Taxes

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  • Tax Season Recap 2015: What a Strange Season, Part 2 (Trends I Noticed)

    The Dinesen Tax Times by Jason T. Dinesen, LPA, E.A.
    Jason Dinesen
    23 Apr 2015 | 4:30 am
    Image courtesy of user johnhain on Pixabay.com In Part 1 I laid out how tax season went for me in general. Having a salivary gland removed from my mouth was the highlight – if you can call it that – of my season. Here in part 2, I’ll talk about the trends I noticed. In no particular order: Couples in same-sex marriages got bit by changes to their withholding in 2014 — the first full calendar year after the DOMA ruling. I’m going to write an entire blog post on this topic at some point. Some of my clients in same-sex marriages owed THOUSANDS of dollars on their…
  • Tax Roundup, 4/22/15: Mileage logs don’t have to be perfect, but they have to be there. And: taxes and the rich guy.

    Roth & Company, P.C
    Joe Kristan
    22 Apr 2015 | 7:23 am
    Keep that logbook. It’s not always enough to incur a deductible expense to earn a documentation. For travel, meals and entertainment, you have to be able to prove it under strict standards. If you fail to properly document the amount, time and place, and business purpose of travel expense, your deduction is lost. A Minnesota man whose job managing construction projects required substantial travel claimed employee business expense deductions. The IRS disallowed the deductions, and the Tax Court got involved. Judge Marvel explains (my emphasis, citations omitted): Substantiation by…
  • Here’s A Tax Reform Idea . . . That Probably Won’t Fly

    MauledAgain
    James Edward Maule
    17 Apr 2015 | 5:01 am
    As described in a recent article, Congressional tax writers are looking for a way to give to partners and S corporation shareholders the benefit of the reduced tax rates that are planned for C corporations. They do not want to lower the individual rates, which are the rates that apply to partners and S corporation shareholders who are individuals.The problem exists because partnerships and S corporations, with a few exceptions for some S corporation income, are not subject to the federal income tax. Instead, the owners of these enterprises are taxed on the partnership’s or S corporation’s…
  • Don’t Call Us Continues

    Taxable Talk
    Russ
    22 Apr 2015 | 7:52 pm
    Back in the 1970s Saturday Night Live had this sketch of Lily Tomlin reprising her role as Ernestine the phone company operator (from Laugh-In): That’s how I feel about calling the IRS. I have three matters I need to get resolved with the IRS. Today, the response I received when calling the IRS’s Practitioner Priority Service was, “Due to extremely high call volumes that option is not available now. Please try your call again later.” Well, I tried again later. And later. And later still. “We’re sorry, but due to extremely high call volumes that option is not available…
  • It's National Tax Freedom Day! Don't forget the civilization those taxes buy

    Don't Mess With Taxes
    skbell1
    24 Apr 2015 | 12:10 pm
    Today is the day this year when the nation as a whole has earned enough money to pay its total 2015 tax bill, according to data analysts at the Tax Foundation. Are you partying? Economists at the Washington, D.C., think tank have been calculating Tax Freedom Day since 1990. They use federal budget projections, data from the U.S. Census and the Bureau of Economic Analysis, and projections of state and local taxes. Click image for a larger view. Tax Freedom Day 2015 is one day later than last year, notes the Tax Foundation, primarily because of the United States' continued steady economic…
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    Don't Mess With Taxes

  • It's National Tax Freedom Day! Don't forget the civilization those taxes buy

    skbell1
    24 Apr 2015 | 12:10 pm
    Today is the day this year when the nation as a whole has earned enough money to pay its total 2015 tax bill, according to data analysts at the Tax Foundation. Are you partying? Economists at the Washington, D.C., think tank have been calculating Tax Freedom Day since 1990. They use federal budget projections, data from the U.S. Census and the Bureau of Economic Analysis, and projections of state and local taxes. Click image for a larger view. Tax Freedom Day 2015 is one day later than last year, notes the Tax Foundation, primarily because of the United States' continued steady economic…
  • Wrong tax refund amount? What now?

    skbell1
    23 Apr 2015 | 7:03 pm
    Despite all the warnings, the recently wrapped 2015 filing season is shaping up, at least as far as refunds are concerned, to be about the same as last year. Internal Revenue Service filing data through April 17 shows that the number of returns the agency received and processed was, in each case, fractionally greater than at the end of the 2014 filing season. The average refund amount also was very close. It was $2,711 this year, about 1 percent larger than the average 2014 filing season taxpayer check. IRS Action Through April 18, 2014 Through April 17, 2015 Percentage change Tax returns…
  • NY Museum of Sex paying off $82,192 sales tax lien

    skbell1
    23 Apr 2015 | 11:57 am
    You've got to hand it to New York. The Big Apple truly does have something for everyone and every, uh, predilection. There is, of course, a price. And a tax. The Museum of Sex found that out the hard way. Yes, I know, some of what I will type in this post will be, I swear, unintended double entendres. Please accept my apologies in advance, but I just don't have time to search through my thesaurus for synonyms. The New York Post reports that the New York state tax office slapped an $82,192 tax lien on the Museum of Sex in February. The Flatiron District gallery allegedly had not paid…
  • Former Treasury chief calls for global climate change action

    skbell1
    22 Apr 2015 | 3:23 pm
    Henry Paulson was running the U.S. Treasury when the country encountered its worst financial crisis since the Great Depression. Now he's warning of a climate crisis that could be even worse. Paulson served as Treasury Secretary during the last two years of George W. Bush's presidency, but is most widely known as the man in charge during what came to be known as the bailout of the U.S. financial system. During that 2008 crisis, Paulson directed billions of dollars to banks and other financial institutions to cover their losses from distressed assets, primarily especially subprime…
  • Fiscal Year 2016 budget reconciliation battle begins

    skbell1
    21 Apr 2015 | 11:33 am
    Capitol Hill is in the throes of contentious budget negotiations. The process is complicated not only by the differing political priorities of Democrats and Republicans, but also the somewhat competing stances of GOP members, some of whom have higher political aspirations. Both sides of the Hill agreed on their fiscal plans in late March. Now they must reconcile the two. With the GOP in control of both chambers, the House and Senate fiscal year 2016 budgets actually are pretty similar. Both want to fast-track a measure that would repeal Obamacare, as well as add more money for defense…
 
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    Our Taxing Times

  • It's Over!

    trishmc
    16 Apr 2015 | 9:50 am
    Ahhhhhhhhhhh….. Quiet today! Yesterday (April 15th) was a manic depressive kind of day. It would be calm for a while then everyone would call or come by at the same time. (There were the three last minute changes to completed returns in 10 minutes.) Add to that U-Verse was intermittent for the second day. I had to time return transmissions to the two little green lights on the modem. Now it’s time for my after tax season catch-up. I need to straighten up my desk and do some filing. I have a pile of tax reading to catch up. And that means I’ll find a bunch of topics to write about. I…
  • Tying Off the Loose Ends

    trishmc
    15 Apr 2015 | 8:50 am
    Here we go. It’s April 15th and your income taxes are due today. I have a few reminders and suggestions. Not about preparing your taxes but other tax stuff. If your taxes are not done, I suggest filing an extension and paying what you estimate you owe. You might get the return done on time but with the time (lack of) pressure it will be easy to make a mistake. Give yourself a little time to check everything and make sure the return is correct. If you are using a tax pro, make sure they have all your signatures on the electronic filing forms. They can’t e-file without those forms signed.
  • 2 More Days

    trishmc
    13 Apr 2015 | 7:39 pm
    A few responses to questions I got today (some I wished I said): Yes, I know that Wednesday is April 15th. I’ve actually had that figured out for quite a while now.  Where have you been? It’s been all over the newspapers, TV and radio. I’m soooo happy that you stopped by to shoot the breeze and ask about getting you paperwork to me. All I’m doing is working on other tax returns and I haven’t been interrupted for all of 15 minutes. I am overjoyed that you think you can get me most of your paperwork Tuesday afternoon. I will be thrilled to look at what you bring in and give you an…
  • GIGO

    trishmc
    8 Apr 2015 | 8:56 am
    Had a client present me with a balance sheet for his business recently that had a negative balance on all the business bank accounts. Since he didn’t handle the books he checked into it for me. The answer he got from the family member doing the books was that was the way “accounting program” handled it. I wasn’t to worry. There was money in the bank. They’ve never been overdrawn. No, sorry but that is not the way the program will handle it unless someone puts it in wrong. It’s a classic example of GIGO. GIGO is an old computer term; garbage in, garbage out. Basically, if you put…
  • Premium Tax Credit Strikes Again

    trishmc
    5 Apr 2015 | 6:51 pm
    The Premium Tax Credit (PTC) is now generating IRS letters. The PTC is part of Affordable Care Act which pays part of the health insurance premium for qualified taxpayers. They sign up through one of the Health Insurance Marketplaces (HIM) and are given a credit against their premium based on their income. When they file their 2014 tax return, they use the Form 1095-A (Health Insurance Marketplace Statement) they received to reconcile the advance credit to which they actually were entitled. The IRS has begun sending out letters to taxpayers who claimed the PTC on their returns asking for more…
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    TAX NEWS - Google News

