Taxes

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  • Frisbee and other creative day camps can cut taxes

    Don't Mess With Taxes
    skbell1
    30 Jul 2014 | 8:55 am
    I know I alluded to kids and day camp not too long ago when our driveway was ground zero for the neighborhood skateboarders' personal X Games. But in clearing out the way too many photos on my phone, I ran across this snapshot of a day camp flyer on the local coffee shop's bulletin board and I couldn't resist. Frisbee camp. Go figure. I guess I shouldn't crack wise. As a middle schooler -- we called it junior high back in my day -- I went off to twirling camp. Baton twirling, not spinning around in a circle, although given the increasingly creative camp options, that…
  • The New Voluntary Tax Preparer Program

    Our Taxing Times
    trishmc
    6 Jul 2014 | 12:48 pm
    Unless you’ve been under a rock, you should know by now that the IRS has released their new voluntary tax preparer program. The new program is designed to be in place January of 2015. The IRS is using this voluntary program until they can get the Congressional authorization for a mandatory tax preparer program. I’m not too optimistic about a mandatory program. Let’s face it there have been several bills regulating tax pros before and they all died when the Congressional session ended. The IRS Filing Season Program is the service’s response to the Loving et al vs IRS decision…
  • Tax-News.com: Singapore Issues Guide On Taxation Of Start-Up Costs

    Tax-News.Com Live Tax Headlines
    30 Jul 2014 | 1:56 pm
    Tax-News.com: On July 29, the Inland Revenue Authority of Singapore issued an e-Tax Guide to provide some guidance on determining the date on which business is deemed to commence for tax purposes.
  • Sen. Shaheen's Child and Dependent Care Tax Credit (CDCTC) Proposal

    Tax Policy Center: The Numbers
    27 Jul 2014 | 10:00 pm
    Distribution analysis and revenue estimate of Sen. Shaheen's CDCTC Proposal, The "Helping Working Families Afford Child Care Act." This set of estimates consists of the following related tables: (T14-0079) Sen. Shaheen's Child and Dependent Care Tax Credit (CDCTC) Proposal: The (T14-0080) Sen. Shaheen's Child and Dependent Care Tax Credit (CDCTC) Proposal: The (T14-0081) Sen. Shaheen's Child and Dependent Care Tax Credit (CDCTC) Proposal: The (T14-0082) Sen. Shaheen's Child and Dependent Care Tax Credit (CDCTC) Proposal: The (T14-0083) Sen. Shaheen's Child and…
  • WHAT’S THE BUZZ, TELL ME WHAT’S A HAPPENNIN’ - TUESDAY EDITION

    THE WANDERING TAX PRO
    29 Jul 2014 | 2:00 am
    * Have you seen my new website yet – FIND A TAX PRO?  Check it out! * The IRS has released draft versions of new tax forms related to the Obamacare health insurance premium tax credit. Form 1095-A is the “Health Insurance Marketplace Statement”  that will be sent to those who have received an advance credit (via premium reduction) during the year and Form 8962(“Premium Tax Credit”) is used to reconcile the advance credit received to the actual credit allowed based on AGI and calculate any pay back of excess advance credits.The Form 1040 draft has also been released, with…
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    Don't Mess With Taxes

  • Frisbee and other creative day camps can cut taxes

    skbell1
    30 Jul 2014 | 8:55 am
    I know I alluded to kids and day camp not too long ago when our driveway was ground zero for the neighborhood skateboarders' personal X Games. But in clearing out the way too many photos on my phone, I ran across this snapshot of a day camp flyer on the local coffee shop's bulletin board and I couldn't resist. Frisbee camp. Go figure. I guess I shouldn't crack wise. As a middle schooler -- we called it junior high back in my day -- I went off to twirling camp. Baton twirling, not spinning around in a circle, although given the increasingly creative camp options, that…
  • Airlines win House battle over ticket tax transparency

    skbell1
    29 Jul 2014 | 1:20 pm
    The summer started with a Congressional effort to make it easier for travelers to see just how much taxes add to airline ticket costs. Now Congress is wrapping up the season -- at least as far as it's concerned since it takes the month of August off -- by giving in to the airlines. Fares before taxes are added: The House on July 28 rejected a bill that consumers' groups had championed and instead passed a bill that allows airlines to advertise their base ticket prices before taxes and fees are added. H.R. 4156, known as the Airfare Transparency Act of 2014, would overturn the…
  • Defense Department workers, some with top security clearance, owed $730 million in back federal taxes

    skbell1
    28 Jul 2014 | 3:16 pm
    The raw numbers are bad enough. Approximately 83,000 Department of Defense (DOD) employees and contractors had unpaid federal tax debt totaling more than $730 million as of June 30, 2012, according to a just-released General Accountability Office report. Southwest view of the Pentagon with the Potomac River and Washington Monument in background. Department of Defense photo by Master Sgt. Ken Hammond, U.S. Air Force, via Wikimedia. IRS data shows that the tax debt of all individuals and businesses as of Sept. 30, 2013, was about $374 billion. But the news gets worse. In "Security…
  • $16 million in tax breaks ensure CBS' Late Show stays in NYC

    skbell1
    27 Jul 2014 | 7:13 am
    $16 million. That's how much in tax breaks CBS is eligible for by keeping The Late Show in the Big Apple. The bulk of the money is $11 million in tax credits over five years. Then there's another $5 million in grants from Empire State Development to offset costs of renovating the Ed Sullivan Theater on Broadway for its soon-to-be-new host Stephen Colbert. Stephen Colbert appeared on the Late Show with David Letterman on April 23, following the announcement that the Comedy Central funny man would take over the CBS program after Letterman retires in 2015. Colbert came armed with a…
  • Will the Highway Trust Fund be refilled before it runs dry?

    skbell1
    26 Jul 2014 | 10:22 am
    The Senate is expected to vote next week on a bill to refill the funding tank that fuels the nation's highway and mass-transit projects. The Highway Trust Fund essentially covers all federal highway and bridge projects. U.S. Transportation Department officials have been warning for months that the fund will run dry, possibly as soon as August. Emergency refill courtesy Fernando Rivadavia via POSTCARD from Mexico N°14 If that happens, warns the White House, 700,000 jobs could be lost and 100,000 active infrastructure projects already underway across the country could slow or stop…
 
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    Our Taxing Times

  • The New Voluntary Tax Preparer Program

    trishmc
    6 Jul 2014 | 12:48 pm
    Unless you’ve been under a rock, you should know by now that the IRS has released their new voluntary tax preparer program. The new program is designed to be in place January of 2015. The IRS is using this voluntary program until they can get the Congressional authorization for a mandatory tax preparer program. I’m not too optimistic about a mandatory program. Let’s face it there have been several bills regulating tax pros before and they all died when the Congressional session ended. The IRS Filing Season Program is the service’s response to the Loving et al vs IRS decision…
  • Why E-file a Tax Return...

    trishmc
    26 Jun 2014 | 1:58 pm
    …less chance of notices from the IRS or a state. I e-file everything I can. It’s quick, easy and more accurate than paper filing. The accuracy is important to me because I hate responding to tax notices. It’s bad enough when there is a real question concerning a return - like documentation of expenses. But it’s frustrating when I’m sending out information that went with the return. I just sent a letter to the Kansas Department of Revenue (KDOR) with copies of missing information. I don’t know what happened to the missing schedule. The client could have gone through the return and…
  • EFTPS - Inquiry PIN

    trishmc
    8 May 2014 | 1:43 pm
    I’ve talked about this a lot – taxes are your responsibility. Personal or business, the bottom line is that you are responsible for filing the returns and paying the tax. Using a paid preparer doesn’t get you out of that responsibility. The IRS has started a new service to help businesses who use a payroll service to file their payroll. Beginning this year, when a payroll service provider enrolls a client in the Electronic Federal Tax Payment System (EFTPS), the IRS will issue the business an EFTPS Inquiry PIN.  They will also give businesses that have had activity on their EFTPS…
  • Season Over - I'm Back!

    trishmc
    28 Apr 2014 | 6:07 pm
    I will be the first to admit I have neglected this blog the last six month. It was hard to post while I was in the hospital and in rehab. Once home, it took everything to keep up with tax returns. The last couple of weeks have been full of catch up and decompression. To be honest, it’s been hard to write. I got out of the habit of doing it. Part of the problem is I got so behind on my reading. I have a stack of journals and newsletters to read along with a 3 inch stack of printouts I found through links and emails. I also have a couple dozen emails I just stuck in the “Tax Info” folder…
  • The Annual Extension Post

    trishmc
    27 Mar 2014 | 8:15 am
    There is a little less than 3 weeks left before your 2013 tax return is due. So 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…
 
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    Tax Policy Center: The Numbers

  • Sen. Shaheen's Child and Dependent Care Tax Credit (CDCTC) Proposal

    27 Jul 2014 | 10:00 pm
    Distribution analysis and revenue estimate of Sen. Shaheen's CDCTC Proposal, The "Helping Working Families Afford Child Care Act." This set of estimates consists of the following related tables: (T14-0079) Sen. Shaheen's Child and Dependent Care Tax Credit (CDCTC) Proposal: The (T14-0080) Sen. Shaheen's Child and Dependent Care Tax Credit (CDCTC) Proposal: The (T14-0081) Sen. Shaheen's Child and Dependent Care Tax Credit (CDCTC) Proposal: The (T14-0082) Sen. Shaheen's Child and Dependent Care Tax Credit (CDCTC) Proposal: The (T14-0083) Sen. Shaheen's Child and…
  • Compare Current Law with Tax Law and Policy as of 2008

