Taxes

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  • A taxable toast to Independence Day!

    Don't Mess With Taxes
    skbell1
    3 Jul 2015 | 9:28 am
    Ins explaining the United States to non-Americans, the quirky online comic website The Oatmeal notes that the Fourth of July is the day we celebrate our independence through alcoholism, concussive explosions and by scaring the crap out of our pets. I thought the characterization was just part of cartoonist Matthew Inman's exaggeratedly offbeat sense of humor, which is further demonstrated by his July 4th drawing there to the left. But Inman nailed it. All across the country this long weekend we have the fireworks and terrified pets and, yes, the over-consumption…
  • SCOTUS Affirms ACA Subsidies

    Our Taxing Times
    trishmc
    25 Jun 2015 | 12:54 pm
    We knew that the decision would be released before the Supreme Court went on vacation and it was. Today (6/25/15) the SCOTUS affirmed the 4th Court decision in the case of King v. Burwell. The vote was 6-3 with Justices Scalia, Alito and Thomas in the minority. Chief Justice Roberts wrote the majority decision. King v. Burwell argued that the federal health insurance marketplace set up by the Affordable Care Act (ACA) could not offer subsidies to qualified participants because the law only mentioned subsidies for the state run health insurance marketplaces. Today’s decision rules otherwise.
  • Proposed Michigan gas tax hike meets with objections - South Bend Tribune

    TAX NEWS - Google News
    4 Jul 2015 | 2:25 am
    South Bend TribuneProposed Michigan gas tax hike meets with objectionsSouth Bend TribuneNILES -- The gas tax hike being proposed by the Michigan Senate might bring needed revenue to fix the state's roads, but there could be some unintended consequences legislators aren't considering, according to some area government and business ...Michigan Senate approves gas tax hike after tie-breaker vote from Lt. Gov. CalleyFox17Michigan Senate passes increase in gas taxDetroit Free PressState Senate passes bills to raise gas tax, fund Michigan roadsWXYZWashington…
  • Tax-News.com: China Exempts Oil, Gas Industry From Land Use Tax

    Tax-News.Com Live Tax Headlines
    3 Jul 2015 | 2:18 pm
    Tax-News.com: China's Ministry of Finance has announced that the temporary use of land by the oil and gas sector (including shale gas and coal-bed methane) was made exempt from urban land use tax with effect from July 1, 2015.
  • WHAT’S THE BUZZ, TELL ME WHAT’S A HAPPENNIN’ – TUESDAY EDITION

    THE WANDERING TAX PRO
    30 Jun 2015 | 2:00 am
    ALERT - MY GMAIL ACCOUNT HAS BEEN HACKED.  DO NOT OPEN ANY ATTACHMENT ALLEGEDLY SENT FROM MY GMAIL ACCOUNT.  IN THE FUTURE PLEASE VERIFY WITH ME AT MY YAH00 EMAIL ACCOUNT BEFORE OPENING ANYTHING.* The Obamacare decision was not the only one with 1040 preparation consequences handed down by the Supreme Court last week.  Kay Bell reports “Same-Sex Marriage Now Law of the Land” at her BANKRATE.COM blog –“In a 5-4 decision, the country's highest court ruled on Friday that no state can ban same-sex marriages or ignore such legal ceremonies performed elsewhere.”Well, not…
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    Don't Mess With Taxes

  • A taxable toast to Independence Day!

    skbell1
    3 Jul 2015 | 9:28 am
    Ins explaining the United States to non-Americans, the quirky online comic website The Oatmeal notes that the Fourth of July is the day we celebrate our independence through alcoholism, concussive explosions and by scaring the crap out of our pets. I thought the characterization was just part of cartoonist Matthew Inman's exaggeratedly offbeat sense of humor, which is further demonstrated by his July 4th drawing there to the left. But Inman nailed it. All across the country this long weekend we have the fireworks and terrified pets and, yes, the over-consumption…
  • Gasoline, diesel taxes hiked in seven states on July 1

    skbell1
    2 Jul 2015 | 10:14 am
    Are you hitting the road this long Independence Day weekend? You are not alone. AAA Travel projects 41 million Americans will journey 50 miles or more from home during the Independence Day holiday weekend, with more than 80 percent of them traveling by auto. That's the highest level of Fourth of July road trippers since 2007. The number of drivers this holiday weekend also is nearly 14 percent more than those who took auto trips over the Memorial Day holiday weekend. The increase in July 4th motorists also is good news for gasoline producers, as well as the treasuries in seven states…
  • Tax record keeping rules and tips

    skbell1
    1 Jul 2015 | 12:26 pm
    Jeb Bush really did have 33 years of tax returns on hand and he opened them up for public inspection yesterday. When the former Florida governor announced that as part of his campaign to be the 2016 Republican presidential nominee that he was going to go to the extreme on personal tax transparency, I immediately wondered why he selected that particular number of years.  I also wondered how come he had that many years of tax records on hand. I was not alone. CPA and Twitter pal Deanna Richardson also was intrigued by the massive amount of tax records. Most of us are like Deanna clients. So…
  • Which candidate's tax return do you most want to see? Christie joins GOP race, Bush reveals 33 years of tax returns

    skbell1
    30 Jun 2015 | 10:59 am
    New Jersey Gov. Chris Christie is today's entrant into the ever-expanding Republican field to be the party's 2016 nominee for the White House. He's the 14th official major GOP candidate. Click image to watch Chris Christie's announcement that he's seeking the 2016 GOP nomination for president. On the one hand, it's good so see so many people interested in contributing to the country's political dialog. On the other hand, with so many candidates who don't have any chance of ever sitting in the Oval Office, and that includes you Donald Trump, the odds…
  • IRS 'incompetence' blamed for lost Lois Lerner emails

    skbell1
    29 Jun 2015 | 1:43 pm
    While most of us were focused on the recent Supreme Court health care and marriage rulings, and I plead guilty here, some other tax-related events were quietly taking place, like a look at those still-missing Lois Lerner emails.  We're now into the second year of this mess (781 days so far by TaxProf's count), and Lerner, the now-retired/fired Internal Revenue Service executive in charge when the Tea Party tax-exempt status scandal broke, is still under the gun  The latest revelations about missing IRS emails that might shed some light on the agency's process for assessing…
 
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    Our Taxing Times

  • SCOTUS Affirms ACA Subsidies

    trishmc
    25 Jun 2015 | 12:54 pm
    We knew that the decision would be released before the Supreme Court went on vacation and it was. Today (6/25/15) the SCOTUS affirmed the 4th Court decision in the case of King v. Burwell. The vote was 6-3 with Justices Scalia, Alito and Thomas in the minority. Chief Justice Roberts wrote the majority decision. King v. Burwell argued that the federal health insurance marketplace set up by the Affordable Care Act (ACA) could not offer subsidies to qualified participants because the law only mentioned subsidies for the state run health insurance marketplaces. Today’s decision rules otherwise.
  • Would You Move to Kansas?

    trishmc
    19 Jun 2015 | 2:19 pm
    Yesterday, I posted about the eleventh hour tax increases the Kansas Legislature passed on June 12, 2015 to cover the budget shortfall caused by the major tax cuts they passed in 2012. The tax cuts were marketed on the concept that businesses would use the money they saved in taxes to hire and expand. New residents and businesses would move to Kansas to take advantage of the lower taxes. Okay, I have some issues with the wishful thinking that the saved tax money would be used for job expansion. My big issue is that I can’t see why someone would move or bring a business to Kansas right now…
  • The Largest Tax Increase

    trishmc
    18 Jun 2015 | 2:49 pm
    The largest tax increase in the history of the state of Kansas. That’s what Kansas Democratic Party Chairman Larry Meeker said of the legislation that was finally passed on June 12, 2015. That was a day after Gov. Sam Brownback went before a caucus of Senate and House Republicans and begged them to pass increases in sales and cigarette taxes. Along with the sales and cigarette increases, the legislation made changes to the state income taxes and property taxes. A little history first. Back in 2012, Gov. Brownback oversaw a major decrease in the Kansas income tax. There were lower rates to…
  • Taxing Garage Sales

    trishmc
    5 Jun 2015 | 10:45 am
    As I was out and about this morning, I noticed on the corner at one of our busiest intersections a cluster of signs. Surrounding a yard sign advertising the summer rec center programs were at least seven homemade signs announcing garage/ rummage/ yard sales. (I would have loved to get a pic but I would have had to get out in the middle of the intersection to do it. I don’t think so!) Our local newspaper listed 87 classified ads announcing the sales. The local AM radio station has a shorter list but they announce the sales on air early on Saturday mornings. Around here, rummage sales are a…
  • Proposed W-2G Changes

    trishmc
    5 Jun 2015 | 10:26 am
      Okay, I missed it. My only excuse was that it came out at the worst possible time (March 23) for me to study the proposed changes. The IRS was asking for feedback to proposed changes on how gambling winnings are reported. Right now if you win $1,200 in one game of slots or bingo or $1,500 in a game of Keno you are given a W-2G from the casino. It’s been that way since 1977. The proposed changes don’t include the jackpot amount (yet) just how the session’s wins and losses are treated when there is a jackpot. The proposed changes are based on the casinos ability to track a customer’s…
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    TAX NEWS - Google News

  • Proposed Michigan gas tax hike meets with objections - South Bend Tribune

    4 Jul 2015 | 2:25 am
    South Bend TribuneProposed Michigan gas tax hike meets with objectionsSouth Bend TribuneNILES -- The gas tax hike being proposed by the Michigan Senate might bring needed revenue to fix the state's roads, but there could be some unintended consequences legislators aren't considering, according to some area government and business ...Michigan Senate approves gas tax hike after tie-breaker vote from Lt. Gov. CalleyFox17Michigan Senate passes increase in gas taxDetroit Free PressState Senate passes bills to raise gas tax, fund Michigan roadsWXYZWashington…
  • Julie Jason: All about the gift tax - CT Post

