Taxes

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    PRO-TAX

  • Get Green To Go Green!

    10 Nov 2009 | 6:00 am
    Do you know Congress’ favorite color? We're not positive…but we'd be willing to bet its GREEN! It’s no secret that our leaders in DC want you to go green… and we don’t mean by eating warm potato salad for Labor Day! We all know America needs to reduce its dependency on foreign energy. We also need to decrease our negative impact on the environment. Here's the great thing…the gang on Capitol Hill is willing to put some extra cash in your pocket when you’re nice to the environment. In the 2009 Recovery Act, there are several new and updated provisions to encourage…

  • Recently Married?

    30 Oct 2009 | 6:00 am
    Have you recently gotten married?  Are you planning on getting married by the end of this year?  Here are some tips to make your tax preparation go more smoothly next year:File form SS-5 with the Social Security Administration(SSA).  This will notify the SSA that you’ve changed your name and will ensure that your name and SSN match when you file your tax return.  You can access this form on SSA’s website by clicking here, or by calling 800-772-1213.  You can also receive the form at any local SSA office. If you’ve changed your address as well as your…

  • Identity Theft Protection

    19 Oct 2009 | 1:00 am
    What Does PRO-TAX’s Bathroom Have To Do With Identity Protection?   (Hint: It has nothing to do with “Squeezin’ The Charmin”)   How PRO-TAX Protects Your Personal Information…And You Can Too!   If you have ever been to a PRO-TAX office and asked to use our bathroom, you probably wondered why we said “no.” It has nothing to do with us being “picky” about who uses our facilities, but it has everything to do with limiting public access to any area where our client’s personal information could be compromised.   Few…

  • State Return Filing Due Dates

    5 Oct 2009 | 1:00 am
    Okay, so everyone knows that you have to file your Federal Income Taxes by April 15.  What about state returns? Here’s something interesting… Almost every state that is close to Virginia has to file by April 15 as well.  EXCEPT Virginia and Delaware!  Virginia and Delaware have filing due dates of May 1 and April 30, respectively.  But, Alabama, Kentucky, Maryland, North Carolina, Pennsylvania, Tennessee and West Virginia all have filing due dates of April 15. You’d be surprised at how many people e-file their Federal return and decide they’ll wait to…

  • Your Social Security Benefits May Be Taxable

    21 Sep 2009 | 1:00 am
    There are two types of government benefits: Social Security Disability Insurance (SSDI) and Supplemental Security Income (SSI). SSDI provides income for the disabled while SSI may provide additional income for the disabled or elderly who demonstrate financial need. SSI is not taxable, SSDI is taxable depending on the circumstances.  More often than not, Social Security Disability Benefits do not surpass the threshold that requires taxes be withheld. However, it will depend on both your filing status and your total income to ascertain for sure, what if anything, is taxable.  For…
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    Don't Mess With Taxes

  • Tax trouble for another Obama appointee

    skbell1
    21 Nov 2009 | 11:49 am
    No, you are not caught in a time warp. Another candidate tapped by President Obama for federal office has a bit of tax trouble. Lael Brainard has been nominated to serve as Treasury undersecretary for international affairs. Her confirmation hearing finally got underway last week. The process was held up when Brainard's tax troubles were revealed. Brainard was late in paying property taxes on her Rappahannock County, Va., home in 2005, 2006, 2007 and 2008, incurring $1,401.09 in interest and penalties, according to a Senate Finance panel staff report. She also was late on $485 in…

  • A BUZZing tax Saturday

    skbell1
    21 Nov 2009 | 8:18 am
    Looking for a way to get your weekend off to a taxalicous start? Sure you are! Then you've got to check out The Wandering Tax Pro's WHAT’S THE BUZZ? TELL ME WHAT’S A HAPPENNIN’.It's a regular Saturday (and Wednesday) feature from my tax blogging colleague. And I am honored that he found so many of my tax ramblings worthy of inclusion in today's edition. Thanks, RDF!Want to tell your friends about this blog post? Click the Tweet This or Digg This buttons below or use the Share This icon to spread the word via e-mail, Facebook and other popular applications. Thanks!

  • Covering excess Making Work Pay credit

    skbell1
    20 Nov 2009 | 10:38 pm
    One more quick hit on the topic of excess Making Work Pay credit payments.I wrote a piece for Bankrate.com on some steps you can take now if you fear you might be one of the folks who will have to pay back the credit next filing season.Related posts: Making Work Pay tax problems ... again Making Work Pay payroll considerations Want to tell your friends about this blog post? Click the Tweet This or Digg This links below or use the Share This icon to spread the word via e-mail, Facebook and other popular applications. Thanks!

  • A mysterious meeting of taxes, vampires, celebrity dancers and 'Wild' women

    skbell1
    20 Nov 2009 | 10:13 am
    Is it just coincidence that this morning a federal judge, who reportedly is a movie buff, heard the tax conviction appeal of an actor who played a vampire hunter on the very day that the second installment of the pop culture phenomenon Twilight film series hit theaters? And could that convergence mean that things are lining up on this freaky Friday for Blade star Wesley Snipes to have his tax troubles legally erased? Probably not. I personally enjoy interesting intersections of randomly related occurrences, but most of the time they are indeed just happenstance. And that's likely the…

  • A look at who's paying how much taxes

    skbell1
    20 Nov 2009 | 7:47 am
    Who's paying taxes and just how much, relatively speaking, are they handing over to the Treasury? That's been the topic of debate since several groups released income tax studies this year. First, the Tax Foundation reported that the tax burden of the top 1 percent of taxpayers now exceeds that of the bottom 95 percent. Then the Tax Policy Center released its latest analysis of the distribution of federal taxes. And now the Institute on Taxation and Economic Policy (ITEP) says lower- and middle-income families spend much more of their incomes on state and local taxes than do wealthy…
 
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    Our Taxing Times

  • Smothered by Spam

    Trish McIntire
    18 Nov 2009 | 3:14 pm
    First, to the lady that left a message on my answering machine and said she was going to send an e-mail, I have to apologize. I can't find your e-mail in the mess I have received since your call. I will be glad to answer your questions. Please call me again and leave a phone number or just call during business hours. 9 am to 5 pm CST, Monday, Wednesday, Thursday and Friday and 9 to 3:30pm on Tuesday. If I can't answer the phone right at that minute, please leave a message and I'll call back ASAP. Again, I'm sorry.I have a lot of e-mail accounts. But the real problem comes from…

  • Buyer Education VII

    Trish McIntire
    15 Nov 2009 | 2:36 pm
    If you've missed the earlier posts, this series is to make taxpayers aware of some preparer issues that don't make most people's lists of how to choose a tax preparer. Basically, they are preparer practices that are deceptive or/and illegal. This post is a little different but still falls into the topic.Advice From Non-PreparersI would suggest calling your tax professional if you are tempted to follow tax advice given by your: Barber/Hairdresser Real Estate Agent Car Sales Person Home Improvement Guy or Gal The Loudmouth at Work The Know-it-All Relative The Golf Cart Sales Person…

