Taxes

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  • Weekly Tax Roundup

    TaxProf Blog
    Paul Caron
    22 Aug 2014 | 11:30 am
    The American Lawyer, The Churn: Sam Maruca (IRS) to Covington & Burling The Atlantic, The Tax Dodge That Has Plagued the U.S. for More Than a Decade Bloomberg, BofA Mortgage Settlement Leads to Calls for Borrower Tax Relief Bloomberg, Lew Says Business-Tax Revamp Best for Limiting Inversions Citizens for Tax...
  • 6 signs it's time for married couples to reconsider their federal joint or separate tax-filing options

    Don't Mess With Taxes
    skbell1
    21 Aug 2014 | 11:34 am
    Former Virginia Gov. Bob McDonnell and his wife Maureen are on trial, facing charges of taking $177,000 in gifts and loans from Star Scientific in exchange for promoting the firm's dietary supplements. But the former first couple of the Old Dominion has more than just legal and political troubles. Their 38-year marriage is kaput. That was obvious with the defense's first inkling of how it would approach the case: The couple was so estranged that they couldn't have conspired to do anything. As the trial has progressed, with each spouse fielding a separate defense team, the…
  • Bridging the Gap Between What Clients Want … And What They’ll Pay For

    The Dinesen Tax Times by Jason T. Dinesen, LPA, E.A.
    Jason Dinesen
    22 Aug 2014 | 4:30 am
    I’ve been following a discussion on LinkedIn regarding whether it’s better for an accountant to work with a business client once a year at tax time, or throughout the year. I have thoughts on this, and as I often do, I am using my blog as a soapbox to rant and rave a little. What Clients Want No two clients fit into the same box. Some of my business clients make six-figure income from their business but they only need to see me at tax time because their accounting needs are simple. Other business clients are side businesses or very small to where there’s not much to discuss…
  • “Give Us a Tax Break and We’ll Do Nice Things.” Not.

    MauledAgain
    James Edward Maule
    20 Aug 2014 | 5:01 am
    Almost two years ago, in Public Financing of Private Sports Enterprises: Good for the Private, Bad for the Public, I pointed to the fiasco surrounding the financing of the Yankee Stadium parking garages as yet more proof of why public money should not be spent, either directly or through tax subsidies, to defray some or all of the cost of a private undertaking. To refresh the collective recollection:When the new Yankee stadium was built, the owners managed to extract all sorts of public benefits to assist them. New York City waived $2.5 million in taxes. New York State waived $5 million in…
  • A Passive Activity Case Goes to the Taxpayers

    Taxable Talk
    Russ
    20 Aug 2014 | 7:53 pm
    We’re going to see a lot more IRS activity regarding “passive” activities in the coming years. The Affordable Care Act (aka ObamaCare) added a new Net Investment Tax that impacts passive activities. Many taxpayers will be attempting to state activities are active (that the taxpayer materially participates) rather than passive to avoid this tax. Today, the Tax Court looked at a taxpayer who claimed large losses from his business (it will be a few years before we see Net Investment Tax cases at the Tax Court). He said he was actively involved in the businesses; the IRS said he…
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    Don't Mess With Taxes

  • Massachusetts unemployment overpayment calls are legit, but other telephone contacts across the country are tax scams

    skbell1
    22 Aug 2014 | 11:36 am
    Being unemployed not by your own choice is no fun. At least unemployment benefits help many folks make it through the rough patch. But if the payments were wrong, then a whole set of other problems arise. That's the case in Massachusetts. The state suspects that 63,000 people from as far back as 1985 improperly got jobless benefits and it wants the money back.  Since July, state officials have been notifying folks via automated phone calls that it thinks they were erroneously paid. The Massachusetts robocall message sounds like telemarketer spam or a possible scam: "You are…
  • 6 signs it's time for married couples to reconsider their federal joint or separate tax-filing options

    skbell1
    21 Aug 2014 | 11:34 am
    Former Virginia Gov. Bob McDonnell and his wife Maureen are on trial, facing charges of taking $177,000 in gifts and loans from Star Scientific in exchange for promoting the firm's dietary supplements. But the former first couple of the Old Dominion has more than just legal and political troubles. Their 38-year marriage is kaput. That was obvious with the defense's first inkling of how it would approach the case: The couple was so estranged that they couldn't have conspired to do anything. As the trial has progressed, with each spouse fielding a separate defense team, the…
  • How does the U.S. corporate tax rate compare to other countries?

    skbell1
    20 Aug 2014 | 12:07 pm
    Companies turn to tax inversions to take advantage of lower rates elsewhere. Exactly where and how much lower? You can find out via the Tax Foundation's new interactive map of worldwide corporate income tax rates. Click on the image above to go to the Tax Foundation's interactive corporate tax map. Tax comparisons typically tend to focus on how the United States stacks up against other countries in the 34-member Organization for Economic Cooperation and Development (OECD). The Tax Foundation expanded the data, including the top corporate tax rates for 163 countries. The Washington,…
  • Is it time for territorial taxation of businesses and individuals?

    skbell1
    19 Aug 2014 | 1:39 pm
    The biggest complaint about the U.S. tax system is that it gives Uncle Sam too much of our money. There are lots of contenders for the next biggest tax complaint. One, however, is getting special attention right now. It's the dissatisfaction with the Internal Revenue Code's worldwide reach. The ability of Uncle Sam to tax money earned all over the world has come under scrutiny thanks to the recent rash, Walgreens notwithstanding, of corporate tax inversions. An inversion is an administrative process by which a U.S. company buys a foreign subsidiary and then on paper makes that…
  • Pot tourism's potential tax payoff for states with legal weed

    skbell1
    17 Aug 2014 | 11:47 pm
    Colorado collected around $12 million in taxes from the sale of recreational marijuana in the first six months of the year. That amount is substantially less than what the pro-pot contingent advertised when the measure went before voters. The Colorado Legislative Council's September 2013 fiscal impact statement estimated that the legal sale of recreational marijuana would bring in around $70 million in the first year. To meet that tax projection, sales are really going to have to pick up. Perhaps the state should consider promoting pot tours. Toking tourists: A study conducted by the…
 
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    Tax Policy Center: The Numbers

  • Options to Reduce Individual Income Tax Rates

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

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

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

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

    22 Aug 2014 | 2:00 am
    * Did you see the “Message from My Cat” yet?* My post on keeping W-2s forever is included in ACCOUNTING TODAY’s weekly BUZZ-like “In the Blogs” post, this one titled “Maybe They Should Tax Doritos”. * It’s time for FORBES.COM’s TaxGirl Kelly Phillips Erb annual “Call For Guest Posts About Hot Tax Issues” -“This year, I’m offering readers the chance to answer one of six tax-related questions: • To combat inversions and other tax planning techniques for corporations, do you think Congress should lower corporate tax rates?• Do you support repeal of the federal…
  • WHAT’S THE BUZZ, TELL ME WHAT’S A HAPPENNIN’ - TUESDAY EDITION

    19 Aug 2014 | 2:00 am
    * Did you see the “Message from My Cat” yet?* Eva Rosenberg of EQUIFAX explains “What You Need to Know About Inheritance Taxes”, specifically dealing with whether or not an inheritance is taxable.* At FORBES.COM David Brunori tells us “Congress Shouldn't Make State Tax Systems Worse”.  Easier said then done!I like, and agree wholeheartedly with, David’s introductory statements –“Our national legislature, whether the Democratically controlled Senate or the GOP-led House, is a joke.Congress certainly doesn’t do taxes well, or at least it hasn’t since 1986. The federal…
  • KEEP COPIES OF YOUR W-2s FOREVER!