    3 Jul 2015 | 9:07 pm
    Julie Jason: All about the gift taxCT PostSay your son is buying a house, but can't borrow any more for the down payment. You would like to help him out by making a gift for the purchase of the home. Can you make the gift without triggering a gift tax? Gift taxes are paid by the person MAKING
  • At Issue: Should Dunwoody reassess the tax appraisal notice process? - Atlanta Journal Constitution

    3 Jul 2015 | 9:00 pm
    Atlanta Journal ConstitutionAt Issue: Should Dunwoody reassess the tax appraisal notice process?Atlanta Journal ConstitutionThe error occurred because Dunwoody officials didn't notify the county, which handles the city's tax billing, after voters approved a tax exemption during a November 2010 election. An overwhelming majority — 81 percent — of voters approved the measure.and more »
  • Inheritance tax to be scrapped on homes worth up to £1m - BBC News

    3 Jul 2015 | 8:15 pm
    BBC NewsInheritance tax to be scrapped on homes worth up to £1mBBC NewsChancellor George Osborne's Budget is to confirm the end of inheritance tax on family homes worth up to £1m. He is expected to tell MPs on Wednesday that the threshold at which the tax is levied will rise for couples from £650,000 after April 2017 Tax credits in Tory sights on budget dayThe GuardianOsborne Plans to Raise Inheritance Tax Threshold in BudgetBloombergGeorge Osborne's budget must take on tax credits. They contradict the economic Telegraph.co.ukThe Independent -Financial Times -The…
  • A cut in excise taxes would help boost the makers of craft beers - The Seattle Times

    3 Jul 2015 | 7:46 pm
    The Seattle TimesA cut in excise taxes would help boost the makers of craft beersThe Seattle TimesBut they don't see behind closed doors into the world of production, where beer cans are filled and capped on an assembly line in the back of the brewery. And with every barrel of beer the brewery churns out, excise taxes get funneled to the government.and more »
 
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    THE WANDERING TAX PRO

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

    30 Jun 2015 | 2:00 am
    ALERT - MY GMAIL ACCOUNT HAS BEEN HACKED.  DO NOT OPEN ANY ATTACHMENT ALLEGEDLY SENT FROM MY GMAIL ACCOUNT.  IN THE FUTURE PLEASE VERIFY WITH ME AT MY YAH00 EMAIL ACCOUNT BEFORE OPENING ANYTHING.* The Obamacare decision was not the only one with 1040 preparation consequences handed down by the Supreme Court last week.  Kay Bell reports “Same-Sex Marriage Now Law of the Land” at her BANKRATE.COM blog –“In a 5-4 decision, the country's highest court ruled on Friday that no state can ban same-sex marriages or ignore such legal ceremonies performed elsewhere.”Well, not…
  • WHAT’S THE BUZZ, TELL ME WHAT’S A HAPPENNIN’

    26 Jun 2015 | 2:00 am
    * The big tax news this week - Eric Reed explains “What Obamacare Supreme Court Decision Means for Consumers” at THE STREET –“The lawsuit focused on specific language from the Affordable Care Act's Definitions section, which says that subsidies shall be made available to individuals who enroll in exchanges “established by the state.” Under the plaintiff’s plain-meaning argument, this word choice should preclude subsidies for anyone except those enrolled on state-based insurance exchanges, specifically the federal exchange Healthcare.gov.The Court rejected this interpretation,…
  • WHAT’S THE BUZZ, TELL ME WHAT’S A HAPPENNIN’ – TUESDAY EDITION

    23 Jun 2015 | 2:00 am
    Right on Ellen Degeneres.  She recently celebrated the date March 20, 1820 as the date Congress voted on the Missouri Compromise.  Why is this date important?“It was the last time the words Congress and compromise were used in the same sentence.”Not really.  The inability to compromise began when Newt Gingrich was Speaker of the House.* Fellow tax pros – Have you reviewed, and commented on, my discussion of the proposed “Tax Practitioners Bill of Rights” at THE TAX PROFESSIONAL yet?  * BTW – you can click here to sign a petition in support of the National…
  • WHAT’S THE BUZZ, TELL ME WHAT’S A HAPPENNIN’

    19 Jun 2015 | 2:00 am
    * Fellow tax pros - I have a new post at THE TAX PROFESSIONAL that discusses the proposed “Tax Practitioner’s Bill of Rights”.  What do you think?  If you haven’t seen last week’s post yet do so now!  * On a similar topic – Michael Cohn reports at ACCOUNTING TODAY that “Senators Introduce Bill to Enhance Taxpayer Bill of Rights”.Senators Chuck Grassley, R-Iowa, and John Thune, R-S.D. have introduced the Taxpayer Bill of Rights Enhancement Act of 2015.  Apparently the act is more a reaction to the “IRS Scandal”, which Prof Paul Caron posts is now in its…
  • FOUR REASONS TO REMOVE THE EITC FROM THE TAX CODE

    17 Jun 2015 | 2:00 am
    Over at the TAX JUSTICE BLOG Kayla Kitson lists “Four Reasons to Expand and Reform the Earned Income Tax Credit”.I contend that there are at least as many reasons to take the Earned Income Tax Credit out of the Tax Code and instead distribute the benefits through normal existing welfare programs.  Let’s make one thing perfectly clear upfront – the Earned Income Tax Credit is a federal welfare program, perhaps the biggest federal welfare program currently in existence.  The direct cost of the EITC to the U.S. federal government was about $56 Billion in 2012.Actually it is not…
 
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    Start Making Sense

  • New paper posted on SSRN

    1 Jul 2015 | 10:49 am
    I have just posted on SSRN my draft paper, Taxing Potential Community Members' Foreign Source Income, which I wrote for a conference on citizenship and taxation that will be held at the University of Michigan Law School on October 9 of this year.  The paper is available for download here. The abstract goes as follows:Recent years have witnessed rising debate, on both sides of the Atlantic, regarding how to define the category of individuals whom a given country classifies as domestic taxpayers, and who thus may be taxable on their foreign source income (FSI) even if they live…
  • Back from Oxford

    1 Jul 2015 | 9:11 am
    I've just returned from the UK, where last week I attended the 9th annual symposium at the Oxford University Centre for Business Taxation.  I gave a talk on my recently SSRN-posted paper, "The Crossroads Versus the Seesaw: Getting a 'Fix' on Recent International Tax Policy Developments."I won't link to the paper, since I am planning to revise it, and would just as soon have prospective downloaders wait until I have posted the revision.  But the slides for my talk are available here.After the conference was over, I enjoyed going to the Cotswolds for 3 days of hiking through the…
  • Alex Rodriguez

    20 Jun 2015 | 7:17 am
    When I go to the health club, which I do at least 5 times a week when my schedule permits, I like to listen to music while watching sports without sound on my TV screen. But I switch the channel if they're showing a Yankees win - although I am usually willing to see highlights of a Mets loss.Today, I was vexed to find that all sports networks had basically gone to full-time, wall-to-wall A-Rod coverage in honor of his 3,000th hit, making all of them unwatchable for me because it was associated with a Yankees win. The Mets network was part of this as well - they appear to cover the Yankees…
  • On the road again

    19 Jun 2015 | 6:06 pm
    I'm flying to the UK tomorrow for the 9th annual symposium of the Oxford University Centre for Business Taxation.  Next Tuesday, I'll be presenting this paper on international business taxation.  I'll post my slides when I get back to NYC the following week, or sooner if I can link to them via the symposium's website.
  • Should the cats get teaching credits?

    15 Jun 2015 | 9:22 am
    The NYU Law homepage has an article about first-year reading groups, which we did at the law school for the first time last year. Two of my stealth teaching assistants are mentioned at the front of the article. Seymour would like everyone to know that only Buddy is interested in people's food. Gary and Sylvester were too shy of strangers to participate.As the article mentions, last year my first-year reading group slogged through Piketty. This coming year, I am considering opting for a rather different approach, in which we would watch episodes of The Paper Chase (the TV series, not the…
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    MauledAgain

  • When the Job of a Tax Is Finished

    James Edward Maule
    3 Jul 2015 | 5:01 am
    What should be done when the purpose of a tax is finished? Presumably, the tax should be repealed. We know, of course, that this doesn’t happen as often as one would expect, which would be every time. As nicely described in this article, it took 108 years for the federal government to stop collecting a telephone tax enacted to defray the cost of the Spanish-American War.Taxes that are imposed on undesirable activities, the so-called “sin taxes,” present the same question. There is a tax on cigarettes, designed to do two things. One is to discourage people from smoking tobacco. The other…
  • Learning About Tax from the Judge. Judy, That Is.

    James Edward Maule
    1 Jul 2015 | 5:01 am
    When, from time to time, I mention that I watch episodes of Judge Judy whenever I get the chance, sometimes the reaction is one of bewilderment, as though I’ve descended into the depths of letting myself be entranced by reality TV. Of course, there is reality TV and then there is reality TV. It’s one thing to be caught up in the over-hyped drama of people playing to the cameras. It’s quite a different thing to have the chance to observe what tax practitioners understand to be “life in all its fullness.”Last week my attention was drawn to an assertion made by a defendant in a case…
  • The Anti-Tax Bully Strikes Again

    James Edward Maule
    29 Jun 2015 | 5:01 am
    Readers of MauledAgain know that I consider Grover Norquist to be an anti-tax bully. In Debunking Tax Myths?, I shared opinions expressed by others who share my position, and criticized the commentators who defend Norquist and his tactics, in particular one commentator who disputes claims that “Republicans are in the thrall of one Grover Norquist.” In If the Government Collects It, Is It Necessarily a Tax?, I explained that “Grover Norquist is not a tax guru. He does not practice tax law, nor tax accounting. He is not a commercial tax return preparer. He would struggle to earn points on…
  • Should Bicyclists Pay Taxes for Road Upkeep?