  • Locking the Barn Door

    Trish McIntire
    15 Nov 2009 | 1:46 pm
    My Dad had a phrase, "That's like locking the barn door after the horse has been stolen." He used it when one of us tried to fix something after the damage was done. Timing is the key. Right now, blogs and tax writers are telling us about how to do some last minute tax planning to pay a little less in tax. While they won't help everyone, most of the suggestions are good and simple to do. My concern is with the tax planning that isn't getting done, now or at any time of the year. These are the major, life changing events and it is surprising how many taxpayers don't…

  • Paying the Piper - Homebuyer Credit

    Trish McIntire
    9 Nov 2009 | 8:15 am
    With all the attention on the extension of the Homebuyer credit through the Worker, Home Ownership and Business Assistance Act of 2009 there may have been something forgotten. The taxpayers who took advantage of the original $7500 credit. I won't be ranting on the inequity of these taxpayers having to pay the credit back over 15 year starting next year while other taxpayers don't have to pay anything back (at least now). I want to focus on one very practical issue: what happens when they sell that house.Jane Tax buys her first home for $80,000 on May 1. 2008. On her 2008 tax return,…

  • Surprise! You Will E-File

    Trish McIntire
    6 Nov 2009 | 1:15 pm
    Ya gotta love our system of government. You have a bill that has passed the House by a pretty good margin. It goes to the Senate where this amendment is added. The Senate passes the bill 98-0. Back to the House. They vote to accept the Senate version by 402 to 12 margin and off to the President it goes. There it is sure to be signed since there are some important economic measures and it's veto proof. Almost like the Schoolhouse Rock segment.This, however, is HR 3548 - The Worker, Home Ownership and Business Assistance Act of 2009. A bill all expected to pass since it extends unemployment…
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    TAX NEWS - Google News

  • Cosmetic surgery tax included in Senate health care reform bill - Examiner.com

    21 Nov 2009 | 12:03 pm
    Washington PostCosmetic surgery tax included in Senate health care reform billExaminer.comThe Senate's health care reform bill includes a 5% excise tax on cosmetic surgeries that are "not necessary to ameliorate a deformity arising from, Lawmakers Propose Tax On Plastic SurgeryKCAUSenate health bill's "bo-tax"MyFoxOrlando.comUS Cosmetic Medical Market Faces New Challenge In Senate BillWall Street JournalDigitalJournal.com -MiamiHerald.com -New York Timesall 285 news articles »

  • Comparison of Democratic Health Care Bills - ABC News

    21 Nov 2009 | 11:01 am
    Comparison of Democratic Health Care BillsABC NewsMedicare payroll tax increased to 1.95 percent on income over $200000 a year for individuals; $250000 for couples. New 5 percent tax on elective cosmetic and more »

  • Vodafone Seeks More Time to Reply to India Tax Claim, AFP Says - Bloomberg

    21 Nov 2009 | 3:52 am
    MSN Philippines NewsVodafone Seeks More Time to Reply to India Tax Claim, AFP SaysBloomberg21 (Bloomberg) -- Vodafone Group Plc. sought two more months to reply to a $2 billion tax claim by India over its acquisition of Hutchison Essar Ltd., Vodafone seeks more time to reply to Indian tax claimAFPIndia Min: Vodafone Seeks Till Jan 29 to Respond on Tax CaseWall Street JournalVodafone asks for $2bn tax feud extensionTimes Onlineall 32 news articles »

  • Buying a home on (tax credit) deadline - Seattle Times

    21 Nov 2009 | 1:16 am
    Buying a home on (tax credit) deadlineSeattle TimesThis winter, however, might be different, thanks to the extended — and expanded — first-time homebuyer tax credit. "We're going to see far more interest in and more »

  • Study calls Florida tax system unfair - MiamiHerald.com

    20 Nov 2009 | 11:48 pm
    AllGovStudy calls Florida tax system unfairMiamiHerald.comBecause Florida mainly depends on sales taxes and property taxes, a study says the tax system is unfair to people with low or moderate incomes. The Terrible 10: Most unfair state tax systemsExaminer.comMore support for a graduated income taxDetroit Free PressStudy Identifies Most Regressive State Tax SystemsWebCPAAnnArbor.com -AllGov -McClatchy Washington Bureauall 43 news articles »
 
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    Tax-News.Com Live Tax Headlines

  • Tax-News.com: Austria's WIFO Recommends CO2 Tax

    20 Nov 2009 | 12:39 pm
    Tax-News.com: According to a study conducted by the Austrian Institute of Economic Research, the introduction of a carbon dioxide tax in Austria would generate in the region of EUR1bn annually for the government, which could subsequently be refunded to individuals and businesses in the form of reduced payroll taxes.

  • Tax-News.com: UK Introduces Final Tax Law Rewrite Bills

    20 Nov 2009 | 12:39 pm
    Tax-News.com: The Corporation Tax Bill and the Taxation (International and Other Provisions) Bill introduced in the UK Parliament by the Financial Secretary to the Treasury, Stephen Timms, were published on November 19, representing the final stages of the 13-year project.

  • Tax-News.com: Pelosi Calls For International Transaction Tax

    20 Nov 2009 | 12:16 pm
    Tax-News.com: Nancy Pelosi, the Speaker of the House of Representatives, has said that the United States should not impose a 'Tobin tax' on financial transactions in isolation because such a move could damage the competitiveness of the nation's banking and financial services industry.

  • Tax-News.com: Tax Rises On The Cards As UK Sinks Deeper Into Debt

    20 Nov 2009 | 11:56 am
    Tax-News.com: The odds against Chancellor of the Exchequer Alistair Darling increasing taxation in the next budget have shortened further as the latest set of figures on the public finances show that the government was forced to borrow over GBP11bn (USD18.2bn) last month, much more than it expected, to meet its costs.

  • Tax-News.com: Australia: Myer Tax Demand Raises Offshore Investor Doubts

    20 Nov 2009 | 8:42 am
    Tax-News.com: After issuing an AUD452m tax demand on an offshore private equity fund behind the Myer department store float, the Australian Tax Office has raised doubts in the minds of offshore investors about the suitability of undertaking business in Australian capital markets.
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    taxgirl

  • Fix the Tax Code Friday: Pay Per Mile Tax

    Kelly
    20 Nov 2009 | 2:04 pm
    It’s Fix the Tax Code Friday! This week, there has been a lot of discussion across the internet about “going Dutch” a la the pay-per-kilometer system recently passed in Amsterdam. So today’s Fix the Tax Code Friday question is: Should the US consider a pay-per-mile tax system to pay for roads and other infrastructures? If your answer is no, would that change if the US adopted the Dutch policy of abolishing the current road taxes and sales taxes for cars in exchange for the pay-per-mile system?Similar Posts: Fix the Tax Code Friday: National Sales Tax Fix the Tax Code…

  • Tax Update Blog: ‘Cheat’? I don’t think the word means what they think it means.

    Kelly
    19 Nov 2009 | 9:19 am
    Great piece by Joe Kristan at Roth & Company PC about FBAR reporting… Tax Update Blog: ‘Cheat’? I don’t think the word means what they think it means.: “” Similar Posts: Ask the taxgirl: Foreign Accounts and FBAR Ask the taxgirl: Oh Canada! Ask the taxgirl: FBAR and Power of Attorney Fix the Tax Code Friday: Foreign Accounts

  • Ask the taxgirl: Do I Need a Form 1099?