    22 Jul 2014 | 10:00 pm
    This set of estimates consists of the following related tables: (T14-0078) Current Law against Current Law as of 2008 baseline; Distribution of Federal Tax Change by Expanded Cash Income Percentile, 2013 (T14-0073) Current Law against Current Law as of 2008 baseline; Distribution of Federal Tax Change by Expanded Cash Income Level, 2013 (T14-0074) Current Law against Current Policy as of 2008 Baseline; Distribution of Federal Tax Change by Expanded Cash Income Percentile, 2013 (T14-0075) Current Law against Current Policy as of 2008 Baseline; Distribution of Federal Tax Change by Expanded…
  • Chairman Dave Camps Tax Reform Act of 2014

    13 Jul 2014 | 10:00 pm
    This set of estimates consists of the following related tables: (T14-0067) Chairman Dave Camp’s Tax Reform Act of 2014; Distribution of Federal Tax Change by Expanded Cash Income Level, 2023 (T14-0068) Chairman Dave Camp’s Tax Reform Act of 2014; Distribution of Federal Tax Change by Expanded Cash Income Percentile, 2023 (T14-0069) Chairman Dave Camp’s Tax Reform Act of 2014; Effective Marginal Tax Rates on Wages, Salaries, and Capital Income by Expanded Cash Income Level, 2023 (T14-0070) Chairman Dave Camp’s Tax Reform Act of 2014; Effective Marginal Tax Rates on Wages, Salaries, and…
  • President Obama's FY2015 Budget

    29 Jun 2014 | 10:00 pm
    This set of estimates consists of the following related tables: (T14-0051) Administration's FY 2015 Budget Proposal; All Major Tax Provisions; Distribution of Federal Tax Change by Expanded Cash Income Level, 2015 (T14-0052) Administration's FY 2015 Budget Proposal; All Major Tax Provisions; Distribution of Federal Tax Change by Expanded Cash Income Level, 2023 (T14-0053) Administration's FY 2015 Budget Proposal; All Major Tax Provisions; Distribution of Federal Tax Change by Expanded Cash Income Percentile, 2015 (T14-0054) Administration's FY 2015 Budget Proposal; All Major Tax Provisions;…
  • Options to reform the Child Tax Credit

    25 Jun 2014 | 10:00 pm
    This set of estimates consists of the following related tables: (T14-0041) H.R.4935: The Child Tax Credit Improvement Act of 2014, Baseline: Current Law, Distribution of Federal Tax Change by Expanded Cash Income Level, 2015 (T14-0042) H.R.4935: The Child Tax Credit Improvement Act of 2014, Baseline: Current Law, Distribution of Federal Tax Change by Expanded Cash Income Percentile, 2015 (T14-0043) Eliminate Income Threshold for the Refundable Child Tax Credit, Baseline: Current Law, Distribution of Federal Tax Change by Expanded Cash Income Percentile, 2015 (T14-0044) Eliminate Income…
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    THE WANDERING TAX PRO

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

    29 Jul 2014 | 2:00 am
    * Have you seen my new website yet – FIND A TAX PRO?  Check it out! * The IRS has released draft versions of new tax forms related to the Obamacare health insurance premium tax credit. Form 1095-A is the “Health Insurance Marketplace Statement”  that will be sent to those who have received an advance credit (via premium reduction) during the year and Form 8962(“Premium Tax Credit”) is used to reconcile the advance credit received to the actual credit allowed based on AGI and calculate any pay back of excess advance credits.The Form 1040 draft has also been released, with…
  • FIND A TAX PROFESSIONAL

    28 Jul 2014 | 11:07 am
    I just created a new website titled FIND A TAX PROFESSIONAL!The purpose of the site is to help a taxpayer find the right tax preparer for his or her individual situation.Actually now is a good time to begin looking for a professional to prepare your 2014 tax returns.  You should not wait until next January or February.  Preparers have more time now to spend talking to you.  This new website has links to several searchable databases of professional tax preparers, and a collection of invaluable articles, by me, to help with your search.These articles include:ALPHABET SOUP - What…
  • WHAT’S THE BUZZ, TELL ME WHAT’S A HAPPENNIN’

    25 Jul 2014 | 5:43 am
    Better late than never!* I didn’t realize I was chortling so loud.  At times my joy in discovering tax return errors made by CPAs (this happens more often than they would like you to think) can be described as “orgasmic”.  Case in point, and, as Peter points out, another of many instances of CPAs proving they are not 1040 experts, the situation discussed by Peter J Reilly of FORBES.COM in his post “Social Security Disability Taxation - Curious And Confusing According to Tax Court”. * Jason Dinesen talks about something that I had never even thought about before –…
  • SOME GOOD NEWS FOR A CHANGE ABOUT THE IRS VOLUNTARY CERTIFICATION PROGRAM

    23 Jul 2014 | 2:00 am
    A recent “issue” of the National Association of Tax Professional’s TAXPRO WEEKLY email newsletter included the following item (the highlight is mine) -“The following is from Rev. Proc. 2014-42:‘Revenue Procedure 81-38 is modified and superseded for tax returns and claims for refund prepared and signed (or prepared if there is no signature space on the form) after December 31, 2015.Unenrolled tax return preparers may not rely on Revenue Procedure 81-38 to represent taxpayers during an examination of a tax return or claim for refund prepared or signed after December 31, 2015.’This…
  • WHAT’S THE BUZZ, TELL ME WHAT’S A HAPPENNIN’ - TUESDAY EDITION

    22 Jul 2014 | 2:00 am
    * Barbara Weltman explains the “Hobby Lobby Case and Your Small Business” at BARBARA’S BLOG.On June 30, 2014, the U.S. Supreme Court ruled that requiring family-owned corporations (like Hobby Lobby, Inc) to pay for insurance coverage for contraception under the Affordable Care Act violated a federal law protecting religious freedom.“The Court said that a closely-held corporation (the legal entity of the litigants Hobby Lobby Stores, Inc. and Conestoga Wood Specialties Corp.), is a person for purposes of the RFRA {the Religious Freedom Restoration Act of 1993 – rdf}, thus protecting,…
 
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    Start Making Sense

  • Conversation with Givewell about tax reform

    29 Jul 2014 | 7:46 pm
    As Wikipedia explains, "GiveWell is an American non-profit charity evaluator created in 2007 by two former Bridgewater Associates investment analysts, Holden Karnofsky and Elie Hassenfeld."   Their main mission is to identify good causes that might then receive substantial funding.One of the topics they've identified as a possible cause to consider funding is design work on fundamental tax reform.  So they have been interviewing various people in the field, most recently me.  You can find a file memo regarding their conversation with me here.I was not as bullish as I would like…
  • Understanding and responding to corporate inversions

    28 Jul 2014 | 7:52 am
    [This post has been corrected since it was initially posted.]The last few days have seen a flurry of discussion about corporate inversions.  Examples include this Washington Post op-edby Treasury Secretary Jacob Lew, and today’s NYT op-ed by Paul Krugman.Corporate inversions are transactions in which a U.S. multinational transmutes itself into a foreign multinational by arranging to convert the U.S. entity into a mere subsidiary, rather than the company at the top of the chain.  Once this has been done, there is still a U.S. company conducting U.S. operations.  But there are…
  • Cable TV appearance this Sunday

    25 Jul 2014 | 7:44 pm
    This Sunday (July 27), I'll be interviewed live, at 4 pm EST or so, on an international TV channel called Arise TV that is viewable domestically on-line (www.arise.tv), on Time Warner Cable, and on Verizon Fios (481).  The subject will be corporate inversions to eliminate U.S. resident status, and President Obama's recent call for legislation combating them.
  • New article draft posted on SSRN

    21 Jul 2014 | 9:00 am
    I have just posted a recently completed article draft on SSRN, entitled "Multiple Myopias, Multiple Selves, and the Under-Saving Problem."  It's available here.It will be appearing in 2015 in volume 47 of the Connecticut Law Review, as the lead article in a special Commentary Issue.  (It will thus be accompanied by two or three papers by people in the field offering comments.)The abstract goes something like this:In both public policy debate and the academic literature, there is widespread, though not universal, agreement that millions of Americans are saving too little for their…
  • Jotwell post on Piketty book

    8 Jul 2014 | 8:17 am
    I have published a very brief essay on Jotwell concerning Thomas Piketty's Capital in the Twenty-First Century.  You  can find it here.As you can perhaps see from reading it, it's less of an actual response to or full assessment of Piketty's book (unlike, say, Neil Buchanan's Jotwell piece on Piketty, which you can find here), than a preliminary statement of what I actually do want to write about at greater length.  This reflects that I will actually be doing so.  Further details to be available shortly.
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    MauledAgain

  • Collecting An Existing Tax is Not a Tax Increase

    James Edward Maule
    30 Jul 2014 | 5:01 am
    A recent commentary from The Institute for Policy Innovation bemoans the possible derailment of the Permanent Internet Tax Freedom Act by the addition of unrelated provisions to the legislation. Since its inception, the movement of legislation through the Congress has been hampered by extraneous amendments, a snag in the process that ought to be eliminated. On that point, I agree with the commentary.The commentary points out that if the legislation does not pass, the existing moratorium on certain internet taxation will expire. The current moratorium prevents internet access taxation, and…
  • Tax Myths: Part XIV: Retired People Do Not Pay Income Tax