    18 Aug 2014 | 2:00 am
    For years now, when asked by clients or readers, “How long should I keep my tax records?” I have recommended that you keep the copy of your actual Form 1040 (or 1040A) with all attached forms and schedules forever.   My reasons - your 1040s provide a permanent record of your financial history, and you never know when the information on a prior year’s tax return will come in handy for a variety of tax or financial related reasons, or just to satisfy personal curiosity.I now add to this advice also keep copies of all your W-2s forever.Just the other day a long-time client asked…
  • WHAT’S THE BUZZ, TELL ME WHAT’S A HAPPENNIN’

    15 Aug 2014 | 2:00 am
    * Hey tax pros – I am still waiting to hear your thoughts on the topics discussed in the premier “issue” ofTHE TAX PROFESSIONAL!* Did you see the “Message from My Cat”? * EA, CPA, JD, ATP, AFSP – what’s the story?  I explain the different “initials” as they relate to tax preparation at FIND A TAXPROFESSIONAL* Jason Dinesen brings to our attention a “Rare Home Office Deduction Win in Tax Court” at DINESEN TAX TIMES.The case concerns the use of a studio apartment as a home office and the Court-upheld fact that “de minimis personal usage of office space is impossible…
  • A MESSAGE FROM MY CAT

    14 Aug 2014 | 10:14 am
      My name is TURBO.  I am the adopted son of Wandering Tax Pro Robert D Flach.Before coming to live with my new father I resided at the Dessin Animal Shelter just outside of “downtown” Honesdale PA.My former home is currently in financial trouble.  The shelter is facing shut-down due to lack of funding.  Many of my friends still live at the shelter.  Could you please help?Click here to donate online. Or mail your check to – Dessin Animal Shelter138 Miller Dr.Honesdale, PA 18431Here is another way you can help yourself and Dessin at the same time.If you…
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    Start Making Sense

  • The Obama Administration's move towards greater unilateral executive action

    19 Aug 2014 | 6:51 am
    Today's New York Times notes "Mr. Obama's increasingly expansive appetite for the use of unilateral action on issues including immigration, tax policy, and gay rights," which it says has "emboldened activists and businesses to flock to the administration with their policy wish lists."Esteemed colleagues at other law schools have been playing a prominent role in urging unilateral executive action to address significant tax policy issues that typically, in the past, would have been handled through legislation.  For example,  Steve Shay has written about what the Administration can do…
  • Forthcoming conference at NYU Law School on Piketty's Capital in the Twenty-First Century

    18 Aug 2014 | 11:07 am
    Here is the text of an announcement that has just been sent out.  The event has been in the works for some months now, but I didn't think I should mention it here until it officially went public.I will mention further details in due course.Fourth Annual NYU/UCLA Tax Policy Symposium:Thomas Piketty’s Capital in the Twenty-First CenturyNYU School of LawGreenberg Lounge (40 Washington Square South)Friday, October 3, 2014, 9:00 AM to 4:00 PMOn Friday, October 3rd, at NYU School of Law, the Fourth Annual NYU/UCLA Tax Policy Symposium will address Thomas Piketty’s groundbreaking and…
  • Kotlikoff versus Baker and Krugman

    2 Aug 2014 | 11:59 am
    This past Thursday, Laurence Kotlikoff had a NY Times op-ed with two main points.  First, the infinite horizon U.S. fiscal gap is huge, and ought to be reported.  It stands at $210 trillion, and eliminating it would require an immediate, permanent 59% increase in federal revenues, or else an immediate, permanent 38% reduction in federal spending.  Second, we must immediately start raising taxes and/or cutting benefits in order to address it.  Indeed, "this is not just an economics problem.  It's a moral issue" - which he frames in terms of policy transparency, but…
  • 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…
 
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    MauledAgain

  • Collecting Taxes Requires Funding

    James Edward Maule
    22 Aug 2014 | 5:01 am
    Though the report of the U.S. Treasury Inspector General on the collection of the medical device tax carries a July 17 date, it was issued just a few days ago. The report explains that the tax is not yielding as much revenue as was predicted, nor are as many companies filing returns as had been anticipated. The tax, which is controversial, probably is being ignored by some businesses that are required to pay it.According to the report, the IRS lacks the ability to identify the companies that should be paying the tax. Nor does the IRS, according to the report, have the appropriate systems in…
  • “Give Us a Tax Break and We’ll Do Nice Things.” Not.

    James Edward Maule
    20 Aug 2014 | 5:01 am
    Almost two years ago, in Public Financing of Private Sports Enterprises: Good for the Private, Bad for the Public, I pointed to the fiasco surrounding the financing of the Yankee Stadium parking garages as yet more proof of why public money should not be spent, either directly or through tax subsidies, to defray some or all of the cost of a private undertaking. To refresh the collective recollection:When the new Yankee stadium was built, the owners managed to extract all sorts of public benefits to assist them. New York City waived $2.5 million in taxes. New York State waived $5 million in…
  • Campaign Promises of Cheap Gasoline and No Taxes

    James Edward Maule
    18 Aug 2014 | 5:01 am
    Last week, on a visit to my son and daughter-in-law in Rhode Island, we drove past a campaign billboard on which the candidate’s promise was proclaimed. If elected, he would lower gasoline prices to $2.50 per gallon. I asked, “What’s the story with this guy?” I was told that Leon Kayarian had made that promise not only the highlight of his campaign but the only issue of his campaign. I was assured he almost certainly would not win.Rhetorically, I asked, “How would he do that? Repealing the state gasoline tax would not lower prices that much.” To find the answer, I went to his web…
  • Tax Is More Than Numbers: Words Matter

    James Edward Maule
    15 Aug 2014 | 5:01 am
    A recent case, Chapel v. Comr., T.C. Memo 2014-151, illustrates why the “tax is numbers” mentality that convinces too many law students to ignore tax courses is so wrong. Though numbers matter, much of tax analysis involves words. In Chapel, a divorce decree incorporated a separation agreement into which two spouses had entered. The agreement provided that the former wife would receive “[a]n award of property settlement in the sum of $63,500.00, which amount shall be paid within thirty (30) days” of June 6, 2008. The agreement also provided the former wife an additional property…
  • Spinning the Inversion

    James Edward Maule
    13 Aug 2014 | 5:01 am
    Now that public attention is being turned to the corporate inversion tax-savings scheme, the spin doctors are coming out in full force. Nothing inspires the anti-tax crowd as fervently as any sort of criticism of, or legislative attack on, their inability to understand or accept the apportionment of social costs.In Tax inversions help, not hurt, the economy, Diana Furchtgott-Roth argues that corporate inversions “have benefits for the American economy.” She claims that, “They make it easier for companies to invest in the United States.” She points to the 35 percent marginal rate as…
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    TaxProf Blog