  • Report says higher incomes will feel more of Wolf tax plan - Pittsburgh Post-Gazette

    24 Apr 2015 | 9:00 pm
    WTAE PittsburghReport says higher incomes will feel more of Wolf tax planPittsburgh Post-GazetteHARRISBURG — The Independent Fiscal Office says that Gov. Tom Wolf's proposed tax changes would result in at least a small overall tax increase for Pennsylvanians in all income ranges but that the cost would fall much more heavily on higher-income ...Wolf's tax plan will tap money from all income levels, independent analysis saysFox BusinessWolf's tax plan will hit all income levels, analysis saysWTAE PittsburghTop Wolf aide stands by tax-shift claims despite independent report…
  • Clinton Charities Review Tax Returns Amid Scrutiny of Foreign Grants - New York Times

    24 Apr 2015 | 5:22 pm
    Fox NewsClinton Charities Review Tax Returns Amid Scrutiny of Foreign GrantsNew York TimesThe Clinton family's namesake foundation and signature health initiative are reviewing several years of tax returns after questions were raised about the charities' reporting of tens of millions of dollars in grants from foreign governments, foundation Clinton Foundation will amend tax filings to reflect foreign givingWashington Post (blog)Clinton charities reportedly will refile tax returns due to foreign donation Fox NewsClinton Charities Will Refile 5 Annual Tax Returns, May Audit For Other…
  • The Tax Burden Rises - Wall Street Journal

    24 Apr 2015 | 3:59 pm
    Wall Street JournalThe Tax Burden RisesWall Street JournalYour government hopes you haven't noticed, but if you live in a developed country there's a good chance your taxes have gone up over the past four years. That's the conclusion from the OECD's latest “Taxing Wages” report, which finds the average worker ...
  • North Dakota OKs New Oil Tax Framework, Ends Price Triggers - ABC News

    24 Apr 2015 | 3:22 pm
    INFORUMNorth Dakota OKs New Oil Tax Framework, Ends Price TriggersABC NewsWith oil prices sinking enough that drillers may soon see a more favorable tax rate, North Dakota lawmakers approved a new framework Friday that cuts the price-triggered exemption in exchange for a lower tax rate. North Dakota's House voted 66-26 after ND House adds its OK to oil tax changesINFORUMOil tax bill makes whirlwind move through LegislatureBismarck Tribuneall 72 news articles »
  • Fix The Tax Code Friday: Should We Repeal The Federal Estate Tax? - Forbes

    24 Apr 2015 | 2:09 pm
    ForbesFix The Tax Code Friday: Should We Repeal The Federal Estate Tax?ForbesOver the years, there have been many iterations (downloads as a pdf) of a federal estate tax in the U.S. The first notable estate tax, or death tax, was written into the The Stamp Tax of 1797 to help fund a war against France. In 1802, that tax was Minnesota lawmakers poised to limit reach of estate taxMinnesota Public Radio NewsCommentary: No tax cuts for the 0.1 percent!Palm Beach PostBill Maher says more Americans have been to the moon than farmers who paid PolitiFactWinona Daily Newsall 24 news…
 
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    THE WANDERING TAX PRO

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

    24 Apr 2015 | 2:00 am
    BUZZ, BUZZ – the BUZZ is back!Sorry I have been late in returning to regular posting.  I have been working away on the GD extensions – and have made some good progress.  I want to have all of the returns for which I have information done by the end of April.Are you celebrating?  Do you know what day today is?  The TAX FOUNDATION tells us “Tax Freedom Day® 2015 is April 24th”! Here are some items of interest that appeared during my tax season hiatus, and some more recent BUZZ-worth stuff.* Barbara Weltman reminded me of some history that I had forgotten on one of…
  • THAT WAS THE TAX SEASON THAT WAS 2015

    20 Apr 2015 | 2:00 am
    Before it began the 2015 tax filing season, for filing 2014 tax returns (my 44th season as a paid tax preparer), was expected to be the worst tax season ever, at least by IRS leadership.“The filing season is going to be the worst filing season since I’ve been the National Taxpayer Advocate,” said Nina Olsen.And IRS Commissioner John Koskinen predicted that the 2015 tax filing season “will be one of the most complicated filing seasons we’ve ever had.” Why?  To begin with the idiots in Congress once again waited until literally the last minute to extend the perennial “tax…
  • THANK GOD IT'S OVER!

    15 Apr 2015 | 2:00 am
    Tax season's over!My face it has a big smile.And so, it's off to the shore -1040s no more!At least for a while.
  • OL' MAN RIVER

    29 Mar 2015 | 4:07 am
    I gets weary, and sick of taxes.I’m tired of 1040s, but feared of extensions.So, like Ol' Man River, I keep on rolling along!
  • WHERE THE FAKAWI?

    25 Feb 2015 | 2:00 am
    For my clients, and those who are interested -The, or I guess my, 2015 tax filing season (February 1 – April 14) is 1/3 over!I have completed and mailed out 63 returns – which is not bad for the first third of the season.  I don’t remember if I saved my last year’s daily log – and if I did I don’t know where to put my hands on it easily – but I think I am, if not at the same point, a bit ahead of last season at this time.I have either done, received in the mail, or made arrangements with 49% of the names on my mailing list – which I am sure is ahead of last year.The “to…
 
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    Start Making Sense

  • NYU Tax Policy Colloquium, week 12: David Albouy's Should We Be Taxed Out of Our Homes?: The Optimal Taxation of Housing Consumption

    22 Apr 2015 | 11:51 am
    Yesterday at the colloquium, David Albouy presented the above article, applying optimal tax theory to the question of how consumption via home occupancy should be taxed.  This was welcome diversification of the balance in our overall portfolio of articles for the semester.I also got an update that I shouldn’t have needed (i.e., I ought already to have been up-to-date) regarding how Albouy has, in prior work (The Unequal Geographic Burden of Federal Taxation), modified or corrected the view taken by Louis Kaplow (in Regional Cost of Living Adjustments in Tax/Transfer Schemes, Tax Law…
  • Sign of the times

    19 Apr 2015 | 5:58 pm
    Last year my wife and I went to the Tribeca Film Festival for the first time, saw an absolutely stunning, wrenchingly sad, film called Gabriel, plus a documentary that was just OK.This year, we're headed back for 4 bites at the apple, no pun intended.  The first two, Bleeding Heart and The Wannabe, were both pretty good - much more interesting than most commercial films, and of the two Bleeding Heart felt more authentic and less genre, but Wannabe was arguably better-done / more professional.  We split 50-50 on which we preferred.One thing that's getting tiresome is the…
  • Someone thinks we're stupid

    17 Apr 2015 | 7:06 am
    The House of Representatives just voted to repeal the estate tax, while also preserving the tax-free step-up in basis at death for appreciated assets.As others have said, one couldn't ask for a clearer illustration of House Republican priorities than this unfunded $269 billion tax cut (over the next ten years) for the richest 0.2 percent of households.But do they also have to insult everyone's intelligence?  Paul Ryan explains that he is trying to help "family farmers ... [and] small and minority business owners."  He claims that, the estate tax is "absolutely devastating" to family…
  • Why don't people respond much to marriage penalties and bonuses (insofar as they don't)?

    16 Apr 2015 | 12:17 pm
    Just a couple of more thoughts about marriage penalties and bonuses in the U.S. federal income tax law, prompted by discussing the issues that were raised by this week's colloquium regarding Larry Zelenak's paper.First, insofar as marriage rates are observed not to respond much to marriage penalties and bonuses, even in an age when unmarried cohabitation has become far more socially permissible than it used to be, what would be the reason? Maybe this sounds a bit too obvious.  It's a big personal life decision, etcetera.  Plus, people often don't know what the marital stakes…
  • Marriage or joint filing penalty in student loan repayment plans

    16 Apr 2015 | 10:30 am
    I heard about something interesting this week, from students in my Tax Policy Colloquium and brought to their minds by Larry Zelenak's paper on marriage penalties and bonuses.  It was news to me, but apparently is common and perhaps well-known in the demographic of near-graduates from college or professional school who have huge student loans to pay and are making use of the federal income-conditioned repayment program.Under this program, of course, the more one earns after graduating, the more one may have to pay annually.  Obviously this functions like a marginal tax on earning…
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    MauledAgain

  • An Failure-to-Immunize Tax?

    James Edward Maule
    24 Apr 2015 | 5:01 am
    An economist, Mark Pauly, has presented an interesting tax proposal aimed at offsetting the costs imposed on society by parents who refuse immunizations for their children. By his own admission, it’s not a new idea. In 1905, Massachusetts imposed a $5 fine on those refusing to be immunized against smallpox, and challenges were rejected by the Supreme Court. Does it matter whether the amount that must be paid is tagged as a tax or as a fine? To me, calling something a tax means that the underlying transaction or activity is legal whereas calling something a fine means that the underlying…
  • An Immoral Tax?