    Kelly
    19 Nov 2009 | 5:32 am
    Taxpayer asks: Several elderly friends have asked me to help them with administratrive work in there home. I would probably do this on an ongoing basis and I am sure each would end up paying me more that $600 a year. I would report all of this money (Schedule C I think) but am concerned for the people I would be doing the work for. Do they have to issue a 1099 for the work I would do for them? Could I just report the money quarterly without ever getting a form from them and have it be legal, I don’t want to get them into trouble? Taxgirl says: If I understand it, you’re going to…

  • Girls Gone Wild Founder To File Bankruptcy, Blames IRS

    Kelly
    18 Nov 2009 | 6:23 pm
    And here I thought my days of reporting on Joe Francis were over… It turns out that the Girls Gone Wild founder hasn’t quite put his tax woes behind him. After taking a deal to plead guilty to two misdemeanor counts of filing false tax returns – and escaping additional jail time in the process – Francis has found himself in the hot seat again. If you believe TMZ, the IRS has liened Francis for nearly $34 million. To clarify, the IRS claims that Francis owes tens of millions of dollars in unpaid taxes. The breakdown is as follows: $17.7 million in 2001, $11.2 million in…

  • So Tell Me, Taxpayer: Do You Feel Lucky?

    Kelly
    18 Nov 2009 | 4:37 am
    It was a question posed to US taxpayers by the IRS in the wake of the UBS scandal: do you feel lucky? The US offered US taxpayers the opportunity to voluntarily disclose offshore bank accounts as part of an amnesty program earlier this year. The choice? Come forward now and escape criminal prosecution or take your chances later. It turns out that a number of US taxpayers didn’t feel quite so lucky. IRS Commish Doug Shulman has announced that more than 14,700 taxpayers came forward under the voluntary disclosure program. The disclosures were in the billions and covered accounts in 70…
 
 
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    About.com Tax Planning: U.S.

  • Worker, Homeownership & Business Assistance Act

    6 Nov 2009 | 3:05 pm
    Congress has passed and President Obama has signed into law HR 3548, the Worker, Homeownership & Business Assistance Act of 2009. This law extends unemployment compensation benefits. "The extension provides for 14 weeks of extended benefit coverage for every state and an additional 6 weeks, for a total of 20 weeks, in high unemployment states where unemployment is over 8.5%," reports Alison Doyle, About.com's Guide to Job Searching. The law provides a number of tax law changes as well. Some extend or enhance current tax breaks, while other changes are designed as revenue raisers. Here's…

  • Foreign Earned Income Exclusion Increases Slightly for 2010

    2 Nov 2009 | 10:34 pm
    The maximum foreign earned income exclusion for 2010 is $91,500, an increase of $100 over the 2009 maximum.Foreign Earned Income Exclusion Increases Slightly for 2010 originally appeared on About.com Tax Planning: U.S. on Tuesday, November 3rd, 2009 at 06:34:58.Permalink | Comment | Email this

  • Personal Exemption Amount Unchanged for 2010

    2 Nov 2009 | 10:20 pm
    For the year 2010, the personal exemption amount is $3,650 for yourself, your spouse and each dependent you are eligible to claim. This amount is unchanged from the 2009 amount. However there's one significant change for 2010. Unlike previous years, personal exemptions will not be reduced as a person's income increases.Personal Exemption Amount Unchanged for 2010 originally appeared on About.com Tax Planning: U.S. on Tuesday, November 3rd, 2009 at 06:20:27.Permalink | Comment | Email this

  • Adoption Tax Credit Updated for 2010

    2 Nov 2009 | 9:54 pm
    For the year 2010, the maximum adoption tax credit will be $12,170. The IRS updated this figure as part of their annual update for several inflation-indexed figures as released in Revenue Procedure 2009-50. The adoption credit is scheduled to sunset at the end of the year 2010, and revert back to its pre-2001 dollar limit of $5,000, or $6,000 if a special needs child is adopted.Adoption Tax Credit Updated for 2010 originally appeared on About.com Tax Planning: U.S. on Tuesday, November 3rd, 2009 at 05:54:07.Permalink | Comment | Email this

  • Retirement Plan Limits for 2010

    27 Oct 2009 | 4:42 am
    The maximum dollar amounts that can be contributed to various types of retirement plans will remain the same for 2010, according to an announcement from the Internal Revenue Service. The 2010 retirement plan limits will be as follows: Read more...Retirement Plan Limits for 2010 originally appeared on About.com Tax Planning: U.S. on Tuesday, October 27th, 2009 at 11:42:38.Permalink | Comment | Email this
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    Tax Policy Center: The Numbers

  • Distribution of Consumption By Income Percentile, 2010

    9 Nov 2009 | 9:00 pm
    Distribution of Consumption By Income Percentile, 2010 This set of estimates consists of the following related tables: (T09-0403) Distribution of Consumption By Income Percentile, 2010

  • Health Care Reform: Comparing Subsidies under Current Law and the Senate Finance Bill

    8 Nov 2009 | 9:00 pm
    Tables comparing subsidies under current law and the Senate Finance Bill for representative individuals and family of four. This set of estimates consists of the following related tables: (T09-0436) Employee and Employer Payments Under Proposed Subsidy Exchange in Senate Finance Bill Individual, 2016 (T09-0437) Changes in Payments by Switching to Exchange from Employer Provided Coverage Individual, 2016 (T09-0438) Employee and Employer Payments Under Proposed Subsidy Exchange in Senate Finance Bill Family of Four, 2016 (T09-0439) Changes in Payments by Switching to Exchange from Employer…

  • Affordable Health Care for America Act, Surcharge on High Income Individuals

    28 Oct 2009 | 10:00 pm
    Distribution tables for the surcharge on high income individuals included in the Affordable Health Care for America Act This set of estimates consists of the following related tables: (T09-0417) America's Affordable Health Choices Act of 2009 Surcharge on High Income Individuals, Baseline: Current Law, Distribution of Federal Tax Change by Cash Income Level, 2011 (T09-0418) America's Affordable Health Choices Act of 2009 Surcharge on High Income Individuals, Baseline: Current Law, Distribution of Federal Tax Change by Cash Income Percentile, 2011 (T09-0419) America's Affordable Health Choices…

  • Revenue Impact of Various Estate Tax Reform Proposals

    26 Oct 2009 | 10:00 pm
    Revenue Impact of Various Estate Tax Reform Proposals, 2010-2019 This set of estimates consists of the following related tables: (T09-0416) Revenue Impact of Various Estate Tax Reform Proposals, 2010-2019 (T09-0431) Estate Tax Returns and Liability Under Current Law and Various Reform Proposals, 2009-2019

  • Tax Units with Zero or Negative Tax Liability

    15 Oct 2009 | 10:00 pm
    Tax Units with Zero or Negative Tax Liability, 2004-2008 This set of estimates consists of the following related tables: (T09-0412) Tax Units with Zero or Negative Tax Liability, 2004-2008
 
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    THE WANDERING TAX PRO

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

    21 Nov 2009 | 2:00 am
    * OOPS! Sorry I missed Kay Bell’s T3 (Tax Twitter Tuesday) in Wednesday’s BUZZ. Anyway, here it is now – “Tax Twitter Tuesday 11.17.2009”.* This page on “How to Pay Less Taxes” at EFILE.COM is chock-a-block with good tax planning and preparation tips and advice, many of which I have talked about here and elsewhere for years. It is nice to have all this information in one place.* An email from the Treasury Inspector General for Tax Administration (TIGTA) announced the release of a new report titled “Improvements Are Needed in the Administration of Education Credits and…

  • DO IT YOURSELF!