  • Weekly Tax Roundup

    Paul Caron
    22 Aug 2014 | 11:30 am
    The American Lawyer, The Churn: Sam Maruca (IRS) to Covington & Burling The Atlantic, The Tax Dodge That Has Plagued the U.S. for More Than a Decade Bloomberg, BofA Mortgage Settlement Leads to Calls for Borrower Tax Relief Bloomberg, Lew Says Business-Tax Revamp Best for Limiting Inversions Citizens for Tax...
  • Shadow Syllabus

    Paul Caron
    22 Aug 2014 | 10:40 am
    Sonya Huber (Fairfield University), Shadow Syllabus: I could hardly hear my own professors when I was in college over the din and roar of my own fear. Those who aim for A’s don’t get as many A’s as those who abandon the quest for A’s and seek knowledge or at...
  • Weekly SSRN Tax Roundup

    Paul Caron
    22 Aug 2014 | 10:30 am
    Johannes Becker (University of Cologne) & Ronald Davies (University College Dublin), A Negotiation-Based Model of Tax-Induced Transfer Pricing Joshua Blank (NYU) & Ruth Mason (Virginia), United States National Report on Exchange of Information Wolfgang Buchholz & Kai Konrad (Max Planck), Taxes on Risky Returns — An Update Wei Cui (British...
  • Weekly Legal Education Roundup

    Paul Caron
    22 Aug 2014 | 9:15 am
    Susan Apel (Vermont), Career Mentoring: I Made a Mistake, Or Not Charleston Post and Courier, Charleston School of Law Kicks Off New Year Amid Uncertainty Over Ownership ExamSoft, July Bar Update Rebecca Flanagan (UMass), The Kids Aren't Alright: Rethinking the Law Student Skills Deficit, 15 BYU Educ. & L.J. ___...
  • Weekly Student Tax Note Roundup

    Paul Caron
    22 Aug 2014 | 9:10 am
    Bryanna Frazier (J.D. 2014, Tulane), Resource Capital Fund III v. Commissioner: Partners or the Partnership -- Who Is the Relevant Entity Under the Avoidance of Double Taxation Convention Between the United States and Australia?, 22 Tul. J. Int'l & Comp. L. 377 (2014) Christopher Richard (J.D. 2014, Alabama), Note, Balancing...
 
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    Texas State & Local Tax Law Blog

  • One down, more to go: today, the Texas Supreme Court denied review in Richmont Aviation

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

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

    Alan E. Sherman
    13 Aug 2014 | 9:00 am
    Today, the Texas Third Court of Appeals at Austin affirmed a closely-watched appeal in which a State District Court denied an oil and gas producer’s claimed sales and use tax exemptions for certain above-ground and below-ground oil and gas production equipment. According to the District Court, as now affirmed on appeal, the equipment was not used “in manufacturing” within the meaning of Tex. Tax Code Ann. §151.318. The case is Southwest Royalties, Inc. v. Combs, et al, Third Court of Appeals No. 03-12-00511-CV. For more details about the case prior to today’s…
  • 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…
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    Roth & Company, P.C

  • Tax Roundup, 8/21/14: IRS says saving the company still “passive;” Tax Court says otherwise And: the $105.82 c-note!

    Joe Kristan
    21 Aug 2014 | 6:23 am
    Programming note: No Tax Roundup will appear tomorrow, August 22.   I will be up in Ames helping teach the ISU Center for Agricultural Law and Taxation class “Affordable Care Act (ACA): What Practitioners Need to Know“ in the morning.  Webinar registration is closed, but you can still  attend as a walk-in.   You saved the company.  Big deal.  Apparently pulling the company you started from the brink of failure wasn’t enough to convince the IRS that a taxpayer “materially participated” and could deduct losses on his tax return. Charles Wade was a…
  • IRS issues Applicable Federal Rates (AFR) for September 2014

    Joe Kristan
    20 Aug 2014 | 10:01 pm
    The IRS has issued (Rev. Rul. 2014-22) the minimum required interest rates for loans made in September 2014: Short Term (demand loans and loans with terms of up to 3 years): 0.36% -Mid-Term (loans from 3-9 years): 1.86% -Long-Term (over 9 years): 2.97% The Long-term tax-exempt rate for Section 382 ownership changes in September 2014 is 3.06%. Historical AFRs may be found here or from prior Tax Update posts.
  • I, for one, welcome my Accounting Today overlords.

    Joe Kristan
    20 Aug 2014 | 6:30 am
    Here is the way to to the tax incentive story from today’s “In the Blogs.”
  • Tax Roundup, 8/20/14: Keeping time reports isn’t just for CPAs anymore.

    Joe Kristan
    20 Aug 2014 | 6:21 am
    Track your hours now, not when you get audited.  Doing time reports is no fun.  If I had a nickel for every CPA who left public accounting and told me how fun it is to not do time reports, I’d have multiple nickels. Unfortunately, the tax law might make time sheets necessary for people who don’t charge by the hour.  The passive loss rules disallow losses if you don’t spend enough time on a loss activity to “materially participate.”  Obamacare uses the same rules to impose a 3.8% “Net Investment Income Tax” on “passive” income.
  • Tax Roundup, 8/19/14: Will people just quit paying taxes? And how far does your $100 go in Iowa?

    Joe Kristan
    19 Aug 2014 | 7:01 am
    The income tax, the Ultimate Swiss Army Knife of public policy. Flickr Image courtesy redjar under Creative Commons license. Some folks are worried that we’ll all suddenly stop paying taxes, according to a Tax Analysts story today (subscriber link only): Richard Lavoie of the University of Akron School of Law, who studies tax ethics, says voluntary compliance rates have remained relatively high because paying taxes is an accepted social norm. Withholding plays a large role in compliance, but it does not explain everything, according to Lavoie. … Lavoie said the recent…
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    RUBIN ON TAX

  • ARTICLE ABSTRACT - Searching for Basis in Estate Planning: Less Tax for Heirs

    Charles (Chuck) Rubin
    16 Aug 2014 | 3:20 pm
    TITLE Searching for Basis in Estate Planning: Less Tax for Heirs   AUTHOR(S) JONATHAN G. BLATTMACHR AND MADELINE J. RIVLIN PUBLICATION Estate Planning Journal, August 2014 PUBLISHER WG&L ABSTRACT (Key Points & Discussions) Summary of Basis Rules from Gifts and Inheritances Depreciated Assets Potential loss of basis  for loss computation purposes if a gift     Donor may want to consider sale instead to realize the loss   Donor may want to gift before death to avoid a basis step-down for gain computation purposes Appreciated Assets  If no estate…
  • ‘F’ REORGANIZATION IS NOT AN INVERSION TRANSACTION