    James Edward Maule
    22 Apr 2015 | 5:01 am
    Let’s talk about taxes and immorality. Usually, that connection arises when debates are underway with respect to taxes on alcohol or tobacco. But it has now been extended to include debate over the federal estate tax. Though opponents of the estate tax usually reserve their immorality objections to matters of who is sleeping with who, who’s watching what, and who’s visiting where, this time around they have outdone themselves. Or at least one of them has stepped up to speak for estate tax opponents.According to Republican Representative Kevin Brady, the federal estate tax “is, at its…
  • Another Tax Simplification Idea

    James Edward Maule
    20 Apr 2015 | 5:01 am
    According to this recent article, Philadelphia’s City Controller has determined that many real estate agents doing business in Philadelphia do not have a city business license or a city tax account. The controller estimates almost $400,00 in taxes were not paid between 2010 and 2014. According to a random sampling of real estate agents, almost half did not know they needed those accounts, and many said they did not know where or how to get them. Some of the noncompliance consists of failure to collect wage and business privilege taxes.Perhaps one reason compliance with city taxes is low,…
  • Here’s A Tax Reform Idea . . . That Probably Won’t Fly

    James Edward Maule
    17 Apr 2015 | 5:01 am
    As described in a recent article, Congressional tax writers are looking for a way to give to partners and S corporation shareholders the benefit of the reduced tax rates that are planned for C corporations. They do not want to lower the individual rates, which are the rates that apply to partners and S corporation shareholders who are individuals.The problem exists because partnerships and S corporations, with a few exceptions for some S corporation income, are not subject to the federal income tax. Instead, the owners of these enterprises are taxed on the partnership’s or S corporation’s…
  • Free Houses, Free Land: Gross Income?

    James Edward Maule
    15 Apr 2015 | 5:00 am
    For those seeking free houses and free land, The Penny Hoarder has a list of cities that are giving away houses that need fixing up, cash rewards to people renting living space in the city, and cash rewards to people who live and work in the city. In some instances the cash rewards can be as high as $20,000. One city is offering almost 3 acres of land, worth $175,000, to any business that creates 24 new jobs in the city. In some instances, the recipient must be employed by a company that is a partner with the city in operating the program. In other instances, a person receiving an empty…
 
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    TaxProf Blog

  • Today Is Tax Freedom Day — Earlier In LA, MS & SD, Later In CT, NJ & NY

    Paul Caron
    24 Apr 2015 | 12:27 pm
    Today is Tax Freedom Day, the day on which Americans will have earned enough money to pay all federal, state, and local taxes for the year: Tax Freedom Day is the day when the nation as a whole has earned enough money to pay its total tax bill for the...
  • Weekly Tax Roundup

    Paul Caron
    24 Apr 2015 | 12:10 pm
    ABA Journal, On-the-Lam Ex-attorney Wanted in Client 'Charity' and Tax-fraud Case Is Captured Bruce Bartlett, A Conservative Case for the Welfare State Bloomberg, Paulson Gets More Time for Reinsurance Tax Move Under IRS Rule Bloomberg, Paulson, Highbridge Bermuda Ventures May Be at Risk From IRS Bloomberg, Princeton Loses Appeal in...
  • Weekly Legal Education Roundup

    Paul Caron
    24 Apr 2015 | 11:00 am
    Above the Law, Judging The Judges: Who Are the Most-Cited New Jurists On The Federal Bench? Above the Law, Parents’ Weekend? Is This A Top-14 Law School Or Camp? Argus Leader, USD Law School Trying to Clear Stench The Australian, ‘Worst Time in Living History to be a WA Law...
  • Weekly SSRN Tax Roundup

    Paul Caron
    24 Apr 2015 | 10:00 am
    Leslie Book (Villanova), Academic Clinics: Benefitting Students, Taxpayers, and the Tax System Martin Fochmann & Nadja Wolf, Mental Accounting in Tax Evasion Decisions – An Experiment on Underreporting and Overdeducting Grant Driessen (Tulane) & Steven Sheffrin (Tulane), Agglomeration, Tax Differentials, and the Mobility of Professional Athletes Eric Lustig (New England),...
  • Weekly Student Tax Note Roundup

    Paul Caron
    24 Apr 2015 | 9:34 am
    Sean Deneault (J.D. 2014, Indiana), Note, Foreign Account Tax Compliance Act: A Step in the Wrong Direction, 24 Ind. Int'l & Comp. L. Rev. 729 (2014) Jonathan Mills (J.D. 2014, Cumberland), Comment, When a Return Is Not a Return: The Importance of a Timely Filed Income Tax Return for Discharge...
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    Texas State & Local Tax Law Blog

  • Proposed legislation affecting Texas tax disputes: administrative hearing procedures

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

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

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

    Alan Sherman
    27 Feb 2015 | 10:30 pm
    Earlier today, February 27th, the Texas Supreme Court denied the Comptroller of Public Accounts’ petition for review in Hegar, et. al. v. Cirrus Exploration Company, No. 14-0292. Cirrus Exploration  is one of many recent sales and use tax lawsuits involving aircraft purchases; in this case, the dispute was whether helicopter purchases were tax exempt on the basis of having been “…sold to a person using the aircraft as a certificated or licensed carrier of persons or property…” as provided by Subsect. (a)(1) of Texas Tax Code ann. §151.328 and further defined in Subsect. (a)(1)…
  • Texas revised franchise tax (“margin tax”) litigation: what to expect in 2015

    Alan Sherman
    2 Feb 2015 | 10:00 pm
    We’re now a month into 2015, and so far there haven’t been any dramatic litigation developments in Texas’ statewide taxes.  That may be about to change, however, as several pending appellate court cases have been fully briefed and are likely to be decided soon. There are a number of other cases at earlier stages of litigation, and some of those will probably result in appellate opinions or trial court judgments later this year. Today’s post summarizes a few of the more significant pending cases involving the revised franchise tax, the so-called “margin…
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    Roth & Company, P.C

  • No roundup today

    Joe Kristan
    24 Apr 2015 | 5:30 am
    The Tax Update is taking April 24 off. See you Monday!
  • IRS releases Applicable Federal Rates (AFR) for May 2015

    Joe Kristan
    24 Apr 2015 | 4:09 am
    The IRS has issued (Rev. Rul. 2015-08) the minimum required interest rates for loans made in May 2015: -Short-Term (demand loans and loans with terms of up to 3 years): 0.43 -Mid-Term (loans from 3-9 years): 1.53% -Long-Term (over 9 years): 2.30% The Long-term tax-exempt rate for Section 382 ownership changes in May 2015 is 2.47 Historical AFRs may be found here or from prior Tax Update posts.
  • Tax Roundup, 4/23/15: House report rips Koskinen’s war on taxpayer service.

    Joe Kristan
    23 Apr 2015 | 6:50 am
    I’ll believe the IRS has a funding crisis when the IRS acts like it has a funding crisis. The House Ways and Means Committee yesterday issued a report ripping Commissioner Koskinen for deliberately cutting customer service to prioritize ACA implementation and to create pressure for a bigger budget. It’s the IRS version of the Washington Monument Strategy — slashing the most visible and popular services first. This Koskinen isn’t the IRS commissioner, but he’d probably do a better job than the one who is. Christopher Bergin of Tax Analysts describes the report:…
  • Tax Roundup, 4/22/15: Mileage logs don’t have to be perfect, but they have to be there. And: taxes and the rich guy.

    Joe Kristan
    22 Apr 2015 | 7:23 am
    Keep that logbook. It’s not always enough to incur a deductible expense to earn a documentation. For travel, meals and entertainment, you have to be able to prove it under strict standards. If you fail to properly document the amount, time and place, and business purpose of travel expense, your deduction is lost. A Minnesota man whose job managing construction projects required substantial travel claimed employee business expense deductions. The IRS disallowed the deductions, and the Tax Court got involved. Judge Marvel explains (my emphasis, citations omitted): Substantiation by…
  • Tax Roundup, 4/21/15: Loans aren’t taxable, until you don’t have to pay them. And: ACA, dope, and lots of other stuff.

