Taxes

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  • Florida, Illinois pizza patrons sue Papa John's over collection of sales tax on delivery charges

    Don't Mess With Taxes
    skbell1
    20 Jul 2014 | 2:52 pm
    The hubby and I prefer take-and-bake pizzas to the done-and-delivered variety. While that means one of us has to go pick up our pies, it also means we don't have to worry at all about taxes on delivery charges. Those extra tax amounts are the basis for two lawsuits, one in Florida and another in Illinois, against Papa John's pizza. The Illinois legal action, Zachary Tucker et al. v. Papa John's International Inc., was filed in U.S. District Court for the District of Illinois. It contends that the pizza chain's charging of sales tax on their delivery fee violates Illinois…
  • Tax Myths: Part XI: Alimony Always Is Taxable

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

    Don't Mess With Taxes
    skbell1
    21 Jul 2014 | 3:10 pm
    And the bit-by-bit approval of expired tax extenders continues in the House. Representatives last week approved five charitable giving tax provisions, three of which expired at the end of 2013. The expired tax laws, part of 55 provisions known collectively as extenders because Congress usually has renewed them every year or so, are supported by most lawmakers. But renewal of the legislation also is typically hampered as Representatives and Senators try to make political points or, in election years like 2014, avoid political controversy. Also complicating the extenders consideration in the…
  • The New Voluntary Tax Preparer Program

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

    Tax-News.Com Live Tax Headlines
    22 Jul 2014 | 4:44 am
    Tax-News.com: Despite the effort made earlier this month by South Korean President Park Geun-hye and her Chinese counterpart, Xi Jinping, in agreeing that their two countries should conclude free trade agreement negotiations by the end of 2014, the latest 12th round of talks was said to have produced little, or no, progress on tariffs.
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    Don't Mess With Taxes

  • RMD rollovers to IRAs, extended donation deadline among five charitable giving tax breaks approved by House

    skbell1
    21 Jul 2014 | 3:10 pm
    And the bit-by-bit approval of expired tax extenders continues in the House. Representatives last week approved five charitable giving tax provisions, three of which expired at the end of 2013. The expired tax laws, part of 55 provisions known collectively as extenders because Congress usually has renewed them every year or so, are supported by most lawmakers. But renewal of the legislation also is typically hampered as Representatives and Senators try to make political points or, in election years like 2014, avoid political controversy. Also complicating the extenders consideration in the…
  • KISS' Gene Simmons' tax tongue wagging is off base

    skbell1
    21 Jul 2014 | 10:07 am
    KISS sure knows something about putting on a good rock and roll show, but apparently the band's bassist Gene Simmons doesn't know quite enough about taxes. In a July 4 interview with the San Diego Union-Tribune, Simmons wagged his famous tongue about, among other things, the joys of being wealthy. The 2014 Rock and Roll Hall of Fame inductee as a member of KISS, Simmons told the newspaper that even in the band's early days back in the '70s he was doing alright financially. "I'm duly diligent. I do a better job of balancing my budget than the U.S. government does…
  • Florida, Illinois pizza patrons sue Papa John's over collection of sales tax on delivery charges

    skbell1
    20 Jul 2014 | 2:52 pm
    The hubby and I prefer take-and-bake pizzas to the done-and-delivered variety. While that means one of us has to go pick up our pies, it also means we don't have to worry at all about taxes on delivery charges. Those extra tax amounts are the basis for two lawsuits, one in Florida and another in Illinois, against Papa John's pizza. The Illinois legal action, Zachary Tucker et al. v. Papa John's International Inc., was filed in U.S. District Court for the District of Illinois. It contends that the pizza chain's charging of sales tax on their delivery fee violates Illinois…
  • Philadelphia loses effort to collect $1.5 million from strip clubs

    skbell1
    19 Jul 2014 | 3:48 pm
    Patrons of Club Risqué, Cheerleaders and Delilah's or any other adults-only clubs in Philadelphia won't have to pay added taxes for semi-private dances performed at the entertainment spots. That's the word from Pennsylvania Common Pleas Court Judge Ellen Ceisler, who ruled last week that the City of Brotherly Love could not extend a 5 percent amusement tax to the dances. With dances reportedly costing between $20 and $30, patrons would owe another $1 to $1.50 per dance. Ceisler's ruling upheld an earlier decision by the city's Tax Review Board. Last October, the tax panel said that…
  • Banks get OK from U.S. House to work with marijuana sellers

    skbell1
    18 Jul 2014 | 9:41 am
    It's tough being a small business owner. It's especially tough when no financial institution will handle your accounts or provide you with loans. That's the situation with which dealers in legal marijuana nationwide have been coping. But things may be about to change. On July 16, the U.S. House passed a bipartisan amendment by a 231-to-192 vote that prevents the Treasury Department and the Securities and Exchange Commission from spending any funds to penalize financial institutions that provide services to marijuana businesses that are legal under state law. Marijuana retailer…
 
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    Our Taxing Times

  • The New Voluntary Tax Preparer Program

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

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

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

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

    trishmc
    27 Mar 2014 | 8:15 am
    There is a little less than 3 weeks left before your 2013 tax return is due. So what if you can’t get your return done in time to file by then? You can file an extension. It can be done electronically or by filing a paper Form 4868 by April 15th. And it does have to be postmarked or electronically filed by April 15th. After that time, the extension won’t help you. As the tax filing deadlines approach, I get calls from clients wanting me to file an extension for them. It’s easy to do electronically; set up a file and send. I don’t need signatures. What I do need is to know about what…
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    Tax-News.Com Live Tax Headlines

  • Tax-News.com: Little Progress In South Korea, China FTA Tariff Talks

    22 Jul 2014 | 4:44 am
    Tax-News.com: Despite the effort made earlier this month by South Korean President Park Geun-hye and her Chinese counterpart, Xi Jinping, in agreeing that their two countries should conclude free trade agreement negotiations by the end of 2014, the latest 12th round of talks was said to have produced little, or no, progress on tariffs.
  • Tax-News.com: European Environment Agency Calls For Tax Shift

    22 Jul 2014 | 4:40 am
    Tax-News.com: Taxing inefficient resource use and environmental pollution and reducing labor taxes could encourage job creation, the European Environment Agency has said.
  • Tax-News.com: US Treasury Wants Immediate Anti-Inversion Legislation

    22 Jul 2014 | 4:34 am
    Tax-News.com: With reports of more American companies looking to use the opportunity to move their headquarters abroad when bidding for overseas companies, the United States Treasury Secretary Jack Lew has written to Congressional leaders urging immediate action to pass legislation to prevent such corporate inversions.
  • Tax-News.com: Sweden Calls For EU Ruling On Bitcoin Taxation

    22 Jul 2014 | 4:34 am
    Tax-News.com: Sweden has asked the European Union to provide definitive rules on the Value Added Tax treatment of cryptocurrencies, such as Bitcoin, after concerns raised by the nation about the UK's revised position, issued in March.
  • Tax-News.com: Switzerland Warns Of Carbon Tax Hike

    22 Jul 2014 | 4:34 am
    Tax-News.com: Switzerland will hike its carbon tax from CHF60 (USD67) per ton to at least CHF72 per ton from 2016 if the Government's 2014 emissions reductions target is missed.
 