    Charles (Chuck) Rubin
    13 Aug 2014 | 5:27 pm
    The hot tax policy discussion these days is about corporate inversions. Rather than entice capital to stay in the U.S. with favorable tax rates (i.e., using the carrot), it is being proposed to enhance corporate inversion rules to make it more expensive for U.S. corporations to leave the U.S. taxing jurisdiction via transferring of stock and assets to non-U.S. corporations (i.e., using the stick). I am inclined towards the carrot – but governments being what they are, more often than not prefer the stick. What those who do not practice in the area may not realize is that there are already…
  • Part VI–WILLFUL OR NON-WILLFUL OFFSHORE OMISSIONS & CONCLUSION

    Charles (Chuck) Rubin
    9 Aug 2014 | 8:49 am
    Below is Part 6 and the conclusion of my partner, Rick Josepher’s, analysis of the new offshore enforcement environment in light of the new 2014 Offshore Voluntary Disclosure Procedures. This 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 FILING COMPLIANCE PROCEDURES Part III – THE DELINQUENT FBAR SUBMISSION PROCEDURES Part IV - THE DELINQUENT INTERNATIONAL RETURN SUBMISSION PROCEDURES Part V –…
  • NO DISCLAIMING FEDERAL TAX LIABILITY

    Charles (Chuck) Rubin
    7 Aug 2014 | 9:11 am
    Chris owed money to the IRS, and had federal tax liens filed against him. He was also a 1/3 beneficiary of his mother’s estate. To avoid the IRS collecting against his share of the estate, Chris disclaimed his interest as a beneficiary. Because Kentucky's disclaimer statute creates a legal fiction that the disclaimant  pre-deceased the decedent, which relates back to the date of the decedent's death, it was argued that a disclaiming  taxpayer would not have an interest in the subject property under Kentucky law. Unfortunately for Chris, the U.S. Supreme Court had already resolved…
  • Part V - MINIMIZING RISK OF CRIMINAL PROSECUTION BY MEETING REQUIREMENTS FOR A VOLUNTARY DISCLOSURE IN IRM 9.5.11.9

    Charles (Chuck) Rubin
    3 Aug 2014 | 4:28 pm
    Below is Part 5 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 Part V – MINIMIZING RISK OF CRIMINAL…
 
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    Taxable Talk

  • A Passive Activity Case Goes to the Taxpayers

    Russ
    20 Aug 2014 | 7:53 pm
    We’re going to see a lot more IRS activity regarding “passive” activities in the coming years. The Affordable Care Act (aka ObamaCare) added a new Net Investment Tax that impacts passive activities. Many taxpayers will be attempting to state activities are active (that the taxpayer materially participates) rather than passive to avoid this tax. Today, the Tax Court looked at a taxpayer who claimed large losses from his business (it will be a few years before we see Net Investment Tax cases at the Tax Court). He said he was actively involved in the businesses; the IRS said he…
  • FBAR Filing Follies

    Russ
    18 Aug 2014 | 4:16 pm
    Joe Kristan reported last week that you cannot use Adobe Acrobat to file the FBAR; you must use Adobe Reader. In fact, if you have Adobe Acrobat installed on your computer and use Adobe Reader it won’t work either. Well, I have some mild good news about this. It appears that if you’re using an older version of Adobe Acrobat (Acrobat 9 or earlier), you will get a warning from FINCEN that the program isn’t right but the filing will go fine. However, the filing will not work with Acrobat X and XI; apparently Acrobat X or XI cannot even be installed on your computer for the…
  • A Golden Scheme Leads to ClubFed

    Russ
    17 Aug 2014 | 4:20 pm
    If there’s one phrase I’ve used over and over on this blog, it’s if it sounds too good to be true it probably is. But greed is a powerful motivating force. For example, consider Yamashita’s gold. Yamashita’s gold is the supposed booty that Japan accumulated during World War II in the Philippine Islands. Though it’s unclear whether or not this gold treasure really existed, the legend and the hunting for it continue to today. For a con man, Yamashita’s gold represents an opportunity. Freeman Carl “Buck” Reed told investors he found it (and…
  • Judge Sullivan Not Impressed by the “Dog Ate my Homework” Excuse

    Russ
    17 Aug 2014 | 3:56 pm
    Judicial Watch filed a Freedom of Information Act (FOIA) request with the IRS for information on the targeting of conservative groups. When the FOIA request went nowhere, Judicial Watch filed a lawsuit against the IRS. In July, Judge Emmet Sullivan required the IRS to issue a written response (due last week) on what happened. The IRS response was insufficient for Judge Sullivan: MINUTE ORDER. In light of [26] the Declarations filed by the IRS, the IRS is hereby ORDERED to file a sworn Declaration, by an official with the authority to speak under oath for the Agency, by no later than August…
  • The Hom Decision and the Past (2008 – 2012)

    Russ
    17 Aug 2014 | 3:36 pm
    Back in June, a federal district court ruled in United States v. Hom that foreign online gambling accounts are reportable for FBAR purposes. An obvious question is what does this mean for prior years. First, these are just my thoughts. I am not giving advice here on what any individual should or should not do. You need to consult with your own tax professional and possibly an attorney knowledgeable in FBAR issues. There are three different foreign account reporting requirements for Americans: 1. The boxes on Schedule B of Form 1040; 2. The FBAR; and 3. Form 8938. Each of these has a different…
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    L & R Tax Preparation LLC RSS Feed

  • How to Save for College Tax-Free

    1 Aug 2014 | 7:00 am
    Setting money aside for a child's education weighs heavily on the minds of most parents. Learn how Qualified Tuition Programs and Coverdell Education Savings Accounts help you save money for college while providing tax relief as well.
  • Retirement Plan Options for Small Businesses

    1 Aug 2014 | 7:00 am
    In recent years, employer-sponsored retirement plans have become a key component for retirement savings. Not only do they help employees save for the future, they also offer tax benefits for small business owners. Here's what you need to know.
  • Leaving a Business: Which Exit Plan is Best?

    1 Aug 2014 | 7:00 am
    There are only four ways to leave your business: transfer ownership to family members, Employee Stock Option Plan (ESOP), sale to a third party, and liquidation. Which one is right for you? Keep reading to learn more.
  • Cash Flow: The Pulse of your Business

    1 Aug 2014 | 7:00 am
    Cash flow is the lifeblood of every small business, but many small business owners do not fully understand their cash flow statement. Here's how understanding--and managing--cash flow can help your business succeed.
 