    Joe Kristan
    21 Apr 2015 | 7:04 am
    Pay me now, tax me later. A hospital in a poor county in Central Florida wanted to recruit an OB-GYN. Rural employers often have to do something extra to recruit good help, so the hospital offered him a $260,000 loan. It came with a sweetener: if certain goals were reached, the loan would be forgiven. It’s well established that loans aren’t taxable income. That can be pretty sweet to have $260,000 to spend with no withholding and no tax bill. But there’s a catch. You either have to repay the loan (out of your after-tax income), or you have to pay tax on the loan amount if…
 
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    RUBIN ON TAX

  • FBAR Case Rules on Unknown Issues

    Charles (Chuck) Rubin
    24 Apr 2015 | 1:02 pm
    A recent FBAR decision weighs in on some unknown and uncertain penalty issues relating to failure to file FBARs. These issues include: a. Definition of Reasonable Cause. The penalty for failure to file an FBAR will not apply if the taxpayer has reasonable cause for the nonfiling. Unfortunately, there is no definition of reasonable cause under the Bank Secrecy Act or its regulations for FBAR penalty purposes. The court determined that the best meaning would be to borrow from the Internal Revenue Code provisions (such as Sections 6664(c)(1) and 6677(d)), and held that a person would have…
  • FBAR Case Rules on Unknown Issues

    Charles (Chuck) Rubin
    24 Apr 2015 | 10:58 am
    A recent FBAR decision weighs in on some unknown and uncertain penalty issues relating to failure to file FBARs. These issues include: a. Definition of Reasonable Cause. The penalty for failure to file an FBAR will not apply if the taxpayer has reasonable cause for the nonfiling. Unfortunately, there is no definition of reasonable cause under the Bank Secrecy Act or its regulations for FBAR penalty purposes. The court determined that the best meaning would be to borrow from the Internal Revenue Code provisions (such as Sections 6664(c)(1) and 6677(d)), and held that a person would have…
  • Applicable Federal Rates – May 2005

    Charles (Chuck) Rubin
    20 Apr 2015 | 4:04 pm
    Follow @crubincrubin
  • 60 Crummey Withdrawal Beneficiaries Allowed

    Charles (Chuck) Rubin
    14 Apr 2015 | 4:44 pm
    For many years, courts have recognized that gifts to a trust can qualify for the gift tax annual exclusion as “present interest” gifts if withdrawal powers are granted to beneficiaries.The IRS is hostile to persons being treated as a beneficiary for this purpose if they have no rights to income or principal nor vested rights as remaindermen. Nonetheless, the courts have recognized beneficiaries that are merely contingent remaindermen as having a substantial enough interest such that annual exclusion can be applied to gifts subject to withdrawal by them. For example, see Estate of…
  • Can A Form 1040 Income Tax Return Omission Lead to an Extended Statute of Limitations for an Estate Tax Return (Form 706) or Estate Income Tax Return (Form 1041)?

    Charles (Chuck) Rubin
    3 Apr 2015 | 5:19 pm
    Surprisingly, yes! At least according to the IRS. How so? Here’s at least one scenario where it is possible:    1. An executor for a decedent’s estate files a final Form 1040 for the decedent. The executor does not report a foreign financial asset of the decedent, which Code Section 6038D requires should be reported on Form 8938 to be filed with the Form 1040.    2. The executor also did not report income from such foreign financial asset on the estate’s Form 1041, and did not report it on the estate Form 706 which the estate was obligated to file. The three year…
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    Tax Problem Attorney Blog

  • IRS Continues Its Tax Enforcement Crackdown on S Corporations

    Dennis N. Brager
    21 Apr 2015 | 6:00 am
    The 2007 financial crisis and its aftermath fundamentally changed how Americans think about risk and business. Another effect of the financial crisis was creating a renewed urgency regarding balancing the federal government’s finances. While many in Congress focus on reducing expenditures, the IRS has continued its efforts to increase tax revenues through better identification of tax fraud and tax avoidance even with a decreased budget. As has been seen in the context of offshore accounts, coming forward voluntarily, making a complete disclosure and taking steps to correct tax problems…
  • FATCA Obligation? IRS’ International Data Exchange Service Again Ratchets up Risk of Undisclosed Foreign Account Detection

    Dennis N. Brager
    17 Apr 2015 | 6:00 am
    Since FATCA’s passage, critics of the law have assailed its provisions and the IRS’ interpretations of the law. However one of the most oft-repeated charges against the account disclosure statute was that the IRS, itself, was not ready for the law and could not handle the influx of data including complex tax filings. A December 2011 New York Times article lamented that the IRS was not prepared for the fierce reaction from overseas or differences in how each tax agency handles their process. For instance, at the time there was concern regarding how manual verification would work in tax…
  • Attempts to Conceal Your Tax Mistakes Compounds Your Tax Problems Increasing the Risk of a Prison Sentence

    Dennis N. Brager
    16 Apr 2015 | 6:00 am
    Nobody wants to file and pay taxes. However, the only thing worse than filing and paying taxes each year may be making a filing mistake that opens one up to an IRS tax audit or a criminal tax prosecution. Many times taxpayers may realize that they made an error on their initial filing. However what the individual does next could determine the consequences he or she may face. If, in a panic, the taxpayer attempts to conceal the error, she may have very well compounded her liability and make the possibility of facing severe tax consequences more likely. However, if the taxpayer discloses the…
  • Failure to File Taxes Plus a Frivolous Tax Argument Can Equal a Prison Sentence

    Dennis N. Brager
    13 Apr 2015 | 6:00 am
    The Wisconsin owner of several self-help and life development companies received a rather jarring wake-up call when he was convicted on tax crimes and sentenced to a year in federal prison. Eric T. Plantenberg had failed to file taxes for ten years from 2000 to 2010 after he began subscribing to the views of the Church of Compassionate Service. According to court documents the Church of Compassionate Service is a group that advances frivolous tax arguments, chiefly to individuals who are receptive to an anti-tax or anti-government message. Arguments related to and reminiscent of the group’s…
  • Beware of the Unexpected Tax Refund Windfall & Other Pitfalls

    Dennis N. Brager
    9 Apr 2015 | 6:00 am
    Each and every year April 15th brings fear and dread for millions of Americans who fear that they will face a hefty tax liability. Some may even choose to put off the filing by requesting an extension prior to the filing deadline, but the fact remains that the tax will have to be reported and paid at some point. However, for some, their tax return may contain an unexpected surprise: a significant tax refund. But, if you didn’t expect to receive anything back or if you expected to have to pay, proceed with caution. The refund may be the product on an IRS error. Although the original mistake…
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    Taxable Talk

  • Don’t Call Us Continues

    Russ
    22 Apr 2015 | 7:52 pm
    Back in the 1970s Saturday Night Live had this sketch of Lily Tomlin reprising her role as Ernestine the phone company operator (from Laugh-In): That’s how I feel about calling the IRS. I have three matters I need to get resolved with the IRS. Today, the response I received when calling the IRS’s Practitioner Priority Service was, “Due to extremely high call volumes that option is not available now. Please try your call again later.” Well, I tried again later. And later. And later still. “We’re sorry, but due to extremely high call volumes that option is not available…
  • Of Deadlines and Taxes

    Russ
    21 Apr 2015 | 8:57 pm
    As I look back at April 15th I can draw some conclusions. First, thank goodness the IRS relented on the property regulations. There is no way tax professionals would have been able to prepare all of the required Change in Accounting Methods. Second, this was the year of the impossible to reach IRS. I saw a statistic today that only 38.5% of callers received customer service from the IRS phone lines. That was true for tax professionals, too: I could not get through via the Practitioner Priority Service during the last three weeks of Tax Season. My usual trick, calling at 6:55pm PDT (right…
  • Bozo Tax Tip #1: Let Your IRS Notice Age Like Fine Wine!

    Russ
    12 Apr 2015 | 7:06 pm
    My brother is a wine connoisseur. As all my friends know, I’m anything but a wine aficionado. But I have learned one difference between fine wine and a notice from the IRS: Wine can age very well but IRS notices don’t. Almost all IRS notices come with deadlines. You need to act to stop the IRS. If you ignore the notice, you usually will get a second notice. After that, you may receive a Notice of Deficiency. If that ages the tax is assessed. Yet most IRS notices are wrong in whole or in part! The last study I saw showed that two-thirds of IRS notices are wrong. That’s a…
  • Bozo Tax Tip #2: The Eternal Hobby Loss

    Russ
    9 Apr 2015 | 7:04 pm
    The goal of must businesses is to make money. There aren’t many businesses that can lose on each sale and make it up in volume. In fact, I don’t know of any. But I digress…. So let’s take Sam and Edna, two successful individuals who love horses. They decide to start raising horses. They remember their accountant telling them that if they had a business that loses money they can take the loss and offset some of their income. That’s true. They don’t remember their accountant telling them that the business does need to be structured to make money eventually.
  • Bozo Tax Tip #3: Just Don’t File

    Russ
    8 Apr 2015 | 7:00 pm
    We’re running some repeats, but there is some new Bozo material coming. It’s just that people keep trying the same things over and over again. It’s tough to avoid the tax system. There are currency transaction reports (cash transactions of $10,000 or more) and suspicious activity reports (theoretically can be done on any transaction, but usually starts at $3,000 or more) done with cash. Businesses must send out 1099s on payments of $600 or more to individuals. Barter organizations must send out 1099s. But that doesn’t stop the Bozo contingent. “They’ll never catch me,” they…
 
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    » Blog

  • Harrisburg man sentenced to prison for conspiracy to defraud IRS of approximately $1 million

    Darrin Mish
    24 Apr 2015 | 4:59 am
    westmorelandtimes.com — The United States Attorney’s Office for the Middle District of Pennsylvania announced that Vanny Son, 33 years of age, Harrisburg, Pennsylvania, was sentenced Thursday by U.S. District Court Judge John E. Jones III to 37 months imprisonment to be followed by three years supervised release, and restitution to the IRS in the amount of $682,897, for a conspiracy to defraud the IRS of approximately $1 million in employment taxes between 2006 and 2012. According to U.S. Attorney Peter Smith, Son operated five employee leasing companies which supplied day laborers to…
  • Julius Baer Likely Next To Settle U.S. Tax Allegations