    20 Nov 2009 | 2:00 am
    Earlier this week I pointed out that telling all Schedule C filers to incorporate, and telling a one-person business to incorporate solely for the purpose of reducing his/her audit profile, is truly bad advice (click here for post).But I did add that there are times when it may indeed be cost effective for a closely-held business to incorporate.If, after careful consideration of all the facts and circumstances and a detailed cost benefit analysis, and after consulting with a competent tax professional, you decide that it would be appropriate to incorporate your one-person business you…

  • DOGGIE DEDUCTIONS

    19 Nov 2009 | 4:32 am
    An email from a former co-worker (who I recently ran into coincidentally after not seeing each other for about 20 years) brought up an interesting tax issue.Here is the pertinent portion of the email -“My wife is raising a puppy for The Seeing Eye in Morristown, NJ. The puppy is delivered at about 6 weeks and stays with the host family until the puppy reaches 12-15 months of age, at which time it is returned to The Seeing Eye for the appropriate training to become a Guide Dog. The host family is responsible for introducing the dog to the public - independently along with group excursions.

  • WHAT’S THE BUZZ? TELL ME WHAT’S A HAPPENNIN’ – WEDNESDAY EDITION

    18 Nov 2009 | 2:00 am
    The BUZZ is “chock-a-block” today! Perhaps the biggest BUZZ yet.* Let’s start with a great story that has nothing to do with taxes from Stacie Clifford Kitts of STACIE’S MORE TAX TIPS, “A Small Town and A Diabolical Marketing Strategy that Sucked Me In”, which provides a great warning for travelers driving through small towns.* TAX CPA Marilyn Lawver’s post “Maybe Next Year” - which observes, “It looks like we won't see any significant reform in the near future. No end in sight to massive AMT, endless credits, and a brand new Schedule L, too! Oh goody” – brought me…

  • BEWARE OF BAD BLANKET ADVICE

    17 Nov 2009 | 8:44 am
    There is very little, if anything, about tax law that is a “no-brainer” – especially when it comes to business taxes. That is why tax professionals exist.I do agree that all small businesses, regardless of the number of owners, that would not benefit financially by incorporating should register their activity as an LLC to get the liability protection. It is relatively inexpensive to do so, and it can probably be done online by the business owner himself/herself without having to pay a lawyer. But I also believe that a one-person LLC should elect the “default” entity and file a…
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    Start Making Sense

  • Sad news

    18 Nov 2009 | 10:10 am
    Earlier this week, former House of Representatives Legislative Counsel Ward Hussey died. Ward was the chief person responsible for actual drafting of the Internal Revenue Code from at least the early 1950s through the Tax Reform Act of 1986.That sounds like a left-handed compliment at best (then again, I'm left-handed and it's a strong part of my identity). But in fact it is a straightforward compliment. Ward was not responsible for the often stupid policies that he was charged with executing. Nor was it his job to make the Code easy for casual readers to scan (an impossible task in any…

  • Quick, get them a law prof or economist before they embarrass themselves further

    9 Nov 2009 | 11:59 am
    On the New York City subway today, I saw the following ad:"Freelancers pay twice the Social Security tax that traditional workers do. And yet, we don't feel any more secure. Weird."Followed by a plea to go the website of the Freelancers Union, which is "working to make freelance fair."Somebody give these guys an F, as in "fuddled." The so-called double tax creates neutrality rather than bias as between freelancers and employees, given the employer share of the payroll tax. Indeed, it's even adjusted to take account of excluding the employer share from the payroll tax base.If it makes the…

  • Foreign tax credits

    5 Nov 2009 | 1:08 pm
    I'm nearing completion of a short, somewhat preliminary, but I think also provocative and surprising yet correct, article entitled "The Case Against Foreign Tax Credits." Not ready to post it, but the time may come fairly soon.

  • Waiting for 2012

    5 Nov 2009 | 7:28 am
    No, that isn't a presidential election reference. I'd predict that Obama is reelected (running against an actual or simulated loon) after tough midterms in 2010, but that's not what I have in mind here. By now the 2009 elections are so earlier-this-week anyway, whereas last night's baseball travesty remains fresh for another few hours.The 2012 reference, rather, is to when I am hoping baseball's owners will lock out the players after expiration of the current labor contract.OK, I am not actually hoping for a lockout, but there is no other realistic scenario for restoring the basic competitive…

  • Available for free - unused paper title

    27 Oct 2009 | 10:19 am
    "Tagging" is a popular idea in tax policy scholarship these days. The idea goes back to a 1978 paper by 2001 Economics Nobelist George Akerlof, called "The Economics of 'Tagging' as Applied to the Optimal Income Tax, Welfare Programs, and Manpower Planning." The idea is finding observable attributes (tags) that correlate, e.g., with high income earning ability, and basing tax burdens on that. An example might be a height tax.With that in mind, I've come up with a paper title that almost doesn't need that good a paper to justify itself. Offered to the world, as I don't plan to use it. Perhaps…
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    MauledAgain

  • The Devil’s in the Tax and Spending Details

    James Edward Maule
    20 Nov 2009 | 5:01 am
    On Wednesday, in The Math of Tax and Spend, I noted that “The world continues to wait for an answer to the question, ‘So if state taxes are cut, what spending programs should be reduced or eliminated?’ I had asked that question in New Jersey to Follow in California’s Tax Footsteps?.It seems I’m not the only one with this question. It was posed to one of the candidates in the Republican primary campaign for U.S. Senator from Florida. Mario Rubio is challenging Charlie Crist, currently governor of the state, and an intense argument has developed between each of them, and their…

  • The Math of Tax and Spend

    James Edward Maule
    18 Nov 2009 | 5:01 am
    The world continues to wait for an answer to the question, “So if state taxes are cut, what spending programs should be reduced or eliminated?” This is a question I asked a few weeks ago in New Jersey to Follow in California’s Tax Footsteps?. At the federal level, there are two additional choices not available to the states, namely, deficit spending and printing money. States, though, need to cut spending if they cut taxes.The latest show in the “cut taxes” parade took place in Harrisburg last weekend. According to this report, several thousand protesters swarmed the state capital…

  • Who Appreciates This Tax Complexity?

