protesters remain determined
  • Frein charged with murder, could face death

    31 Oct 2014 | 3:42 am
    Frein charged with murder, could face deathTwitterAfter a 48-day manhunt, marshals arrested Frein at an abandoned airplane hangar 30 miles from where he killed a trooper on Sept. 12.Details on 'meek surrender'In other newsFour killed in deadly plane crashVictim's family testifies at Arias trial
  • add this feed to my.Alltop

  • This sea looks perfectly normal by day ...

    31 Oct 2014 | 3:42 am
    This sea looks perfectly normal by day ...Purple CloverBut once nightfall hits, the water sparkles like a starry sky -- and it's just 1 of the 25 places to see before you die.Where to find this sea of starsMore from Purple CloverThe years of living dangerouslyYou'll never experience this again
  • Grandmother: Honey Boo Boo is in danger

    31 Oct 2014 | 3:42 am
    Grandmother: Honey Boo Boo is in dangerETSandra Hale, Mama June's mother, revealed more unsettling details about Anna's molestation in an ET interview.'My reaction was I wanted to kill him'In other newsCeleb surgically changes eye colorTaylor Swift snapped court-side
  • 'World's oldest mom' reveals her struggles

    31 Oct 2014 | 3:42 am
    'World's oldest mom' reveals her strugglesGettyIn 2008, Rajo Devi reportedly gave birth to a baby girl at 70 years old.Heartbreaking reason she was desperate to get pregnantMore to watchGilbert on her father's suicideNurse defies Ebola quarantine
  • First lawsuit filed against Malaysia Airlines

    31 Oct 2014 | 3:42 am
    First lawsuit filed against Malaysia AirlinesAPThe lawyer of the two boys, 11 and 13, said they've waited 8 months and believe they have 'sufficient evidence for a strong case.'What victim's children are seekingMore newsReported armed man at Boeing plantHK protesters remain determined
  • Frein charged with murder, could face death

    31 Oct 2014 | 3:42 am
    Frein charged with murder, could face deathTwitterAfter a 48-day manhunt, marshals arrested Frein at an abandoned airplane hangar 30 miles from where he killed a trooper on Sept. 12.Details on 'meek surrender'In other newsFour killed in deadly plane crashVictim's family testifies at Arias trial
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    CEN-TA Cross Border Services - Tax, Visa

  • IRS Removes From 8891

    peter
    14 Oct 2014 | 10:34 am
      *****IRS removes form 8891****    
  • Department of the Treasury Announces A New FBAR Reporting Method

    peter
    28 Jan 2014 | 10:58 am
    FinCEN introduces new forms
  • U.S. taxman to go easy on American residents in Canada

    Admin
    5 Dec 2011 | 1:17 pm
    barrie mckenna OTTAWA— From Friday's Globe and Mail Published Friday, Dec. 02, 2011 6:00AM EST
  • BORDER KIT -- American boyfriend, property purchase in USA?

    Taxman
    4 Jan 2011 | 10:01 pm
      I have been subscribing to your newsletter for almost two years now, but have not read anything similar to my question.   I have been dating an American for over seven years now.  I live in Saskatchewan and work in health care as a technologist, him in USA as an electrician. We both travel back and forth three or four times each per year for about 12 days each.   We both rent.   If I bought an American property ie condo, my boyfriend moved in it and paid the property taxes, and other incidentals, would this be considered rental income for me? Or a…
  • aging parents - Expert Income Tax help on cross Border tax and immigration and divorce and RRSP and IRA and other matters

    Taxman
    4 Jan 2011 | 9:59 pm
    we have dual citizenship in USA and Canada.  Due to aging parents we are considering spending more time in USA.  I understand that spending more than 6 months in USA would require us to change our residency to USA ( both of us born in USA). Our residency now is Ontario. I understand also that any income in USA is taxed only in USA and not in Canada if residency is USA?  But my main question is..... concerning health care from Ontario you are required to be there five months a few days, but, having dual citizenship, are we able to take advantage of being up in Ontario the…
 
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    Value Added Tax Blog

  • Mind The VAT Gap…

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

    Mark
    16 Oct 2014 | 7:25 am
    That was a quick but fun call this morning with the good people from Collobos Software. They produce software that is typically purchased by businesses and they have a growing customer base outside the U.S. For VAT in the EU, the sale of software business-to-business means that the place of supply is where the recipient […]
  • Next up: Costa Rica