    James Edward Maule
    26 Jun 2015 | 5:01 am
    A story from two years ago with tax roots is now going viral, as a recent addendum to the story notes. Discussions about what was reported has taken off on sites such as this one.The tax at the center of the story is a bike tax proposed in the state of Washington. Supporters argue that bicyclists use roads financed by vehicles subject to fuel taxes, and that bicyclists should share in the cost of maintaining the roads. Opponents point out only four percent of the cost of maintaining roads and streets in Seattle come from taxes and fees connected to road use, and that state-wide only 25…
  • So What’s Trickling Down?

    James Edward Maule
    24 Jun 2015 | 5:01 am
    Back in January, in A New Play in the Make-the-Rich-Richer Game Plan, I explained how Kansas politicians were struggling with the need to repair a fiscal mess. The problem, coming as no surprise to those who understand taxation, is that the tax cuts for the wealthy enacted by Kansas Republicans “backfired, causing the rich to get richer, the economy to stagnate, public services to falter, and the majority of Kansans to end up worse than they had been.” Among the many proposals to deal with the state budget deficit were several that fell heavily on those not wealthy. These proposals would…
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    TaxProf Blog

  • The IRS Scandal, Day 786

    Paul Caron
    4 Jul 2015 | 12:02 am
    Wall Street Journal, Lois Lerner for President: [G]et a load of this report from CNSNews.com: Catherine Duval, the attorney in charge of the Internal Revenue Service’s email production to Congress, has changed jobs: She now manages the State Department’s email production to Congress, Rep. Trey Gowdy (R-S.C.) told a hearing...
  • Two Fired Tenured Profs Sue Charleston Law School

    Paul Caron
    3 Jul 2015 | 12:52 pm
    Charleston Regional Business Journal, Fired Professors Sue Charleston Law School: Two former tenured faculty members at the Charleston School of Law say they were fired as retaliation for opposing The InfiLaw System purchase of the school. They’re now suing the school and its owners, Robert Carr and George Kosko. Nancy...
  • Weekly Tax Roundup

    Paul Caron
    3 Jul 2015 | 10:54 am
    Barron's, IRS Considers New Tax on Wealthy Families Kay Bell (Don't Mess With Taxes), Which Candidate's Tax Return Do You Most Want to See? Len Burman (TaxVox), The Uneasy Case for a Financial Transaction Tax Center on Budget & Policy Priorities, Pro-Work Tax Credits Help 2 Million Veteran and Military...
  • Weekly Legal Education Roundup

    Paul Caron
    3 Jul 2015 | 10:08 am
    Above the Law, Biglaw Firm Decimates Summer Associate Program Above the Law, Biglaw Trend Alert: Say Goodbye To Gmail Above the Law, Bloomberg’s ‘The 10 Most Underrated Law Schools’ Is A Terribly Stupid List Above the Law, Why Do Solo Practitioners Make So Little Money? Albany Times-Union, Albany Law School...
  • Weekly SSRN Tax Roundup

    Paul Caron
    3 Jul 2015 | 10:05 am
    Edward Adams (Minnesota) & Karl Knutsen (U.S. Department of Justice), A Charitable Corporate Giving Justification for the Socially Responsible Investment of Pension Funds: A Populist Argument for the Public Use of Private Wealth, 80 Iowa L. Rev. 211 (1995) Scott Austin, Hardeo Bissoondial & Ilya Lipin (all of PriceWaterhouseCoopers), Throwing...
 
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    Texas State & Local Tax Law Blog

  • Determining if website “plug-ins” are taxable as “data processing” or “information services” in Texas

    Alan Sherman
    17 Jun 2015 | 7:00 am
    Computer Network with Server Texas imposes sales and use taxes on certain listed “taxable services,” including “data processing” and “information services.” What’s more, some activities that ordinarily would be taxable as one or the other of those services are excluded from tax by the applicable statutory definitions of those activities. Further, services not listed among the taxable ones are generally not taxable at all. A recent administrative redetermination proceeding that followed an audit by the Texas Comptroller of Public Accounts shows how difficult it can sometimes be…
  • A Texas appellate court holds that a “rent-to-own” business is a retailer for margin tax purposes

    Alan Sherman
    12 Jun 2015 | 9:00 am
    Yesterday, in Rent-A-Center, Inc., v. Hegar, et al., No. 03-13-00101-CV (Tex. App. – Austin, 2015), the Texas Third Court of Appeals at Austin issued its opinion reversing a trial court’s judgment and holding that a “rent-to-own” business was primarily a seller of merchandise and thus engaged in “retail trade.” As a result, the business, Rent-A-Center, Inc., was entitled to report and pay its revised franchise tax, the so-called “margin tax,” by deducting its cost-of-goods-sold (COGS) in an amount to be determined by the trial court on remand and, more importantly, to use the…
  • Some changes are coming to Texas’ state tax administrative hearings on September 1st

    Alan Sherman
    2 Jun 2015 | 4:00 am
    The end of the regular session of the 84th Texas Legislature means that the comprehensive revisions to state tax hearings and administration as contemplated by Senate Bill 1291, and its companion, House Bill 4005, are dead for now. However, the Legislature did make some limited alterations to the framework of the state tax hearings process in House Bill 2154 that was passed by both houses and recently signed by Governor Abbott. Those changes will become effective on September 1st. House Bill 2154 was the Legislature’s response to the Texas Sunset Commission’s review of the Tax Division of…
  • Today, the Comptroller formally announced the end of “trailing nexus” in Texas

    Alan Sherman
    29 May 2015 | 1:30 pm
    Nearly a year ago, the Texas Comptroller of Public Accounts circulated a draft of possible changes to the agency’s State Sales and Use Tax Rule 3.286 (“Seller’s and Purchaser’s Responsibilities, including Nexus, Permits, Returns and Reporting Periods, Collection and Exemption Rules, and Criminal Penalties”). The draft included the Comptroller’s intention to remove the rule’s “trailing nexus” provision in Subsect. (b)(2),  that is, the obligation of an out-of-state seller that once had nexus with Texas to continue to collect and remit…
  • Texas Comptroller hearings should soon be more accessible to taxpayers and practitioners

    Alan Sherman
    28 May 2015 | 4:00 am
    Glenn Hegar, the new Texas Comptroller of Pubic Accounts, recently announced some important changes to the agency’s practice of disclosing administrative hearing decisions. Beginning June 1st, all Comptroller decisions will be placed on the agency’s State Tax Automated Research (STAR) System and indexed, at a minimum, by tax type. According to Comptroller Hegar’s announcement, the decisions to be published will include those “…that are still accessible but were not previously added to the STAR system in prior years.” This is an extremely important development because, depending on…
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    Roth & Company, P.C

  • Tax Roundup, 7/2/15: Lives, Fortunes and Sacred Honor Edition. And: why Iowa can’t have nice things.

    Joe Kristan
    2 Jul 2015 | 5:50 am
      Patriotism can be costly. The founders pledged “our Lives, our Fortunes, and our sacred Honor” when they voted for independence 239 years ago today. But not everyone is down for the “Fortunes” part. A construction contractor in Florida leaned on patriotism to minimize taxes. The Tax Court takes up the story (citations omitted): Petitioner became involved with certain organizations and individuals, such as the Patriot Network, We the People, and Richard Cornforth, that advocate tax avoidance and encourage actions to frustrate and delay the IRS’…
  • Tax Roundup, 7/1/15: Trilobite deduction becomes extinct in Tax Court. And: Indiana throwback thrown out.

    Joe Kristan
    1 Jul 2015 | 6:35 am
      The trilobites roamed the oceans for about 270 million years, but a charitable donation of fossils of these ancient arthropods failed to survive a single IRS exam. While scientists still ponder what may have caused these rulers of the seas to vanish, there is no doubt about what doomed the charitable deduction. The fossils were donated by a California veterinarian, a Dr. Isaacs. He donated four fossilized trilobites to the California Academy of Sciences in 2006 and another 8 in 2007, claiming charitable deductions of $136,500 and $109,800. When you donate appreciated long-term capital…
  • Tax Roundup, 6/30/15: It’s FBAR Day! Foreign and gaming account owners, do or die.

    Joe Kristan
    30 Jun 2015 | 6:39 am
      Form 114 or bust. Today is the unextendable deadline to file Form 114, the “FBAR” report of foreign financial accounts. It’s required if you own foreign financial accounts whose value reached $10,000 anytime in 2014. Penalties for failing to file can run to half the value of the account, so if it applies, you want to get it done. The form must be filed electronically. Foreign financial accounts include bank or brokerage accounts held outside, even in an offshore branch of a U.S. bank. They also include online gaming accounts for sites located outside the U.S. More…
  • Tax Roundup, 6/29/15: Congratulations, newlyweds, here’s your tax bill! And windy subsidies, IRS stonewalling, more.