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  • Why people have stopped eating Jell-O

    22 Aug 2014 | 2:35 pm
    Why people have stopped eating Jell-O GettyIt used to be a staple in every American home, but sales of the iconic treat have plummeted. What has caused the slipMore in Finance 5 ways to protect your credit Top companies hiring this week
  • You won't expect what happens next

    22 Aug 2014 | 2:35 pm
    You won't expect what happens nextStoryful/Brendon MaldonadoDon't worry, Brendon isn't in danger -- and when you see what he's about to do, you'll definitely smile (and get the chills).Prepare to gasp along with himMore to seePanettiere takes the challengeWorld's largest ice cream scoop
  • Pentagon warns of 'imminent' threat to US

    22 Aug 2014 | 2:35 pm
    Pentagon warns of 'imminent' threat to USGettyThe Secretary of Defense admitted the Islamic State militants behind the recent beheading are 'beyond anything we've seen.'Threat could surpass al QaedaMore to readHamas cracking down on its ownA solution for Ferguson?
  • Terrifying event transformed woman's life

    22 Aug 2014 | 2:35 pm
    Terrifying event transformed woman's lifeGabi RoseGabi Rose envisioned a family life full of joy and traditions, but she had no idea what perils lay in the distance. Near death trauma inspired familyMore from Everyday HealthRoot of relationship quarrelsHow to lose weight with MS
  • Scott Weiland outraged over huge mistake

    22 Aug 2014 | 2:35 pm
    Scott Weiland outraged over huge mistakeGettyThe former Stone Temple Pilots frontman is fuming after the LAPD made a pretty massive error. 'You'll be hearing from my attorneys'More to watchStrange tourists in Switzerland10-billion-ton comet found
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  • Why people have stopped eating Jell-O

    22 Aug 2014 | 2:35 pm
    Why people have stopped eating Jell-O GettyIt used to be a staple in every American home, but sales of the iconic treat have plummeted. What has caused the slipMore in Finance 5 ways to protect your credit Top companies hiring this week
  • You won't expect what happens next

    22 Aug 2014 | 2:35 pm
    You won't expect what happens nextStoryful/Brendon MaldonadoDon't worry, Brendon isn't in danger -- and when you see what he's about to do, you'll definitely smile (and get the chills).Prepare to gasp along with himMore to seePanettiere takes the challengeWorld's largest ice cream scoop
  • Pentagon warns of 'imminent' threat to US

    22 Aug 2014 | 2:35 pm
    Pentagon warns of 'imminent' threat to USGettyThe Secretary of Defense admitted the Islamic State militants behind the recent beheading are 'beyond anything we've seen.'Threat could surpass al QaedaMore to readHamas cracking down on its ownA solution for Ferguson?
  • Terrifying event transformed woman's life

    22 Aug 2014 | 2:35 pm
    Terrifying event transformed woman's lifeGabi RoseGabi Rose envisioned a family life full of joy and traditions, but she had no idea what perils lay in the distance. Near death trauma inspired familyMore from Everyday HealthRoot of relationship quarrelsHow to lose weight with MS
  • Scott Weiland outraged over huge mistake

    22 Aug 2014 | 2:35 pm
    Scott Weiland outraged over huge mistakeGettyThe former Stone Temple Pilots frontman is fuming after the LAPD made a pretty massive error. 'You'll be hearing from my attorneys'More to watchStrange tourists in Switzerland10-billion-ton comet found
 
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  • Why people have stopped eating Jell-O

    22 Aug 2014 | 2:35 pm
    Why people have stopped eating Jell-O GettyIt used to be a staple in every American home, but sales of the iconic treat have plummeted. What has caused the slipMore in Finance 5 ways to protect your credit Top companies hiring this week
  • You won't expect what happens next

    22 Aug 2014 | 2:35 pm
    You won't expect what happens nextStoryful/Brendon MaldonadoDon't worry, Brendon isn't in danger -- and when you see what he's about to do, you'll definitely smile (and get the chills).Prepare to gasp along with himMore to seePanettiere takes the challengeWorld's largest ice cream scoop
  • Pentagon warns of 'imminent' threat to US

    22 Aug 2014 | 2:35 pm
    Pentagon warns of 'imminent' threat to USGettyThe Secretary of Defense admitted the Islamic State militants behind the recent beheading are 'beyond anything we've seen.'Threat could surpass al QaedaMore to readHamas cracking down on its ownA solution for Ferguson?
  • Terrifying event transformed woman's life

    22 Aug 2014 | 2:35 pm
    Terrifying event transformed woman's lifeGabi RoseGabi Rose envisioned a family life full of joy and traditions, but she had no idea what perils lay in the distance. Near death trauma inspired familyMore from Everyday HealthRoot of relationship quarrelsHow to lose weight with MS
  • Scott Weiland outraged over huge mistake

    22 Aug 2014 | 2:35 pm
    Scott Weiland outraged over huge mistakeGettyThe former Stone Temple Pilots frontman is fuming after the LAPD made a pretty massive error. 'You'll be hearing from my attorneys'More to watchStrange tourists in Switzerland10-billion-ton comet found
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  • Why people have stopped eating Jell-O

    22 Aug 2014 | 2:35 pm
    Why people have stopped eating Jell-O GettyIt used to be a staple in every American home, but sales of the iconic treat have plummeted. What has caused the slipMore in Finance 5 ways to protect your credit Top companies hiring this week
  • You won't expect what happens next

    22 Aug 2014 | 2:35 pm
    You won't expect what happens nextStoryful/Brendon MaldonadoDon't worry, Brendon isn't in danger -- and when you see what he's about to do, you'll definitely smile (and get the chills).Prepare to gasp along with himMore to seePanettiere takes the challengeWorld's largest ice cream scoop
  • Pentagon warns of 'imminent' threat to US

    22 Aug 2014 | 2:35 pm
    Pentagon warns of 'imminent' threat to USGettyThe Secretary of Defense admitted the Islamic State militants behind the recent beheading are 'beyond anything we've seen.'Threat could surpass al QaedaMore to readHamas cracking down on its ownA solution for Ferguson?
  • Terrifying event transformed woman's life

    22 Aug 2014 | 2:35 pm
    Terrifying event transformed woman's lifeGabi RoseGabi Rose envisioned a family life full of joy and traditions, but she had no idea what perils lay in the distance. Near death trauma inspired familyMore from Everyday HealthRoot of relationship quarrelsHow to lose weight with MS
  • Scott Weiland outraged over huge mistake

    22 Aug 2014 | 2:35 pm
    Scott Weiland outraged over huge mistakeGettyThe former Stone Temple Pilots frontman is fuming after the LAPD made a pretty massive error. 'You'll be hearing from my attorneys'More to watchStrange tourists in Switzerland10-billion-ton comet found
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  • Why people have stopped eating Jell-O

    22 Aug 2014 | 2:35 pm
    Why people have stopped eating Jell-O GettyIt used to be a staple in every American home, but sales of the iconic treat have plummeted. What has caused the slipMore in Finance 5 ways to protect your credit Top companies hiring this week
  • You won't expect what happens next

    22 Aug 2014 | 2:35 pm
    You won't expect what happens nextStoryful/Brendon MaldonadoDon't worry, Brendon isn't in danger -- and when you see what he's about to do, you'll definitely smile (and get the chills).Prepare to gasp along with himMore to seePanettiere takes the challengeWorld's largest ice cream scoop
  • Pentagon warns of 'imminent' threat to US

    22 Aug 2014 | 2:35 pm
    Pentagon warns of 'imminent' threat to USGettyThe Secretary of Defense admitted the Islamic State militants behind the recent beheading are 'beyond anything we've seen.'Threat could surpass al QaedaMore to readHamas cracking down on its ownA solution for Ferguson?
  • Terrifying event transformed woman's life

    22 Aug 2014 | 2:35 pm
    Terrifying event transformed woman's lifeGabi RoseGabi Rose envisioned a family life full of joy and traditions, but she had no idea what perils lay in the distance. Near death trauma inspired familyMore from Everyday HealthRoot of relationship quarrelsHow to lose weight with MS
  • Scott Weiland outraged over huge mistake