    James Edward Maule
    28 Jul 2014 | 5:01 am
    I must admit I was surprised to discover someone asserting that “Obviously retired people do not pay INCOME TAX.” I had not previously encountered this myth. In another post, a commentator provides some of the flawed reasoning behind this sort of assertion, explaining “there are some small percentage who retire before age 65 and these retired people do not pay taxes (due to no income, except that they are well-off to live on past earnings.” Someone who is retired and living off of accumulated savings surely has investment income, which is taxed. Retired individuals, no matter the age…
  • Tax Myths: Part XIII: Children Do Not Pay Tax

    James Edward Maule
    25 Jul 2014 | 5:01 am
    It isn’t difficult to find web sites that contain statements claiming that children do not pay tax. For example, an answer to the question How many taxpayers are there in the U.S.? was tagged as “wrong” because “Children do not pay tax.” The statement was followed by another erroneous assertion. A similar reaction appeared in response to the question Is it really true half the country doesn’t pay income tax?, from someone who not only claimed that “children do not pay income tax,” but also delivered several other questionable assertions.Though there are some exceptions to…
  • Tax Myths: Part XII: The Internal Revenue Code Fills 70,000 Pages

    James Edward Maule
    23 Jul 2014 | 5:01 am
    The assertion that the Internal Revenue Code consists of 70,000 pages is one of my favorite tax myths because it is so silly, so easily debunked, and so indicative of America’s tax ignorance. As I’ve explained in a series of posts, starting with Bush Pages Through the Tax Code?, and continuing with Anyone Want to Count the Words in the Internal Revenue Code?, Tax Commercial’s False Facts Perpetuates Falsehood, How Tax Falsehoods Get Fertilized, How Difficult Is It to Count Tax Words, A Slight Improvement in the Code Length Articulation Problem, and Tax Ignorance Gone Viral, Weighing the…
  • Tax Myths: Part XI: Alimony Always Is Taxable

    James Edward Maule
    21 Jul 2014 | 5:01 am
    Perhaps in the rush to be succinct, people present general rules as absolutes. For example, a responder in this threadadvised that “And yes, alimony is always taxable to the recipient, regardless of the form in which it is paid.” Similar advice, tainted by yet another error confusing gross income with taxable income, shows up in this commentary, which claims that “Alimony is always taxable income to the recipient.”However, those statements are incorrect. They need to be qualified. For example, section 71 provides that if the divorce or separation instrument specifies that the alimony…
 
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    TaxProf Blog

  • Experts Assess Whistleblower's Lawsuit Challenging Vanguard's Tax Structure

    Paul Caron
    30 Jul 2014 | 12:33 pm
    Following up on Saturday's post, Former Vanguard Tax Lawyer Files Whistleblower Suit Alleging Mutual Fund Giant Became Low-Cost Leader by Evading $1 Billion in Taxes: Philadelphia Inquirer, Vanguard's Singular Model Is Under Scrutiny: Vanguard Group stands atop the mutual fund business, and credits its "unique" structure: The largest mutual fund...
  • House May Vote This year to Repeal Estate Tax

    Paul Caron
    30 Jul 2014 | 12:23 pm
    Bloomberg, House May Vote This Year to Repeal Estate Tax, Camp Says: Republicans are considering voting this year to repeal the U.S. estate tax, said House Ways and Means Chairman Dave Camp. Camp, a Michigan Republican, told reporters in the Capitol today that many recently elected U.S. House members haven’t...
  • Are Academic Law Libraries Doomed?

    Paul Caron
    30 Jul 2014 | 10:00 am
    Following up on my previous post, WSJ: Law Libraries Are Doomed: Kenneth J. Hirsh (Cincinnati), Like Mark Twain: The Death of Academic Law Libraries Is an Exaggeration: At the 2013 CALI Conference on Law School Computing, Professor James Milles, professor and former library director of the SUNY Buffalo Law School,...
  • UCLA Lowell Milken Institute Law Teaching Fellowship

    Paul Caron
    30 Jul 2014 | 9:30 am
    The Lowell Milken Institute for Business Law and Policy at UCLA School of Law is now accepting applications for the Lowell Milken Institute Law Teaching Fellowship: This fellowship is a full-time, year-round, one or two academic-year position (approximately July 2015 through June 2016 or June 2017). The position involves law...
  • Bar Exam Technology Disaster: ExamSoft Servers Unable to Handle Crush of Applicants Trying to Upload Their Exams

    Paul Caron
    30 Jul 2014 | 6:17 am
    Inside Higher Ed, Bar Exam Technology Disaster: New law graduates in many states experienced a technology snafu at the worst possible time Tuesday night: as they were attempting to upload bar examinations just before deadlines in their states. Many reported spending hours trying and failing to upload their answers. ExamSoft,...
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    Texas State & Local Tax Law Blog

  • Texas may soon end its "trailing nexus" treatment for out-of-state sellers

    Alan E. Sherman
    30 Jul 2014 | 5:00 am
    The Texas Comptroller of Public Accounts is currently circulating drafts of proposed sales and use tax rule changes for informal comments from interested tax practitioners. Most of the drafts are very detailed and will require careful review to determine how particular provisions will help – or hurt – a specific business or industry. Today’s post is about the Comptroller’s intention to end “trailing nexus,” a draft proposal that should be especially helpful to certain out-of-state sellers of taxable items to Texas customers. Photo credit: © Stuart…
  • An update on three state tax cases pending at the Texas Supreme Court

    Alan E. Sherman
    16 Jul 2014 | 5:00 am
    A number of state tax cases are currently pending in the Texas courts, including three important ones now docketed at the Texas Supreme Court. In each of those cases, it was the Texas Comptroller of Public Accounts, represented by tax lawyers from the Texas Attorney General’s office, that filed petitions for review after losing in the intermediate appellate court. Curiously, those three cases share the same – and relatively rare – feature: the winning taxpayers all waived their right to respond to the Comptroller’s petitions for review, but the Supreme Court asked them…
  • Another twist in calculating the apportionment factor under the Texas margin tax

    Alan E. Sherman
    4 Jun 2014 | 5:00 am
    A pending state court appeal involves an interesting - and important - question of how the revised Texas franchise tax, the so-called “margin tax,” should be calculated. Specifically, the question on appeal is what figure should be counted in a taxpayer’s “gross receipts from its entire business” for apportionment purposes when the taxpayer incurs both gains and losses on sales of investment or capital assets in the same year that it also has other types of gross receipts. The case is Hallmark Marketing Company, LLC v. Combs, et al., No. 13-14-00093-CV,…
  • The Texas Comptroller's latest court appeal involves the taxability of a wellbore video

    Alan E. Sherman
    26 May 2014 | 5:00 am
    [UPDATE 5/26/14: Just two weeks after its initial filing at the Third Court of Appeals, the Texas Comptroller of Public Accounts decided to drop its appeal of the lower court’s decision in Combs, et al. v. EVO Incorporated, Court of Appeals Number 03-14-00293-CV. The state’s Unopposed Motion to Dismiss Appeal filed on May 21st didn’t elaborate on the Comptroller’s reasons for dismissing the case. It merely said that the “Appellants (the Comptroller and the Texas Attorney General, a statutorily-required party in tax cases) no longer wish to pursue this…
  • Another pending Texas tax appeal to watch

    Alan E. Sherman
    5 May 2014 | 5:00 am
    A recent post captioned “Three appeals to watch in pending Texas tax litigation” mentioned some important tax cases that the Texas Comptroller of Public Accounts lost in court and is now appealing. To be fair, it should be noted that the Texas Attorney General’s tax lawyers who represent the Comptroller in court have also won several important cases that are being appealed by the taxpayers involved. One of those cases is Graphic Packaging Corporation v. Combs, et al., which addresses apportionment under the revised Texas franchise tax, the so-called “margin tax.”…
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    Roth & Company, P.C

  • Tax Roundup, 7/30/14: Iowa Illustrated! And: an unhappy take on IRS offshore account enforcement.

    Joe Kristan
    30 Jul 2014 | 7:06 am
    Iowa’s tax system in pictures.  The Tax Foundation yesterday posted “Iowa Illustrated: A Visual Guide to Taxes & the Economy.”  It is a valuable and sobering introduction into Iowa tax policy.  Anybody interested in Iowa’s tax policy mess should start here. The Tax Foundation summary: Here are just a few examples of the more than 30 key findings: Iowa relies on federal funding for one-third of its budget Iowa’s sales tax rate has tripled since its creation Iowa’s business taxes rank poorly nationally, and are uncompetitive regionally Iowa has had a net loss…
  • Tax Roundup, 7/29/14: Whither Halbig and the ACA. And lots more!

    Joe Kristan
    29 Jul 2014 | 7:26 am
    The Big Tax News while I was on vacation was the Halbig decision by the U.S. Court of Appeals for the D.C. Circuit.  The decision holds invalid the IRS decision allowing tax credit subsidies for policies purchased on federal insurance exchanges.  The impact of the decision was offset by a Fourth Circuit decision the same day coming to the opposite conclusion, but it is still a big deal, especially in light of some subsequent events. The D.C. circuit has national implications because every taxpayer can come under its jurisdiction by litigating through the Court of Federal Claims.  An…
  • Tax Roundup, 7/28/14: Out of the Wilderness edition.