    Darrin Mish
    24 Apr 2015 | 4:57 am
    www.mondaq.com — During a meeting with shareholders on April 15, Daniel Sauter, Chairman of Julius Baer Group Ltd., said the bank was at “an advanced stage of talks” with U.S. authorities. The U.S. Department of Justice has been investigating Julius Baer and about a dozen other Swiss banks over allegations that the banks aided Americans in evading U.S. taxes. These investigations have led to several high-profile settlements, including UBS AG’s agreement to pay $780 million in 2009 and Credit Suisse Group AG’s payment of a $2.6 billion fine in May 2014. Read more…
  • Sen. Grassley Wants IRS Action On Taxpayer Data Protection

    Darrin Mish
    23 Apr 2015 | 3:17 am
    www.law360.com — The budget-stifled Internal Revenue Service has been grappling with computer security issues for years, but U.S. Sen. Chuck Grassley, R-Iowa, has had enough, and he wants the agency to explain how it’s solving the problem, according to a letter released Tuesday. Sen. Chuck Grassley, R-Iowa, is calling on the IRS to better secure taxpayer information. Read more about Sen. Grassley Wants IRS Action On Taxpayer Data Protection The post Sen. Grassley Wants IRS Action On Taxpayer Data Protection appeared first on .
  • Hernando School Board sets sales tax vote for November

    Darrin Mish
    23 Apr 2015 | 3:16 am
    www.tampabay.com — The Hernando County School Board on Tuesday picked both the time for its planned half-cent sales tax referendum — this November — and the approach for the campaign. “We all preferred the low-cost option,” school district spokesman Eric Williams said, speaking of a sales tax task force formed in February. The strategy includes soliciting in-kind donations from media organizations, speaking to community groups, holding town hall meetings and informally polling residents rather than paying for polling. Read more about Hernando School Board sets sales tax vote…
  • Tax credit bill for Florida-made movies postponed again

    Darrin Mish
    22 Apr 2015 | 7:11 am
    tbo.com – For the second time in two weeks, the House’s film and entertainment tax credits bill has been pulled off of an agenda of bills for consideration. The measure (HB 451) was “temporarily postponed” last week to Tuesday’s floor session, when it was postponed again. State Rep. Mike Miller, a Winter Park Republican, last week said the bill’s withdrawal “was purely a timing issue … to coincide with what’s happening in the Senate.” Read more about Tax credit bill for Florida-made movies postponed again The post Tax credit bill for Florida-made movies postponed again…
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    IRS Hitman 888-415-1337

  • Benefits of a Retirement Plan

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

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

    10 Apr 2015 | 10:48 am
    The IRS received over 99 million tax returns and issued more than 77 million in refunds through April 3, 2015, with the average refund amount being $2,800. If you haven’t yet filed your tax return or paid your taxes, you should act now to avoid penalties. Here is how:  If you cannot file your tax return by April 15, you can request a tax-filing extension. You can do that by using the IRS Free File on irs.gov. This is a free service that provides you with an automatic extension of six months to file (until Oct. 15) on Form 4868. By filing this form, you avoid the late-payment penalty of…
  • When You Receive 5071C

    3 Apr 2015 | 9:30 am
    There is a possibility that you may receive Letter 5071C from the IRS after you have filed your tax return. If you receive this letter, the IRS wants you to verify your identity. The IRS sends this letter after they receive your tax return with your name and/or social security number, but questions the authenticity of the return and wants to confirm that you filed it. Due to the increase in identity theft cases, the IRS is taking every precaution to prevent fraudulent returns from passing through.·      When you receive 5071C, log on to idverify.irs.gov to verify…
  • What You Should Do If Your Identity was Stolen

    27 Mar 2015 | 10:13 am
    The threat of your identity being stolen is real. There are fraudsters that have developed ways to steal identities in order to file fraudulent tax returns and get refund money. This tax crime is becoming more and more widespread because it can be conducted remotely and anonymously. Scammers depend on numbers and luck. They file a number of fraudulent tax returns, hoping that the IRS will approve at least some of them. The IRS, on the other hand, has increased its security protocols to prevent fraudulent tax returns from being processed.To protect their identities, taxpayers should keep their…
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    L & R Tax Preparation LLC RSS Feed

  • What Income is Taxable?

    1 Apr 2015 | 7:00 am
    Are you wondering if there's a hard and fast rule about what income is taxable and what income is not taxable? The quick (and easy) answer is that all income is taxable unless the law specifically excludes it. But as you might have guessed, there's more to it than that. Keep reading to learn more.
  • Lost Your Job? There Could Be Tax Consequences

    1 Apr 2015 | 7:00 am
    If you were one of the many people who lost your job this year or last, you should be aware that you will have certain unique tax considerations. Continue reading to find out what they are.
  • Five Last Minute Tax Tips for 2015

    1 Apr 2015 | 7:00 am
    Are you one of the millions of Americans who haven't filed (or even started) your taxes yet? With the April 15 tax filing deadline less than a week away, here's some last minute tax advice for you.
 
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    Taxation RSS Feed | JD Supra Law News

  • Wealth Management Update - April 2015

    Proskauer Rose LLP
    24 Apr 2015 | 6:42 pm
    Obama Administration Announces Revenue Proposals - The Obama Administration has recently announced its Fiscal Year 2016 Revenue Proposals in its annual "Greenbook." The Greenbook sets forth the Administration's proposals for changes in the tax law...By: Proskauer Rose LLP
  • The New Section 6501(c)(10) Regulations

    McDermott Will & Emery
    24 Apr 2015 | 6:37 pm
    The Internal Revenue Service (IRS) and the U.S. Department of the Treasury recently finalized Treas. Reg. § 301.6501(c)-1(g), which interprets § 6501(c)(10)’s extended limitations period (and other associated rules) where a taxpayer fails to disclose...By: McDermott Will & Emery
  • Warning, Offshore Accounts Holders May Have No Fifth Amendment Protections

    Sanford Millar
    24 Apr 2015 | 6:14 pm
    In what is becoming an increasingly used attack vehicle, the Department of Justice (DoJ) is using the "required records doctrine" to compel taxpayer's to produce what may be incriminating evidence of ownership or control of foreign financial...By: Sanford Millar
  • EU: Working paper on online gambling EU VAT issues published

    DLA Piper
    24 Apr 2015 | 5:54 pm
    The EU VAT Committee has published the working paper in connection with their March discussions on the complex EU VAT issues concerning on-line gambling. It has no force of law. Two points worth picking up in particular......By: DLA Piper
  • Ontario’s 2015 Budget Makes Changes to Cultural Tax Credits

    Dentons
    24 Apr 2015 | 5:42 pm
    The Ontario government released its 2015 Budget on April 23, 2015 – and it makes some significant changes to Ontario’s cultural tax credit regime, including the elimination of the sound recording tax credit. (Please note that the following text is...By: Dentons
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  • Smulders opens up about secret health battle

    24 Apr 2015 | 9:31 pm
    Smulders opens up about secret health battleAPThe 'HIMYM' star revealed a life-threatening condition she was diagnosed with when she was 25.Difficult diagnosis she facedMore to seeWhen Jenner began his transitionHough steps out in crutches
  • Bruce Jenner drops bombshell confession

    24 Apr 2015 | 9:31 pm
    Bruce Jenner drops bombshell confessionETOnlineThe reality star and former Olympian spoke publicly for the first time about his gender identity in an interview with Diane Sawyer Friday.Revelation he made right off the batMore related storiesCelebrities react to Jenner revealTimeline: Olympian to reality star
  • Vets taunted by frat at Florida beach event

    24 Apr 2015 | 9:31 pm
    Vets taunted by frat at Florida beach event GettyA group of college partiers allegedly spit on and made derogatory remarks toward a group of nearly 100 wounded warriors.Shocking acts that got 3 expelledMore newsMechanic jailed after dog attackVets kayak 175 miles for PTSD
  • Night train kills 14 resting on 'safe' tracks

    24 Apr 2015 | 9:31 pm
    Night train kills 14 resting on 'safe' tracks APA group of migrants trying to reach European opportunity via a route deemed secure by smugglers was killed Thursday night in Macedonia. Perilous treks many migrants takeMore headlinesFormer foes honor WWI fallenEfforts to curb Somali extremism
  • Hawaii poised to pass historic smoking bill

    24 Apr 2015 | 9:31 pm
    Hawaii poised to pass historic smoking billGettyThe measure was approved Friday, and if the governor signs it, the state will be the first to raise the legal age for buying tobacco.Proposed penalties under new lawMore headlinesCongressman trolls Steve KingVolcano in southern Chile erupts
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  • Smulders opens up about secret health battle

    24 Apr 2015 | 9:31 pm
    Smulders opens up about secret health battleAPThe 'HIMYM' star revealed a life-threatening condition she was diagnosed with when she was 25.Difficult diagnosis she facedMore to seeWhen Jenner began his transitionHough steps out in crutches
  • Bruce Jenner drops bombshell confession