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    Tax Policy Center: The Numbers

  • Chairman Dave Camps Tax Reform Act of 2014

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

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

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

    10 Jun 2014 | 10:00 pm
    This set of estimates consists of the following related tables: (T14-0032) Extend ARRA CTC and EITC Provisions, Baseline: Current Law, Distribution of Federal Tax Change by Expanded Cash Income Level, 2020 (T14-0033) Extend ARRA CTC and EITC Provisions, Baseline: Current Law, Distribution of Federal Tax Change by Expanded Cash Income Percentile, 2020 (T14-0034) Lower Age of Eligibility for Childless Earned Income Tax Credit (EITC), Baseline: Current Law, Distribution of Federal Tax Change by Expanded Cash Income Level, 2020 (T14-0035) Lower Age of Eligibility for Childless Earned Income Tax…
  • Sen. Patty Murray (D-WA)'s Tax Reform Plan: The 21st Century Worker Tax Cut Act

    29 Apr 2014 | 10:00 pm
    Distributional analysis of Sen. Patty Murray (D-WA)'s tax reform plan, the 21st Century Worker Tax Cut Act This set of estimates consists of the following related tables: (T14-0026) 21st Century Worker Tax Cut Act: Allow Deduction for Dual-Earner Families and Expand Childless Earned Income Tax Credit; Baseline: Current Law; Distribution of Federal Tax Change by Expanded Cash Income Level, 2015 (T14-0027) 21st Century Worker Tax Cut Act: Allow Deduction for Dual-Earner Families and Expand Childless Earned Income Tax Credit; Baseline: Current Law; Distribution of Federal Tax Change by…
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    THE WANDERING TAX PRO

  • DEDUCTING MORTGAGE INTEREST

    21 Jul 2014 | 2:00 am
    “Qualified residence interest” (i.e. interest on debt secured by the residence), also known as mortgage interest, paid on your primary residence and one secondary residence can be deducted on Schedule A, subject to certain limitations.  You can only deduct interest on two properties at a time.  If you own a personal residence in New Jersey and two separate person-use vacation properties, one in Florida and one in the Pocono Mountains, and all three properties have a mortgage, you can only deduct the mortgage interest on two of the properties There are three kinds of deductible…
  • WHAT’S THE BUZZ, TELL ME WHAT’S A HAPPENNIN’

    18 Jul 2014 | 2:00 am
    * According to “National Taxpayer Advocate Identifies Priority Areas and Challenges in Mid-Year Report to Congress” National Taxpayer Advocate Nina E. Olson released her statutorily mandated mid-year report to Congress that identifies the priority issues the Taxpayer Advocate Service (TAS) will address during the upcoming fiscal yearIn her continuing call for “minimum standards for tax-return preparers” Ms Olson (highlight is mine) –“reiterates her longstanding recommendation that a meaningful preparer standards program must contain four components:  (1) registration to…
  • CONTINUING THE DISCUSSION ON THE NEED FOR A VOLUNTARY TAX PREPARER CREDENTIAL

    17 Jul 2014 | 2:00 am
    In response to my call for a voluntary RTRP-like credential, and the IRS’s new voluntary Annual Filing Season Certification program, many tax professionals state that the IRS already has a voluntary credential – that of Enrolled Agent or EA.I agree that this is a true statement of fact.  A preparer who passes the Special Enrollment Exam and maintains the required 72-hours in CPE over a three-year period has certainly demonstrated competence and currency in the preparation of 1040s.Historically, however, the purpose of the Enrolled Agent credential, and the reason many preparers…
  • LET'S GET THIS STRAIGHT

    16 Jul 2014 | 5:57 am
    The purpose of a voluntary tax preparer credential is NOT to be able to more closely “regulate” tax preparers – as it appears is all the IRS really wants to do.  The IRS already maintains a database of “approved” tax return preparers via the PTIN requirement, and has in place a system of preparer penalties to “punish” naughty preparers.  The purpose of a voluntary tax preparer credential, whether administered by the IRS or an independent industry-based organization, is to identify to the taxpayer public tax preparers who have proven competence and currency in 1040…
  • DEDUCTING RENTAL EXPENSES FOR A “MIXED USE” PROPERTY

    16 Jul 2014 | 2:00 am
    As promised in last Friday’s BUZZ installment, I will share with you information on deducting expenses of a “mixed-use”, or dual purpose, vacation property.What prompted this was an email from clients whose GD extension I had recently finished, which began, in effect, saying –“We took a look at our return before tucking it in the mail and it appears that most of our 2013 expenses relating to our vacation home are not set forth on Schedule E of the return.”When you rent a vacation home and your personal use of the property is more than 14 days, or more than 10% of the number of…
 
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    Start Making Sense

  • New article draft posted on SSRN

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

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

    26 Jun 2014 | 8:13 am
    Gad, but I love the summer.  First of all there's the weather.  So long as the AC in my house doesn't break, I say bring on the heat.  I like a real summer, and we've had bits of it although at times it's been too cool and wet.  The only thing I really don't like about this time of year is mosquitoes.The horrible winter and early spring are still exacting their price re. one my favorite parts of the summer - fresh produce at the Union Square Farmers' Market.  Generally you get strawberries by mid-May, then by the start of June it goes full Technicolor.
  • Alternative (or complementary) theory to CEO narcissism

    23 Jun 2014 | 11:16 am
    In an earlier post, I noted recent corporate governance literature suggesting that narcissist CEOs, who are identified by criteria that include their pay relative to that of other company officials, tend to perform worse in various ways, such as by reason of their taking undue risks.There's also a recent paper suggesting that high-paid CEOs tend to perform worse than other CEOs through an entirely different mechanism.  According to the abstract:"CEO pay is negatively related to future stock returns for periods up to three years after sorting on pay.  For example, firms that pay…
  • I let him go right afterwards

    22 Jun 2014 | 6:17 pm
    Let's hope he's still out there, happily catching mosquitoes.
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    MauledAgain

  • Tax Myths: Part XI: Alimony Always Is Taxable

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

    James Edward Maule
    18 Jul 2014 | 5:01 am
    One of the most persistent, widespread, and enticing tax myths is the unfounded claim that the flat tax is simple. Three years ago, the Heritage Foundation claimed that the flat tax “is simple.” Sixteen years ago, Dick Armey characterized the flat tax as “simple.” For the past several decades, advocates of the flat tax have argued its simplicity by focusing on rate structures and ignoring everything else.In 2011, I explained, in The Flat Tax Myth Won’t Die that the flat tax “does absolutely nothing to address the question of timing. It does not simplify, for example, installment…
  • Tax Myths: Part IX: The Tax Rate Confusion