    22 Aug 2014 | 2:35 pm
    Scott Weiland outraged over huge mistakeGettyThe former Stone Temple Pilots frontman is fuming after the LAPD made a pretty massive error. 'You'll be hearing from my attorneys'More to watchStrange tourists in Switzerland10-billion-ton comet found
 
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  • Why people have stopped eating Jell-O

    22 Aug 2014 | 2:35 pm
    Why people have stopped eating Jell-O GettyIt used to be a staple in every American home, but sales of the iconic treat have plummeted. What has caused the slipMore in Finance 5 ways to protect your credit Top companies hiring this week
  • You won't expect what happens next

    22 Aug 2014 | 2:35 pm
    You won't expect what happens nextStoryful/Brendon MaldonadoDon't worry, Brendon isn't in danger -- and when you see what he's about to do, you'll definitely smile (and get the chills).Prepare to gasp along with himMore to seePanettiere takes the challengeWorld's largest ice cream scoop
  • Pentagon warns of 'imminent' threat to US

    22 Aug 2014 | 2:35 pm
    Pentagon warns of 'imminent' threat to USGettyThe Secretary of Defense admitted the Islamic State militants behind the recent beheading are 'beyond anything we've seen.'Threat could surpass al QaedaMore to readHamas cracking down on its ownA solution for Ferguson?
  • Terrifying event transformed woman's life

    22 Aug 2014 | 2:35 pm
    Terrifying event transformed woman's lifeGabi RoseGabi Rose envisioned a family life full of joy and traditions, but she had no idea what perils lay in the distance. Near death trauma inspired familyMore from Everyday HealthRoot of relationship quarrelsHow to lose weight with MS
  • Scott Weiland outraged over huge mistake

    22 Aug 2014 | 2:35 pm
    Scott Weiland outraged over huge mistakeGettyThe former Stone Temple Pilots frontman is fuming after the LAPD made a pretty massive error. 'You'll be hearing from my attorneys'More to watchStrange tourists in Switzerland10-billion-ton comet found
  • add this feed to my.Alltop

  • Why people have stopped eating Jell-O

    22 Aug 2014 | 2:35 pm
    Why people have stopped eating Jell-O GettyIt used to be a staple in every American home, but sales of the iconic treat have plummeted. What has caused the slipMore in Finance 5 ways to protect your credit Top companies hiring this week
  • You won't expect what happens next

    22 Aug 2014 | 2:35 pm
    You won't expect what happens nextStoryful/Brendon MaldonadoDon't worry, Brendon isn't in danger -- and when you see what he's about to do, you'll definitely smile (and get the chills).Prepare to gasp along with himMore to seePanettiere takes the challengeWorld's largest ice cream scoop
  • Pentagon warns of 'imminent' threat to US

    22 Aug 2014 | 2:35 pm
    Pentagon warns of 'imminent' threat to USGettyThe Secretary of Defense admitted the Islamic State militants behind the recent beheading are 'beyond anything we've seen.'Threat could surpass al QaedaMore to readHamas cracking down on its ownA solution for Ferguson?
  • Terrifying event transformed woman's life

    22 Aug 2014 | 2:35 pm
    Terrifying event transformed woman's lifeGabi RoseGabi Rose envisioned a family life full of joy and traditions, but she had no idea what perils lay in the distance. Near death trauma inspired familyMore from Everyday HealthRoot of relationship quarrelsHow to lose weight with MS
  • Scott Weiland outraged over huge mistake

    22 Aug 2014 | 2:35 pm
    Scott Weiland outraged over huge mistakeGettyThe former Stone Temple Pilots frontman is fuming after the LAPD made a pretty massive error. 'You'll be hearing from my attorneys'More to watchStrange tourists in Switzerland10-billion-ton comet found
  • add this feed to my.Alltop

  • Why people have stopped eating Jell-O

    22 Aug 2014 | 2:35 pm
    Why people have stopped eating Jell-O GettyIt used to be a staple in every American home, but sales of the iconic treat have plummeted. What has caused the slipMore in Finance 5 ways to protect your credit Top companies hiring this week
  • You won't expect what happens next

    22 Aug 2014 | 2:35 pm
    You won't expect what happens nextStoryful/Brendon MaldonadoDon't worry, Brendon isn't in danger -- and when you see what he's about to do, you'll definitely smile (and get the chills).Prepare to gasp along with himMore to seePanettiere takes the challengeWorld's largest ice cream scoop
  • Pentagon warns of 'imminent' threat to US

    22 Aug 2014 | 2:35 pm
    Pentagon warns of 'imminent' threat to USGettyThe Secretary of Defense admitted the Islamic State militants behind the recent beheading are 'beyond anything we've seen.'Threat could surpass al QaedaMore to readHamas cracking down on its ownA solution for Ferguson?
  • Terrifying event transformed woman's life

    22 Aug 2014 | 2:35 pm
    Terrifying event transformed woman's lifeGabi RoseGabi Rose envisioned a family life full of joy and traditions, but she had no idea what perils lay in the distance. Near death trauma inspired familyMore from Everyday HealthRoot of relationship quarrelsHow to lose weight with MS
  • Scott Weiland outraged over huge mistake

    22 Aug 2014 | 2:35 pm
    Scott Weiland outraged over huge mistakeGettyThe former Stone Temple Pilots frontman is fuming after the LAPD made a pretty massive error. 'You'll be hearing from my attorneys'More to watchStrange tourists in Switzerland10-billion-ton comet found
 
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  • End of accidents could spark new health crisis

    22 Aug 2014 | 3:39 pm
    End of accidents could spark new health crisisAPSelf-driving cars should make roads significantly safer -- and that would present a bizarre unintended consequence in healthcare.Expert: It's a 'huge problem'More from AOL AutosRental agency swindled customers?Credit rating scam exposed
  • Reese goes back to her southern roots

    22 Aug 2014 | 3:39 pm
    Reese goes back to her southern rootsAPThe Oscar-winning actress purchased a historic mansion in her hometown of Nashville that needs a little TLC. What she had to promise to get it More in Real Estate Robin Williams' Napa estate When refinancing is right for you
  • Ex-NFL player uses ice bucket to reveal secret

    22 Aug 2014 | 3:39 pm
    Ex-NFL player uses ice bucket to reveal secretAPFormer Titans linebacker Tim Shaw recently accepted the Ice Bucket Challenge -- but it's not the icy water that has people talking. Shocking announcement he madeMore sports coverageKobe vows to bounce backWho is Rusney Castillo?
  • Rescue becomes more stunning each minute

    22 Aug 2014 | 3:39 pm
    Rescue becomes more stunning each minuteYoutubeVideo has emerged of rescuers tirelessly giving the victim of a Melbourne car crash mouth-to-mouth resuscitation -- only he wasn't human.Miraculous save of adorable creatureMore to seeEpic drought moves mountainsShortage hits Nutella
  • Terrifying event transformed woman's life

    22 Aug 2014 | 3:39 pm
    Terrifying event transformed woman's lifeGabi RoseGabi Rose envisioned a family life full of joy and traditions, but she had no idea what perils lay in the distance. Near death trauma inspired familyMore from Everyday HealthRoot of relationship quarrelsHow to lose weight with MS
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    J. Stefan - EzineArticles Expert Author