    Joe Kristan
    28 Jul 2014 | 6:36 am
    I’m back from the Philmont Scout Ranch.  81 rough and hilly miles in 10 days, not counting wrong turns, and all but about 12 with full pack.  The remainder were side trips up mountains. It was a memorable and wonderful experience, even though I don’t intend to repeat it anytime soon.  I went with a great crew (including my younger son), and a skilled and wise adult “co-advisor,” so mostly I just got to enjoy the scenery and work on my new Unabomber Cowboy look.  I got a bunch of New Mexico mountain flora and fauna photos, many of which will be used as decoration on…
  • Tax Roundup, 7/11/14: Wilderness edition. And: the hazards of doing it yourself.

    Joe Kristan
    11 Jul 2014 | 6:37 am
    Photo courtesy Philmontscoutranch.org Programming note.  The Tax Update goes untended for the next two weeks, as I head to Philmont Scout Ranch with my younger son and others for a 10-day backpacking odyssey.  It’s my first visit to New Mexico and my first extended backpacking trip.  Horses, carabiners, and black powder rifles will be encountered.  Whatever remains of me will be back here July 28.  The lovely and talented folks in the blogroll to the right will keep the tax world under control in the meantime.   Accounting Today visitors: if you followed the newsletter link…
  • Tax Roundup, 7/10/14: The sordid history of temporary tax provisions. And: NOLA mayor wins 10-year term!

    Joe Kristan
    10 Jul 2014 | 6:59 am
    Lindsey McPherson of Tax Analysts has a great, but unfortunately gated, article today, “Things to Know About the Tax Extenders’ History” ($link) Update: Tax Analysts has ungated the article, so read it all here for free! ( It details four points: 1. Two-Year Retroactive Extensions Are Often Passed Late in Election Years 2. Extenders Are Often Attached to Larger Bills 3. Congress Has Never Fully Offset Extenders Legislation 4. Most Extenders Have Been Renewed at Least 3 Times What does “most” mean? “Of the 55 expired provisions that are the focus of the…
 
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    RUBIN ON TAX

  • NORTHWESTERN UNIVERSITY FOOTBALL PLAYERS ARE NOT EMPLOYEES

    Charles (Chuck) Rubin
    28 Jul 2014 | 1:34 pm
    Recently, the National Labor Relations Board ruled that grant-in-aid scholarship football players at Northwestern University are “employees” under the National Labor Relations Act. This has raised the question whether such players are now taxable on their scholarships. In a letter from the Office of Chief Counsel to Senator Richard Burr, Treasury has indicated that they are not employees for federal tax purposes. The letter notes the NLRB decision does not control the “employee” character of the players for tax purposes – this is determined under the Internal Revenue Code. Code…
  • Part 4–THE DELINQUENT INTERNATIONAL RETURN SUBMISSION PROCEDURES

    Charles (Chuck) Rubin
    24 Jul 2014 | 1:04 pm
    Below is Part 4 of my partner, Rick Josepher’s, analysis of the new offshore enforcement environment in light of the new 2014 Offshore Voluntary Disclosure Procedures. To view this Part, and all prior parts, in PDF format (which will be easier to read and save given the length and formatting of these articles), click on the following links: INTRODUCTION Part I - THE 2014 OVDP Part II - THE STREAMLINED FILLING COMPLIANCE PROCEDURES Part III – THE DELINQUENT FBAR SUBMISSION PROCEDURES Part IV - THE DELINQUENT INTERNATIONAL RETURN SUBMISSION PROCEDURES IV      The…
  • APPLICABLE FEDERAL RATES–AUGUST 2014

    Charles (Chuck) Rubin
    18 Jul 2014 | 9:48 am
    Follow @crubincrubin
  • Part 3 – THE DELINQUENT FBAR SUBMISSION PROCEDURES

    Charles (Chuck) Rubin
    17 Jul 2014 | 12:26 pm
    Below is Part 3 of my partner, Rick Josepher’s, analysis of the new offshore enforcement environment in light of the new 2014 Offshore Voluntary Disclosure Procedures. To view this Part, and all prior parts, in PDF format (which will be easier to read and save given the length and formatting of these articles), click on the following links:   INTRODUCTION Part I - THE 2014 OVDP Part II - THE STREAMLINED FILLING COMPLIANCE PROCEDURES Part III – THE DELINQUENT FBAR SUBMISSION PROCEDURES       THE  IRS’ NEW 2014 OFFSHORE VOLUNTARY DISCLOSURE PROCEDURES ANALYZED IN…
  • Part 2 - THE IRS’ NEW 2014 OFFSHORE VOLUNTARY DISCLOSURE PROCEDURES

    Charles (Chuck) Rubin
    14 Jul 2014 | 1:32 pm
    Below is Part 2 of my partner, Rick Josepher’s, analysis of the new offshore enforcement environment in light of the new 2014 Offshore Voluntary Disclosure Procedures. To view this Part, and all prior parts, in PDF format (which will be easier to read and save given the length and formatting of these articles), click on the following links:   INTRODUCTION Part I - THE 2014 OVDP Part II - THE STREAMLINED FILLING COMPLIANCE PROCEDURES      On June 18, 2014, the Internal Revenue Service (the “IRS” or “Service”)  announced “major changes” to its…
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    Taxable Talk

  • Vacation

    Russ
    26 Jul 2014 | 9:30 am
    It’s time for my annual vacation. If something earth-shattering in the tax world happens while I’m relaxing, I’ll take time out to post on it. Otherwise, enjoy the fine bloggers listed in the blogroll on the right. I’ll be back on Tuesday, August 5th.
  • Perhaps the Lerner Emails Still Exist (IRS Scandal Update)

    Russ
    26 Jul 2014 | 9:28 am
    There has been plenty of news regarding the IRS scandal. The most interesting is that IRS managers testified that it’s possible that Lois Lerner’s emails still exist. The Washington Post published an article on six questions that IT managers believe should be asked of the IRS. An IRS manager noted that other employees who are related to the scandal suffered hard drive failures, too. Really? Finally, Kim Strassel has an excellent piece in the Wall Street Journal on the IRS scandal and ObamaCare. Here’s an excerpt: Yet rather than engage in a basic legal analysis—a core duty…
  • 2:42

    Russ
    26 Jul 2014 | 9:16 am
    That’s how long I spent on hold on the IRS Practitioner Priority Service (PPS) yesterday–two hours, forty-two minutes. A client had made a payment and it was misapplied by the IRS; I needed to have the IRS correctly apply it. As I have a copy of the cancelled check, this is a relatively easy fix…if I can speak to someone at the IRS. I didn’t yesterday. I called at 2:50pm PDT. I was warned that the wait time was greater than sixty minutes. About an hour and a half into the call the call was transferred and it appeared I would soon be speaking to someone at the IRS.
  • DC Circuit Court of Appeals Deals ObamaCare Major Blow: Federal Exchange Tax Subsidies Axed

    Russ
    22 Jul 2014 | 8:34 am
    The Court of Appeals for the District of Columbia dealt the Obama Administration a major blow today when the court ruled 2-1 that only state health exchanges plans are eligible for tax subsidies. The IRS had promulgated a rule that health exchanges run by the federal government were eligible for the subsidies. Here is the conclusion of the primary opinion: We reach this conclusion, frankly, with reluctance. At least until states that wish to can set up Exchanges, our ruling will likely have significant consequences both for the millions of individuals receiving tax credits through federal…
  • Major Court Decision Extends Loving; IRS Enjoined from a Circular 230 Regulation

    Russ
    19 Jul 2014 | 11:01 am
    Thus, what Ridgley challenges here is the IRS’s proclaimed authority to regulate fee arrangements entered into by CPAs for preparing and filing Ordinary Refund Claims before the commencement of any adversarial proceedings with the IRS or any formal legal representation by the CPA. That’s the gist of Ridgely v. Lew, a major court decision announced earlier this week. Gerald Ridgely is a CPA who wanted to charge a contingency fee when filing an “Ordinary Refund Claim.” Let’s say you file your tax return for 2013 and you realize you left out a major deduction. When you…
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    Taxation RSS Feed | JD Supra Law News

  • Government Publishes Response To Consultation – Freedom And Choice In Pensions

    Allen & Overy LLP
    30 Jul 2014 | 11:55 am
    The government has published its response to the ‘Freedom and choice in pensions’ consultation. Individuals aged 55 or over will be able to access their entire DC pension flexibly. This will be underpinned by the ‘guidance guarantee’ which will be...By: Allen & Overy LLP
  • The Buck Stops Here – Senate Bill Takes Aim at E-retailers

    Sheppard Mullin Richter & Hampton LLP
    30 Jul 2014 | 11:21 am
    After more than a decade of trying to gain traction on Capitol Hill, brick-and-mortar retailers could be close to leveling the playing field with online merchants if the Marketplace and Internet Tax Fairness Act (“MITFA”) Senate bill proceeds....By: Sheppard Mullin Richter & Hampton LLP
  • Alabama Tax Tribunal to Issue Proposed Regulations on July 31