    24 Apr 2015 | 9:31 pm
    Bruce Jenner drops bombshell confessionETOnlineThe reality star and former Olympian spoke publicly for the first time about his gender identity in an interview with Diane Sawyer Friday.Revelation he made right off the batMore related storiesCelebrities react to Jenner revealTimeline: Olympian to reality star
  • Vets taunted by frat at Florida beach event

    24 Apr 2015 | 9:31 pm
    Vets taunted by frat at Florida beach event GettyA group of college partiers allegedly spit on and made derogatory remarks toward a group of nearly 100 wounded warriors.Shocking acts that got 3 expelledMore newsMechanic jailed after dog attackVets kayak 175 miles for PTSD
  • Night train kills 14 resting on 'safe' tracks

    24 Apr 2015 | 9:31 pm
    Night train kills 14 resting on 'safe' tracks APA group of migrants trying to reach European opportunity via a route deemed secure by smugglers was killed Thursday night in Macedonia. Perilous treks many migrants takeMore headlinesFormer foes honor WWI fallenEfforts to curb Somali extremism
  • Hawaii poised to pass historic smoking bill

    24 Apr 2015 | 9:31 pm
    Hawaii poised to pass historic smoking billGettyThe measure was approved Friday, and if the governor signs it, the state will be the first to raise the legal age for buying tobacco.Proposed penalties under new lawMore headlinesCongressman trolls Steve KingVolcano in southern Chile erupts
 
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  • Smulders opens up about secret health battle

    24 Apr 2015 | 9:31 pm
    Smulders opens up about secret health battleAPThe 'HIMYM' star revealed a life-threatening condition she was diagnosed with when she was 25.Difficult diagnosis she facedMore to seeWhen Jenner began his transitionHough steps out in crutches
  • Bruce Jenner drops bombshell confession

    24 Apr 2015 | 9:31 pm
    Bruce Jenner drops bombshell confessionETOnlineThe reality star and former Olympian spoke publicly for the first time about his gender identity in an interview with Diane Sawyer Friday.Revelation he made right off the batMore related storiesCelebrities react to Jenner revealTimeline: Olympian to reality star
  • Vets taunted by frat at Florida beach event

    24 Apr 2015 | 9:31 pm
    Vets taunted by frat at Florida beach event GettyA group of college partiers allegedly spit on and made derogatory remarks toward a group of nearly 100 wounded warriors.Shocking acts that got 3 expelledMore newsMechanic jailed after dog attackVets kayak 175 miles for PTSD
  • Night train kills 14 resting on 'safe' tracks

    24 Apr 2015 | 9:31 pm
    Night train kills 14 resting on 'safe' tracks APA group of migrants trying to reach European opportunity via a route deemed secure by smugglers was killed Thursday night in Macedonia. Perilous treks many migrants takeMore headlinesFormer foes honor WWI fallenEfforts to curb Somali extremism
  • Hawaii poised to pass historic smoking bill

    24 Apr 2015 | 9:31 pm
    Hawaii poised to pass historic smoking billGettyThe measure was approved Friday, and if the governor signs it, the state will be the first to raise the legal age for buying tobacco.Proposed penalties under new lawMore headlinesCongressman trolls Steve KingVolcano in southern Chile erupts
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  • Smulders opens up about secret health battle

    24 Apr 2015 | 9:31 pm
    Smulders opens up about secret health battleAPThe 'HIMYM' star revealed a life-threatening condition she was diagnosed with when she was 25.Difficult diagnosis she facedMore to seeWhen Jenner began his transitionHough steps out in crutches
  • Bruce Jenner drops bombshell confession

    24 Apr 2015 | 9:31 pm
    Bruce Jenner drops bombshell confessionETOnlineThe reality star and former Olympian spoke publicly for the first time about his gender identity in an interview with Diane Sawyer Friday.Revelation he made right off the batMore related storiesCelebrities react to Jenner revealTimeline: Olympian to reality star
  • Vets taunted by frat at Florida beach event

    24 Apr 2015 | 9:31 pm
    Vets taunted by frat at Florida beach event GettyA group of college partiers allegedly spit on and made derogatory remarks toward a group of nearly 100 wounded warriors.Shocking acts that got 3 expelledMore newsMechanic jailed after dog attackVets kayak 175 miles for PTSD
  • Night train kills 14 resting on 'safe' tracks

    24 Apr 2015 | 9:31 pm
    Night train kills 14 resting on 'safe' tracks APA group of migrants trying to reach European opportunity via a route deemed secure by smugglers was killed Thursday night in Macedonia. Perilous treks many migrants takeMore headlinesFormer foes honor WWI fallenEfforts to curb Somali extremism
  • Hawaii poised to pass historic smoking bill

    24 Apr 2015 | 9:31 pm
    Hawaii poised to pass historic smoking billGettyThe measure was approved Friday, and if the governor signs it, the state will be the first to raise the legal age for buying tobacco.Proposed penalties under new lawMore headlinesCongressman trolls Steve KingVolcano in southern Chile erupts
  • add this feed to my.Alltop

  • Smulders opens up about secret health battle

    24 Apr 2015 | 9:31 pm
    Smulders opens up about secret health battleAPThe 'HIMYM' star revealed a life-threatening condition she was diagnosed with when she was 25.Difficult diagnosis she facedMore to seeWhen Jenner began his transitionHough steps out in crutches
  • Bruce Jenner drops bombshell confession

    24 Apr 2015 | 9:31 pm
    Bruce Jenner drops bombshell confessionETOnlineThe reality star and former Olympian spoke publicly for the first time about his gender identity in an interview with Diane Sawyer Friday.Revelation he made right off the batMore related storiesCelebrities react to Jenner revealTimeline: Olympian to reality star
  • Vets taunted by frat at Florida beach event

    24 Apr 2015 | 9:31 pm
    Vets taunted by frat at Florida beach event GettyA group of college partiers allegedly spit on and made derogatory remarks toward a group of nearly 100 wounded warriors.Shocking acts that got 3 expelledMore newsMechanic jailed after dog attackVets kayak 175 miles for PTSD
  • Night train kills 14 resting on 'safe' tracks

    24 Apr 2015 | 9:31 pm
    Night train kills 14 resting on 'safe' tracks APA group of migrants trying to reach European opportunity via a route deemed secure by smugglers was killed Thursday night in Macedonia. Perilous treks many migrants takeMore headlinesFormer foes honor WWI fallenEfforts to curb Somali extremism
  • Hawaii poised to pass historic smoking bill

    24 Apr 2015 | 9:31 pm
    Hawaii poised to pass historic smoking billGettyThe measure was approved Friday, and if the governor signs it, the state will be the first to raise the legal age for buying tobacco.Proposed penalties under new lawMore headlinesCongressman trolls Steve KingVolcano in southern Chile erupts
 
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  • Smulders opens up about secret health battle

    24 Apr 2015 | 9:31 pm
    Smulders opens up about secret health battleAPThe 'HIMYM' star revealed a life-threatening condition she was diagnosed with when she was 25.Difficult diagnosis she facedMore to seeWhen Jenner began his transitionHough steps out in crutches
  • Bruce Jenner drops bombshell confession

    24 Apr 2015 | 9:31 pm
    Bruce Jenner drops bombshell confessionETOnlineThe reality star and former Olympian spoke publicly for the first time about his gender identity in an interview with Diane Sawyer Friday.Revelation he made right off the batMore related storiesCelebrities react to Jenner revealTimeline: Olympian to reality star
  • Vets taunted by frat at Florida beach event

    24 Apr 2015 | 9:31 pm
    Vets taunted by frat at Florida beach event GettyA group of college partiers allegedly spit on and made derogatory remarks toward a group of nearly 100 wounded warriors.Shocking acts that got 3 expelledMore newsMechanic jailed after dog attackVets kayak 175 miles for PTSD
  • Night train kills 14 resting on 'safe' tracks

    24 Apr 2015 | 9:31 pm
    Night train kills 14 resting on 'safe' tracks APA group of migrants trying to reach European opportunity via a route deemed secure by smugglers was killed Thursday night in Macedonia. Perilous treks many migrants takeMore headlinesFormer foes honor WWI fallenEfforts to curb Somali extremism
  • Hawaii poised to pass historic smoking bill

    24 Apr 2015 | 9:31 pm
    Hawaii poised to pass historic smoking billGettyThe measure was approved Friday, and if the governor signs it, the state will be the first to raise the legal age for buying tobacco.Proposed penalties under new lawMore headlinesCongressman trolls Steve KingVolcano in southern Chile erupts
  • add this feed to my.Alltop

  • Smulders opens up about secret health battle

    24 Apr 2015 | 9:31 pm
    Smulders opens up about secret health battleAPThe 'HIMYM' star revealed a life-threatening condition she was diagnosed with when she was 25.Difficult diagnosis she facedMore to seeWhen Jenner began his transitionHough steps out in crutches
  • Bruce Jenner drops bombshell confession