    Mark
    3 Oct 2014 | 10:17 am
    #143368765 / gettyimages.com The Wall Street Journal writes about Costa Rica’s plan to accelerate the introduction of a 13% VAT: http://blogs.wsj.com/frontiers/2014/09/23/costa-rica-to-accelerate-vat-reform-after-downgrade/. “One of the reasons why Moody’s decided to downgrade us was because the incapacity of governments in the past to agree with the legislature for comprehensive tax reform,” Mr. Solís said in the interview. Hat-tip: […]
  • Oh, those 2015 rules…

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

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

  • No Articles Found

    31 Oct 2014 | 4:07 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.

  • IRS Oops on E-Services E-mail

    Jason Dinesen
    29 Oct 2014 | 4:38 am
    Earlier this month, the following e-mail arrived in my inbox (and in many other tax preparers’ inboxes): Congratulations!  Your e-filing firm is eligible to use the e-Services incentive products.  The following incentive products are now available: Disclosure Authorization allows you to submit Form 2848, Power of Attorney and Declaration of Representative, and Form 8821, Tax Information Authorization electronically. Electronic Account Resolution enables you to expedite closure on clients’ account problems by electronically sending/receiving account related inquiries. You may inquire…
  • How Non-Residents or Part-Year Residents Report Federal Refunds on Iowa Tax Returns

    Jason Dinesen
    27 Oct 2014 | 4:30 am
    Iowa requires people to claim federal tax refunds as taxable income on Iowa tax returns.  If you’re an Iowa resident all year, it’s simple: your federal tax refund is likely taxable in Iowa. (Though not always the whole thing.) The reporting is a little more complicated if you moved to or from Iowa during the year, or if you’re a non-resident required to file an Iowa tax return. Moved To Iowa In the first year you move to Iowa, you DO NOT report your federal tax refund on your first Iowa tax return. Example: You move to Iowa in 2014. On your first Iowa tax return for 2014,…
  • Meet Joe the Window Washer

    Jason Dinesen
    23 Oct 2014 | 4:30 am
    Meet Joe. He’s a window washer, one of the best in the country. He’s developed his own window-washing systems and cleaning solutions. Joe’s business is the envy of other window washers. They call him, wanting to know his secrets. Joe’s customers love him. Joe started his business because he had a knack for washing windows, and he wanted freedom from “workin’ for the man.” Joe just wants to wash windows and be left alone by the world. He hates the government. He hates regulations. He hates paperwork, whether it’s government-related, or…
  • Iowa Tax Filing Deadline is October 31: Claim Your $54 Credit Before Then

    Jason Dinesen
    21 Oct 2014 | 4:30 am
    The extended deadline for filing Iowa income tax returns is October 31. This year’s deadline has some added meaning, because it’s also the deadline for claiming the $54 Iowa Taxpayers Trust Fund Credit. The credit is $54 per primary taxpayer. So a single person gets $54, and a married couple is allocated $108 total. I outlined details of the credit in a blog post in February, which you can find here. Unlike most tax credits, which can typically be claimed whenever you file your tax return (even if it’s filed late), the Iowa Taxpayers Trust Fund Credit for 2013 tax returns…
  • Updated Wisconsin Tax Guidance for Same-Sex Married Couples

    Jason Dinesen
    17 Oct 2014 | 4:30 am
    Earlier this month, the U.S. Supreme Court declined to hear appeals to cases overturning same-sex marriage bans in several states, including Wisconsin. As a result, same-sex marriage is now legal in those states. From a tax perspective, Wisconsin released guidance earlier this week saying that couples in same-sex marriage can now file joint Wisconsin tax returns. Previously, Wisconsin had said same-sex couples needed to file separate Wisconsin tax returns as single people, and recalculations may need to be done in arriving at Wisconsin taxes. That all goes away now: Previously, same-sex…
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    IncomeTaxReturnIndia.com

  • How to Pay TDS on sale of Immovable property

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

    Sapna Gupta
    18 Oct 2014 | 2:46 am
    Check your PAN Name, Verify PAN Their is frequent queries on how can i verify pan details, PAN no income tax assessing officer ward and circle no. or how can i track status of my PAN application status. To know about PAN related information including PAN address and PAN details, … Continue reading →
  • LIC Jeevan Shagun Single Premium Policy provides insurance and good returns