    Joe Kristan
    29 Jun 2015 | 5:58 am
    Welcome to the marriage penalty. The Supreme Court has spread Iowa marriage law nationwide. That means more same-sex couples will tie the knot and learn about the sometimes surprising tax results of matrimony. In general, if only one member of the couple has income, it’s a good tax deal, but not so much for two-earner couples. The weird complexity of the tax law means there are lots of exceptions. The Tax Foundation has an excellent summary of these issues, Understanding the Marriage Penalty and Marriage Bonus. It includes this wonderful piece of abstract art illustrating how marriage…
  • Tax Roundup, 6/26/15: Supreme Court saves ACA subsidies — and taxes.

    Joe Kristan
    26 Jun 2015 | 5:14 am
      The Supreme Court upholds new punitive taxes on thousands of Iowa employers and uninsured individuals. That’s the flip side of the decision yesterday ruling that tax credits remain available for health insurance purchased on the federal exchanges, despite the language of the Obamacare statute — a ruling characterized by the Des Moines Register as “Obamacare ruling protects 40,000 Iowans’ subsidies.” Here’s what it means to those footing the bill: – The employer mandates will take effect in all states as scheduled. The “Employer Shared…
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    RUBIN ON TAX

  • Partnership Rules Not Applicable to Determining Recourse vs Nonrecourse Status of Debt Outside of Subchapter K

    Charles (Chuck) Rubin
    3 Jul 2015 | 2:16 am
    Code Section 752 and its regulations provide extensive rules as to determining whether partnership debt is recourse or nonrecourse. Such determinations are relevant for basis determination purposes under Subchapter K (the Subchapter applicable to partnership taxation) and other Subchapter K purposes. In Chief Counsel Advice, the IRS concluded that, for purposes of determining whether a limited liability company taxed as a partnership has either cancellation of debt (COD) income under Code Sec. 61(a)(12) or gains from dealings in property under Code Sec. 61(a)(3) upon foreclosure of its…
  • No Theft Loss for Securities “Pump-and-Dump”

    Charles (Chuck) Rubin
    28 Jun 2015 | 6:49 am
    Pump-and-dump occurs when corporate officers or other shareholders fraudulently promote shares of a company and engage in fraudulent sales to increase the value of shares. This is injurious to other shareholders who suffer losses when the value of the stock ultimately collapses. Such shareholders will be able to deduct their losses, but to the extent they are long-term capital losses they can only use them to offset long-term capital gains and another $3,000 in income each year. To avoid these limitations, such shareholders would prefer to be able to deduct their losses as theft losses under…
  • Applicable Federal Rates - July 2015

    Charles (Chuck) Rubin
    21 Jun 2015 | 8:37 am
    Follow @crubincrubin
  • You Now Have to Ask for an Estate Tax Closing Letter

    Charles (Chuck) Rubin
    18 Jun 2015 | 3:50 pm
    The IRS issues closing letters to estates for federal estate tax purposes, acknowledging that it has accepted the estate tax return as filed, or as adjusted pursuant to audit. This used to be an automatic process. The IRS has now announced on its website that a closing letter will be issued only if the taxpayer requests it. To make matters worse, the IRS asks that the request not be submitted until 4 months after the return is filed – thus ruling out making the request as part of the return filing. This makes you wonder whether the IRS no longer has the resources to do a preliminary review…
  • Outbound IP Transfer in an F Reorganization

    Charles (Chuck) Rubin
    14 Jun 2015 | 10:44 am
    In one corner, we have Code §368(a)(1)(F) which generally allows for a corporation to move from one jurisdiction to another without triggering gain or other immediate adverse income tax consequences. The purpose is to allow corporations to move around as they feel necessary without being impeded by gain considerations. In the other corner, we have Code §367(d) which treats a transfer of intellectual property (IP) as a taxable disposition of the IP when it is transferred to a foreign corporation under Code Sections 351 or 361. The purpose is to realize upon the appreciation in such IP at the…
 
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    Taxable Talk

  • Mr. Hyatt Goes to Washington…Again

    Russ
    30 Jun 2015 | 7:51 pm
    The saga of Gilbert Hyatt and the Franchise Tax Board, California’s income tax agency, continues. As you may remember, the Nevada Supreme Court ruled last September that the FTB committed fraud against Mr. Hyatt (false representation and intentional infliction of emotional distress), but threw out most of the Mr. Hyatt’s other claims. The FTB filed a Petition for Certiorari in March; it was granted today. From Chris Smith of the Franchise Tax Board I learned that the Supreme Court will look at two issues: “Whether Nevada may refuse to extend to sister States haled into…
  • Does a Nonresident Alien Spouse that Has Elected to be Treated as a US Person Need to File an FBAR?

    Russ
    29 Jun 2015 | 8:23 pm
    With the FBAR deadline upon us, an interesting question arose: Does a spouse covered by the §1.6013-6 regulation allowing a nonresident alien individual to be treated as a resident need to file an FBAR? Logic says no; the FBAR comes out of the Bank Secrecy Act, not the Tax Code. And the IRS agrees with logic: “If the wife is non us person for FBAR therefore she does not have a filing requirement.” (That quote comes from a question I submitted to the FBAR group at the IRS.) But beware, if the taxpayers have a Form 8938 filing requirement the wife’s accounts will need to be…
  • A Peabody, Massachusetts Tax Preparer Gives an Unwitting Endorsement for EFTPS

    Russ
    28 Jun 2015 | 7:59 pm
    Barry Ginsberg operated a payroll tax service in Peabody, Massachusetts (near Boston). He endorsed escrow accounts for his clients; they would send him the money for the payroll taxes and he, in turn, would pay them. Since I’m writing about this, you’ve already figured out where the money didn’t go: to the IRS and the Massachusetts Department of Revenue. Mr. Ginsberg, who was indicted back in 2013, pleaded guilty to multiple tax fraud charges on Friday. Mr. Ginsberg operated a traditional payroll service. It’s fairly easy to check on your payroll company if you use…
  • You Can Pay Employees in Cash, But…

    Russ
    28 Jun 2015 | 7:49 pm
    …you’d better withhold payroll taxes. One Milwaukee restaurant owner is alleged to have forgotten that minor detail. He also allegedly didn’t include all of his cash receipts on his tax returns. Paul Bouraxis operates three Milwaukee-area restaurants. Judging from his tax returns, the restaurants weren’t doing that well. The Department of Justice believes that a better way of judging is the $3.7 million in cash and silver in banks in the United States and Greece. ($1.7 million in gold, silver, and cash was seized.) Mr. Bouraxis, his wife, son, and son-in-law are all…
  • BEA-10 Due on June 30th

    Russ
    24 Jun 2015 | 7:42 am
    Just a reminder this morning that the BEA-10 mandatory survey of foreign investment by Americans is due on June 30th. If you own 10% or more of a foreign entity, you will need to file this form. New filers must mail the forms in. There are significant penalties if you don’t file this, so it’s definitely something to take care of (if it applies to you).
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    » Blog

  • I.R.S Worries That New Revenue Recognition Accounting Rules May Affect Taxes

    Darrin Mish
    3 Jul 2015 | 3:33 am
    The revenue recognition rules recently adopted by the Financial Accounting Standards Board are causing some concern in the I.R.S. According to an article at Compliance Week, the I.R.S. has issued a notice asking for comments on the new standards because they may affect the timing of when a company can claim particular revenue as income. Specifically, companies that are “using the percentage of completion method, deriving income by providing services, using bill-and-hold transactions for the sale of goods, accounting for sales and returns of goods, and earning income from…
  • IRS Claims That Tax Court Is Located in the Executive Branch

    Darrin Mish
    2 Jul 2015 | 4:58 am
    The constitutionality of the power of the President to remove Tax Court judges for legitimate reasons is the basis for the court case of Kuretski v. Commissioner, which the Supreme Court decline to grant certification for on May 18. The underlying issue relates to whether that power is a violation of the separation-of-powers act within the U.S. Constitution. Specifically, one clause, 7443(f), served as the main issue, with lawyers from a Miami law firm filing seven motions (all the same) in different Tax Court dockets in order to try and have the clause declared unconstitutional. In addition,…
  • Former Prison Doctor Sentenced To 41 Months For Defrauding IRS

    Darrin Mish
    1 Jul 2015 | 5:13 am
    Dennis Erik Fluck Von Kiel, a 58-year-old man from New Tripoli, PA, recently received a 41-month prison sentence because he committed fraud upon several governmental agencies. The convicted criminal also told lies during an official bankruptcy conference. Formerly a medical director, Von Kiel entered several guilty pleas to crimes that included evading IRS tax payments, perjury, financial aid fraud, mail fraud and conspiracy plans to defraud the United States government. Going to prison is not the end of Von Kiel’s conviction. He is also required to pay back hundreds of thousands of…
  • Proposed IRS Plan Will Help Gamblers

    Darrin Mish
    30 Jun 2015 | 5:53 am
    An important proposed change to how gamblers report W2-G earnings to the IRS at tax time has gone unnoticed due to the controversy around other proposed changes. Tax accountants have said this proposal is in the best interest of gamblers, and they should know about it. A W2-G is given for all gambling winnings. Taxpayers have had to declare the winning amounts on taxes despite the fact that most gamblers use those winnings immediately to continue gambling and their actual session totals may be significantly different from the amount on the W2-G. The proposal by the IRS would allow taxpayers…
  • Ignore Those IRS Calls – It’s A Scam

    Darrin Mish
    29 Jun 2015 | 4:54 am
    Tax season is over, but people around the country are still getting calls from people claiming to be from the IRS. These calls warn taxpayers that they’ve committed tax fraud and that there is a warrant out for their arrest. Getting a call like that is understandably scary, but experts say that you should just ignore these threatening phone calls – it’s part of a popular scam that is picking up steam again. The messages and phone calls are all similar. A person claiming to be an officer with the IRS tells prospective victims that there is a legal lawsuit against them over…
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    L & R Tax Preparation LLC RSS Feed