    Bradley Arant Boult Cummings LLP
    30 Jul 2014 | 11:17 am
    Last spring, the Alabama Legislature passed the landmark Alabama Taxpayer Fairness Act, Act # 2014-146, the modified successor to a bill long known as the Alabama Taxpayers’ Bill of Rights II (“TBOR II”). Although the lengthy legislation provides a...By: Bradley Arant Boult Cummings LLP
  • Multistate Tax Commission Targets Summer 2015 Implementation of Transfer Pricing Effort

    Sutherland Asbill & Brennan LLP
    30 Jul 2014 | 8:35 am
    On July 28, the Arm’s Length Adjustment Services Advisory Group (Group) of the Multistate Tax Commission (MTC) met for the third time at the MTC Annual Conference in Albuquerque, New Mexico. The Group began this effort on June 2 and met again on June...By: Sutherland Asbill & Brennan LLP
  • Is Your Purchaser Accredited? Clarifications from the SEC

    Winstead PC
    30 Jul 2014 | 7:20 am
    Under Rule 506(c), companies can now engage in a general solicitation in conducting private placements but if they do so, they must verify that each purchaser is accredited. The SEC has provided some safe harbors for verification and will also allow...By: Winstead PC
 
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  • Bashful Obama reveals childhood crush

    30 Jul 2014 | 1:29 pm
    Bashful Obama reveals childhood crushCNN NewsourceThe President made a public confession at the National Medal of Arts Ceremony this week.Singer he crushed on 'back in the day'More to watchBoater rescued from edge of damAbout 450 schools make change
  • Barrymore's half sister found dead inside car

    30 Jul 2014 | 1:29 pm
    Barrymore's half sister found dead inside carGetty Drew Barrymore's half sister Jessica was found unresponsive in her car Wednesday morning after parking in a stranger's driveway.2 suspicious items allegedly foundMore newsMorrissey's bodyguard files suitDoutzen Kroes welcomes baby
  • Marriage to Barrymore was 'crazy whirlwind'

    30 Jul 2014 | 1:29 pm
    Marriage to Barrymore was 'crazy whirlwind'GettyTom Green opens up about his brief nine-month marriage to Drew Barrymore, revealing he hasn't spoken to her in many years.His hopes for ex-wife 12 years laterMore to seeJustin Theroux gives friends eggsBieber honors Make-A-Wish fan
  • Crowded Gaza shopping area hit with airstrike

    30 Jul 2014 | 1:29 pm
    Crowded Gaza shopping area hit with airstrikeAPAt least 16 people were killed and more than 150 were injured in the latest round of Israel-Hamas fighting.Mounting death toll over three weeksIn other newsLawmakers seek chokehold banKendall Ciesemier's crusade for Africa
  • Surgeon general warns of 'major' health issue

    30 Jul 2014 | 1:29 pm
    Surgeon general warns of 'major' health issueAPA generation of poor sunbathing habits has caused an alarming spike in a dangerous condition, the surgeon general said.Measures he called for to curb crisisMore to read about4 charged in student's brutal deathGrim find in Air Force cargo plane
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  • Bashful Obama reveals childhood crush

    30 Jul 2014 | 1:29 pm
    Bashful Obama reveals childhood crushCNN NewsourceThe President made a public confession at the National Medal of Arts Ceremony this week.Singer he crushed on 'back in the day'More to watchBoater rescued from edge of damAbout 450 schools make change
  • Barrymore's half sister found dead inside car

    30 Jul 2014 | 1:29 pm
    Barrymore's half sister found dead inside carGetty Drew Barrymore's half sister Jessica was found unresponsive in her car Wednesday morning after parking in a stranger's driveway.2 suspicious items allegedly foundMore newsMorrissey's bodyguard files suitDoutzen Kroes welcomes baby
  • Marriage to Barrymore was 'crazy whirlwind'

    30 Jul 2014 | 1:29 pm
    Marriage to Barrymore was 'crazy whirlwind'GettyTom Green opens up about his brief nine-month marriage to Drew Barrymore, revealing he hasn't spoken to her in many years.His hopes for ex-wife 12 years laterMore to seeJustin Theroux gives friends eggsBieber honors Make-A-Wish fan
  • Crowded Gaza shopping area hit with airstrike

    30 Jul 2014 | 1:29 pm
    Crowded Gaza shopping area hit with airstrikeAPAt least 16 people were killed and more than 150 were injured in the latest round of Israel-Hamas fighting.Mounting death toll over three weeksIn other newsLawmakers seek chokehold banKendall Ciesemier's crusade for Africa
  • Surgeon general warns of 'major' health issue

    30 Jul 2014 | 1:29 pm
    Surgeon general warns of 'major' health issueAPA generation of poor sunbathing habits has caused an alarming spike in a dangerous condition, the surgeon general said.Measures he called for to curb crisisMore to read about4 charged in student's brutal deathGrim find in Air Force cargo plane
  • add this feed to my.Alltop

  • Bashful Obama reveals childhood crush

    30 Jul 2014 | 1:29 pm
    Bashful Obama reveals childhood crushCNN NewsourceThe President made a public confession at the National Medal of Arts Ceremony this week.Singer he crushed on 'back in the day'More to watchBoater rescued from edge of damAbout 450 schools make change
  • Barrymore's half sister found dead inside car

    30 Jul 2014 | 1:29 pm
    Barrymore's half sister found dead inside carGetty Drew Barrymore's half sister Jessica was found unresponsive in her car Wednesday morning after parking in a stranger's driveway.2 suspicious items allegedly foundMore newsMorrissey's bodyguard files suitDoutzen Kroes welcomes baby
  • Marriage to Barrymore was 'crazy whirlwind'

    30 Jul 2014 | 1:29 pm
    Marriage to Barrymore was 'crazy whirlwind'GettyTom Green opens up about his brief nine-month marriage to Drew Barrymore, revealing he hasn't spoken to her in many years.His hopes for ex-wife 12 years laterMore to seeJustin Theroux gives friends eggsBieber honors Make-A-Wish fan
  • Crowded Gaza shopping area hit with airstrike

    30 Jul 2014 | 1:29 pm
    Crowded Gaza shopping area hit with airstrikeAPAt least 16 people were killed and more than 150 were injured in the latest round of Israel-Hamas fighting.Mounting death toll over three weeksIn other newsLawmakers seek chokehold banKendall Ciesemier's crusade for Africa
  • Surgeon general warns of 'major' health issue

    30 Jul 2014 | 1:29 pm
    Surgeon general warns of 'major' health issueAPA generation of poor sunbathing habits has caused an alarming spike in a dangerous condition, the surgeon general said.Measures he called for to curb crisisMore to read about4 charged in student's brutal deathGrim find in Air Force cargo plane
 
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  • Bashful Obama reveals childhood crush

    30 Jul 2014 | 1:29 pm
    Bashful Obama reveals childhood crushCNN NewsourceThe President made a public confession at the National Medal of Arts Ceremony this week.Singer he crushed on 'back in the day'More to watchBoater rescued from edge of damAbout 450 schools make change
  • Barrymore's half sister found dead inside car

    30 Jul 2014 | 1:29 pm
    Barrymore's half sister found dead inside carGetty Drew Barrymore's half sister Jessica was found unresponsive in her car Wednesday morning after parking in a stranger's driveway.2 suspicious items allegedly foundMore newsMorrissey's bodyguard files suitDoutzen Kroes welcomes baby
  • Marriage to Barrymore was 'crazy whirlwind'

    30 Jul 2014 | 1:29 pm
    Marriage to Barrymore was 'crazy whirlwind'GettyTom Green opens up about his brief nine-month marriage to Drew Barrymore, revealing he hasn't spoken to her in many years.His hopes for ex-wife 12 years laterMore to seeJustin Theroux gives friends eggsBieber honors Make-A-Wish fan
  • Crowded Gaza shopping area hit with airstrike

    30 Jul 2014 | 1:29 pm
    Crowded Gaza shopping area hit with airstrikeAPAt least 16 people were killed and more than 150 were injured in the latest round of Israel-Hamas fighting.Mounting death toll over three weeksIn other newsLawmakers seek chokehold banKendall Ciesemier's crusade for Africa
  • Surgeon general warns of 'major' health issue

    30 Jul 2014 | 1:29 pm
    Surgeon general warns of 'major' health issueAPA generation of poor sunbathing habits has caused an alarming spike in a dangerous condition, the surgeon general said.Measures he called for to curb crisisMore to read about4 charged in student's brutal deathGrim find in Air Force cargo plane
  • add this feed to my.Alltop

  • Bashful Obama reveals childhood crush

    30 Jul 2014 | 1:29 pm
    Bashful Obama reveals childhood crushCNN NewsourceThe President made a public confession at the National Medal of Arts Ceremony this week.Singer he crushed on 'back in the day'More to watchBoater rescued from edge of damAbout 450 schools make change
  • Barrymore's half sister found dead inside car

    30 Jul 2014 | 1:29 pm
    Barrymore's half sister found dead inside carGetty Drew Barrymore's half sister Jessica was found unresponsive in her car Wednesday morning after parking in a stranger's driveway.2 suspicious items allegedly foundMore newsMorrissey's bodyguard files suitDoutzen Kroes welcomes baby
  • Marriage to Barrymore was 'crazy whirlwind'