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

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

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

  • Tax Lien Sale Investments Can Provide High Rates of Return

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

    eluke
    8 Sep 2014 | 10:00 pm
    Thіѕ ѕееmѕ tо bе оnе оf thе mоrе popular questions asked? Thе answer іѕ аlmоѕt everyone can participate in Tax Lien Sales. However, thеrе аrе ѕоmе exceptions. Fоr example, county employees аnd аn individual owing delinquent property taxes іn thе … Continue reading → The post Tax Lien Sales – Who Can Invest? appeared first on Tax Lien Certificates - Smart Investing.
  • Tax Lien Certificates – Predictable, Certain, And Secure

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

    eluke
    16 Jun 2014 | 4:47 pm
    I frequently received many questions regarding both tax lien and tax deed investing. Many are from investors that are just starting out in the field but, some are from individuals that already have a few deals under their belt. From … Continue reading → The post Tax Liens – Frequently Asked Questions appeared first on Tax Lien Certificates - Smart Investing.
  • Tax Deed Investing

    eluke
    18 May 2014 | 8:17 am
    If you’re looking to invest in real estate, Tax Deed Investing may be of interest to you. With just a little knowledge and some due diligence, it really is quite possible to get homes for as little as ten to … Continue reading → The post Tax Deed Investing appeared first on Tax Lien Certificates - Smart Investing.
 
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    Blog

  • Is Mistake or Ignorance of Law a Valid Defense for Tax Crimes?

    Bill Hartsock
    28 Oct 2014 | 9:53 am
    If you are being investigated for a criminal tax offense, you might wonder what defenses you can assert to avoid prosecution or severe penalties. The defense you assert must be specifically tailored to the criminal charge being brought against you. Because the IRS must prove each element of your crime beyond a reasonable doubt, your goal in coming up with a winning defense should be to negate at least one of the elements of the offense.Tags: IRS Tax Fraud Information & Advice From The Tax LawyerRead more about Is Mistake or Ignorance of Law a Valid Defense for Tax Crimes?
  • Recovering Administrative Costs in Tax Appeals

    Bill Hartsock
    16 Oct 2014 | 4:37 pm
    At the end of the Tax Appeals process, many taxpayers wonder if they will be able to recoup certain costs incurred in dealing with the IRS. Although it may not be easy, it is actually possible to obtain administrative costs, including attorney’s fees, following an Tax Appeals process. By filing a well-timed administrative claim for administrative costs or a “qualified offer,” the taxpayer may be able to do so.Tags: Tax Appeal Information & Advice From The Tax LawyerRead more about Recovering Administrative Costs in Tax Appeals
  • Settlement Agreement Forms For Tax Tax Appeals Cases

    Bill Hartsock
    9 Oct 2014 | 11:38 am
    When you finally come to an agreement with the Tax Appeals Officer to settle your case, the settlement should be recorded on a particular type of written form. In general, the IRS uses one of four forms for cases settled in Tax Appeals: Form 870, the waiver of restrictions on assessment; Tags: Tax Appeal Information & Advice From The Tax LawyerRead more about Settlement Agreement Forms For Tax Tax Appeals Cases
  • Settlement of Related Cases in Tax Appeals

    Bill Hartsock
    8 Oct 2014 | 10:54 am
    Sometimes, a taxpayer’s case may involve issues that will impact the taxpayer for years to come. Thus, an agreement with the Tax Appeals Office can affect the taxpayer’s tax return for the current year, future years, as well as related issues on those tax returns. For this reason, it may be beneficial to both parties if consistent action is taken on both related issues.Tags: Tax Appeal Information & Advice From The Tax LawyerRead more about Settlement of Related Cases in Tax Appeals
  • Considerations For Making A Tax Appeals Settlement Offer

    Bill Hartsock
    6 Oct 2014 | 11:59 am
    If you have reached the tax appeals stage and you are considering making a settlement offer to the Tax Appeals officer, there are certain things to keep in mind. As a general rule, Tax Appeals officers will give serious consideration to any good-faith attempt to settle the matter. A nuisance-value offer will simply be ignored. If you make a good-faith offer that the Tax Appeals officer believes is unacceptable, they may counteroffer or describe some other basis upon which your settlement offer might be accepted.Tags: Tax Appeal Information & Advice From The Tax LawyerRead more about…
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    Bankrate.com » Taxes

  • Best, worst business tax climates

    Kay Bell
    30 Oct 2014 | 9:17 am
    Taxes are among the factors that businesses consider when locating their operations. The lack of taxes is evident in the 2015 ranking of best business tax climates.
  • Long-term effects of tax votes