  • Travel & Entertainment: Maximizing Tax Benefits

    1 Jul 2015 | 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 2015 | 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.
  • Cash Flow: The Pulse of your Business

    1 Jul 2015 | 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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  • State Won't Let Stores Open on Nov. 22

    4 Jul 2015 | 3:39 am
    State Won't Let Stores Open on Nov. 22WMTW Most people flock to stores on Thanksgiving for last-minute items or pre-Black Friday steals -- but one state's law doesn't allow that.Where big box stores will be closed In Case You Missed ItSchool Bus Driver's Terrifying Close CallShocking Thing Opens Up in Man's LawnOfficial 'Disgusted' by What Happened to Car
  • General's Emails More Than 'Flirtatious'

    4 Jul 2015 | 3:39 am
    General's Emails More Than 'Flirtatious'APGen. John Allen, the top US commander in Afghanistan, exchanged countless emails with a woman at the heart of the Petraeus scandal.Source reveals explicit messagesMore NewsPlane Crashes Into Mississippi HomeWashington Post Editor Steps DownHusband Finds Teacher in Act With Boy
  • Reason This Ad Is Making Waves

    4 Jul 2015 | 3:39 am
    Reason This Ad Is Making Waves Marks & SpencerIt looks like any other holiday clothing ad for kids, but something about this one is different -- and it's not an accident.How a Facebook post started it allMore StoriesPreterm Birth Rate Drops to New LowPossible Risk Factor for Autism Found?Stranger I Wish I'd Stopped to Talk With
  • Soap Star Says Goodbye After 25 Years

    4 Jul 2015 | 3:39 am
    Soap Star Says Goodbye After 25 YearsCBSSusan Flannery left 'The Bold and the Beautiful' after two and a half decades -- and she's not the only star with a very long TV tenure.Actress who spent 41 years on her showMore to See'X Factor' Singer Says Sexuality Was a RiskActress Opened Up About Bipolar DisorderStreisand's Son Sings for Gay-Friendly Film
  • Take a Look at Where JFK Was Born

    4 Jul 2015 | 3:39 am
    Take a Look at Where JFK Was BornNational Park ServiceYou'll find the late president's very first belongings inside this New England home -- which is being opened to the public for the first time.Famous items the living room is 'filled with'More to SeeStar Has Rose Named After HerCommon Heating Mistake Could Cost YouThe Best Pillow for Your Sleep Style
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  • State Won't Let Stores Open on Nov. 22

    4 Jul 2015 | 3:39 am
    State Won't Let Stores Open on Nov. 22WMTW Most people flock to stores on Thanksgiving for last-minute items or pre-Black Friday steals -- but one state's law doesn't allow that.Where big box stores will be closed In Case You Missed ItSchool Bus Driver's Terrifying Close CallShocking Thing Opens Up in Man's LawnOfficial 'Disgusted' by What Happened to Car
  • General's Emails More Than 'Flirtatious'

    4 Jul 2015 | 3:39 am
    General's Emails More Than 'Flirtatious'APGen. John Allen, the top US commander in Afghanistan, exchanged countless emails with a woman at the heart of the Petraeus scandal.Source reveals explicit messagesMore NewsPlane Crashes Into Mississippi HomeWashington Post Editor Steps DownHusband Finds Teacher in Act With Boy
  • Reason This Ad Is Making Waves

    4 Jul 2015 | 3:39 am
    Reason This Ad Is Making Waves Marks & SpencerIt looks like any other holiday clothing ad for kids, but something about this one is different -- and it's not an accident.How a Facebook post started it allMore StoriesPreterm Birth Rate Drops to New LowPossible Risk Factor for Autism Found?Stranger I Wish I'd Stopped to Talk With
  • Soap Star Says Goodbye After 25 Years

    4 Jul 2015 | 3:39 am
    Soap Star Says Goodbye After 25 YearsCBSSusan Flannery left 'The Bold and the Beautiful' after two and a half decades -- and she's not the only star with a very long TV tenure.Actress who spent 41 years on her showMore to See'X Factor' Singer Says Sexuality Was a RiskActress Opened Up About Bipolar DisorderStreisand's Son Sings for Gay-Friendly Film
  • Take a Look at Where JFK Was Born

    4 Jul 2015 | 3:39 am
    Take a Look at Where JFK Was BornNational Park ServiceYou'll find the late president's very first belongings inside this New England home -- which is being opened to the public for the first time.Famous items the living room is 'filled with'More to SeeStar Has Rose Named After HerCommon Heating Mistake Could Cost YouThe Best Pillow for Your Sleep Style
 
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  • State Won't Let Stores Open on Nov. 22

    4 Jul 2015 | 3:39 am
    State Won't Let Stores Open on Nov. 22WMTW Most people flock to stores on Thanksgiving for last-minute items or pre-Black Friday steals -- but one state's law doesn't allow that.Where big box stores will be closed In Case You Missed ItSchool Bus Driver's Terrifying Close CallShocking Thing Opens Up in Man's LawnOfficial 'Disgusted' by What Happened to Car
  • General's Emails More Than 'Flirtatious'

    4 Jul 2015 | 3:39 am
    General's Emails More Than 'Flirtatious'APGen. John Allen, the top US commander in Afghanistan, exchanged countless emails with a woman at the heart of the Petraeus scandal.Source reveals explicit messagesMore NewsPlane Crashes Into Mississippi HomeWashington Post Editor Steps DownHusband Finds Teacher in Act With Boy
  • Reason This Ad Is Making Waves

    4 Jul 2015 | 3:39 am
    Reason This Ad Is Making Waves Marks & SpencerIt looks like any other holiday clothing ad for kids, but something about this one is different -- and it's not an accident.How a Facebook post started it allMore StoriesPreterm Birth Rate Drops to New LowPossible Risk Factor for Autism Found?Stranger I Wish I'd Stopped to Talk With
  • Soap Star Says Goodbye After 25 Years

    4 Jul 2015 | 3:39 am
    Soap Star Says Goodbye After 25 YearsCBSSusan Flannery left 'The Bold and the Beautiful' after two and a half decades -- and she's not the only star with a very long TV tenure.Actress who spent 41 years on her showMore to See'X Factor' Singer Says Sexuality Was a RiskActress Opened Up About Bipolar DisorderStreisand's Son Sings for Gay-Friendly Film
  • Take a Look at Where JFK Was Born

    4 Jul 2015 | 3:39 am
    Take a Look at Where JFK Was BornNational Park ServiceYou'll find the late president's very first belongings inside this New England home -- which is being opened to the public for the first time.Famous items the living room is 'filled with'More to SeeStar Has Rose Named After HerCommon Heating Mistake Could Cost YouThe Best Pillow for Your Sleep Style
  • add this feed to my.Alltop

  • State Won't Let Stores Open on Nov. 22

    4 Jul 2015 | 3:39 am
    State Won't Let Stores Open on Nov. 22WMTW Most people flock to stores on Thanksgiving for last-minute items or pre-Black Friday steals -- but one state's law doesn't allow that.Where big box stores will be closed In Case You Missed ItSchool Bus Driver's Terrifying Close CallShocking Thing Opens Up in Man's LawnOfficial 'Disgusted' by What Happened to Car
  • General's Emails More Than 'Flirtatious'

    4 Jul 2015 | 3:39 am
    General's Emails More Than 'Flirtatious'APGen. John Allen, the top US commander in Afghanistan, exchanged countless emails with a woman at the heart of the Petraeus scandal.Source reveals explicit messagesMore NewsPlane Crashes Into Mississippi HomeWashington Post Editor Steps DownHusband Finds Teacher in Act With Boy
  • Reason This Ad Is Making Waves

    4 Jul 2015 | 3:39 am
    Reason This Ad Is Making Waves Marks & SpencerIt looks like any other holiday clothing ad for kids, but something about this one is different -- and it's not an accident.How a Facebook post started it allMore StoriesPreterm Birth Rate Drops to New LowPossible Risk Factor for Autism Found?Stranger I Wish I'd Stopped to Talk With
  • Soap Star Says Goodbye After 25 Years

    4 Jul 2015 | 3:39 am
    Soap Star Says Goodbye After 25 YearsCBSSusan Flannery left 'The Bold and the Beautiful' after two and a half decades -- and she's not the only star with a very long TV tenure.Actress who spent 41 years on her showMore to See'X Factor' Singer Says Sexuality Was a RiskActress Opened Up About Bipolar DisorderStreisand's Son Sings for Gay-Friendly Film
  • Take a Look at Where JFK Was Born

    4 Jul 2015 | 3:39 am
    Take a Look at Where JFK Was BornNational Park ServiceYou'll find the late president's very first belongings inside this New England home -- which is being opened to the public for the first time.Famous items the living room is 'filled with'More to SeeStar Has Rose Named After HerCommon Heating Mistake Could Cost YouThe Best Pillow for Your Sleep Style
  • add this feed to my.Alltop

  • State Won't Let Stores Open on Nov. 22

    4 Jul 2015 | 3:39 am
    State Won't Let Stores Open on Nov. 22WMTW Most people flock to stores on Thanksgiving for last-minute items or pre-Black Friday steals -- but one state's law doesn't allow that.Where big box stores will be closed In Case You Missed ItSchool Bus Driver's Terrifying Close CallShocking Thing Opens Up in Man's LawnOfficial 'Disgusted' by What Happened to Car
  • General's Emails More Than 'Flirtatious'