    James Edward Maule
    16 Nov 2009 | 5:02 am
    Last week, in Partnership Taxation, I alerted students to the trap that exists in section 751 and the need for them to be very careful when dealing with the identification of partnership assets subject to section 751. There is a wrinkle that seems to serve no purpose other than to confuse taxpayers, tax practitioners, and tax students. Some background is helpful.When a partner “sells” a partnership interest for tax purposes, the tax law (section 751(a), to be specific) treats the gain or loss recognized on the sale as capital gain or loss, except to the extent it is attributable to the…

  • Funding City Services to Tax-Exempt Schools: Impose User Fees, not Taxes

    James Edward Maule
    13 Nov 2009 | 5:02 am
    Pittsburgh’s having tax problems again. In No One Drinks to This Tax, I explained how the governor of Pennsylvania tried to soothe the owners of small pubs and bars facing implementation of a newly-enacted drink tax in Pittsburgh by suggesting that Pittsburgh would follow the same selective enforcement approach used in Philadelphia. I followed that post with Another Sip of the Drink Tax, I explored information shared with me by a Pittsburgh-area reader, who alerted me to the purpose of the tax, namely, to fund the financially-troubled Port Authority Transit system. In what should not be a…

  • More on Tax-Free Beverages: Let Them Drink Chocolate?

    James Edward Maule
    11 Nov 2009 | 5:37 pm
    Earlier today, Mary O'Keefe reacted to my Tax-Free Beverages: Let Them Drink Chocolate? post with a question. Had I read the article, Nutrition: Chocolate Milk May Reduce Inflammation, in the New York Times? I had not. I am grateful for the tip from Mary.So there's further proof, assuming the studies aren't fabricated products of dairy industry influenced-focused funding, that chocolate is medicinal. Taxing medicine is a horrific idea, and most, perhaps all, state and local governments choose to refrain from imposing sales taxes on prescription medications. Almost all similarly exempt…
 
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    AccountingWEB.com - News

  • Boston area CPA elected to board of international accounting organization

    18 Nov 2009 | 9:28 pm
    William F. Rucci, Jr., CPA MST, a partner of the Boston area accounting and business advisory firm Rucci, Bardaro & Barrett, has been elected to the board of directors of Russell Bedford International, a global network of independent accounting, business and legal consulting firms with affiliates in over 70 countries. read more

  • Determining which employees are disabled under the new ADA regulations

    18 Nov 2009 | 9:05 pm
    By Richard Alaniz Wading into the depths of the Americans with Disabilities Act of 1990 to determine who is disabled and who is not has never been a simple task for employers or their employees. On January 1, 2009 amendments to the Act took effect but the new amendments left many unanswered questions. Now, as instructed by Congress, the U.S. Equal Employment Commission has proposed rules designed to bring some clarity to both employers and employees.    read more

  • Cruising for tax deductions? Try deducting your next Caribbean cruise

    18 Nov 2009 | 7:10 pm
    By William Brighenti, CPA read more

  • Transcontinental merger creates Top 50 accounting firm

    18 Nov 2009 | 5:43 pm
    Two leading independent accounting firms, with offices on both coasts, have announced a merger, effective January 1, 2010, which will create a national firm ranked by gross revenues in the "Top 50" accounting firms in the U.S. Moore Stephens Wurth Frazer and Torbet, LLP, with three offices in California is merging with FROST, PLLC, with offices in Arkansas and North Carolina. The merged firm will be known as Frazer Frost, LLP and will continue to operate out of all current locations. read more

  • What your customers really want: Seven qualities of customer care

    18 Nov 2009 | 10:34 am
    By Laurie Brown read more
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    The Fair Tax Blog

  • FairTax: The Movie

    Morphh
    11 Nov 2009 | 7:34 am
    From the mailbag... Justin Cates writes: A year or two ago, Neal Boortz mentioned a cool idea for a movie to truly explain how the FairTax would work in reality and change the lives of everyday people. The premise was to portray a character in the real world living under the FairTax, with no concept of an income tax. The protagonist, a politician, would come into the story pushing forth the idea of an income tax, and based on the premises laid out in the beginning of the movie, it would show how ludicrous an income tax system really is. Fast-forward to now, I live in Atlanta and am a student…

  • Embedded income tax costs

    Morphh
    7 Nov 2009 | 5:50 am
    Hank posted a request for a new thread to discuss the embedded income tax costs.  He wrote “The upcoming Fairtax campaign will likely draw from the recent article on the AFFT website that I have reproduced below. I think you might want to create a new thread and either call it “embedded taxes” or “the Fairtax impact on retail prices”? There are several errors and inconsistent conclusions in the piece that need discussing, imho.” Embedded income tax costs eliminated with FairTax Roger Buchholtz, MI FairTax Director, recently wrote to us asking that we focus…

  • FairTax National Victory Campaign

    Morphh
    4 Oct 2009 | 11:23 am
    FairTax.org raises $250,000 for national campaign. According to Ken Hoagland, the FairTax National Victory Campaign Fund has reached and exceeded their launch goal of $250,000. They will begin reaching out to all 140,000,000+ voters in every one of the 50 states to sign on for FairTax Victory. He stated that “We will be on the internet, telephones and in voters mailboxes all across the country for sure starting in October. We are even trying to work out a television show, which would be a great step forward for the FairTax, and enable us to reach so many more voters effectively.”…

  • An Inconvenient Tax

    Morphh
    18 Aug 2009 | 11:30 am
    Due out in 2009, An Inconvenient Tax explores the history of the income tax and the causes of its many complexities. The film follows the tax through wars, economic booms, and significant presidencies in U.S. history. Noam Chomsky, Steve Forbes, Joseph Thorndike, Mike Huckabee, Charles Rossotti, David Walker, Neal Boortz, Michael Graetz, Daniel Shaviro, Leonard Burman, and others discuss not only the problems America faces in the tax code, but also give insights on how to move forward. In a time when many Americans are concerned about the future of the economy, rising deficits, and unfair tax…

  • 5.4% Health Surtax, Taxpayers in 39 States Would Pay a Top Tax Rate Over 50%

    Morphh
    16 Jul 2009 | 6:58 am
    Updated Tax Foundation report shows that 39 states would see top tax rates exceed 50% under a health care funding plan announced today by House Democrats. New taxes to fund the federal government’s plan for higher health insurance spending continue to be debated in Washington. According to a new Bloomberg report, the top surtax rate will be 5.4 percent in the House plan. That will be the top rate in a three-tiered surtax aimed at high-income tax returns: The latest proposal—one of several floated on Capitol Hill in the past few days and the third analyzed by the Tax Foundation since…
 
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    TaxProf Blog

  • Tax Notes to WaPo: "We Are Not an 'Oscure Journal'"

    Paul Caron
    21 Nov 2009 | 11:36 am
    Following up last week's post, which quoted the observation in a Washington Post article on Pulitzer Prize winning author Edward Paul Jones that "[h]e labored for years as a proofreader or columnist for an obscure journal called Tax Notes." Christopher Bergin, President and Publisher of Tax Analysts, responds today in...

  • Madoff: Estate Tax Reform to Protect Family Farms and Business ($10m Exemption), Not Wealthy Heirs ($1-2m Exemption)

    Paul Caron
    21 Nov 2009 | 11:00 am
    New York Times op-ed, Protect the Farm, Tax the Manor, by Ray D. Madoff (Boston College): How do you tell a wealthy heiress from a family farmer? It sounds like the setup for a joke. But in fact it is the fundamental problem underlying sensible reform of the federal estate...