    24 Apr 2015 | 9:31 pm
    Bruce Jenner drops bombshell confessionETOnlineThe reality star and former Olympian spoke publicly for the first time about his gender identity in an interview with Diane Sawyer Friday.Revelation he made right off the batMore related storiesCelebrities react to Jenner revealTimeline: Olympian to reality star
  • Vets taunted by frat at Florida beach event

    24 Apr 2015 | 9:31 pm
    Vets taunted by frat at Florida beach event GettyA group of college partiers allegedly spit on and made derogatory remarks toward a group of nearly 100 wounded warriors.Shocking acts that got 3 expelledMore newsMechanic jailed after dog attackVets kayak 175 miles for PTSD
  • Night train kills 14 resting on 'safe' tracks

    24 Apr 2015 | 9:31 pm
    Night train kills 14 resting on 'safe' tracks APA group of migrants trying to reach European opportunity via a route deemed secure by smugglers was killed Thursday night in Macedonia. Perilous treks many migrants takeMore headlinesFormer foes honor WWI fallenEfforts to curb Somali extremism
  • Hawaii poised to pass historic smoking bill

    24 Apr 2015 | 9:31 pm
    Hawaii poised to pass historic smoking billGettyThe measure was approved Friday, and if the governor signs it, the state will be the first to raise the legal age for buying tobacco.Proposed penalties under new lawMore headlinesCongressman trolls Steve KingVolcano in southern Chile erupts
  • add this feed to my.Alltop

  • Smulders opens up about secret health battle

    24 Apr 2015 | 9:31 pm
    Smulders opens up about secret health battleAPThe 'HIMYM' star revealed a life-threatening condition she was diagnosed with when she was 25.Difficult diagnosis she facedMore to seeWhen Jenner began his transitionHough steps out in crutches
  • Bruce Jenner drops bombshell confession

    24 Apr 2015 | 9:31 pm
    Bruce Jenner drops bombshell confessionETOnlineThe reality star and former Olympian spoke publicly for the first time about his gender identity in an interview with Diane Sawyer Friday.Revelation he made right off the batMore related storiesCelebrities react to Jenner revealTimeline: Olympian to reality star
  • Vets taunted by frat at Florida beach event

    24 Apr 2015 | 9:31 pm
    Vets taunted by frat at Florida beach event GettyA group of college partiers allegedly spit on and made derogatory remarks toward a group of nearly 100 wounded warriors.Shocking acts that got 3 expelledMore newsMechanic jailed after dog attackVets kayak 175 miles for PTSD
  • Night train kills 14 resting on 'safe' tracks

    24 Apr 2015 | 9:31 pm
    Night train kills 14 resting on 'safe' tracks APA group of migrants trying to reach European opportunity via a route deemed secure by smugglers was killed Thursday night in Macedonia. Perilous treks many migrants takeMore headlinesFormer foes honor WWI fallenEfforts to curb Somali extremism
  • Hawaii poised to pass historic smoking bill

    24 Apr 2015 | 9:31 pm
    Hawaii poised to pass historic smoking billGettyThe measure was approved Friday, and if the governor signs it, the state will be the first to raise the legal age for buying tobacco.Proposed penalties under new lawMore headlinesCongressman trolls Steve KingVolcano in southern Chile erupts
 
  • add this feed to my.Alltop

  • Smulders opens up about secret health battle

    24 Apr 2015 | 9:31 pm
    Smulders opens up about secret health battleAPThe 'HIMYM' star revealed a life-threatening condition she was diagnosed with when she was 25.Difficult diagnosis she facedMore to seeWhen Jenner began his transitionHough steps out in crutches
  • Bruce Jenner drops bombshell confession

    24 Apr 2015 | 9:31 pm
    Bruce Jenner drops bombshell confessionETOnlineThe reality star and former Olympian spoke publicly for the first time about his gender identity in an interview with Diane Sawyer Friday.Revelation he made right off the batMore related storiesCelebrities react to Jenner revealTimeline: Olympian to reality star
  • Vets taunted by frat at Florida beach event

    24 Apr 2015 | 9:31 pm
    Vets taunted by frat at Florida beach event GettyA group of college partiers allegedly spit on and made derogatory remarks toward a group of nearly 100 wounded warriors.Shocking acts that got 3 expelledMore newsMechanic jailed after dog attackVets kayak 175 miles for PTSD
  • Night train kills 14 resting on 'safe' tracks

    24 Apr 2015 | 9:31 pm
    Night train kills 14 resting on 'safe' tracks APA group of migrants trying to reach European opportunity via a route deemed secure by smugglers was killed Thursday night in Macedonia. Perilous treks many migrants takeMore headlinesFormer foes honor WWI fallenEfforts to curb Somali extremism
  • Hawaii poised to pass historic smoking bill

    24 Apr 2015 | 9:31 pm
    Hawaii poised to pass historic smoking billGettyThe measure was approved Friday, and if the governor signs it, the state will be the first to raise the legal age for buying tobacco.Proposed penalties under new lawMore headlinesCongressman trolls Steve KingVolcano in southern Chile erupts
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    Value Added Tax Blog

  • VAT in Puerto Rico: June 1?

    Mark
    22 Apr 2015 | 4:06 pm
    The idea that April 1, 2015 would see a VAT in Puerto Rico did not materialize. More public discussion was needed and the government required more time for preparation. I wrote earlier about the introduction of VAT in Puerto Rico here: http://www.us-vat.com/blog/?p=935. EY Puerto Rico now writes: “Given the purported importance of the VAT to the Commonwealth’s […]
  • No more “First Sale” for EU customs valuation

    Mark
    22 Apr 2015 | 6:35 am
    The value of goods at the time of import is the key driver for the determination of the amount of VAT and customs duties payable. According to Tradewin.net, the doctrine of the “first sale” means that the importer can declare the goods to Customs using the ‘first sale’, which is the transaction between the manufacturer and […]
  • GST on e-business sales to Australia

    Mark
    22 Apr 2015 | 6:16 am
    If you are selling downloads (movies, games, audio etc) to individuals in Australia, make sure to follow the new Budget in Australia which is due to be released on May 12. It may contain new rules for non-residents (read: US companies) to account for Australian GST on sales of downloads. The GST rate there is […]
  • In Nederland van 5 – 10 mei

    Mark
    20 Apr 2015 | 7:30 am
    A quick PSA for my Dutch readers: Ik ben in Nederland van dinsdagochtend 5 tot en met zondagochtend 10 mei, voornamelijk voor client meetings in de Randstad. Als het lukt met mijn schema, dan zou ik het leuk vinden om eens met VAT Blog lezers af te spreken – laat eens van je horen! Mijn […]
  • Deloitte’s VAT Refund Guide 2015

    Mark
    16 Apr 2015 | 2:48 pm
    You may want to download this pdf for use now or later. Note the deadlines – authorities ruthlessly reject late submissions.
 
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    J. Stefan - EzineArticles Expert Author

  • No Articles Found

    24 Apr 2015 | 10:43 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.

  • Tax Season Recap 2015: What a Strange Season, Part 2 (Trends I Noticed)

    Jason Dinesen
    23 Apr 2015 | 4:30 am
    Image courtesy of user johnhain on Pixabay.com In Part 1 I laid out how tax season went for me in general. Having a salivary gland removed from my mouth was the highlight – if you can call it that – of my season. Here in part 2, I’ll talk about the trends I noticed. In no particular order: Couples in same-sex marriages got bit by changes to their withholding in 2014 — the first full calendar year after the DOMA ruling. I’m going to write an entire blog post on this topic at some point. Some of my clients in same-sex marriages owed THOUSANDS of dollars on their…
  • Breakeven Analysis for Small Businesses, Part 1

    Jason Dinesen
    21 Apr 2015 | 4:30 am
    This is an excerpt from a presentation I give to entrepreneurs about breakeven analysis and managing cash flow. —– What is breakeven analysis? Here’s how I define it: Break-even analysis is determining the point at which you are selling enough of your product or service to cover your production costs and overhead. In other words, the point at which you’ll be selling enough to stay in business! Much of this discussion will focus on businesses that sell products, but I’ll address service providers and not-for-profits later on. Know Your Costs You need to know your costs before…
  • Tax Season Recap 2015: What a Strange Season, Part 1

    Jason Dinesen
    17 Apr 2015 | 4:30 am
    Me, looking totally thrilled the day after having a salivary gland removed from my mouth in late March. Notice the stylish gauze wrap around my neck. Another April 15th has come and gone. What a year. If it wasn’t for health problems that required surgery in the middle of the season, I would actually say that this was a pretty good season. I was more efficient than ever this season. I got work done faster than ever — even with having to have surgery on March 23rd … to remove a salivary gland. Yep, that’s something you don’t hear about very often. I’ve had…
  • Basic Overview of Iowa Sales Tax for New Business Owners