    4 Jul 2015 | 3:39 am
    General's Emails More Than 'Flirtatious'APGen. John Allen, the top US commander in Afghanistan, exchanged countless emails with a woman at the heart of the Petraeus scandal.Source reveals explicit messagesMore NewsPlane Crashes Into Mississippi HomeWashington Post Editor Steps DownHusband Finds Teacher in Act With Boy
  • Reason This Ad Is Making Waves

    4 Jul 2015 | 3:39 am
    Reason This Ad Is Making Waves Marks & SpencerIt looks like any other holiday clothing ad for kids, but something about this one is different -- and it's not an accident.How a Facebook post started it allMore StoriesPreterm Birth Rate Drops to New LowPossible Risk Factor for Autism Found?Stranger I Wish I'd Stopped to Talk With
  • Soap Star Says Goodbye After 25 Years

    4 Jul 2015 | 3:39 am
    Soap Star Says Goodbye After 25 YearsCBSSusan Flannery left 'The Bold and the Beautiful' after two and a half decades -- and she's not the only star with a very long TV tenure.Actress who spent 41 years on her showMore to See'X Factor' Singer Says Sexuality Was a RiskActress Opened Up About Bipolar DisorderStreisand's Son Sings for Gay-Friendly Film
  • Take a Look at Where JFK Was Born

    4 Jul 2015 | 3:39 am
    Take a Look at Where JFK Was BornNational Park ServiceYou'll find the late president's very first belongings inside this New England home -- which is being opened to the public for the first time.Famous items the living room is 'filled with'More to SeeStar Has Rose Named After HerCommon Heating Mistake Could Cost YouThe Best Pillow for Your Sleep Style
 
  • add this feed to my.Alltop

  • State Won't Let Stores Open on Nov. 22

    4 Jul 2015 | 3:39 am
    State Won't Let Stores Open on Nov. 22WMTW Most people flock to stores on Thanksgiving for last-minute items or pre-Black Friday steals -- but one state's law doesn't allow that.Where big box stores will be closed In Case You Missed ItSchool Bus Driver's Terrifying Close CallShocking Thing Opens Up in Man's LawnOfficial 'Disgusted' by What Happened to Car
  • General's Emails More Than 'Flirtatious'

    4 Jul 2015 | 3:39 am
    General's Emails More Than 'Flirtatious'APGen. John Allen, the top US commander in Afghanistan, exchanged countless emails with a woman at the heart of the Petraeus scandal.Source reveals explicit messagesMore NewsPlane Crashes Into Mississippi HomeWashington Post Editor Steps DownHusband Finds Teacher in Act With Boy
  • Reason This Ad Is Making Waves

    4 Jul 2015 | 3:39 am
    Reason This Ad Is Making Waves Marks & SpencerIt looks like any other holiday clothing ad for kids, but something about this one is different -- and it's not an accident.How a Facebook post started it allMore StoriesPreterm Birth Rate Drops to New LowPossible Risk Factor for Autism Found?Stranger I Wish I'd Stopped to Talk With
  • Soap Star Says Goodbye After 25 Years

    4 Jul 2015 | 3:39 am
    Soap Star Says Goodbye After 25 YearsCBSSusan Flannery left 'The Bold and the Beautiful' after two and a half decades -- and she's not the only star with a very long TV tenure.Actress who spent 41 years on her showMore to See'X Factor' Singer Says Sexuality Was a RiskActress Opened Up About Bipolar DisorderStreisand's Son Sings for Gay-Friendly Film
  • Take a Look at Where JFK Was Born

    4 Jul 2015 | 3:39 am
    Take a Look at Where JFK Was BornNational Park ServiceYou'll find the late president's very first belongings inside this New England home -- which is being opened to the public for the first time.Famous items the living room is 'filled with'More to SeeStar Has Rose Named After HerCommon Heating Mistake Could Cost YouThe Best Pillow for Your Sleep Style
  • add this feed to my.Alltop

  • State Won't Let Stores Open on Nov. 22

    4 Jul 2015 | 3:39 am
    State Won't Let Stores Open on Nov. 22WMTW Most people flock to stores on Thanksgiving for last-minute items or pre-Black Friday steals -- but one state's law doesn't allow that.Where big box stores will be closed In Case You Missed ItSchool Bus Driver's Terrifying Close CallShocking Thing Opens Up in Man's LawnOfficial 'Disgusted' by What Happened to Car
  • General's Emails More Than 'Flirtatious'

    4 Jul 2015 | 3:39 am
    General's Emails More Than 'Flirtatious'APGen. John Allen, the top US commander in Afghanistan, exchanged countless emails with a woman at the heart of the Petraeus scandal.Source reveals explicit messagesMore NewsPlane Crashes Into Mississippi HomeWashington Post Editor Steps DownHusband Finds Teacher in Act With Boy
  • Reason This Ad Is Making Waves

    4 Jul 2015 | 3:39 am
    Reason This Ad Is Making Waves Marks & SpencerIt looks like any other holiday clothing ad for kids, but something about this one is different -- and it's not an accident.How a Facebook post started it allMore StoriesPreterm Birth Rate Drops to New LowPossible Risk Factor for Autism Found?Stranger I Wish I'd Stopped to Talk With
  • Soap Star Says Goodbye After 25 Years

    4 Jul 2015 | 3:39 am
    Soap Star Says Goodbye After 25 YearsCBSSusan Flannery left 'The Bold and the Beautiful' after two and a half decades -- and she's not the only star with a very long TV tenure.Actress who spent 41 years on her showMore to See'X Factor' Singer Says Sexuality Was a RiskActress Opened Up About Bipolar DisorderStreisand's Son Sings for Gay-Friendly Film
  • Take a Look at Where JFK Was Born

    4 Jul 2015 | 3:39 am
    Take a Look at Where JFK Was BornNational Park ServiceYou'll find the late president's very first belongings inside this New England home -- which is being opened to the public for the first time.Famous items the living room is 'filled with'More to SeeStar Has Rose Named After HerCommon Heating Mistake Could Cost YouThe Best Pillow for Your Sleep Style
  • add this feed to my.Alltop

  • State Won't Let Stores Open on Nov. 22

    4 Jul 2015 | 3:39 am
    State Won't Let Stores Open on Nov. 22WMTW Most people flock to stores on Thanksgiving for last-minute items or pre-Black Friday steals -- but one state's law doesn't allow that.Where big box stores will be closed In Case You Missed ItSchool Bus Driver's Terrifying Close CallShocking Thing Opens Up in Man's LawnOfficial 'Disgusted' by What Happened to Car
  • General's Emails More Than 'Flirtatious'

    4 Jul 2015 | 3:39 am
    General's Emails More Than 'Flirtatious'APGen. John Allen, the top US commander in Afghanistan, exchanged countless emails with a woman at the heart of the Petraeus scandal.Source reveals explicit messagesMore NewsPlane Crashes Into Mississippi HomeWashington Post Editor Steps DownHusband Finds Teacher in Act With Boy
  • Reason This Ad Is Making Waves

    4 Jul 2015 | 3:39 am
    Reason This Ad Is Making Waves Marks & SpencerIt looks like any other holiday clothing ad for kids, but something about this one is different -- and it's not an accident.How a Facebook post started it allMore StoriesPreterm Birth Rate Drops to New LowPossible Risk Factor for Autism Found?Stranger I Wish I'd Stopped to Talk With
  • Soap Star Says Goodbye After 25 Years

    4 Jul 2015 | 3:39 am
    Soap Star Says Goodbye After 25 YearsCBSSusan Flannery left 'The Bold and the Beautiful' after two and a half decades -- and she's not the only star with a very long TV tenure.Actress who spent 41 years on her showMore to See'X Factor' Singer Says Sexuality Was a RiskActress Opened Up About Bipolar DisorderStreisand's Son Sings for Gay-Friendly Film
  • Take a Look at Where JFK Was Born

    4 Jul 2015 | 3:39 am
    Take a Look at Where JFK Was BornNational Park ServiceYou'll find the late president's very first belongings inside this New England home -- which is being opened to the public for the first time.Famous items the living room is 'filled with'More to SeeStar Has Rose Named After HerCommon Heating Mistake Could Cost YouThe Best Pillow for Your Sleep Style
 
  • add this feed to my.Alltop

  • State Won't Let Stores Open on Nov. 22

    4 Jul 2015 | 3:39 am
    State Won't Let Stores Open on Nov. 22WMTW Most people flock to stores on Thanksgiving for last-minute items or pre-Black Friday steals -- but one state's law doesn't allow that.Where big box stores will be closed In Case You Missed ItSchool Bus Driver's Terrifying Close CallShocking Thing Opens Up in Man's LawnOfficial 'Disgusted' by What Happened to Car
  • General's Emails More Than 'Flirtatious'

    4 Jul 2015 | 3:39 am
    General's Emails More Than 'Flirtatious'APGen. John Allen, the top US commander in Afghanistan, exchanged countless emails with a woman at the heart of the Petraeus scandal.Source reveals explicit messagesMore NewsPlane Crashes Into Mississippi HomeWashington Post Editor Steps DownHusband Finds Teacher in Act With Boy
  • Reason This Ad Is Making Waves

    4 Jul 2015 | 3:39 am
    Reason This Ad Is Making Waves Marks & SpencerIt looks like any other holiday clothing ad for kids, but something about this one is different -- and it's not an accident.How a Facebook post started it allMore StoriesPreterm Birth Rate Drops to New LowPossible Risk Factor for Autism Found?Stranger I Wish I'd Stopped to Talk With
  • Soap Star Says Goodbye After 25 Years

    4 Jul 2015 | 3:39 am
    Soap Star Says Goodbye After 25 YearsCBSSusan Flannery left 'The Bold and the Beautiful' after two and a half decades -- and she's not the only star with a very long TV tenure.Actress who spent 41 years on her showMore to See'X Factor' Singer Says Sexuality Was a RiskActress Opened Up About Bipolar DisorderStreisand's Son Sings for Gay-Friendly Film
  • Take a Look at Where JFK Was Born

    4 Jul 2015 | 3:39 am
    Take a Look at Where JFK Was BornNational Park ServiceYou'll find the late president's very first belongings inside this New England home -- which is being opened to the public for the first time.Famous items the living room is 'filled with'More to SeeStar Has Rose Named After HerCommon Heating Mistake Could Cost YouThe Best Pillow for Your Sleep Style
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    Value Added Tax Blog

  • Thank you for 5 years!