    James Edward Maule
    16 Jul 2014 | 5:01 am
    Most people do not understand income tax rates. Some law students enrolled in the basic income tax course struggle to understand tax rates. What confuses people is the difference between marginal tax rate and average tax rate. It is not unusual for someone to look at a federal tax rate schedule, find the bracket that fits their income, and conclude that they pay that percentage of their income in federal income tax. This generates all sorts of inaccurate claims to the effect that people with a certain income pay tax at a particular rate. For example, this writer claims that “Americans who…
  • Tax Myths: Part VIII: The Use Tax Myth

    James Edward Maule
    14 Jul 2014 | 5:01 am
    Retailers operating in states that do not have sales taxes entice out-of-state purchasers to cross the border to make purchases by emphasizing the notion of “tax-free” purchases. An article about a particular incident of this approach triggered A Peek at the Production of Tax Ignorance, in which I repeated an earlier explanation about the use tax, the tax imposed by the purchaser’s state of residence on out-of-state purchases of items brought back into the state of residence.What sustains this myth is a combination of ignorance, experience, and revenue department inefficiency. Most…
  • Tax Myths: Part VII: Tips Aren’t Taxed Because They Are Gifts

    James Edward Maule
    11 Jul 2014 | 5:01 am
    Though there are rare instances in which a tip can be characterized as a gift excluded from gross income, as a general proposition tips are included in gross income. It takes a very unique set of facts to pull a tip out of gross income by demonstrating that it is a gift, as I described some years ago in Should a Tip Be Excluded from Taxation as a Gift?. Thus, claims that, as a general proposition, tips are gifts and not taxed, are wrong. As the court in Cracchiola v. Comr., 643 F.2d 1383 (9th Cir. 1981), stated, “Petitioners’ first argument, that tops are not income is wholly without…
 
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    TaxProf Blog

  • Senate Holds Hearing Today on The Taxation of Income of U.S. Multinational Enterprises

    Paul Caron
    22 Jul 2014 | 12:47 am
    The Senate Finance Committee holds a hearing today on The U.S. Tax Code: Love It, Leave It or Reform It!: Mihir Desai (Harvard University) Peter Merrill (PricewaterhouseCoopers) Leslie Robinson (Dartmouth College) Pascal Saint-Amans (OECD) Allan Sloan (Fortune) Robert Stack (U.S. Treasury Department) In connection with the hearing, the Joint Committee...
  • The IRS Scandal, Day 439

    Paul Caron
    22 Jul 2014 | 12:38 am
    What Are The Chances? (An IRS Love Song): (Hat Tip: Glenn Reynolds.) Wall Street Journal, New Information Deepens the Mystery of the Missing IRS Emails: The mystery of the missing IRS emails has deepened. An IRS official told congressional investigators in an interview last week that — despite what agency...
  • Details Begin to Emerge in Murder of Dan Markel

    Paul Caron
    21 Jul 2014 | 12:41 pm
    More details are beginning to emerge in the weekend death of Dan Markel, D’Alemberte Professor of Law at Florida State and the founder of PrawfsBlawg, as the result of a shooting in his home: one press reports says that Dan was shot in the back, and Tallahassee police say the...
  • Wealthier New Yorkers Are Not Fleeing the City for Tax Havens

    Paul Caron
    21 Jul 2014 | 12:39 pm
    New York Times: Wealthier New Yorkers Aren’t Fleeing the City for Tax Havens, a Study Says, by Sam Roberts: Sean Hannity, the Fox News prime-time host, threatened last month to leave New York for a tax haven down south. Tiger Woods transplanted himself from California to Florida for the same...
  • Marian: The Function of Corporate Tax-Residence in Territorial Systems

    Paul Caron
    21 Jul 2014 | 11:00 am
    Omri Y. Marian (Florida), The Function of Corporate Tax-Residence in Territorial Systems, 18 Chapman L. Rev. ___ (2014): In this symposium Essay, I explore the instrumentality of corporate tax-residence determination in territorial tax systems. Using the United States as a case study, I show that tax-residence determination had a historic...
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    Texas State & Local Tax Law Blog

  • An update on three state tax cases pending at the Texas Supreme Court

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

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

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

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

    Alan E. Sherman
    22 Apr 2014 | 5:00 am
    A previous post on this site captioned “Another franchise tax win for a Texas taxpayer” observed that “It’s not been a happy couple of years for the Texas Attorney General’s tax lawyers who’ve represented the Comptroller of Public Accounts in state court tax litigation.” True enough, but we lawyers don’t like to lose our cases and, when we do, we appeal. And that’s what the State’s lawyers are doing in several important cases. Here’s a brief rundown of three recent appeals to watch:Combs, et al. v. Cirrus Exploration Company.
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    Roth & Company, P.C

  • Tax Roundup, 7/11/14: Wilderness edition. And: the hazards of doing it yourself.

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

    Joe Kristan
    10 Jul 2014 | 6:59 am
    Lindsey McPherson of Tax Analysts has a great, but unfortunately gated, article today, “Things to Know About the Tax Extenders’ History” ($link) Update: Tax Analysts has ungated the article, so read it all here for free! ( It details four points: 1. Two-Year Retroactive Extensions Are Often Passed Late in Election Years 2. Extenders Are Often Attached to Larger Bills 3. Congress Has Never Fully Offset Extenders Legislation 4. Most Extenders Have Been Renewed at Least 3 Times What does “most” mean? “Of the 55 expired provisions that are the focus of the…
  • Tax Roundup, 7/9/14: It’s an outrage! Oh, we did it? That’s fine. And: Economic development cyanide!

    Joe Kristan
    9 Jul 2014 | 6:10 am
    Via Wikipedia So the taxpayer wants a tax refund.  He calls an IRS agent, who says she will look into it and call back.  Impatient taxpayer calls the agent back five times and tells her she is being uncooperative, finally telling her to “put her money where her mouth is.”  Taxpayer several days later sends the agent a letter telling her that she could issue the tax refund, but chooses not to, and demands the IRS submit some documents.  The IRS schedules a meeting, and the taxpayer insists on the refund now.  The taxpayer attempts to put a lien on the agent’s property…
  • Tax Roundup, 7/8/14: Not in Kansas Anymore edition. And: the latest on bonus depreciation for 2014.

    Joe Kristan
    8 Jul 2014 | 7:14 am
    What’s the matter with Kansas?  Economist Scott Sumner looks at the controversy over the recent Kansas tax reforms: The past two years Kansas reduced its state income tax rates. As a result, the top rate of income tax faced by Kansas residents (combined state and federal) rose from 41.45% in 2012 to 48.3% in 2013 and then fell a tad to 48.2% in 2014 (if they don’t itemize.) That’s a pretty tiny drop in the top marginal tax rate in 2014, and a much bigger rise in 2013. … I can’t imagine any serious economist predicting that the Kansas rate cut would boost Kansas…
  • Tax Roundup, 7/7/14: IRS stands down on imaginary 750-hour rule for real estate pros. And: the real IRS budget problem.