  • No Articles Found

    22 Aug 2014 | 3:07 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.

  • Bridging the Gap Between What Clients Want … And What They’ll Pay For

    Jason Dinesen
    22 Aug 2014 | 4:30 am
    I’ve been following a discussion on LinkedIn regarding whether it’s better for an accountant to work with a business client once a year at tax time, or throughout the year. I have thoughts on this, and as I often do, I am using my blog as a soapbox to rant and rave a little. What Clients Want No two clients fit into the same box. Some of my business clients make six-figure income from their business but they only need to see me at tax time because their accounting needs are simple. Other business clients are side businesses or very small to where there’s not much to discuss…
  • S-Corporation Compensation Revisted

    Jason Dinesen
    20 Aug 2014 | 4:30 am
    In May I wrote about a friend of mine who owns an S-corporation and who received bad advice from his CPA regarding the salary rules for S-corps. My friend’s corporation took in about $25,000 of gross income and netted about $10,000 after expenses. He drew out nearly all of that $10,000 profit for himself. Despite what his CPA said, the IRS’s position and case law are quite clear that since he drew money out of the corporation and he provided services to the corporation he needs to pay himself a salary. But what should the salary be? And what if the year has ended and the W-2…
  • Why an LPA?

    Jason Dinesen
    18 Aug 2014 | 4:30 am
    Why did I pursue an Iowa “Licensed Public Accountant” designation? LPAs are an obscure lot, in that we only really exist in 3 states (Iowa, Delaware and Minnesota). I was told anecdotally by another LPA in Iowa that my achieving the LPA designation makes me the 126th active LPA in Iowa. I haven’t verified exactly how many LPAs there are in Iowa but I have no reason to doubt what this person said to me. I don’t expect the LPA designation to set my world on fire with new clients. If the Enrolled Agent designation is the equivalent of Liechtenstein, then the LPA…
  • Proper Documentation of Business Expenses

    Jason Dinesen
    14 Aug 2014 | 4:30 am
    Keep your receipts. When I talk to business owners or anyone who needs to document expenses or deductions, that’s the number-one piece of advice I give. So I’ll repeat it in bolder type: Keep your receipts. The IRS doesn’t really say what a business should keep in order to prove expenses. See, for example, IRS Publication 583, starting on page 11 (“Recordkeeping”). Basically, you can use a variety of methods in order to prove your income and expenses. But my professional opinion is that receipts in conjunction with bank statements, canceled checks, etc. are the…
  • Rare Home Office Deduction Win in Tax Court

    Jason Dinesen
    12 Aug 2014 | 4:30 am
    A taxpayer recently won a Tax Court case involving the home office deduction.  The taxpayer worked for a PR firm based out of Los Angeles, but the taxpayer lived in New York City and was expected to grow and develop the firm’s New York business. The firm maintained no formal offices in New York. The taxpayer worked out of her 700-square-foot studio apartment. On her 2009 tax return, she took a sizeable deduction for home office expenses. The IRS audited her, and the case ended up in Tax Court. Review of Home Office Rules The rules for taking the home office deduction are generally that…
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    IncomeTaxReturnIndia.com

  • Late filing of Income tax Return after 31.07.2014

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

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

  • Tax Lien Certificates – Predictable, Certain, And Secure

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

  • Franchise Tax Board Settlements – Part Two

    Samuel Brotman
    5 Aug 2014 | 7:23 pm
    A taxpayer who wants to settle must submit a written request, which must include the following information: 1)Taxpayer’s name and current address; 2)Taxpayer representative’s name, current address, fax and telephone number; 3)Taxpayer’s Social Security number or taxpayer identification number; 4)Taxable year(s) involved; 5)Tax amount involved; 6)Present status of dispute (i.e., is it a protest, appeal, or claim for refund); 7)Copy of representative’s power of attorney (FTB form 3520), unless a valid 8)form is already on file with the FTB; 9)Good faith settlement offer (amount offered…
  • Franchise Tax Board Settlements – Part One

    Samuel Brotman
    5 Aug 2014 | 7:21 pm
    Franchise Tax Board Settlements The California Franchise Tax Board (FTB) has authority to settle administrative civil tax disputes. Such authority allows FTB to settle civil tax disputes that arise out of protests, appeals or refund claims filed by taxpayers. The FTB’s Settlement Bureau is the body responsible for the negotiation of settlements. Settlement Bureau is not allowed to settle court litigation cases – such cases must be settled outside of Bureau. If a taxpayer is not disputing that he or she owes tax (tax liability), and is merely seeking a relief from an obligation to pay…
  • California Employment Development Tax Settlements

    Samuel Brotman
    1 Aug 2014 | 6:49 pm
    California EDD offers taxpayers tax settlement program, where EDD and taxpayer can settle a claim for less than the amount owed. EDD can settle if it evaluates costs and risks associated with the litigation of the case and determines that it is better and less expensive for EDD to settle for lower amount than to litigate in court. The Settlements Program allows an employer the opportunity to enter into a settlement agreement to also avoid the cost of prolonged litigation associated with resolving a disputed employment tax matter.   California EDD will consider settlement offer only when…
  • Employment Development Department Appeals – Part 2

    Samuel Brotman
    1 Aug 2014 | 6:33 pm
    For appeal taxpayer should prepare and file a pre-trial brief or memorandum of points and authorities, in which he or she must describe relevant law and apply it to his or her case in support of appeal. Taxpayer may want to locate and interview helpful witnesses, including workers previously interviewed by EDD, principals of business and management employees. Please note that an administrative law judge may order taking of interrogatories (a set of written questions to opposing party, answers to which later can be used as evidence) and depositions (formal detailed oral questioning by a…
  • Employment Development Department Appeals

    Samuel Brotman
    1 Aug 2014 | 6:31 pm
    It is important to note that according to Unemployment Insurance Code (“UIC”) Section 1735, an officer, owner or any person in charge of affairs of any corporation, LLC or LLP, is personally liable for the amount of the contributions, withholdings, penalties, and interest unpaid by business entity, if business entity willfully fails to pay the amount. Assessments become delinquent if not paid before they become final, and subject to a penalty of 10%. UIC Section 1135. Sections 1222 and 1224 provide that assessments become final (and delinquent) after 30 days from an assessment…
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    Blog

  • Understanding the Tax Evasion Statute – Are You at Risk?

    Bill Hartsock
    22 Aug 2014 | 11:15 am
    In a previous article about making false statements on your tax return, we discussed the basics of the tax evasion statute and explained the three elements of a tax crime. In particular, we looked into the first element of the tax evasion statute: the existence of an additional tax due and owing.Tags: Tax Evasion Information and AdviceRead more about Understanding the Tax Evasion Statute – Are You at Risk?
  • Is Professional Advice a Valid Defense to a Tax Crime Offense?