    30 Jul 2014 | 1:29 pm
    Marriage to Barrymore was 'crazy whirlwind'GettyTom Green opens up about his brief nine-month marriage to Drew Barrymore, revealing he hasn't spoken to her in many years.His hopes for ex-wife 12 years laterMore to seeJustin Theroux gives friends eggsBieber honors Make-A-Wish fan
  • Crowded Gaza shopping area hit with airstrike

    30 Jul 2014 | 1:29 pm
    Crowded Gaza shopping area hit with airstrikeAPAt least 16 people were killed and more than 150 were injured in the latest round of Israel-Hamas fighting.Mounting death toll over three weeksIn other newsLawmakers seek chokehold banKendall Ciesemier's crusade for Africa
  • Surgeon general warns of 'major' health issue

    30 Jul 2014 | 1:29 pm
    Surgeon general warns of 'major' health issueAPA generation of poor sunbathing habits has caused an alarming spike in a dangerous condition, the surgeon general said.Measures he called for to curb crisisMore to read about4 charged in student's brutal deathGrim find in Air Force cargo plane
  • add this feed to my.Alltop

  • Bashful Obama reveals childhood crush

    30 Jul 2014 | 1:29 pm
    Bashful Obama reveals childhood crushCNN NewsourceThe President made a public confession at the National Medal of Arts Ceremony this week.Singer he crushed on 'back in the day'More to watchBoater rescued from edge of damAbout 450 schools make change
  • Barrymore's half sister found dead inside car

    30 Jul 2014 | 1:29 pm
    Barrymore's half sister found dead inside carGetty Drew Barrymore's half sister Jessica was found unresponsive in her car Wednesday morning after parking in a stranger's driveway.2 suspicious items allegedly foundMore newsMorrissey's bodyguard files suitDoutzen Kroes welcomes baby
  • Marriage to Barrymore was 'crazy whirlwind'

    30 Jul 2014 | 1:29 pm
    Marriage to Barrymore was 'crazy whirlwind'GettyTom Green opens up about his brief nine-month marriage to Drew Barrymore, revealing he hasn't spoken to her in many years.His hopes for ex-wife 12 years laterMore to seeJustin Theroux gives friends eggsBieber honors Make-A-Wish fan
  • Crowded Gaza shopping area hit with airstrike

    30 Jul 2014 | 1:29 pm
    Crowded Gaza shopping area hit with airstrikeAPAt least 16 people were killed and more than 150 were injured in the latest round of Israel-Hamas fighting.Mounting death toll over three weeksIn other newsLawmakers seek chokehold banKendall Ciesemier's crusade for Africa
  • Surgeon general warns of 'major' health issue

    30 Jul 2014 | 1:29 pm
    Surgeon general warns of 'major' health issueAPA generation of poor sunbathing habits has caused an alarming spike in a dangerous condition, the surgeon general said.Measures he called for to curb crisisMore to read about4 charged in student's brutal deathGrim find in Air Force cargo plane
 
  • add this feed to my.Alltop

  • Bashful Obama reveals childhood crush

    30 Jul 2014 | 1:29 pm
    Bashful Obama reveals childhood crushCNN NewsourceThe President made a public confession at the National Medal of Arts Ceremony this week.Singer he crushed on 'back in the day'More to watchBoater rescued from edge of damAbout 450 schools make change
  • Barrymore's half sister found dead inside car

    30 Jul 2014 | 1:29 pm
    Barrymore's half sister found dead inside carGetty Drew Barrymore's half sister Jessica was found unresponsive in her car Wednesday morning after parking in a stranger's driveway.2 suspicious items allegedly foundMore newsMorrissey's bodyguard files suitDoutzen Kroes welcomes baby
  • Marriage to Barrymore was 'crazy whirlwind'

    30 Jul 2014 | 1:29 pm
    Marriage to Barrymore was 'crazy whirlwind'GettyTom Green opens up about his brief nine-month marriage to Drew Barrymore, revealing he hasn't spoken to her in many years.His hopes for ex-wife 12 years laterMore to seeJustin Theroux gives friends eggsBieber honors Make-A-Wish fan
  • Crowded Gaza shopping area hit with airstrike

    30 Jul 2014 | 1:29 pm
    Crowded Gaza shopping area hit with airstrikeAPAt least 16 people were killed and more than 150 were injured in the latest round of Israel-Hamas fighting.Mounting death toll over three weeksIn other newsLawmakers seek chokehold banKendall Ciesemier's crusade for Africa
  • Surgeon general warns of 'major' health issue

    30 Jul 2014 | 1:29 pm
    Surgeon general warns of 'major' health issueAPA generation of poor sunbathing habits has caused an alarming spike in a dangerous condition, the surgeon general said.Measures he called for to curb crisisMore to read about4 charged in student's brutal deathGrim find in Air Force cargo plane
  • add this feed to my.Alltop

  • Bashful Obama reveals childhood crush

    30 Jul 2014 | 1:29 pm
    Bashful Obama reveals childhood crushCNN NewsourceThe President made a public confession at the National Medal of Arts Ceremony this week.Singer he crushed on 'back in the day'More to watchBoater rescued from edge of damAbout 450 schools make change
  • Barrymore's half sister found dead inside car

    30 Jul 2014 | 1:29 pm
    Barrymore's half sister found dead inside carGetty Drew Barrymore's half sister Jessica was found unresponsive in her car Wednesday morning after parking in a stranger's driveway.2 suspicious items allegedly foundMore newsMorrissey's bodyguard files suitDoutzen Kroes welcomes baby
  • Marriage to Barrymore was 'crazy whirlwind'

    30 Jul 2014 | 1:29 pm
    Marriage to Barrymore was 'crazy whirlwind'GettyTom Green opens up about his brief nine-month marriage to Drew Barrymore, revealing he hasn't spoken to her in many years.His hopes for ex-wife 12 years laterMore to seeJustin Theroux gives friends eggsBieber honors Make-A-Wish fan
  • Crowded Gaza shopping area hit with airstrike

    30 Jul 2014 | 1:29 pm
    Crowded Gaza shopping area hit with airstrikeAPAt least 16 people were killed and more than 150 were injured in the latest round of Israel-Hamas fighting.Mounting death toll over three weeksIn other newsLawmakers seek chokehold banKendall Ciesemier's crusade for Africa
  • Surgeon general warns of 'major' health issue

    30 Jul 2014 | 1:29 pm
    Surgeon general warns of 'major' health issueAPA generation of poor sunbathing habits has caused an alarming spike in a dangerous condition, the surgeon general said.Measures he called for to curb crisisMore to read about4 charged in student's brutal deathGrim find in Air Force cargo plane
  • add this feed to my.Alltop

  • Bashful Obama reveals childhood crush

    30 Jul 2014 | 1:29 pm
    Bashful Obama reveals childhood crushCNN NewsourceThe President made a public confession at the National Medal of Arts Ceremony this week.Singer he crushed on 'back in the day'More to watchBoater rescued from edge of damAbout 450 schools make change
  • Barrymore's half sister found dead inside car

    30 Jul 2014 | 1:29 pm
    Barrymore's half sister found dead inside carGetty Drew Barrymore's half sister Jessica was found unresponsive in her car Wednesday morning after parking in a stranger's driveway.2 suspicious items allegedly foundMore newsMorrissey's bodyguard files suitDoutzen Kroes welcomes baby
  • Marriage to Barrymore was 'crazy whirlwind'

    30 Jul 2014 | 1:29 pm
    Marriage to Barrymore was 'crazy whirlwind'GettyTom Green opens up about his brief nine-month marriage to Drew Barrymore, revealing he hasn't spoken to her in many years.His hopes for ex-wife 12 years laterMore to seeJustin Theroux gives friends eggsBieber honors Make-A-Wish fan
  • Crowded Gaza shopping area hit with airstrike

    30 Jul 2014 | 1:29 pm
    Crowded Gaza shopping area hit with airstrikeAPAt least 16 people were killed and more than 150 were injured in the latest round of Israel-Hamas fighting.Mounting death toll over three weeksIn other newsLawmakers seek chokehold banKendall Ciesemier's crusade for Africa
  • Surgeon general warns of 'major' health issue

    30 Jul 2014 | 1:29 pm
    Surgeon general warns of 'major' health issueAPA generation of poor sunbathing habits has caused an alarming spike in a dangerous condition, the surgeon general said.Measures he called for to curb crisisMore to read about4 charged in student's brutal deathGrim find in Air Force cargo plane
 
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    Kaufman Rossin Blog

  • Before You Invest in Miami Real Estate, Invest in These 5 U.S. Tax Tips

    Albert Primo
    25 Jul 2014 | 11:03 am
    The resilient South Florida residential real estate market is back in business. Foreign buyers looking to seize the moment might not realize the potential U.S. tax-related pitfalls that can come with buying a U.S. property. Continue reading →
  • How Can You Protect Patient Data from Growing Cyber Threats?