    Joe Kristan
    7 Jul 2014 | 6:55 am
    A newly-released memo indicates that the IRS will no longer hold real estate professionals to an illegal standard in determining passive losses.   ILM 201427016 addresses how the “750-hour test” of Section 469 applies when you have multiple real estate activities.  Under the passive loss rules of Section 469, rental real estate losses are normally passive; that means the losses are normally deductible only to the extent of other passive income, until the activity is sold. A special rule allows real estate professionals to apply the normal passive loss rules, which are based on…
 
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    RUBIN ON TAX

  • APPLICABLE FEDERAL RATES–AUGUST 2014

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

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

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

    Charles (Chuck) Rubin
    11 Jul 2014 | 2:17 pm
    It has been a year since we published the Florida Trust Amendment diagram. The favorable response by practitioners was much appreciated. We are now posting an update. Here are the key changes: a. We have moved the map to an online service that supports “mindmaps” and is fairly easy to use and access. See the instructions below for how to get to the diagram. b. Added a reference to the recent Peck case. For more on this case, see postings here by Jenna Rubin at Rubin on Probate Litigation, and here by Juan Antunez at the Florida Probate and Trust Litigation blog. c. Added Fla.Stats.
  • Part 1 - THE IRS’ NEW 2014 OFFSHORE VOLUNTARY DISCLOSURE PROCEDURES

    Charles (Chuck) Rubin
    9 Jul 2014 | 1:15 pm
    Last weekend I published the introduction to my partner, Rick Josepher’s, analysis of the new offshore enforcement environment in light of the new 2014 Offshore Voluntary Disclosure Procedures. You can read his introduction here. Below is Part 1 of his 6 part series. Part I: The 2014 OVDP     On June 18, 2014, the Internal Revenue Service (the “IRS” or “Service”)  announced “major changes” to its offshore voluntary compliance programs. They include “four distinct options” for addressing prior offshore non-compliance. See, …
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    Taxable Talk

  • Major Court Decision Extends Loving; IRS Enjoined from a Circular 230 Regulation

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

    Russ
    19 Jul 2014 | 10:35 am
    The City of Philadelphia has a tax on amusements; it’s a 5% sales tax. Are lap dances performed at adult entertainment facilities subject to that tax? A court in Pennsylvania ruled no. Philadelphia billed three strip clubs adult entertainment facilities $1.5 million for the tax, penalties, and interest covering 2008 – 2010. The three clubs appealed to Philadelphia’s Tax Review Board that the tax was vague and couldn’t be applied to lap dances. Philadelphia lost at the Board and appealed to court. The court ruled that the Board was correct and the tax can’t be…
  • If You’re a Fugitive, Posting on Facebook Isn’t a Good Idea

    Russ
    19 Jul 2014 | 10:09 am
    This headline really tells the whole tale. But this tale deserves a full telling, so here goes: In August 1992, Francisco Legaspi was indicted on three counts of aiding and assisting in the presentation of false tax returns. In November 1992 he pleaded guilty to one count of preparing a false tax return (this appears to be a normal plea bargain); sentencing was scheduled for January 28, 1993. On January 27, 1993, an IRS employee visited his office to collect payroll taxes. The two did discuss that sentencing was scheduled the next day. Mr. Legaspi decided that instead of going to court…
  • AICPA Sues to Stop IRS’s “Annual Filing Season Program”

    Russ
    15 Jul 2014 | 2:14 pm
    Well, that didn’t take long. As I predicted back on June 26th, the American Institute of CPAs (AICPA) has filed a lawsuit asking the court to stop the IRS’s new “Annual Filing Season Program.” From the AICPA’s press release: The AICPA has been a steadfast supporter of the IRS’s overall goals of enhancing compliance by tax return preparers and elevating ethical conduct. However, the IRS’s new rule regulating tax return preparers is an unlawful exercise of government power. By implementing a purportedly “voluntary” program that is mandatory in effect, the…
  • 101 Minutes…

    Russ
    15 Jul 2014 | 6:32 am
    Yesterday I had to call the IRS Practitioner Priority Service. One of my clients received a refund check where we believed he owed tax. It took 101 minutes–that’s one hour and forty-one minutes–before someone picked up my call. I hate to think of the wait times on the “normal” lines. There isn’t much to add here expect if you’re calling the IRS expect to be on hold for a long, long, time.
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    L & R Tax Preparation LLC RSS Feed

  • Travel & Entertainment: Maximizing Tax Benefits

    1 Jul 2014 | 7:00 am
    As a self-employed individual you are legally entitled to deduct certain expenses such as travel and entertainment. Keep reading to learn more about deducting these expenses and how you can maximize the tax benefits.
  • The Home-Based Business: Basics to Consider

    1 Jul 2014 | 7:00 am
    More than 52 percent of businesses today are home-based. Every day, people are achieving economic and creative independence by turning their skills into dollars. If you're thinking about starting a home-based business, here's what you need to know.
  • Paying off Debt the Smart Way

    1 Jul 2014 | 7:00 am
    Between mortgages, car loans, credit cards, and student loans, most people are in debt. While being debt-free is a worthwhile goal, most people need to focus on managing their debt first since it's likely to be there for most of their life. Here are some tips to help you do just that.
 
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    Taxation RSS Feed | JD Supra Law News

  • The Affordable Care Act—Countdown to Compliance for Employers, Week 23: The Impact of Employment Contract Terms on Variable Hour Employee Status

    Mintz Levin - Employment Matters
    21 Jul 2014 | 3:05 pm
    For applicable large employers (i.e., employers who employed at least 50 full-time and full-time equivalent employees on business days during the preceding calendar year) endeavoring to comply with the Affordable Care Act’s employer shared...By: Mintz Levin - Employment Matters
  • Film Tax Incentives in Latin America

    Sheppard Mullin Richter & Hampton LLP
    21 Jul 2014 | 2:58 pm
    Distribution of audiovisual content is blooming at a very fast pace, and while the consumer is still demanding for more new content, producers are struggling with this new competitive era. While appetite for content is at its highest peak, and...By: Sheppard Mullin Richter & Hampton LLP
  • Applicable Federal Rates - August 2014

    Charles (Chuck) Rubin
    21 Jul 2014 | 2:36 pm
    See Charts below for August 2014 Tax Rates....By: Charles (Chuck) Rubin
  • Carbon Tax Repeal Places Spotlight on Price Reductions

    K&L Gates LLP
    21 Jul 2014 | 2:34 pm
    After months of delay, the Australian Government has passed legislation to repeal Australia's carbon tax and introduce new sanctions against energy and gas refrigerant entities that do not pass on cost savings arising from the repeal of the tax....By: K&L Gates LLP
  • Reporting Foreign Account Gifts

    Sanford Millar
    21 Jul 2014 | 1:58 pm
    One of the areas of inquiry that is certain to receive increased attention by the IRS and Department of Justice (DOJ) is the claim that the funds in offshore accounts were the result of a “gift”. The proper documentation of gifts is essential. What...By: Sanford Millar
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  • How long does food in the fridge really last?