    Bill Hartsock
    21 Aug 2014 | 1:06 pm
    If you are being investigated for a criminal tax offense, you might wonder what tax crime defense strategies you can assert to avoid prosecution or severe penalties. The defense you assert must be specifically tailored to the criminal charge being brought against you. Because the IRS must prove each element of your crime beyond a reasonable doubt, your goal in coming up with a winning defense should be to negate at least one of the elements of the offense.Tags: IRS Tax Fraud Information & Advice From The Tax LawyerRead more about Is Professional Advice a Valid Defense to a Tax Crime…
  • Choice of Judicial Forum in Tax Litigation

    Bill Hartsock
    18 Aug 2014 | 6:30 pm
    When a taxpayer decides to pursue tax litigation against the IRS, he or she generally has three choices for judicial forum: Tax Court, the Claims Court, and Federal District Court. The different forums have different advantages and disadvantages. Also, certain disputes are only judiciable in specific forums, so that should be a consideration in choice of forum. Additional considerations include burden of proof, discovery government attorneys, the location of trial, and the judges available in each forum.Tags: Tax Litigation Information and AdviceRead more about Choice of Judicial Forum…
  • Can You be Prosecuted for Perjury or False Statements in Your Tax Returns?

    Bill Hartsock
    13 Aug 2014 | 11:03 am
    Yes, the Internal Revenue Code has its very own perjury and false statements statute. This crime is separate from the tax evasion statute, and different elements must be present for the taxpayer to be charged with perjury and false statements. Under the perjury and false statements statute, there are several different types of conduct which may form the basis for tax fraud penalties and prosecution.Tags: IRS Tax Fraud Information & Advice From The Tax LawyerRead more about Can You be Prosecuted for Perjury or False Statements in Your Tax Returns?
  • What You Need to Know about Tax Evasion

    Bill Hartsock
    12 Aug 2014 | 11:46 am
    The most common federal tax crime is tax evasion, which is specifically defined in 26 U.S.C. § 7201 as a failure to report taxes, reporting taxes inaccurately, or failing to pay taxes.Tags: Tax Evasion Information and AdviceRead more about What You Need to Know about Tax Evasion
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    Bankrate.com » Taxes

  • Inmates charged in tax fraud scheme

    Kay Bell
    21 Aug 2014 | 11:34 am
    Being behind bars doesn't deter some tax criminals. Two in Minnesota, however, have been charged with running a $400,000 fake tax refund scheme.
  • Telephone tax scam growing

    Kay Bell
    19 Aug 2014 | 9:34 am
    Don't fall for the ever-growing telephone tax scam. The caller on the other end of the line probably is a con artist, not an IRS agent.
  • Educators oppose tax credit changes

    Kay Bell
    14 Aug 2014 | 12:47 pm
    Several higher education groups say that a House approved change to current tax benefits would hurt older students who aren't full-time students.
  • Taxes paving the way for legal pot

    Kay Bell
    12 Aug 2014 | 7:35 am
    When it comes to legalizing marijuana, Bob Dylan said it best: The tax times, they are a-changin.' OK, Dylan didn't specifically say tax times, but in the effort to move marijuana into the mainstream, proponents of legal weed are regularly touting the tax benefits. © John Munson/Star Ledger/Corbis The latest instance is in Oregon. An
  • IRS aces ACA tax credit calculations

    Kay Bell
    7 Aug 2014 | 10:59 am
    The IRS has done a great job in calculating Affordable Care Act advance tax credits. Now the agency and taxpayers wait for courts to decide who gets the credit.
 
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    Sales Use Tax

  • Back to School for Sales Tax Exemptions

    Annette Nellen
    19 Aug 2014 | 10:49 am
    Special tax rules tend to violate principles of good tax policy, such as simplicity, neutrality and equity. For example, a sales tax exemption for certain types of manufacturing equipment will require specific definitions of the eligible equipment. We have seen … Continue reading →
  • Showdown in Congress: The Marketplace Fairness Act Update

    Jerry Donnini
    14 Aug 2014 | 9:21 am
    Over the past few years, small and mid-sized businesses have feared the Marketplace Fairness Act (“MFA”).  Under the new Act online retailers that have sales over a certain threshold would be required to charge, collect, and remit tax in any … Continue reading →
  • 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 →
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    US Tax Program

  • The Execution of the US Program Creates a Number of Uncertainties

    admin
    22 Aug 2014 | 7:54 am
    The Agefi reported that some documents from the US Department of Justice (DoJ) show that bank employee will probably be investigated and even prosecuted in the USA. In an interview with the Agefi, Aurelia Rappo, a defender of the banking employee and a banking regulations specialist, stresses that employees and ex-employees whose name is transmitted to the US within the frame of the US program are at risk. Some banks are saying that their employees have nothing to fear as long as they abided by the internal rules, a statement that Mrs. Rappo rejects. She believes that the American authorities…
  • Bank Leumi Provisioned 950m Shekels for US Tax Settlement, a Hit to its Q2 Results

    admin
    21 Aug 2014 | 8:44 am
    Bank Leumi announced a net profit of $84m (NIS 290m) for the second quarter of 2014. The bank’s result were hit by the provisions made (460m Shekels) for a settlement deal with the US regarding undeclared accounts held in their book. Bank Leumi is part of the Category1 banks that are seeking a deal with the US Department of Justice (DoJ). The completion of a deal is expected in the near future according to Adi Scop, financial services analyst at the IBI Brokerage and reported by Reuters “We are probably closer to the end than the middle“. Analysts believe that the results…
  • Pressure on Private Banks in Switzerland Remains High, 1 in 3 Private Banks Is Operating at a Loss

    admin
    20 Aug 2014 | 9:29 am
    According to a research based on the annual reports of 94 private banks in Switzerland and conducted by KPMG and the University of St Gallen, 1 in 3 private banks is operating at a loss and return on equity (ROE) is declining at most banks. Declining profitability and low growth in assets over the past year have negatively impacted the performance of the private banks in Switzerland. The US Program signed a year ago is another charge that weighted on the banks’ results. According the study the impact of the US Program can be summarized as follows: ‘US tax program leads to drop in…
  • Florida Man Pleads Guilty of Tax Evading and holding a Swiss Bank Account

    admin
    19 Aug 2014 | 3:41 pm
    According to a criminal filing from the federal court in Manhattan and the DoJ, Bernard Kramer, 83, pleaded guilty of holding an undeclared Swiss bank account in Switzerland as well as an undeclared account in an Israeli bank in Israel. Kramer used the coded phrase ‘Hot Lips” to refer to his undeclared account. The assets held at at the Swiss bank (c.a. $1m) were transferred to the Israeli bank in 2010. As the US laws require citizens and residents to file annual IRS reports disclosing domestic and foreign income. It is mandatory disclose any foreign account with an aggregate…
  • Swiss Banks Hit the DoJ with High Amount of Data Under the US Program

    admin
    15 Aug 2014 | 1:08 pm
    The Tages Anzeiger reports that according to observers the US Department of Justice (DoJ) is struggling with the high amount of data it received from the Swiss Banks participating in the US Program. As a major deadline for data transmission was met at the end of July, the DoJ needs to now analyse the information and confirm meeting requests. According to the agreed procedure each of the Category 2 banks has to make presentations in Washington or New York in front of the US prosecutors. During the first one, they need to demonstrate how the business with US customers was operated, who was…
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