    Mark
    1 Jul 2015 | 10:18 am
    Today (July 1, 2015) marks the fifth anniversary of the start of my one-man-VAT-band. I have many thoughts about the past five years, and I just wanted to share a couple on this occasion. Needless to say that it has been a pretty interesting journey, both professionally and for my family. The gist of it […]
  • Again: VAT and holding companies

    Mark
    1 Jul 2015 | 9:26 am
    This is not an item that U.S. companies generally want to spend a lot of time on. But on occasion holding companies incur VAT – predominantly on expenses relating to consulting, legal work, M&A deals etc. These VAT charges can be substantial, and the question is whether a holding company is “in business” and is […]
  • VAT management = data management

    Mark
    28 Jun 2015 | 11:50 am
    Over the past couple of years I have been helping U.S. based multinationals to get a grip on managing their business data and ensure efficient, timely and compliant VAT filings and VAT invoices. Electronic invoicing and self-billing (or e-procurement) finally seems to be taking off after many hiccups, where not only accounting data but also vendor and […]
  • VAT increase vs. economic growth

    Mark
    25 Jun 2015 | 5:26 am
    When Japan recently increased its consumption tax rate, it seemed to hinder economic growth. We have seen the same in Spain and to a certain extent also in Italy. The Washington DC-based Tax Foundation now makes the case that VAT increases do not necessarily lead to recession, at least not in the case of Japan. […]
  • KPMG’s June 30 webcast: GST in India

    Mark
    19 Jun 2015 | 7:29 am
    As I suggested in an earlier blog post (see here), GST is getting more traction in India. They are looking at an implementation date of April 1, 2016 – which seems a bit tight to me. KPMG India is organizing a webcast on Tuesday,  June 30 2015  at 3pm GMT – 10am Eastern with the […]
 
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    J. Stefan - EzineArticles Expert Author

  • No Articles Found

    4 Jul 2015 | 2:49 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

  • From the Archives: Issue a 1099-C to a Deadbeat Client or Customer?

    Jason Dinesen
    2 Jul 2015 | 4:30 am
    One last “greatest hits” post this week before new material resumes on Monday the 6th. This is one of my favorite posts, and it’s always in the top 10 each year in terms of views. There’s a strong temptation to send a 1099 to a customer who doesn’t pay an invoice. As I illustrate in this post, it’s okay with the IRS to send a 1099 to a customer in that situation, but it may not really be the best solution. —– Originally published August 15, 2012 I’ve recently undertaken a bit of a research project with my friend Bruce McFarland, The…
  • From the Archives: Are Donations to a 501(c)(4) Deductible?

    Jason Dinesen
    30 Jun 2015 | 4:30 am
    It’s a holiday week, so as always, I’m re-posting popular blog stories from the past. This blog post from November 2012 answers a question that comes up a lot. The short answer is: generally no for individuals, and maybe for businesses. —– Originally published November 28, 2012 The question of whether a person can deduct donations to a 501(c)(4) organization comes up periodically. The answer is, no, you can’t deduct those donations as a charitable contribution. Only donations to 501(c)(3) entities are deductible as charitable contributions. Donations to 501(c)(4)…
  • Tax Implications of Friday’s Ruling on Same-Sex Marriage

    Jason Dinesen
    29 Jun 2015 | 4:30 am
    Image courtesy of user Nemo on Pixabay.com The U.S. Supreme Court on Friday ruled that same-gender marriage was legal in all 50 states. From a tax standpoint, this should — theoretically — make tax filings much easier for anyone in a same-gender marriage. Marriage is now marriage, and all married couples will file all tax returns as married. But as tax blogger Kay Bell at the bankrate.com blog points out: Although today’s ruling is momentous, there will be some wedding delays in states where same-sex marriage was banned. Technically, the Supreme Court’s decision only…
  • Choosing a Business Entity: Sole Proprietor

    Jason Dinesen
    26 Jun 2015 | 4:30 am
    This is an excerpt from a presentation I give to college students and to prospective entrepreneurs about types of business entities. A college professor (who’s also an attorney) told me that my presentation on this subject is the best, clearest and most-concise overview of the topic that she’s ever seen. I’m flattered by the compliment, and will try to translate those positives into a series of blog posts. —– Now that we’ve laid out some basic terms, let’s get into the five types of business entities, starting with sole proprietorships. Tax Notes About Sole…
  • Marriage in the Tax Code, Part 11: Meet the “Single Penalty”

    Jason Dinesen
    24 Jun 2015 | 4:30 am
    The 1948 tax reform fixed one inequality but created a new inequality – this time between single taxpayers and married taxpayers. Example: In 1949, John and Jane are married and have combined taxable income of $3,000 (approximately $29,000 today). Their total tax owed is $600. Jack is a single taxpayer with taxable income of $3,000. His total tax owed is $620. Jack pays $20 more in taxes (approximately $192 today) even though he has the same amount of income as John and Jane. As income levels increased, the disparity became more pronounced. Example: In 1949, John and Jane are married and…
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    IncomeTaxReturnIndia.com

  • Difference b/w TIN or TAN

    Tax Dost
    23 Jun 2015 | 1:32 am
    Tax Deduction And Collection Account Number (TAN) TAN stands for Tax Deduction and Collection Account Number. It  is a unique 10 digit alpha numeric number allotted by the Income Tax Department (ITD) of India. Compulsorily required to all the persons who are accountable for tax deducted at source (TDS) or tax … Continue reading →
  • UAN Number

    Tax Dost
    13 Jun 2015 | 1:32 am
    What is UAN number? UAN is Universal Account Number. The UAN is a 12-digit  number allotted to employee who is contributing to EPF. Universal number is a big step towards shifting the EPF services to online platform and making it more user-friendly.  Please note that The universal account number remains same … Continue reading →
  • Only Air-Conditioned or Air-Heated Restaurants to Pay Service Tax

    Tax Dost
    10 Jun 2015 | 12:14 am
    Clarification Issued in the Matter of Service Tax; Only Air-Conditioned or Air-Heated Restaurants to Pay Service Tax; Restaurants, Eating-Joints or Messes Which Do Not Have the Facility of Air-Conditioning Or Central Air-Heating in Any Part of the Establishment are Exempt from Service Tax. At present, Service Tax is chargeable on … Continue reading →
  • How to claim PMJJBY & PMSBY

    Tax Dost
    9 Jun 2015 | 12:32 am
    How to claim PMJJBY & PMSBY – Download Claim Forms Online Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) and Pradhan Mantri Suraksha Bima Yojana (PMSBY) are 2 super hit insurance schemes launched by Govt of India recently. Both the schemes are getting massive promotion to bring more people under insurance … Continue reading →
  • Pradhan Mantri JEEVAN JYOTI BIMA YOJANA (PMJJBY) VS Pradhan Mantri SURAKSHA BIMA YOJANA (PMSBY)

    Tax Dost
    8 Jun 2015 | 1:01 am
    Difference between Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) and Pradhan Mantri Suraksha Bima Yojana (PMSBY): Many of our blog readers are getting confused in between the latest launched Government Social Security Schemes Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) and Pradhan Mantri Suraksha Bima Yojana (PMSBY). Since both of the … Continue reading →
 
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    Philadelphia Estate and Tax Attorney Blog

  • The City of Philadelphia Department of Revenue Announces Wage Tax Reduction for July 1, 2015.

    STEVEN J. FROMM, ATTORNEY, LL.M. (TAXATION)
    30 Jun 2015 | 9:30 am
    Philadelphia business owners and those that withhold taxes on employees that live in Philadelphia should take notice that the City of Philadelphia has reduced the City Wage Tax rate effective July 1, 2015. • The new Wage Tax rate for residents of Philadelphia is 3.9102% (.039102). • The new Wage Tax rate for non-residents of Philadelphia who are subject to the Philadelphia City Wage Tax is 3.4828% (.034828). What does this mean to you as an employer of Philadelphia employees? Any paycheck that you issue with a pay date after June 30, 2015 must have Philadelphia City Wage Tax withheld at…
  • Philadelphia Estate and Tax Blog Named The Best Tax Blog in America For 2015

    STEVEN J. FROMM, ATTORNEY, LL.M. (TAXATION)
    17 Mar 2015 | 1:21 pm
    My very own Philadelphia Estate and Tax Attorney Blog has just won as the Best Tax Blog In America for 2015! I am most appreciative of all of you who took the time to vote for my blog.  You can see the final voting results by going to: http://wallethub.com/blog/best-tax-blog/10470/?user=sjfpc. Thanks so much to everyone who voted!Filed under: Philadelphia Business Attorney, Philadelphia Corporate Attorney, Philadelphia Estate Attorney, Philadelphia Tax Attorney Tagged: Best 50 Tax Blogs, Philadelpia Tax and Estate Attorney Blog, tax attorney blog, tax law
  • Philadelphia Businesses Must Now Provide A New Tax Notice To Employees and Non-Payroll Workers