    22 Jul 2014 | 1:40 am
    How long does food in the fridge really last?ShutterstockThings like milk are easy to tell if you should toss ... but what's the difference between 'sell by' and 'best if used by'?Decoding four expiration stickersMore from Kitchen DailyBrilliant uses for cream cheeseAre you a fast food expert?
  • Fresh Israeli airstrikes stain night sky orange

    22 Jul 2014 | 1:40 am
    Fresh Israeli airstrikes stain night sky orange APBombs and tank shells set off huge explosions that transformed Gaza early Tuesday, the latest in a two-week battle that has killed hundreds.Specific home among 70 new targetsMore in newsRebels hand over key MH17 evidenceSterling witness drops bombshell
  • Rebels hand over key evidence in MH17 crash

    22 Jul 2014 | 1:40 am
    Rebels hand over key evidence in MH17 crashAPSeparatists handed over custody of the flight's black boxes in addition to the victims' remains on Monday, bowing to international pressure.'Powerful' proof that is emergingContinued MH17 coverageObama speaks out on the crashVital information feared compromised
  • Open title caps Rory's stunning turnaround

    22 Jul 2014 | 1:40 am
    Open title caps Rory's stunning turnaroundGettyRory McIlroy hit rock bottom at the 2013 British Open. A year later, he's back on top -- and one big win away from an incredibly rare feat.What only 5 others have done beforeMore sports coverageCentenarian throws first pitchBird discusses young star's exit
  • Body of fugitive S. Korean ferry owner found

    22 Jul 2014 | 1:40 am
    Body of fugitive S. Korean ferry owner foundAPPolice had been hunting for businessman Yoo Byung-eun in connection with the ferry disaster that left nearly 300 dead.Grim discovery of his remainsMore newsKerry pushes for Gaza cease-firePolice chief back in spotlight
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  • How long does food in the fridge really last?

    22 Jul 2014 | 1:40 am
    How long does food in the fridge really last?ShutterstockThings like milk are easy to tell if you should toss ... but what's the difference between 'sell by' and 'best if used by'?Decoding four expiration stickersMore from Kitchen DailyBrilliant uses for cream cheeseAre you a fast food expert?
  • Fresh Israeli airstrikes stain night sky orange

    22 Jul 2014 | 1:40 am
    Fresh Israeli airstrikes stain night sky orange APBombs and tank shells set off huge explosions that transformed Gaza early Tuesday, the latest in a two-week battle that has killed hundreds.Specific home among 70 new targetsMore in newsRebels hand over key MH17 evidenceSterling witness drops bombshell
  • Rebels hand over key evidence in MH17 crash

    22 Jul 2014 | 1:40 am
    Rebels hand over key evidence in MH17 crashAPSeparatists handed over custody of the flight's black boxes in addition to the victims' remains on Monday, bowing to international pressure.'Powerful' proof that is emergingContinued MH17 coverageObama speaks out on the crashVital information feared compromised
  • Open title caps Rory's stunning turnaround

    22 Jul 2014 | 1:40 am
    Open title caps Rory's stunning turnaroundGettyRory McIlroy hit rock bottom at the 2013 British Open. A year later, he's back on top -- and one big win away from an incredibly rare feat.What only 5 others have done beforeMore sports coverageCentenarian throws first pitchBird discusses young star's exit
  • Body of fugitive S. Korean ferry owner found

    22 Jul 2014 | 1:40 am
    Body of fugitive S. Korean ferry owner foundAPPolice had been hunting for businessman Yoo Byung-eun in connection with the ferry disaster that left nearly 300 dead.Grim discovery of his remainsMore newsKerry pushes for Gaza cease-firePolice chief back in spotlight
 
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  • How long does food in the fridge really last?

    22 Jul 2014 | 1:40 am
    How long does food in the fridge really last?ShutterstockThings like milk are easy to tell if you should toss ... but what's the difference between 'sell by' and 'best if used by'?Decoding four expiration stickersMore from Kitchen DailyBrilliant uses for cream cheeseAre you a fast food expert?
  • Fresh Israeli airstrikes stain night sky orange

    22 Jul 2014 | 1:40 am
    Fresh Israeli airstrikes stain night sky orange APBombs and tank shells set off huge explosions that transformed Gaza early Tuesday, the latest in a two-week battle that has killed hundreds.Specific home among 70 new targetsMore in newsRebels hand over key MH17 evidenceSterling witness drops bombshell
  • Rebels hand over key evidence in MH17 crash

    22 Jul 2014 | 1:40 am
    Rebels hand over key evidence in MH17 crashAPSeparatists handed over custody of the flight's black boxes in addition to the victims' remains on Monday, bowing to international pressure.'Powerful' proof that is emergingContinued MH17 coverageObama speaks out on the crashVital information feared compromised
  • Open title caps Rory's stunning turnaround

    22 Jul 2014 | 1:40 am
    Open title caps Rory's stunning turnaroundGettyRory McIlroy hit rock bottom at the 2013 British Open. A year later, he's back on top -- and one big win away from an incredibly rare feat.What only 5 others have done beforeMore sports coverageCentenarian throws first pitchBird discusses young star's exit
  • Body of fugitive S. Korean ferry owner found

    22 Jul 2014 | 1:40 am
    Body of fugitive S. Korean ferry owner foundAPPolice had been hunting for businessman Yoo Byung-eun in connection with the ferry disaster that left nearly 300 dead.Grim discovery of his remainsMore newsKerry pushes for Gaza cease-firePolice chief back in spotlight
  • add this feed to my.Alltop

  • How long does food in the fridge really last?

    22 Jul 2014 | 1:40 am
    How long does food in the fridge really last?ShutterstockThings like milk are easy to tell if you should toss ... but what's the difference between 'sell by' and 'best if used by'?Decoding four expiration stickersMore from Kitchen DailyBrilliant uses for cream cheeseAre you a fast food expert?
  • Fresh Israeli airstrikes stain night sky orange

    22 Jul 2014 | 1:40 am
    Fresh Israeli airstrikes stain night sky orange APBombs and tank shells set off huge explosions that transformed Gaza early Tuesday, the latest in a two-week battle that has killed hundreds.Specific home among 70 new targetsMore in newsRebels hand over key MH17 evidenceSterling witness drops bombshell
  • Rebels hand over key evidence in MH17 crash

    22 Jul 2014 | 1:40 am
    Rebels hand over key evidence in MH17 crashAPSeparatists handed over custody of the flight's black boxes in addition to the victims' remains on Monday, bowing to international pressure.'Powerful' proof that is emergingContinued MH17 coverageObama speaks out on the crashVital information feared compromised
  • Open title caps Rory's stunning turnaround

    22 Jul 2014 | 1:40 am
    Open title caps Rory's stunning turnaroundGettyRory McIlroy hit rock bottom at the 2013 British Open. A year later, he's back on top -- and one big win away from an incredibly rare feat.What only 5 others have done beforeMore sports coverageCentenarian throws first pitchBird discusses young star's exit
  • Body of fugitive S. Korean ferry owner found

    22 Jul 2014 | 1:40 am
    Body of fugitive S. Korean ferry owner foundAPPolice had been hunting for businessman Yoo Byung-eun in connection with the ferry disaster that left nearly 300 dead.Grim discovery of his remainsMore newsKerry pushes for Gaza cease-firePolice chief back in spotlight
  • add this feed to my.Alltop

  • How long does food in the fridge really last?