  • IRS Issues Rules Implementing 5-Year NOL Carryback

    Paul Caron
    21 Nov 2009 | 9:00 am
    The IRS yesterday issued rules implementing the new 5-year NOL carryback provision: IR-2009-105 Rev. Proc. 2009-52, 2009-49 I.R.B. ___ (Dec. 7, 2009)

  • Federal Judicial Clerkship Applications Up 66%

    Paul Caron
    21 Nov 2009 | 7:08 am
    The Blog of the Legal Times, Online Federal Clerkship Applications at All-Time High: The federal judiciary saw a huge spike in online applications for clerkships from last year, according to a release from the judiciary. The Web site used by about two-thirds of all federal judges to find clerks saw...

  • Closing the Tax Gap: Encouraging Voluntary Compliance Through Mass-Media Publication of High-Profile Tax Issues

    Paul Caron
    21 Nov 2009 | 1:00 am
    Elizabeth Branham (J.D. 2009, UC-Hastings) has published Note, Closing the Tax Gap: Encouraging Voluntary Compliance Through Mass-Media Publication of High-Profile Tax Issues, 60 Hastings L.J. 1507 (2009). Here is the Conclusion: The issue of voluntary compliance is essential to any discussion of methods of closing the tax gap. Because of...
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    Roth & Company, P.C.

  • Are all Iowa tax credits really under the knife?

    Joe Kristan
    20 Nov 2009 | 6:48 am
    Governor Culver has formed a panel to review Iowa's 30-odd business incentive tax credits. He sent a letter to some...

  • Harry Reidcare: unworkable, insane, and...sexist?

    Joe Kristan
    20 Nov 2009 | 6:36 am
    Tax Policy Blog has a handy summary of how Harry Reidcare will allegedly be financed. Peter Pappas has a nice...

  • Fight! Fight!

    Joe Kristan
    20 Nov 2009 | 6:28 am
    It's good to watch a fight when you don't have to pick sides, and you can enjoy every blow. For...

  • Theory, Meet Practice

    Joe Kristan
    20 Nov 2009 | 6:12 am
    Sometimes a great idea in the lab doesn't work so well in the field. George Yin, former Chief of Staff...

  • Almost Thanksgiving Cavalcade!

    Joe Kristan
    20 Nov 2009 | 6:04 am
    The new Cavalcade of Risk is up at Healthcare Economist! Among the many useful insurance and risk management posts there...
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    Rubin on Tax

  • APPLICABLE FEDERAL RATES – DECEMBER 2009

    Charles Rubin
    19 Nov 2009 | 3:39 pm

  • ORDINARY INCOME ON SURRENDER OF LIFE INSURANCE POLICY

    Charles Rubin
    11 Nov 2009 | 3:23 pm
    Borrowing from a life insurance policy is a tax-advantaged method of obtaining funds. Generally, a policy owner can borrow against the cash surrender value of non-term life insurance policies. The receipt of the loan proceeds is not a taxable event to the owner, even though part of the cash surrender value was created by untaxed earnings that accumulated in the life insurance policy. If the owner dies while the loan is outstanding, the owner does not typically have to repay the loan, although the beneficiary of the life insurance will have its policy proceeds reduced by the outstanding loans.

  • SUMMARYOF NEW TAX ACT PROVISIONS

    Charles Rubin
    7 Nov 2009 | 11:13 am
    Congress passed last week the Worker, Homeownership, and Business Assistance Act of 2009. President Obama is expected to sign the new Act. Below is a summary of key provisions: A. Expansion of 5 Year NOL Carrybacks. The ability to carry back NOL’s for 5 years (instead of the normal 2 years) has been expanded to include 2009 losses  (previously the 5 year rule only applied to 2008).  The rule has been expanded to include most taxpayers, not just the small businesses it applied to before. Other than taxpayers who have already carried back 2008 NOLs, only one extended carryback is…

  • TAX INCREASES IN HEALTH BILL NOT INDEXED FOR INFLATION, AND WILL ALSO REACH CAPITAL GAINS AND DIVIDENDS

    Charles Rubin
    6 Nov 2009 | 8:44 am
    In 1960, only 3% of tax filers paid a 30% or higher marginal tax rate. By 1980, after the inflation of the 1970s, the share was closer to 33%. In 1981, Congress realized the inequity in these "stealth" tax increases by requiring tax brackets be indexed for inflation. Without such indexing, lower income persons are eventually subjected to higher marginal rates of tax as their income rises with inflation, even though they have not really increased their income on after-tax basis. Similar "bracket creep" has occurred in the context of the alternative minimum tax, which once-upon-a-time only…

  • WILLFUL FAILURE TO PAY OVER WITHHOLDING TAXES APPLIES, EVEN THOUGH EMPLOYER DID NOT HAVE THE MONEY TO PAY IT OVER

    Charles Rubin
    3 Nov 2009 | 1:11 pm
    A nursing home operator collected payroll taxes from his employees. Instead of paying the collected taxes over to the IRS, the operator spent them on other expenses. The IRS obtained criminal tax convictions under Code Section 7202. The nursing home operator appealed the conviction, claiming he could not have “willfully” failed to pay over the taxes since he did not have the money to pay them even if he wanted to.  The taxpayer argued that willfullness required “bad faith or evil intent” - which had to be absent if he didn't have the funds to pay over the taxes. The 9th Circuit…
 
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    IRS Tax Problem Solver Blog - IRS Help

  • Should Mobile Phone Use be Taxed?

    Darrin Mish
    21 Nov 2009 | 4:15 am
    When you receive a mobile phone for work purposes from your employer, it is not uncommon for you to make and receive personal calls on such a phone. You might not be aware of it, but there is a little-known law that requires taxpayers to pay taxes when using mobile phones provided by their employers for personal use. In 1989, the IRS listed the mobile phone as 'taxable' listed property and the law at that time stipulated that if there are no records of business and personal calls made on a mobile phone, part of the cost of the phone service is taxable and to be paid by the employee.

  • What Offshore Bank Accountholders Must Do

    Darrin Mish
    20 Nov 2009 | 3:15 am
    Now that the IRS and UBS bank of Switzerland have settled their feud, it is time to understand exactly what their settlement entails and how it affects you. If you are an American with an offshore bank account whether in Switzerland or any other country, you need to listen up. This is what the actual settlement is. The US government has entered into 2 agreements, one with the Swiss government and the other with UBS bank. Under the agreements, the US government will submit a request to the Swiss government asking it to obtain information on a certain type of bank account in UBS in accordance…

  • Tax Preparation Software – Boon or Bane

    Darrin Mish
    19 Nov 2009 | 2:16 am
    In times past, everyone used to complete their tax returns by hand. With the advent of personal computers, programmers have come out with many different types of tax preparation programs specially suited for the PC (or Mac, as the case may be). These programs make it easier for taxpayers to prepare their taxes than doing it by hand. But there are some subtle problems that may arise if you're not careful. The chief problem arises when you assume that your tax returns are error-free just because they were computer generated. No matter how good your tax software may be, you need to check…