    Tyler Quinn
    24 Jul 2014 | 10:15 am
    It seems like every day there is news that another major corporation was hacked and confidential information was stolen from its systems. More than 29 million patient records have been compromised in HIPAA data breaches since 2009, How can you minimize risk to your healthcare organization? Continue reading →
  • Kaufman Rossin in the Community: Mothers Against Drunk Driving

    Richard Salinas
    21 Jul 2014 | 2:56 pm
    Richard Salinas talks about his involvement with Mothers Against Drunk Driving (MADD). Continue reading →
  • Compliance Officers Discuss BSA/AML Challenges at Banking Roundtable

    Jason Chorlins
    21 Jul 2014 | 11:07 am
    As the threat of fraud, money laundering and terrorist financing continue to rise, the financial services industry regulators is working hard to combat these evolving and complex threats. Kaufman Rossin recently surveyed Florida bankers about how they are managing BSA/AML compliance in the current environment, and we invited several South Florida BSA/AML Compliance Officers to attend a roundtable discussion moderated by Tom Hudson, vice president of news and special correspondent for WLRN. Continue reading →
  • QuickBooks Tip: Transitioning to New QuickBooks Online

    Meredith Tucker
    18 Jul 2014 | 10:15 am
    Have you noticed a change in your QuickBooks Online layout? Did you find the changes to be less-than-desirable? Before you abandon your QuickBooks completely, here are five tips for coping with the transition to the new Online layout. Continue reading →
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    The Missouri TaxguyThe Missouri Taxguy

  • Finagraph

    Bruce McFarland
    22 Jul 2014 | 12:59 pm
    Detailed numbers are powerful, but it can be easy to get lost. In addition to the raw details we've incorporated charts, graphs and flags for instant visual recognition of where you need to focus your energy. Leave the number crunching to us. By comparing a business to the averages of the industry, Finagraph instantly identifies where pockets of cash may be hiding. Perhaps too much inventory is on hand, or maybe the company is not taking advantage of trade discounts.
  • NO! The IRS did not call you first.

    Bruce McFarland
    15 May 2014 | 9:25 am
    The IRS will never initiate an audit contact by phone. Never - Ever.
  • An Introduction to the Double-Entry Bookkeeping System

    Jen Carrigan
    18 Jan 2014 | 6:56 am
    Businesses must have methods for recording their financial transactions; this include purchases, sales, payments, and receipts. This daily process, known as bookkeeping, has multiple forms of entry systems. One of the most popular is the double-entry bookkeeping system.
  • Let’s Talk About Tax Software.

    Bruce McFarland
    13 Jan 2014 | 7:55 am
    By now, I’m sure you have heard that it is the Year of the Snake, but not really – it is the “Year of You”. Or at least I’m sure that’s what you heard. Let me assure you it’s still the “Year of the Snake”. (According to wikipedia and Cultural China, the year of the […]
  • How To Write Off Travel Expenses As Business Expenses

    Guest Author
    26 Sep 2013 | 4:33 am
    If you combine some personal travel with a business trip, you will need to prorate the deductions based on how many days are for business and how many days are for personal use. Be sure that your trip is at least 50% business, however, or the IRS may dis-allow the business deduction. You can't go on a one-day business trip and stretch it into a week of sightseeing, and then deduct anything as business-related.
 
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    J. Stefan - EzineArticles Expert Author

  • No Articles Found

    30 Jul 2014 | 1:07 pm
    No articles were found for the Author that was requested. This may mean that the author has no articles that are live on the site or that there may be a misspelling in the requested file. Please check the file name and try again. If you continue to have issues, please contact EzineArticles Support at http://www.ezinearticles.com/contact.html.
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    The Dinesen Tax Times by Jason T. Dinesen, LPA, E.A.

  • Don’t Be “That” Business Owner

    Jason Dinesen
    29 Jul 2014 | 5:00 am
    Don’t be “that” business owner.  That’s what I tell business owners who complain about having to follow the laws, regulations, rules, etc. Case in point: one time I was talking to a business owner who was venting about his insurance company and the fact that he had to carry workers’ comp insurance. And he was unhappy about payroll headaches. He went on to say that he was driving around and saw a roofer with “a bunch of illegal immigrants up on the roof and you know he doesn’t have payroll set up or carry workers’ comp.” His question for…
  • Lo, The Plight of the Unknown EA

    Jason Dinesen
    25 Jul 2014 | 4:30 am
    The local business directory for my town was just published. I’m an Enrolled Agent. Commonly abbreviated as “EA.” But apparently the publishers of the directory were confused: Apparently I’m actually an extended-play record. I haven’t called the local group that published the directory yet. It was a free listing, and it made me laugh, so I’m not angry. It was probably just a typo or just an honest mistake. But would a mistake like this be made with a CPA? I doubt it. Then again, CPAs have major name recognition. Meanwhile, 90% of the population has never…
  • Taxation of Credit Card Benefits

    Jason Dinesen
    23 Jul 2014 | 4:30 am
    A few weeks ago I got a booklet in the mail from my credit card company. The booklet was sent as a reminder that I have a “credit defense” benefit on my credit card. I pay a premium $0.39 per $100 of ending balance in my account. For that payment, I get to use a variety of benefits provided by the credit card company. For example, if my wife or I were to get laid off or become disabled, the credit card company would make our minimum monthly payment each month for a certain period of time. Other benefits include reimbursements for medical expenses, car repair, taking the pets to the vet,…
  • Why is the AICPA Filing a Lawsuit Against Lame IRS Preparer Program?

    Jason Dinesen
    21 Jul 2014 | 4:30 am
    We all get gold stars in the IRS’s new “Annual Filing Season Program.” Woo hoo. Time to wade into the IRS preparer regulation fray again. The IRS is plowing forward with a voluntary program for tax preparers that falls well short of “regulation.” And for some reason, the AICPA has filed a lawsuit against the IRS. My understanding of the program is that if a preparer sits through 18 hours of continuing education and passes some sort of test administered by a CPE provider, they get a gold star and an “attaboy” from the IRS. As my 6-year-old son would…
  • Deducting Losses in Retirement Accounts

    Jason Dinesen
    17 Jul 2014 | 5:00 am
    The general tax rule is that market losses in retirement accounts are never deductible. That statement is true, but as with everything relating to the taxes, there’s a “but.” In rare circumstances, you might be able to deduct losses from these accounts. Basic Requirements for All Types of Accounts All accounts of the same type must be fully paid out. For example, if you have 3 IRAs, all 3 accounts must be fully paid out. You must have after-tax basis. This means amounts put into the account with after-tax dollars. With Roth IRAs, your basis is whatever you have paid into the account. In…
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    IncomeTaxReturnIndia.com

  • Return Filing camp in Delhi will remain open on Saturday and Sunday

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

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

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

    Tax Dost
    21 Jun 2014 | 1:22 am
    Important announcement for Tax payers for updating contact details in e-Filing Portal incometaxefilling.gov.in   Income-Tax Department uses the registered contact details (Mobile number & E-mail ID) for all communications related to e-Filing. It is mandatory that all tax payers must have a valid contact details registered in e-Filing portal. It is … Continue reading →
  • Cost Inflation index for year 2014-2015 is 1024

    Tax Dost
    15 Jun 2014 | 9:37 am
    The Central Board of Direct Taxes (CBDT) has specified a value for the cost inflation index (CII) for 2014-15. A cost inflation index helps reduce the inflationary gains, thereby reducing the long-term capital gains tax payout for a taxpayer. Last year, the index was ‘939’, and this year it is … Continue reading →
 
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    Tax Lien Certificates - Smart Investing

  • Tax Lien Sale Investments Can Provide High Rates of Return

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

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

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

    eluke
    6 Apr 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
    3 Mar 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.
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    Philadelphia Estate and Tax Attorney Blog

  • Summer Weddings: Quick and Easy Tax Guide For Those Getting Married and Newlyweds

    Steven J. Fromm
    14 Jul 2014 | 12:31 pm
    Rita and Joe, My Wonderful In-Laws, On Their Wedding Day, June 23,1950 The excitement, joy and anticipation of getting married can be almost overwhelming.  With the planning that goes into the wedding it is easy to overlook the tax implications of marriage.  Although taxes are probably not high on your summer wedding plan checklist, it is important to be aware of the tax changes that come along with marriage. Here are some basic tips that can help keep those issues under control. Name Change: The names and Social Security numbers on your tax return must match your Social Security…
  • US Citizens Living Outside America: Streamlined Foreign Offshore Procedure Offers Tax and Compliance Relief

    Steven J. Fromm
    19 Jun 2014 | 10:45 am
    United States Citizens Living Abroad: New IRS Streamlined Procedure Offers Relief A couple of weeks ago, I had someone come in my office who has lived abroad since he was 7 years old. He is a citizen of the United States and Netherlands. He has never filed United States income tax returns. We discussed the general rule that US citizens must file returns and pay tax on their worldwide income. This meant that he should be filing a Form 1040 Return each year.  It also meant that he should have been filing for the last 20 years or so of his adult working years a Form 1040 even though he is not…
  • Philip Seymour Hoffman: Estate Planning Lessons For Us and Especially Women

    Steven J. Fromm
    4 Mar 2014 | 8:25 am
    Attribution: Josh Jensen      CC-By-SA-2.0 The sad and tragic death of Philip Seymour Hoffman at age 46 last month is yet another reminder of the importance of estate planning. Most of us go along each day not thinking or worrying about what would happen to our loved ones if we suddenly died.  Some, in an attempt to be conscientious, draft an estate plan but fail to keep such plan up to date.  But most people die without ever doing any estate planning leaving state laws and the courts to decide who should get their estate. When these matters are neglected, surviving family members can…
  • The Biggest (Tax) Loser: Misguided Gifts of Real Estate By Uninformed Do It Yourselfers, Realtors & Attorneys