    Kay Bell
    28 Oct 2014 | 9:25 am
    Candidates know that promises of lower taxes resonate with voters. But don't fall for immediate tax cuts that could cause more problems for you and yours later.
  • Tax auctions over tiny amounts

    Kay Bell
    23 Oct 2014 | 9:50 am
    Tiny unpaid property tax amounts can lead to major problems, including loss of a home to a tax auction sale. Make sure your taxes are paid!
  • Time to make year-end tax moves

    Kay Bell
    21 Oct 2014 | 8:42 am
    Dec. 31 will be here before you know it, so take some time now to make year-end tax moves that could lower your 2014 IRS bill.
  • Treasury takes in record $3 trillion

    Kay Bell
    16 Oct 2014 | 10:47 am
    The federal deficit continues to fall, thanks in large part to the record number of taxes Uncle Sam collected in fiscal year 2014.
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    Sales Use Tax

  • Dropshippers: Are Exemption Certificates Required For Every State?

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

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

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

    Annette Nellen
    6 Oct 2014 | 9:15 am
    In May 2014, the D.C. Tax Revision Commission released its report outlining numerous changes for its key taxes. Included in the sales tax recommendations: Expand the base to include more services with a focus on those that are mostly used … Continue reading →
  • Colorado Statute of Limitations: Watch Dates in Home Rule Cities

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

  • US Ambassador LeVine Talks about Similarities and Differences between Switzerland and the USA

    admin
    30 Oct 2014 | 3:32 am
    US Ambassador in Switzerland Suzanne LeVine talks to KPMG about the values shared by Switzerland and the USA. During the interview S. LeVine takes up the subject of the tax dispute between the Swiss banks and the USA. She believes that ‘the world banking secrecy is no longer a value proposition’. The US Program aims at sorting the tax dispute and focuses on US citizen evading tax. The US Program should help the banks move towards a new model. When asked about the timeline for a resolution of the issue S. LeVine says ‘I know that both the Department of Justice (DoJ) and the…
  • NY Department of Financial Services Seeks $300m from Bank Leumi in US Tax Probe

    admin
    29 Oct 2014 | 12:39 am
    New York Department of Financial Services seeks $300m from bank Leumi for having helped US clients evading tax. This amount is more that the $254m set aside by the bank to solve the federal tax probe with the US. Bank Leumi  holds a New York license that could be revoked by the state for violating laws. Benjamin Lawsky, head of the NY Department of Financial Services obtained $715m from Credit Suisse in May as part of the 2.6bn penalty settlement. According to Bloomberg sources ‘US prosecutors and lawyers for Leumi are discussing a deferred-prosecution agreement, in which the Justice…
  • UBS $1.9bn Extra Legal Reserves, Net Profit at c.a. $800m

    admin
    28 Oct 2014 | 2:00 am
    Despite the extra reserves for litigation costs, UBS beats forecasts for Q3 with a net profit up 32% at c.a. $800m YoY As Bloomberg reiterates that the FSA intensified talks with six banks, including UBS and the bank is in talks with the US Department of Justice (DoJ), the Swiss and Hong Kong regulators to resolve their investigation into currency rate rigging. The private banking division continued to bring in 9.8bn of net new assets and increased profitability. Further reading New York Times Tages Anzeiger Reuters Bloomberg
  • After Liechti Incriminated Weil, Will Weil Change his Plea and in Turn Incriminate other Former Top Executives

    admin
    27 Oct 2014 | 11:12 pm
    In the second week of the ongoing trial of Raoul Weil in Florida, Martin Liechti continues to provide testimonies against Weil, his former boss and friend. Raoul Weil’s lawyer still plead not guilty, but the new question is whether Weil will change his stance and decide to cooperate and involve other executives. Newsweek reports that ‘according to senior American lawyers briefed on the matter, [the question] is whether Weil, who faces up to five years in jail, might eventually decide to cooperate with the government and finger other former senior UBS executives and former board…
  • US Program, Category 2 Swiss Banks, Model NPA

    admin
    27 Oct 2014 | 1:56 am
    The Agefi comes back on the letter 73 Swiss banks sent to the US Department of Justice (DoJ) regarding the model Non-Prosecution Agreement (NPA).  The banks feels that they have been cheated on. The understanding of the banks was that their participation in the US Program would allow them to buy immunity, at a high price Under the model NPA Category 2 participants must provide information on the activities of their subsidiaries or any parent companies, without enjoying immunity. It would require to renew at the international level the exercise already made in Switzerland to identify US…
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