  • The Other Side of Healthcare Reform

    Darrin Mish
    18 Nov 2009 | 2:15 am
    Say what you will about the government's healthcare system, recent surveys show that most people approve of it. It was discovered that 56 to 60% of people gave government-run Medicare a 9 or 10 rating out of a scale of 1 to 10. Guess what proportion of policy holders gave that high a rating on their private insurance plans? Only about 40%. Hold on, it gets better (for the government, that is). 68% who have Medicare policies feel that their interests are given the priority whereas only 48% of those holding private insurance plans feel that way. It seems like the government is doing some…

  • A Different Type of Obamacare

    Darrin Mish
    17 Nov 2009 | 1:16 am
    Critics of the government's new healthcare reforms, H.R. 3200 or The Affordable Health Choices Act have named it Obamacare. While many are wary of its intrusive means of obtaining taxpayers' personal details, there is another initiative on the cards from the President. This one is about savings for retirement. In a bid to boost Americans' retirement savings, President Obama will launch a few initiatives. These initiatives came as a result of the fact that half of American workers do not have a retirement plan at their workplace. At the same time, loan debts and credit card…
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    California Tax Attorney Blog

  • California Tax Service Center

    19 Nov 2009 | 4:31 am
    The Internal Revenue Service and California’s tax agencies (Franchise Tax Board, Employment Development Department and Board of Equalization) have formed a partnership called the Joint Tax Agency Communications Committee. The mission of the committee is to “speak with one voice” where feasible with regards to tax issues and to enhance education and outreach efforts by leveraging resources. The website is: California Tax Service Center. These tax agencies have joined together to streamline and improve taxpayer resources and educational programs. One-stop tax help is the goal. Income tax,…

  • California Probate May Be Avoidable

    17 Nov 2009 | 3:42 am
    Funding your California living trust with your property while you are alive results in the direct transfer to heirs and beneficiaries when you die without the time and expense of a probate proceeding. There are times when people don’t include all of their property in their living trust before they die. When this happens, a simpler type of probate referred to as a Heggstad petition may be available for the California property left outside of the trust that should have been in the trust but for some reason wasn’t. While a full probate proceeding in Los Angeles can take up to nine months and…

  • SCINs, GRATs and IDGTs

    13 Nov 2009 | 3:50 am
    "The Intelligent Investor" published in the October 3, 2009 Wall Street Journal says that "... with yields near lows, now is the time to stop moaning about the lack of income and to start turning rock-bottom interest rates to your advantage." The article discusses self-cancelling installment notes (SCINs), grantor retained annuity trusts (GRATs) and intentionally defective grantor trusts (IDGTs). These techniques, when used properly, move assets out of your estate at discounted prices so that less of your estate is subject to estate tax when you die. Speak to your estate planning attorney…

  • What Is A Qualified Disclaimer?

    11 Nov 2009 | 4:10 am
    Internal Revenue Code section 2518 allows a California beneficiary to sign a qualified disclaimer, resulting in treatment of the disclaimed property as if the California disclaimant had predeceased the decedent. Utilizing disclaimers as part of the estate plan builds in flexibility. Treasury Regulation section 25.2518-2 lists the following “Requirements for a Qualified Disclaimer”. (a) In general. For the purposes of section 2518(a), a disclaimer shall be a qualified disclaimer only if it satisfies the requirements of this section. In general, to be a qualified disclaimer— (1) The…

  • Los Angeles Superior Court

    9 Nov 2009 | 4:37 am
    Los Angeles County Court Locations LOCATIONS BY NAME Airport Courthouse 11701 S. La Cienega, Los Angeles, CA 90045 Alfred J. McCourtney Juvenile Justice Center 1040 W. Avenue J, Lancaster, CA 93534 Alhambra Courthouse 150 West Commonwealth, Alhambra, CA 91801 Bellflower Courthouse 10025 East Flower Street, Bellflower, CA 90706 Beverly Hills Courthouse 9355 Burton Way, Beverly Hills, CA 90210 Burbank Courthouse 300 East Olive, Burbank, CA 91502 Catalina Courthouse 215 Summer Avenue, Avalon, CA 90704 Central Arraignment Courts 429 Bauchet St., Los Angeles, CA 90012 Central Civil West Courthouse…
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    IRS - Hitman

  • IRS Tax Debt: Put the Collections Machine on Hold and Get More Time To Pay

    20 Nov 2009 | 6:04 am
    Procrastination: Don't procrastinate with the IRS. You may have received some notices in the mail. They may not look important, but they are. And if your put your dead off long enough, the IRS can unleash it's weapons of collections on you. Automated Collections 101: If you ignore the notices the IRS mails you, your account is sent to the Automated Collections System (ACS). This is the area of the IRS that can Seize your assets, Levy your Bank accounts, and Garnish your wages. Buying Time: If you ignored your IRS debt, it's probably already too late. But there are certain ways you can buy…

  • Aaron Carter Owes $ 1 Million in IRS Tax Debt

    19 Nov 2009 | 7:04 am
    Yet another celebrity owes IRS Tax Debt... This time it's Aaron Carter, a 21-year-old former Dancing With the Stars Contestant and younger brother of Backstreet Boy member Nick Carter. According to court documents, Aaron Carter owes more than $965,000 from 2003 alone. An additional $45,350.11 is also owed from income earned in 2006.In a statement, Carter's manager Johnny Wright states:"It is unfortunate that while Aaron was a minor, his finances were grossly mismanaged by his previous team which has lead to the current situation of which he was unaware of until today. Aaron is working with a…

  • You May Owe the IRS Unexpectedly Come Tax Time

    18 Nov 2009 | 7:32 am
    Breaking News: Several million Americans will be in for a shock this upcoming tax season. The Treasury Department bill that was designed to stimulate our dire economic condition could hurt your wallet when it's time to pay taxes.You may have noticed that your paycheck have increased. This was due to the fact that the government lowered federal withholding. But for some, the lowered withholding amount will cost money when tax time rolls around.The Numbers: A new study released by the Treasury Department reveals that over $15 Million could owe come April because of an over-calculation by the…

  • Tax Amnesty is NOT a Magic Cure for Tax Debt

    17 Nov 2009 | 7:09 am
    Lately, a lot of commercials talk about the Tax Amnesty program in a VERY misleading manner. The IRS's Tax Amnesty program is ONLY for those with overseas accounts to avoid criminal prosecution IF they come forward and pay all taxes, penalties, and interest on the amount they owe the IRS. Don't let an unreliable tax preparer steer you down the wrong path. Here's a list of questions you need to ask to make the best choice if you choose to work with a professional.Questions to Ask:These questions are determined by the National Society of Accountants. You have the right to answers to every one…

  • Options to Pay Taxes Owed if You Can't Afford to Pay

    16 Nov 2009 | 7:14 am
    Unemployment rates are at record highs. Many taxpayers simply cannot afford to pay their Tax Debt obligations. However, there is a variety of options available for taxpayers that simply cannot afford to pay.Currently UncollectibleCurrently Uncollectible or Hardship status is granted to people who cannot afford to pay their IRS tax debt without sacrificing Basic Needs.The IRS will compare your monthly gross income versus what they consider your "allowable expenses" to determine if you qualify for this program. If you qualify, collection efforts may be extended.Basic Needs: These include food,…
 