    Jason Dinesen
    15 Apr 2015 | 4:30 am
    Questions about sales tax commonly arise from people new to self-employment. Here’s a very basic overview of sales tax in Iowa. The general rule on sales tax in Iowa is: If you sell products, you probably need to collect sales tax. If you provide a service, you probably don’t need to collect sales tax. Of course, there are exceptions to these rules. Some product sales are exempt from sales tax. And some services are subject to sales tax. The Iowa Department of Revenue website is the best resource for determining if you need to collect sales tax on your product or service. If You Need to…
  • Tips for Choosing Bookkeeping Software

    Jason Dinesen
    13 Apr 2015 | 4:30 am
    A common question business owners have is: how do I choose a bookkeeping system? There’s not a one-size-fits-all answer. For small startups, an excel spreadsheet may be adequate. Indeed, I tell people NOT to spend money on QuickBooks (or other software) if they are a side business or they don’t have much going on. But at some point, a business might grow beyond the point of a spreadsheet being adequate. So how do you choose software? There are plenty of choices — QuickBooks is not the only option. Here’s a list of programs I’ve worked with and/or heard of: Quickbooks Xero Wave…
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    Tax Calculation

  • Easy ways to calculate sales tax on your fingertips

    Tax Manager
    8 Apr 2015 | 11:03 pm
    calculate sales tax Sales tax is a certain amount of the money that is paid to the government for the sales of goods and services. The government allows the seller to collect funds for their sales tax from their customers and the time of purchase. As a customer when you go into a shop to buy any product, you will be charged a certain amount of sales tax and that is in addition to the actual price of the product you wish to buy. Many times sales tax is already included in the price of the product and you don’t have to take the burden of calculating the additional fees when you are analysing…
  • Mechanism of calculating a property tax

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

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

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

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

  • Income Tax Form for Assessment Year 2015-2016

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

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

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

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

    Tax Dost
    29 Mar 2015 | 1:26 am
    NPS is the best retirement option: One of the cheapest pension products: - NPS charges just 0.25% as fund management fee making it one of the cheapest pension products in the world. Mutual funds can charge up to 2.25% and life insurers can charge up to 1.35%. Choice of fund … Continue reading →
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    Tax Law Blog

  • IRS Notice CP11

    Bill Hartsock
    24 Apr 2015 | 3:21 pm
    Know your obligations and protections under the law. San Diego Tax Attorney William D. Hartsock offers this advice.Tags: Notices AuditNotices AppealNotices LitigationNotices CollectionsIRS NoticesRead more about IRS Notice CP11
  • IRS Notice CP10A

    Bill Hartsock
    24 Apr 2015 | 3:17 pm
    Why did I receive a CP10A Notice from the IRS?Tags: Notices AuditNotices AppealNotices LitigationNotices CollectionsIRS NoticesRead more about IRS Notice CP10A
  • IRS Notice CP10

    Bill Hartsock
    24 Apr 2015 | 3:12 pm
    Why did I receive a CP10 Notice from the IRS?Tags: Notices AuditNotices AppealNotices LitigationNotices CollectionsIRS NoticesRead more about IRS Notice CP10
  • IRS Notice CP05A

    Bill Hartsock
    24 Apr 2015 | 2:58 pm
    Why Did I Receive A CP05A Notice From The IRS?Tags: Notices AuditNotices AppealNotices LitigationIRS NoticesRead more about IRS Notice CP05A
  • Refund Claims Made in Tax Litigation

    Bill Hartsock
    13 Apr 2015 | 3:32 pm
    Sometimes, it is in the best interest of the taxpayer to make a refund claim instead of file a deficiency action in the Tax Court. The goal of a refund claim is to have the IRS refund the taxpayer for an overpayment of tax. The IRS has the authority to do so, along with any interest and penalties related to the overpayment. The refund is due to “the person that made the overpayment,” and the refund claim “of any overpayment of any tax” must be made by the taxpayer.Tags: Tax Litigation Information and AdviceRead more about Refund Claims Made in Tax Litigation
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    Bankrate.com » Taxes

  • TurboTax faces tax ID theft lawsuit

    Kay Bell
    23 Apr 2015 | 11:54 am
    Tax-related identity theft is a growing problem, and two women contend in a lawsuit that Intuit, maker of the popular TurboTax, "facilitates" the cybercrime.
  • State tax collections continue to increase

    Kay Bell
    21 Apr 2015 | 10:24 am
    Overall state tax revenues were up in fiscal year 2014 compared to the previous year, but some states lost money. How did your state fare?
  • Where are your tax dollars spent?

    Kay Bell
    16 Apr 2015 | 10:09 am
    Tax Day is done, for most of us anyway. Uncle Sam thanks you. He now has a fresh influx of cash to keep his businesses running. But just what is he doing with our tax payments? The White House has an answer. The Obama administration has an online calculator on WhiteHouse.gov, where you can enter
  • Still time to make IRA contributions

    Kay Bell
    14 Apr 2015 | 9:19 am
    Contributing to an IRA may cut your tax bill, and if you're self-employed, you may have even longer to contribute to some plans if you get an extension to file.
  • Are you exempt from ACA coverage?

    Kay Bell
    9 Apr 2015 | 12:07 pm
    The Affordable Care Act, also known as Obamacare, is causing tax filing problems for many this year. But you don't have to worry about that if you're exempt.
 
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    Sales Use Tax

  • Independent Contractor vs Employee: Sales Tax Nexus Implications

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

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

    Annette Nellen
    9 Mar 2015 | 12:58 pm
    In preparing state income tax returns for 2014, many individuals will see a line on that form for paying their use tax. The majority of states have such a line. A few states take that good idea one step further … Continue reading →
  • Click-Through Nexus: Michigan & Illinois Join Amazon Party

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

    Jerry Donnini
    28 Jan 2015 | 9:23 am
    As technology continues to change, so does the moving target as to what exactly gives a company nexus within a particular jurisdiction. Although there was no significant change in federal legislation or new Supreme Court cases interpreting nexus, states continue … Continue reading →
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    US Tax Program

  • Eveline Widmer-Schlumpf Meets with DoJ and Sees Resolution of Tax Dispute within 2015

    admin
    19 Apr 2015 | 7:03 am
    The meeting of the International Monetary Fund (IMF) and the World Bank was an opportunity to review the progress on the regularization program for Swiss banks, the US Tax Program. The Federal Councillor Eveline Widmer-Schlumpf and Secretary Jacques de Watteville met with staff from the US Department of Justice (DoJ) on the side of the IMF spring meeting in Washington. Eveline Widmer-Schlumpf says she is confident solutions will be reached within this year. Most media reported on this Handelszewitung SRF CASH Neue Zuercher Zeitung Tages Anzeiger      
  • Bloomberg Tries to Meet up with Swiss Financial Professionals Caught in the US Tax Dispute

    admin
    16 Apr 2015 | 6:38 am
    A Bloomberg journalist, Jesse Drucker, goes around Zurich chasing people involved in the US tax dispute. In this process the journalist wants to show that those persons on the US wanted list are not hard to find. The people identified in this article are often still working in the field as they were prior to their indictment or sentence. The list includes the following names: -Fabio Frazzetto -Emanuel Agustoni -Markus Walder -Hans Thomann -Raoul Weil -Edgar Paltzer -Stefan Buck -Josef Dörig -Matthias Rickenbach    
  • Is the Swiss Federal Tax Administration (FTA) Playing the Game of the US Authorities?

    admin
    9 Apr 2015 | 7:51 am
    The Tages Anzeiger raises questions about data protection following a publication from the Swiss Federal Tax Administration (FTA) disclosing initials of people who allegedly hid undeclared money in Switzerland and full names of others. However, the number of transmitted data is not disclosed because the Federal Gazette mentions only people who could not be contacted directly. The information has been transmitted to the Internal Revenue Service (IRS) under the so-called tax assistance of the double taxation agreement (DTA) between Switzerland and the USA dating back to 1996. Douglas Hornung…
  • Caroline Ciraolo of the DoJ Says more Swiss Banks Will Reach an Agreement in the ‘Very Near Future’

    admin
    8 Apr 2015 | 12:35 pm
    According to Reuters, Acting Assistant Attorney General Caroline Ciraolo of the Justice Department’s Tax Division said in an interview ‘We’re hopeful that agreements [NPA] will be reached with the other banks by the end of this calendar year’ dding that a number of non-prosecution agreements will be signed in the ‘very near future’. Leads provided by banks taking part in the US Tax Program will be used by the US Department of Justice (DoJ) to go after individual account holders as well as bankers and other professionals who helped conceal offshore accounts.
  • Bad Bank: a Pragmatic Response to the Tax Dispute between the Swiss Banks and the US

    admin
    5 Apr 2015 | 8:35 am
    According to the NZZ am Sonntag, some Zurich financial experts believe that creating a new business model in Swiss banking should arise whereby a bad bank is set up to deliberately contain US contaminated assets. Alex Geissbühler,  a partner from Geissbühler Weber & Partner tax attorney, suggests to respond to the US tax dispute by setting up a bad bank in order to enable smoother processes in the merger and acquisition in the Swiss market. He believes that ‘Often mergers would not materialize because potential buyers hesitate to proceed with a deal with contaminated…
 
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