    Steven J. Fromm
    10 Jan 2014 | 12:05 pm
    “Son, I am sick and getting old, so fill out a deed to transfer my house into your name now.” With the increase of the federal estate tax exemption to $5,340,000 in 2014, most taxpayers are not subject to federal estate taxes.  The focus for many now has shifted to the income tax implications that arise when wealth passes to the next generation.  With no regard to the income tax implications, many times elderly people get the idea that the transfer of real estate to children during their lifetime is a good idea in trying to avoid probate and to make things easier for loved ones.
  • Small Businesses: 8 Great Year-End Tax Planning Tips and Tricks: A Must Read

    Steven J. Fromm
    22 Dec 2013 | 4:01 pm
    2013 Year-End Tax Planning Guide For Small Businesses 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. It is also important to know that the recent tax act known as ATRA has extended many tax breaks for 2013.  If any of these tax breaks are…
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    Blog

  • Simple Steps for Using Streamlined Foreign Offshore Procedures

    Bill Hartsock
    29 Jul 2014 | 11:01 am
    Applicants eligible under the Streamlined Foreign Offshore Procedures must follow particular steps to ensure that their returns are processed under the special program. If the taxpayer does not complete the process in a satisfactory fashion, the taxpayer will not be able to take advantage of the streamlined foreign offshore procedures.Tags: International Tax NewsRead more about Simple Steps for Using Streamlined Foreign Offshore Procedures
  • The Simple Steps to Using the Streamlined Domestic Offshore Procedures

    Bill Hartsock
    28 Jul 2014 | 10:48 am
    If you are eligible to use the Streamlined Domestic Offshore Procedures, then you must follow particular steps. If you fail to properly comply with the steps, then your application will be rejected for the streamlined procedures. Instead, your tax return will simply be processed in the usual manner and you will not be able to avail yourself of any of the benefits of the streamlined domestic offshore procedures.Tags: International Tax NewsRead more about The Simple Steps to Using the Streamlined Domestic Offshore Procedures
  • How To Avoid Civil Penalties for Failing to Apply to OVDP

    Bill Hartsock
    24 Jul 2014 | 2:51 pm
    A previous article on this topic addressed the civil penalties potentially applying to taxpayers who qualify for the Offshore Voluntary Disclosure Program but fail to apply. This article will touch upon some additional civil penalties to which taxpayers may be subject.Tags: IRS Voluntary Disclosure Program News and InformationRead more about How To Avoid Civil Penalties for Failing to Apply to OVDP
  • Streamlined Filing Compliance Procedures Under OVDP

    Bill Hartsock
    21 Jul 2014 | 1:07 pm
    In addition to the formal Offshore Voluntary Disclosure Program, the IRS offers Streamlined Filing Compliance Procedures for certain qualified taxpayers. The Streamlined Procedures apply to non-resident non-filer taxpayers. On June 18, 2014, the IRS announced new changes to the Streamlined Procedures which will allow more taxpayers to qualify as well as ease the process for qualifying applicants.Tags: IRS Voluntary Disclosure Program News and InformationRead more about Streamlined Filing Compliance Procedures Under OVDP
  • Statute of Limitations on Filing Tax Refund Claims

    Bill Hartsock
    18 Jul 2014 | 1:21 pm
    A taxpayer who wishes to obtain a refund from the IRS for overpayment of taxes cannot do so unless the written refund claim is filed with the IRS within the proper time period. In general, this means that the refund claim must be filed within three years from the time that the tax return was initially filed, or two years from the time the tax was actually paid, whichever is later (1).Tags: Tax Appeal Information & Advice From The Tax LawyerRead more about Statute of Limitations on Filing Tax Refund Claims
 
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    Bankrate.com » Taxes

  • Child tax credit ‘improved’ yet again

    Kay Bell
    29 Jul 2014 | 10:23 am
    A Republican bill makes what supporters say are improvements to the popular $1,000 child tax credit. Most Democrats, however, disagree with the 'improved' moniker.
  • No change yet in Obamacare tax credit

    Kay Bell
    24 Jul 2014 | 11:23 am
    While the courts duke it out over who is eligible for the Obamacare premium tax credit, the IRS chief says his agency will continue to offer the credit as usual.
  • Taxes don’t deter rich New Yorkers

    Kay Bell
    22 Jul 2014 | 12:22 pm
    Wealthy New York City residents who do move tend to stay relatively close to their old home in other high-tax states.
  • Tax preparer fraud refunds addressed

    Kay Bell
    17 Jul 2014 | 7:37 am
    Victims of tax preparer fraud suffer twice, says the Taxpayer Advocate. First they lose their tax refunds, then they must wait years for a replacement check.
  • $15.6 billion in bad EITC payments

    Kay Bell
    15 Jul 2014 | 9:53 am
    Around $106 billion is lost government-wide due to improper payments. The IRS contribution to this unwelcome amount is $15.6 billion in bad EITC claims.
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    Sales Use Tax

  • Permanent Internet Tax Freedom Act Moves One Step Closer to Final Law

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

    Keith Crichton
    27 Jun 2014 | 12:56 pm
    On  June 6, 2014 Colorado’s governor signed HB 14-1269 titled the “Marketplace Fairness and Small Business Protection Act”, which could turn out to be a bit of a misnomer.  The bill enacts a rebuttable presumption of physical presence for out-of-state … Continue reading →
  • California Use Tax: Outdated Foreign Goods Exemption Should Go!

    Annette Nellen
    26 Jun 2014 | 12:14 pm
    Unlike most states, California has an odd use tax exemption for purchases of certain foreign goods. Basically, if someone buys taxable goods while traveling outside of the U.S. and carries them back to California, the first $800 of such goods … Continue reading →
  • Audits and Exempt Sales: “Good Faith” vs “Four Corners” Standards

    Shane Ratigan
    18 Jun 2014 | 1:41 pm
    Vendors who accept sales tax exemption certificates from purchasers incur risk of an under-collection assessment.  The sale of an otherwise taxable object in a transaction where no tax is collected, absent a legitimate and legal explanation, is a classic audit … Continue reading →
  • Tax System Design: Should Big Brother Act Like Big Business?

    Annette Nellen
    29 May 2014 | 2:39 pm
    If a company planned to spend a chunk of money on a new advertising campaign, we’d expect that measurable goals would be set. Articulation of the goals would enable the company to determine if the campaign was successful. And we’d expect … Continue reading →
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    US Tax Program

  • Barclays Bank (Suisse) SA Leaves the US Tax Program

    admin
    30 Jul 2014 | 12:46 am
    According to Bloomberg Barclays Bank (Suisse) SA leaves the US Program. Barclays Bank (Suisse) SA was part of the US Program for banks seeking non-prosecution agreements for managing undeclared US assets.
  • Category 2 Banks Face Lower Fines than First Expected

    admin
    26 Jul 2014 | 4:07 pm
    The Swiss newspaper Finanz and Wirtschaft reported that about 80 of the 106 Swiss banks that signed up in Category 2 under the US Tax Program could be fined less than they had feared for their role in helping wealthy Americans cheat on their taxes. However this has a price,  the US tax authorities expect a wider cooperation from the banks in exchange. It seems that more than 20 banks that applied for Category 2 did not meet the criterias and changed categories or left the US Tax Program all together. The penalty calculation specifications provided by the Department of Justice in the June 5,…
  • Basler Kantonal Bank’s Profit Declined Hit by the US Tax Dispute

    admin
    25 Jul 2014 | 4:26 am
    While announcing its 1st half results, the Basler Kantonalbank (BKB) confirmed their $100m provision to settle the US tax dispute. BKB is a category 1 bank, i.e. it was already under investigation by the US Department of Justice at the time of publication of the US Program on August 29, 2013.  Hence it was excluded from the US Program. The settlement and fine for this category is negotiated on an individual basis. The half-year profit improved only by 1.5% to $40m. The numbers were influenced by operational factors and strategic realignment. For more details: Finanz und Wirtschaft Blooomberg…
  • EFG International AG Provisioned $24m for US Tax Fine

    admin
    23 Jul 2014 | 9:56 am
    EFG International AG, the Latsis family-owned bank, announced that it provisioned $24m to pay for the US tax fine. It entered the US Program under Category 2 in December 2013. The fine for the Category 2 banks is based on a lump sum calculation for undeclared US Related Accounts with different fixed fine rates of the maximum aggregate dollar value of such accounts; the fine ranges from 20 to 50%  of the undeclared US assets held. Bloomberg reports that an e-mail was circulated saying “that amount represents EFG’s best estimate of the final cost of the penalty”. EFG made this…
  • Credit Suisse Reports Quarterly Loss of $779m, Heavy Weight from US Tax Fine after Guilty Plea

    admin
    22 Jul 2014 | 2:26 pm
    Credit Suisse reports a quarterly loss of $779m. It was hit by the settlement of its US tax dispute which reduced its second quarter net profit by $1.8bn Swiss francs. The Swiss banking giant pleaded guilty to helping thousands of U.S. clients evade taxes in the US and agreed to pay $2.6 billion fine earlier this year. The $2.6 bn is the highest payment in a US criminal tax investigation up to now. Credit Suisse also announced that they are exiting commodity trading. This was widely reported in the media. Tages Anzeiger Cash 24 Heures CNBC      
 
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