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    Tax Law Forum

  • Friday's Tax Quote - November 20, 2009

    Rob Teuber
    20 Nov 2009 | 5:03 am
    "Neither will it be that a people over-laid with taxes should ever become valiant….No people over-charged with tribute is fit for empire."- Francis Bacon

  • Friday's Tax Quote - November 13, 2009

    Rob Teuber
    13 Nov 2009 | 5:01 am
    "A fine is a tax for doing something wrong. A tax is a fine for doing something right."- Anonymous

  • Friday's Tax Quote - November 6, 2009

    Rob Teuber
    6 Nov 2009 | 5:00 am
    "[Tax law jurisprudence is] a field beset with invisible boomerangs."- Robert H. Jackson

  • Friday’s Tax Quote – October 30, 2009

    Rob Teuber
    30 Oct 2009 | 9:14 am
    Today’s quote comes from Bruce the Tax Guy over at the quality tax law blog lrtaxprep.com."Too bad that all the people who know how to run the country are busy driving taxicabs and cutting hair."- George BurnsBack in November 2008, Bruce compiled an anthology of tax quotes that you can read by clicking here.

  • The Best Tax Advice Ever

    Rob Teuber
    26 Oct 2009 | 7:40 am
    Recently, I began writing a regular tax column for the Wisconsin Law Journal (a fine publication). In the most recent article, I explained the two practical practices that I believe have the largest impact on the success of a business and the ability to deal with unexpected tax issues. The article can be found here: The Best Tax Advice
 
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    Offer in Compromise Blog

  • Submitting An Offer in Compromise in Nevada

    admin
    20 Nov 2009 | 12:00 pm
    Nevada taxpayers can settle IRS tax debt with Offer in Compromise, a program established by the Internal Revenue Service (IRS). Offer in Compromise allows Nevada taxpayers to make an offer to settle their tax debt. The IRS may either accept or reject the offer. If the IRS accepts the offer, all the debt outlined in [...]

  • New York Offer in Compromise

    admin
    19 Nov 2009 | 6:00 am
    New York taxpayers who have unpaid federal tax liability can settle their IRS tax debt by negotiating a debt payment plan called Offer in Compromise (OIC) with the Internal Revenue Service. Offer in Compromise allows taxpayers to settle their debt for a fraction of the full payment amount. The Internal Revenue Service will negotiate with [...]

  • Filing An Offer in Compromise with the IRS as an Illinois Taxpayer

    admin
    18 Nov 2009 | 6:45 am
    Financial difficulties may make it difficult for Illinois taxpayers to meet all of their financial obligations. The Internal Revenue Service (IRS) has created a variety of tax settlement options to help taxpayers settle their federal tax debt, often for far less than the full amount owed. Offer in Compromise is one of the popular IRS [...]

  • Using Offer in Compromise in Texas to Settle IRS Tax Debt

    admin
    17 Nov 2009 | 7:30 am
    Texas residents who have unpaid federal tax debt may be able to settle their debt for much less than they currently owe. Tax professionals such as enrolled tax agents, tax accountants and Tax Attorneys can identify which federal tax settlement options may be best for you. The Internal Revenue Service (IRS) aggressively collects federal taxes, but [...]

  • Using Offer in Compromise To Settle Your IRS Tax Problems In Massachusetts

    admin
    16 Nov 2009 | 10:38 am
    Offer in Compromise or OIC is an agreement between a taxpayer and the Internal Revenue Service (IRS) which may allow a taxpayer to make an “offer” to the IRS and if the IRS accepts the offer, the taxpayer’s outstanding federal tax debt may be settled. The IRS will only accept an Offer in Compromise if [...]
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    Stacie's More Tax Tips

  • Prologue to my Interview with Ric Franzi Author and Radio Show Host - But Take Note - This Part is all About Me.

    Stacie Clifford Kitts
    20 Nov 2009 | 10:04 am
    By Stacie Clifford Kitts, CPAA couple of weeks back you might remember that I bravely agreed to be a guest on Critical Mass the radio show on OCTalkRadio.net . I say bravely because if you know me well, you know that I am not a public person.Yah yah - I am building an internet presence. And I regularly post to my blogs. But I do all that while sitting safely behind a desk in my quiet little office. But to put myself out there - you know to venture outside my "safe space" to be in a public arena - to be on "stage" - 'tremble' - not exactly something that I am comfortable doing.You see, I was…

  • Guidance - Nonresident Alien Employees New Rules in Determining Income Tax Witholding

    Stacie Clifford Kitts
    18 Nov 2009 | 7:28 am
    Notice 2009-91 provides guidance to employers paying wages to nonresident alien employees for services performed within the United States. The notice indicates that effective for wages paid on or after January 1, 2010, new rules will be used in determining the amount of income tax to be withheld from the wages of nonresident alien employees performing services within the United States. These new rules will be set forth in the new revision of Publication 15 (Circular E), Employer’s Tax Guide, and other IRS publications.Notice 2009-91 will appear in IRB 2009-48, dated Nov. 30, 2009.

  • Guidance - Taxpayers May Rely on Manufacturer's Certification Qualified Plug-in Electric Vehicle

    Stacie Clifford Kitts
    17 Nov 2009 | 7:44 am
    Notice 2009-89 sets forth a process that allows manufacturers to certify to the Internal Revenue Service that a particular vehicle meets the requirements of § 30D of the Internal Revenue Code. Taxpayers purchasing such vehicles can rely on the domestic manufacturer’s (or, in the case of a foreign manufacturer, its domestic distributor’s) certification that both a particular make, model, and model year of vehicle qualifies as a plug-in electric drive motor vehicle under § 30D, and the amount of the credit allowable with respect to the vehicle. The notice also defines when the amended §…

  • A Small Town and A Diabolical Marketing Strategy that Sucked Me in.

    Stacie Clifford Kitts
    16 Nov 2009 | 1:37 am
    By Stacie Clifford Kitts, CPA Well, here is an epiphany - small town 'don't' mean stupid…Not that I actually thought that small towns harbored unintelligent people. It's just that sometimes a small town feels so sweet and quaint it's easy to assume that everyone in it must be sweet and quaint too.You must know what I mean - picture the historical buildings, the lace curtains and the wooden board walks - all of which give off an air of - well - unsophisticated, honest, hardworking, townsfolk. Now as it happens, there are many such towns along US highway 395 just south of Lake Tahoe as you…

  • The IRS Explains: Seven Facts about the Nonbusiness Energy Property Credit

    Stacie Clifford Kitts
    13 Nov 2009 | 7:10 am
    Taxpayers who take energy saving steps this year may get bigger tax savings next year. The Nonbusiness Energy Property Credit, a tax credit for making energy efficient improvements to homes has been increased as part of the American Recovery and Reinvestment Act of 2009.Here are seven things the IRS wants you to know about the Nonbusiness Energy Property Credit:The new law increases the credit rate to 30 percent of the cost of all qualifying improvements and raises the maximum credit limit to $1,500 claimed for 2009 and 2010 combined.The credit applies to improvements such as adding…
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