    STEVEN J. FROMM, ATTORNEY, LL.M. (TAXATION)
    20 Jan 2015 | 10:37 am
    Philadelphia notice Requirements for Businesses for 2015 If you are a business that has employees or independent contractors who live in Philadelphia, the City of Philadelphia is now imposing new notice requirements. Beginning January 1, 2015, Title 19, Chapter 19-4000, of the Philadelphia Code, entitled “Income Inequality Initiative – Earned Income Tax Credit,” requires all employers to provide notice of the federal Earned Income Tax Credit (“EITC”) program to all Philadelphia resident employees and non-payroll workers at the same time as their W-2, 1099, or…
  • 2014 Year-End Tax Planning Guide For Businesses: Discover 9 Proven Tax Planning Strategies

    STEVEN J. FROMM, ATTORNEY, LL.M. (TAXATION)
    26 Dec 2014 | 10:29 am
    Business Year-End Tax Planning 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. Last second tax law changes also must be considered.  It is also important to know that on December 19, 2014, the President passed the Tax Increase Prevention…
  • 2014 Year End Tax Planning Tips: Instantly Discover What You Can Do Now To Start Saving Taxes Before Year End With Proven Tax Attorney Strategies

    STEVEN J. FROMM, ATTORNEY, LL.M. (TAXATION)
    29 Nov 2014 | 8:42 am
    As the year-end quickly approaches, there is still time to do year-end tax planning to generate significant tax savings.  As many of you know, changes to the tax laws in 2013 made many tax rates (subject to cost of living adjustments) and certain tax breaks permanent.  But some tax breaks expired in 2013 (discussed in more detail below) and Congress has not as yet revived them making year-end planning more complicated and frustrating.  The President and Congress have reinstated expired tax breaks for only the 2014 tax year, as discussed in more detail below. Overview: This 2014 tax year…
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    Sales Use Tax

  • Remote Transactions Parity Act: Comparing RTPA to MFA

    Sylvia F. Dion
    1 Jul 2015 | 9:28 pm
    After months of speculation and anticipation – a new federal remote seller bill was introduced in the U.S. Congress.  On June 15, 2015, U.S. Representative, Jason Chaffetz (R-UT) introduced H.R. 2775, the Remote Transactions Parity Act (“RTPA”).  If enacted, the … Continue reading →
  • Nexus: Sales Tax HotSpot #1 and Key Sales Tax Consideration

    Michael J. Fleming
    12 Jun 2015 | 10:40 am
    One of the most basic questions that a businesses has when selling into multiple states is where do we have a responsibility to collect and/or pay tax. This question usually relates to sales and use as well as income and … Continue reading →
  • Can Deliveries Create Sales Tax Nexus?

    Jerry Donnini
    10 Jun 2015 | 9:49 am
    With each passing year, states become more aggressive and come up with new creative ways to attribute nexus to a company. Once nexus—or a connection—is created with a state, a host of responsibilities come along with it, including charging collection … Continue reading →
  • Minnesota Simplifies Exemption Process – and Gets It Right!

    Michael J. Fleming
    8 Jun 2015 | 12:01 pm
    Change is a constant in all of life, but especially when it comes to sales tax. All too frequently when I hear of a state making changes, I fear for the taxpayers, because the changes frequently increase the cost of … Continue reading →
  • Should Federal Sales Tax Deduction Be Made Permanent?

    Annette Nellen
    27 May 2015 | 12:55 pm
    Since 2004, there has been a temporary provision to allow individuals to take an itemized deduction for either state income tax or state sales tax. This works well for individuals in states without an income tax. On April 16, 2015, … Continue reading →
 
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    US Tax Program

  • The DoJ Reaches an Agreement with another Swiss Bank: Privatbank Von Graffenried AG

    admin
    2 Jul 2015 | 8:34 am
    The US Department of Justice (DoJ) announced that it reached an agreement with Privatbank Von Graffenried AG under the US Tax Program. The bank was a Category 2 bank. The DoJ confirms the ‘Von Graffenried opened and maintained undeclared accounts for U.S. taxpayers when it knew or should have known that, by doing so, it was helping these U.S. taxpayers violate their legal duties.  Von Graffenried offered a variety of traditional Swiss banking services that it knew could assist, and that did assist, US clients in the concealment of assets and income from the IRS.  For example, Von…
  • Finews Interviews C. Rahn, Partner of Rahn & Bodmer

    admin
    2 Jul 2015 | 2:30 am
    During an interview with Finews, Christian Rahn, a partner of Rahn & Bodmer Co, comments on the situation with the US. The bank is a Category 1 institution, i.e. banks that were already under investigation by the US Department of Justice (DoJ) at the time of the publication of the US Tax Program on August 29, 2013. They are excluded from this Program. They need to find a solution based on direct negotiations with the DoJ. Fines are defined on an individual basis. C. Rahn confirms that there was a time when the bank held undeclared assets but times have changes and they are now adapting as…
  • Violating the Swiss Bank Secrecy Will Be Punished More Severely

    admin
    1 Jul 2015 | 2:27 am
    Offenders who are violating the Swiss banking secrecy now face a penalty of up to 5 years in prison versus 3 years maximum previously. The law was also expanded to cover non-bank employees who have made use of stolen client data. The legal change comes as authorities around the world have developed a stronger interest in digging up undeclared assets stashed away in Swiss banks says the Wall Street Journal in a blog.
  • D. Hornung Makes Public the Chronology of Events He Held since the Beginning of the Banking Tax Crisis with the US

    admin
    30 Jun 2015 | 2:16 pm
    The Geneva lawyer Douglas Hornung holds an almost exhaustive chronology of events since the beginning of the banking crisis with the United States. The first episode he reports dates back to October 5, 2005 and refers to Bradley Birkenfeld resignation from UBS. The report holds 112 pages so far and will continue to be updated by him and made available by the Agefi. D. Hornung, defendant of many employees in the banking sector, decided to make it public as some other lawyers seem to already use his document and he is retiring soon.
  • Swiss bank Ersparniskasse Schaffhausen AG Will Pay a Penalty of over $2m to Avoid Prosecution under a US Tax Program

    admin
    26 Jun 2015 | 2:13 pm
    The Swiss bank Ersparniskasse Schaffhausen AG (EKS) finds an agreement wit the US under the US Tax Program announces the DoJ, EKS (DoJ). The institution will pay a $2.066m penalty to avoid prosecution and signs a Non-Prosecution Agreement (NPA). From the NPA we learn that the bank opened accounts after 2009 and had 90 accounts amounting to over $65m at its peak. The bank is part of the US Tax Program under Category 2.
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    Botz, Deal & Company, P.C.

  • The Saver’s Credit

    Dale Brown
    25 Jun 2015 | 11:38 am
    What is the Saver’s Credit? Under Code Sec. 25B, a low-income taxpayer can claim a tax credit for a portion of the amounts contributed to an individual retirement account, 401(k) plan, or other retirement plan. A credit is allowed for up to $2,000 of contributions to qualified retirement savings plans. The maximum credit is $1,000 for individuals and $2,000 for married couples. A taxpayer’s credit amount is based on his or her filing status, adjusted gross income, tax liability and amount contributed to qualifying retirement programs. However, the percentage of contributions for…
  • Protect Your Smartphone

    Linda Techmeyer
    18 Jun 2015 | 9:34 am
    So why is it important to Protect Your Smartphone?  Consider this…if you lose your phone to damage or a thief, will you be out of commission?  Will your appointments be lost to you?  Will your user names and passwords have to be replaced?  Will your checking account be drained?  If the answer to any of these questions causes a queasy feeling in your stomach, then please consider protecting your phone AND your financial health! Most experts recommend that you password protect your Smartphone.  The average person will be stymied by a password you install on your phone, making it useless…
  • How Does a Taxpayer File an Amended Tax Return?

    Dale Brown
    11 Jun 2015 | 8:58 am
      A taxpayer discovers an error after filing his or her income tax return.  A change in filing status, income, deductions, or credits would require an amended return. So how does a taxpayer file an amended tax return? This could happen, for example, if an investment broker sends a corrected Form 1099 that changes the amount of dividends or capital gains earned by the taxpayer. Or a taxpayer who sold stock may recalculate the basis of the stock for determining gain or loss. A taxpayer amending his or her federal income tax return may also need to amend a state tax return, to reflect the…
  • How the IRS Resolves an Identity Theft Case

    Dale Brown
    9 Jun 2015 | 1:08 pm
    With the many tax-related identity theft cases popping up in the last few years, the IRS has shared “How the IRS Resolves an Identity Theft Case.” The IRS has responded to criticism from the Treasury Inspector General for Tax Administration and the National Taxpayer Advocate, among others, that resolution of identity theft accounts takes too long by increasing its measures to flag suspicious tax returns, prevent issuance of fraudulent tax refunds, and to expedite identity theft case processing. As a result, the IRS’s resolution time has experienced a moderate improvement…
  • IRS Requires Substantiation for Donations to Charity

    Dale Brown
    2 Jun 2015 | 8:45 am
    The IRS requires substantiation donations to charity. Whatever the donation is, whether money or a household item or clothing, the substantiation rules must be followed. The rules are complex and frequently tripped up taxpayers who had good intentions but failed to satisfy the IRS’s requirements. Substantiation One way to understand the IRS’s requirements is to break them down by monetary amount and the type of donation, money and/or household items or clothing. To deduct a contribution of cash, check, or other monetary gift (regardless of the amount), a taxpayer must maintain a…
 
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