    22 Jul 2014 | 1:40 am
    How long does food in the fridge really last?ShutterstockThings like milk are easy to tell if you should toss ... but what's the difference between 'sell by' and 'best if used by'?Decoding four expiration stickersMore from Kitchen DailyBrilliant uses for cream cheeseAre you a fast food expert?
  • Fresh Israeli airstrikes stain night sky orange

    22 Jul 2014 | 1:40 am
    Fresh Israeli airstrikes stain night sky orange APBombs and tank shells set off huge explosions that transformed Gaza early Tuesday, the latest in a two-week battle that has killed hundreds.Specific home among 70 new targetsMore in newsRebels hand over key MH17 evidenceSterling witness drops bombshell
  • Rebels hand over key evidence in MH17 crash

    22 Jul 2014 | 1:40 am
    Rebels hand over key evidence in MH17 crashAPSeparatists handed over custody of the flight's black boxes in addition to the victims' remains on Monday, bowing to international pressure.'Powerful' proof that is emergingContinued MH17 coverageObama speaks out on the crashVital information feared compromised
  • Open title caps Rory's stunning turnaround

    22 Jul 2014 | 1:40 am
    Open title caps Rory's stunning turnaroundGettyRory McIlroy hit rock bottom at the 2013 British Open. A year later, he's back on top -- and one big win away from an incredibly rare feat.What only 5 others have done beforeMore sports coverageCentenarian throws first pitchBird discusses young star's exit
  • Body of fugitive S. Korean ferry owner found

    22 Jul 2014 | 1:40 am
    Body of fugitive S. Korean ferry owner foundAPPolice had been hunting for businessman Yoo Byung-eun in connection with the ferry disaster that left nearly 300 dead.Grim discovery of his remainsMore newsKerry pushes for Gaza cease-firePolice chief back in spotlight
 
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  • How long does food in the fridge really last?

    22 Jul 2014 | 1:40 am
    How long does food in the fridge really last?ShutterstockThings like milk are easy to tell if you should toss ... but what's the difference between 'sell by' and 'best if used by'?Decoding four expiration stickersMore from Kitchen DailyBrilliant uses for cream cheeseAre you a fast food expert?
  • Fresh Israeli airstrikes stain night sky orange

    22 Jul 2014 | 1:40 am
    Fresh Israeli airstrikes stain night sky orange APBombs and tank shells set off huge explosions that transformed Gaza early Tuesday, the latest in a two-week battle that has killed hundreds.Specific home among 70 new targetsMore in newsRebels hand over key MH17 evidenceSterling witness drops bombshell
  • Rebels hand over key evidence in MH17 crash

    22 Jul 2014 | 1:40 am
    Rebels hand over key evidence in MH17 crashAPSeparatists handed over custody of the flight's black boxes in addition to the victims' remains on Monday, bowing to international pressure.'Powerful' proof that is emergingContinued MH17 coverageObama speaks out on the crashVital information feared compromised
  • Open title caps Rory's stunning turnaround

    22 Jul 2014 | 1:40 am
    Open title caps Rory's stunning turnaroundGettyRory McIlroy hit rock bottom at the 2013 British Open. A year later, he's back on top -- and one big win away from an incredibly rare feat.What only 5 others have done beforeMore sports coverageCentenarian throws first pitchBird discusses young star's exit
  • Body of fugitive S. Korean ferry owner found

    22 Jul 2014 | 1:40 am
    Body of fugitive S. Korean ferry owner foundAPPolice had been hunting for businessman Yoo Byung-eun in connection with the ferry disaster that left nearly 300 dead.Grim discovery of his remainsMore newsKerry pushes for Gaza cease-firePolice chief back in spotlight
  • add this feed to my.Alltop

  • How long does food in the fridge really last?

    22 Jul 2014 | 1:40 am
    How long does food in the fridge really last?ShutterstockThings like milk are easy to tell if you should toss ... but what's the difference between 'sell by' and 'best if used by'?Decoding four expiration stickersMore from Kitchen DailyBrilliant uses for cream cheeseAre you a fast food expert?
  • Fresh Israeli airstrikes stain night sky orange

    22 Jul 2014 | 1:40 am
    Fresh Israeli airstrikes stain night sky orange APBombs and tank shells set off huge explosions that transformed Gaza early Tuesday, the latest in a two-week battle that has killed hundreds.Specific home among 70 new targetsMore in newsRebels hand over key MH17 evidenceSterling witness drops bombshell
  • Rebels hand over key evidence in MH17 crash

    22 Jul 2014 | 1:40 am
    Rebels hand over key evidence in MH17 crashAPSeparatists handed over custody of the flight's black boxes in addition to the victims' remains on Monday, bowing to international pressure.'Powerful' proof that is emergingContinued MH17 coverageObama speaks out on the crashVital information feared compromised
  • Open title caps Rory's stunning turnaround

    22 Jul 2014 | 1:40 am
    Open title caps Rory's stunning turnaroundGettyRory McIlroy hit rock bottom at the 2013 British Open. A year later, he's back on top -- and one big win away from an incredibly rare feat.What only 5 others have done beforeMore sports coverageCentenarian throws first pitchBird discusses young star's exit
  • Body of fugitive S. Korean ferry owner found

    22 Jul 2014 | 1:40 am
    Body of fugitive S. Korean ferry owner foundAPPolice had been hunting for businessman Yoo Byung-eun in connection with the ferry disaster that left nearly 300 dead.Grim discovery of his remainsMore newsKerry pushes for Gaza cease-firePolice chief back in spotlight
  • add this feed to my.Alltop

  • How long does food in the fridge really last?

    22 Jul 2014 | 1:40 am
    How long does food in the fridge really last?ShutterstockThings like milk are easy to tell if you should toss ... but what's the difference between 'sell by' and 'best if used by'?Decoding four expiration stickersMore from Kitchen DailyBrilliant uses for cream cheeseAre you a fast food expert?
  • Fresh Israeli airstrikes stain night sky orange

    22 Jul 2014 | 1:40 am
    Fresh Israeli airstrikes stain night sky orange APBombs and tank shells set off huge explosions that transformed Gaza early Tuesday, the latest in a two-week battle that has killed hundreds.Specific home among 70 new targetsMore in newsRebels hand over key MH17 evidenceSterling witness drops bombshell
  • Rebels hand over key evidence in MH17 crash

    22 Jul 2014 | 1:40 am
    Rebels hand over key evidence in MH17 crashAPSeparatists handed over custody of the flight's black boxes in addition to the victims' remains on Monday, bowing to international pressure.'Powerful' proof that is emergingContinued MH17 coverageObama speaks out on the crashVital information feared compromised
  • Open title caps Rory's stunning turnaround

    22 Jul 2014 | 1:40 am
    Open title caps Rory's stunning turnaroundGettyRory McIlroy hit rock bottom at the 2013 British Open. A year later, he's back on top -- and one big win away from an incredibly rare feat.What only 5 others have done beforeMore sports coverageCentenarian throws first pitchBird discusses young star's exit
  • Body of fugitive S. Korean ferry owner found

    22 Jul 2014 | 1:40 am
    Body of fugitive S. Korean ferry owner foundAPPolice had been hunting for businessman Yoo Byung-eun in connection with the ferry disaster that left nearly 300 dead.Grim discovery of his remainsMore newsKerry pushes for Gaza cease-firePolice chief back in spotlight
 
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  • How long does food in the fridge really last?

    22 Jul 2014 | 1:40 am
    How long does food in the fridge really last?ShutterstockThings like milk are easy to tell if you should toss ... but what's the difference between 'sell by' and 'best if used by'?Decoding four expiration stickersMore from Kitchen DailyBrilliant uses for cream cheeseAre you a fast food expert?
  • Fresh Israeli airstrikes stain night sky orange

    22 Jul 2014 | 1:40 am
    Fresh Israeli airstrikes stain night sky orange APBombs and tank shells set off huge explosions that transformed Gaza early Tuesday, the latest in a two-week battle that has killed hundreds.Specific home among 70 new targetsMore in newsRebels hand over key MH17 evidenceSterling witness drops bombshell
  • Rebels hand over key evidence in MH17 crash

    22 Jul 2014 | 1:40 am
    Rebels hand over key evidence in MH17 crashAPSeparatists handed over custody of the flight's black boxes in addition to the victims' remains on Monday, bowing to international pressure.'Powerful' proof that is emergingContinued MH17 coverageObama speaks out on the crashVital information feared compromised
  • Open title caps Rory's stunning turnaround

    22 Jul 2014 | 1:40 am
    Open title caps Rory's stunning turnaroundGettyRory McIlroy hit rock bottom at the 2013 British Open. A year later, he's back on top -- and one big win away from an incredibly rare feat.What only 5 others have done beforeMore sports coverageCentenarian throws first pitchBird discusses young star's exit
  • Body of fugitive S. Korean ferry owner found

    22 Jul 2014 | 1:40 am
    Body of fugitive S. Korean ferry owner foundAPPolice had been hunting for businessman Yoo Byung-eun in connection with the ferry disaster that left nearly 300 dead.Grim discovery of his remainsMore newsKerry pushes for Gaza cease-firePolice chief back in spotlight
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    Kaufman Rossin Blog

  • Kaufman Rossin in the Community: Mothers Against Drunk Driving

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

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

    Meredith Tucker
    18 Jul 2014 | 10:15 am
    Have you noticed a change in your QuickBooks Online layout? Did you find the changes to be less-than-desirable? Before you abandon your QuickBooks completely, here are five tips for coping with the transition to the new Online layout. Continue reading →
  • Build a Stronger Company Culture in 3 Steps

    Samantha Cronn
    16 Jul 2014 | 12:12 pm
    Your company’s culture is one of the most important pieces of your business model. It’s also one of the most difficult pieces to get right. Continue reading →
  • 5 Tips for Motivating and Managing Your Millennial Workforce

    Samantha Cronn
    30 Jun 2014 | 2:57 pm
    Roughly 45 million people in the workforce right now were born between 1980 and 1999. By 2025, that age group will make up about 75% of the workforce in America. “Kaufman Rossin Presents: Millennials in the Workplace,” a breakfast seminar on June 20, 2014, asked a panel of Millennial professionals to weigh-in with tips for managing, understanding and motivating Millennials. Continue reading →
 
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    J. Stefan - EzineArticles Expert Author

  • No Articles Found

    22 Jul 2014 | 1:02 am
    No articles were found for the Author that was requested. This may mean that the author has no articles that are live on the site or that there may be a misspelling in the requested file. Please check the file name and try again. If you continue to have issues, please contact EzineArticles Support at http://www.ezinearticles.com/contact.html.
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    The Dinesen Tax Times by Jason T. Dinesen, LPA, E.A.

  • Why is the AICPA Filing a Lawsuit Against Lame IRS Preparer Program?

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

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

    Jason Dinesen
    15 Jul 2014 | 4:30 am
    Below I am re-publishing a blog post I wrote last July (with edits and updates) regarding the “Patient Centered Outcomes Trust Fund” fee that is assessed against employers who have health reimbursement arrangements (HRAs). The only change for this year is that the fee is now $2 per person (it was $1 per person last year). —– Originally published July 15, 2013. Edits and updates are in italics If you have a health reimbursement arrangement plan (HRA, sometimes called a “Section 105 plan”), you probably owe a “Patient-Centered Outcomes Trust Fund Fee.” Most…
  • Glossary of Tax Terms: Head of Household

    Jason Dinesen
    11 Jul 2014 | 5:00 am
    The term “head of household” refers to a filing status on a tax return available to unmarried people caring for children or parents. In simple terms, head of household creates a standard deduction and a tax bracket that is halfway between the single and married filing jointly filing statuses. Here are the requirements for filing as head of household: You must be unmarried at the end of the year You must pay more than half the maintenance and upkeep of a home A qualifying person lived with you (generally your children or your parents) The “qualifying person”…
  • ROBS Transactions – Be Very Careful of Using Retirement Funds to Start a Business

    Jason Dinesen
    9 Jul 2014 | 4:30 am
    True scenario that happened a couple of years ago: A client asked the following: I have $20,000 in a retirement account with a former employer. My husband wants to start a new business. We were thinking that he could hire me as an employee, and then form a retirement plan under the business. I would transfer the money from my old retirement account into my husband’s company’s retirement plan and purchase stock in my husband’s company through the plan. This would give him startup funds without having to pay taxes on the $20,000. Will this work? —– This type of…
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    IncomeTaxReturnIndia.com

  • Income Tax Rates for current year 2014-2015 (Assessment year 2015-2016)

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

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

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

    Tax Dost
    15 Jun 2014 | 9:37 am
    The Central Board of Direct Taxes (CBDT) has specified a value for the cost inflation index (CII) for 2014-15. A cost inflation index helps reduce the inflationary gains, thereby reducing the long-term capital gains tax payout for a taxpayer. Last year, the index was ‘939’, and this year it is … Continue reading →
  • Income Tax Form for Assessment Year 2014-2015

    Tax Dost
    8 Jun 2014 | 12:20 am
    Income tax forms for Assessment year 2014-2015 is released by income tax department. For Assessment year 2014-2015, 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 →
 
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    Tax Lien Certificates - Smart Investing

  • Tax Lien Sale Investments Can Provide High Rates of Return

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

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

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

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

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

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

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

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

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

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

    Steven J. Fromm
    22 Dec 2013 | 4:01 pm
    2013 Year-End Tax Planning Guide For Small Businesses The arrival of year-end presents special opportunities for most small businesses to take steps in lowering their tax liability. The starting point is to run projections to determine the income and tax bracket for this year and what it may be next year.  Once this is known, decisions can be made as to whether any of the following planning tools should be employed to cut taxes before the tax year closes. It is also important to know that the recent tax act known as ATRA has extended many tax breaks for 2013.  If any of these tax breaks are…
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    Blog

  • Streamlined Filing Compliance Procedures Under OVDP

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

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

    Bill Hartsock
    16 Jul 2014 | 10:16 am
    In addition to the numerous civil penalties potentially facing taxpayers who fail to participate in the Offshore Voluntary Disclosure Program, there are also some serious criminal charges that may result if the IRS decides to examine a particular taxpayer. Tags: IRS Voluntary Disclosure Program News and InformationRead more about How to Avoid Criminal Charges Facing Taxpayers Who Do Not Participate in OVDP
  • Timing and Asset Considerations under the OVDP

    Bill Hartsock
    15 Jul 2014 | 5:08 pm
    As essential part of determining your Offshore Voluntary Disclosure Programsubmission is calculating the OVDP disclosure period. As defined by the IRS, the voluntary disclosure period consists of the most recent eight years for which the due date has already passed. Each disclosure must contain an eight-year period. For example, if a taxpayer makes a disclosure prior to the due date for 2013, the voluntary disclosure period will be 2005 through 2012.Tags: IRS Voluntary Disclosure Program News and InformationRead more about Timing and Asset Considerations under the OVDP
  • Employee or Independent Contractor For Tax Purposes?

    Bill Hartsock
    11 Jul 2014 | 12:19 pm
    Taxation is just one of many areas of law involved in disputing a workers status as either an employee or an independent contractor for the purposes of payroll taxes. Because of recent improvements in the exchange of information between federal and state agencies, one investigation into a workers status may trigger another. Or, a dispute by one worker can domino into additional disputes by other workers.Tags: Payroll Taxes InformationRead more about Employee or Independent Contractor For Tax Purposes?
 
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    Bankrate.com » Taxes

  • Tax preparer fraud refunds addressed

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

    Kay Bell
    15 Jul 2014 | 9:53 am
    Around $106 billion is lost government-wide due to improper payments. The IRS contribution to this unwelcome amount is $15.6 billion in bad EITC claims.
  • Kickstarter’s potential tax costs

    Kay Bell
    10 Jul 2014 | 12:20 pm
    Crowd funding is a fun and potentially lucrative way to pay for your project. It also could leave you with a big tax bill.
  • IRS mismanages some audits

    Kay Bell
    8 Jul 2014 | 11:24 am
    A new report from the Government Accountability Office finds the IRS has been doing a terrible job of carrying out certain audits.
  • Sales-tax-free Old Glory

    Kay Bell
    2 Jul 2014 | 12:50 pm
    Celebrate Independence Day by flying Old Glory proudly. In some states, your U.S. flag purchase is tax free.
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    Sales Use Tax

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

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

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

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

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

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

  • Julius Baer Buys Leumi’s Private Bank In Luxemburg and Switzerland, Another Category 1 Bank

    admin
    21 Jul 2014 | 8:11 am
    In accordance with with its acquisition-driven business model, Julius Baer Group Ltd agreed to buy the Luxemburg and Swiss operations of Bank Leumi Le-Israel BM. Bank Leumi has about CHF 7bn of assets under management in those jurisdictions. As both banks are considered as Category 1 Banks under the US Program, Boris Collardi confirmed to Bloomberg that for Julius Baer ‘the discussions are ongoing’ and the liabilities for Bank Leumi ‘will remain with Leumi’s parent company. Julius Baer also reported its half-year result. Net income went up to CHF 178.3m from CHF 114m a…
  • BCV Will Transfer Name of Around 200 Employee to the USA under the US Tax Program

    admin
    21 Jul 2014 | 6:58 am
    The Banque Cantonale Vaudoise, a Category 2 Bank, informed around 200 employees that their names will be handed over to the US. This procedure has been agreed by Switzerland and the US under the US Program. Some employee will object to this. Sources: 24 Heures 20 Minutes  
  • Credit Suisse Expected to Report Biggest Quarterly Loss Since 2008 After Fine by the US for Helping Clients Evade Taxes

    admin
    20 Jul 2014 | 3:54 pm
    Credit Suisse is due to report its quarterly performance on 22nd July. The Swiss Bank is expected to poise its biggest loss since 2008, mostly due to the impact of the $2.6bn fine it was given in the resolution of the tax dispute. Uncertainty surrounding the outcome of the litigation and the bank’s guilty plea slowed the flow of new money into the wealth management unit, which in 2013 generated a third of the Bank’s revenue. On the other hand UBS who sorted out it US tax issues many years ago by paying  $780m, is expected to report a profit. The subject is widely  reported in the…
  • Swiss Banks Seek to Mitigate their Fine by Encouraging Clients to Declare Themselves

    admin
    19 Jul 2014 | 1:13 pm
    Some Swiss Banks that take part in the US Program use financial incentives to push clients to declare their account to the IRS. They also offer to share legal and accounting advisory costs. A client entering voluntary disclosure faces fines but banks would see their fine reduced. Banks providing some form of incentives to clients include the Swiss branch of Coutts owned by RBS, Union Bancaire Privée and Bank Coop AG, Zuger Kantonalbank. Other banks like the Luzerner Kantonalbank generally say no to such unsolicited requests from clients for financial help in exchange for disclosing their…
  • BTG Pactual Group of Brazil Bought BSI from Generali for 1.7bn

    admin
    14 Jul 2014 | 7:45 am
    BTG Pactual Group of Brazil bought Banca della Svizerra Italiana, a Swiss Private Bank, from Generali Group for 1.7bn. The sale price for BSI may be adjusted to reflect any fine paid to the United States by the Swiss bank under the US tax  program under which a solution is sought to the tax dispute between Swiss banks and the US authorities linked to tax evasion of US Related Accounts held in Swiss banks. The transaction is of course subject to regulatory approval. It is expected to be completed in the first half of 2015. This story was relported amongst other by the New York Times.
 
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