Taxes

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  • Former US Attorney Forgets to File

    Taxable Talk
    Russ
    1 Sep 2014 | 7:02 pm
    Back in the 1970s, Lawrence Semenza was the US Attorney for Nevada. In a 2007 article in the Las Vegas Review-Journal, Mr. Semenza commented about how different the job was back then. After Jimmy Carter was elected President, Mr. Semenza was allowed to stay on the job until brothel owner Joe Conforte was sentenced for failure to pay payroll taxes–a case prosecuted directly by Mr. Semenza. “It was a different era,” Semenza recalled. “U.S. attorneys, even assistant U.S. attorneys, knew they were never going to be there forever.” One thing, though, hasn’t…
  • College Tuition: Discover How Grandparents Can Help Their Grandchildren and Save Taxes Too

    Philadelphia Estate and Tax Attorney Blog
    Steven J. Fromm
    1 Sep 2014 | 7:15 am
    With college tuition coming due, families should consider tax efficient ways to pay for these expenses. Grandparents who wish to help their children with tuition costs can take advantage of some special gift tax breaks. Grandparents have the usual annual present interest gift tax exclusion (now $14,000) and a lifetime exclusion (now $5,340,000). When a spouse joins in the gift (the called “spousal joinder”), these amounts double . But these are not the only tax breaks available to a grandparent who wants to help the family. In addition, grandparents have an unlimited gift tax…
  • The Frequent Flyer Flap Follow-Up

    MauledAgain
    James Edward Maule
    1 Sep 2014 | 5:01 am
    A little more than two years ago, in The Frequent Flyer Flap, I discussed the tax consequences of receiving frequent flyer miles. The discussion included consideration not only of miles received from the airline, but also miles received from third party vendors in connection with the making of a purchase or the opening of an account. I explained how the IRS positions with respect to the receipt of frequent flyer miles for tickets purchased on employer accounts and miles received from banks for opening an account could be reconciled. I also pointed out that all sorts of questions remained to…
  • Labor Day 2014 facts, figures, fun and taxes

    Don't Mess With Taxes
    skbell1
    1 Sep 2014 | 1:39 pm
    Happy Labor Day, my fellow workers. Labor Day's first observance is generally thought to be Sept. 5, 1882. On that day, around 10,000 workers assembled in New York City for a parade. Since everyone loves a parade, the Big Apple celebration inspired similar events across the country. By 1894, more than half the states were observing a "working men's holiday" on various days. Later that year, Congress passed legislation and President Grover Cleveland signed into law the country's official designation of Labor Day as the first Monday in September each year. So who's…
  • Tax-News.com: UK Theater Tax Breaks Now On Offer

    Tax-News.Com Live Tax Headlines
    2 Sep 2014 | 1:13 pm
    Tax-News.com: About 250 UK theater production companies can now claim an additional corporation tax deduction or payable tax credit after a new relief scheme was introduced from September 1.
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    Don't Mess With Taxes

  • Labor Day 2014 facts, figures, fun and taxes

    skbell1
    1 Sep 2014 | 1:39 pm
    Happy Labor Day, my fellow workers. Labor Day's first observance is generally thought to be Sept. 5, 1882. On that day, around 10,000 workers assembled in New York City for a parade. Since everyone loves a parade, the Big Apple celebration inspired similar events across the country. By 1894, more than half the states were observing a "working men's holiday" on various days. Later that year, Congress passed legislation and President Grover Cleveland signed into law the country's official designation of Labor Day as the first Monday in September each year. So who's…
  • Checking out charities before you give

    skbell1
    31 Aug 2014 | 12:24 am
    The ALS Association's Ice Bucket Challenge has been an astounding success. As of Aug. 29, the nonprofit has received $100.9 million in donations to help it fight Amyotrophic lateral sclerosis, or ALS, which also is known as Lou Gehrig's disease. This year's one month of fundraising was 38 times more than the $2.8 million that the ALS Association raised last July 29 to Aug. 29. Youngsters and senior citizens, Hollywood stars and regular folks, politicians and athletes had icy water dumped on them for the cause. My favorite is the glacial shower that hockey enforcer Paul…
  • Labor Day weekend fun with college football, racing & taxes

    skbell1
    30 Aug 2014 | 1:34 pm
    What do college football and professional auto racing have in common this Labor Day holiday weekend? Taxes. But not like you think. JR Motorsports' #7 vehicle sports a new TaxSlayer Bowl paint scheme for tonight's NASCAR Nationwide series race in Atlanta. Cross-sports tax sponsorships: The tax preparation software company has sponsored the college football post-season game since 2011. In sports days before corporate sponsorship -- some of us are old enough to remember those quaint times -- the annual January match-up in Jacksonville, Florida, was known as the Gator Bowl. The…
  • 'Moral' tax filing wraps up IRS Orlando Tax Forum

    skbell1
    29 Aug 2014 | 4:45 am
    Well that was fun. Nineteen tax seminars in a little more than two and a half days. I've parceled out a few Nationwide Tax Forum tidbits, both here at the ol' blog and over at Bankrate Taxes Blog, while I've been in Orlando this week. I promise to review my notes and provide some more substantial session posts in the coming days. In the meantime, let me toss out a thought about what filing or not filing Internal Revenue Service tax returns says about a person. During a session on immigration and taxes, the question was raised as to why someone who does not have legal status in…
  • 5 signs that an 'IRS' caller is a crook

    skbell1
    28 Aug 2014 | 2:55 pm
    A friend called me last week, freaking out about a telephone voice mail message she had received. An Internal Revenue Service agent was demanding she pay her tax bill or face dire consequences. She was particularly upset because she had just cleared up some old tax issues with Uncle Sam. What had happened, she frantically wondered, in the few days since her arrangement with the IRS? Nothing. It was a tax scam. The crooked caller's timing was freaky given her recent legitimate interactions with the IRS, but it was still a scam. She confirmed that by calling the IRS herself to make sure. Tax…
 
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    Tax Policy Center: The Numbers

  • Options to Reduce Individual Income Tax Rates

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

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

    27 Jul 2014 | 10:00 pm
    Distribution analysis and revenue estimate of Sen. Shaheen's CDCTC Proposal, The "Helping Working Families Afford Child Care Act." This set of estimates consists of the following related tables: (T14-0079) Sen. Shaheen's Child and Dependent Care Tax Credit (CDCTC) Proposal: The "Helping Working Families Afford Child Care Act", Change in Individual Income Tax Revenue, 2015-2024 ($ billions), Baseline: Current Law (T14-0080) Sen. Shaheen's Child and Dependent Care Tax Credit (CDCTC) Proposal: The "Helping Working Families Afford Child Care Act", Baseline: Current Law,…
  • Compare Current Law with Tax Law and Policy as of 2008

    22 Jul 2014 | 10:00 pm
    This set of estimates consists of the following related tables: (T14-0078) Current Law against Current Law as of 2008 baseline; Distribution of Federal Tax Change by Expanded Cash Income Percentile, 2013 (T14-0073) Current Law against Current Law as of 2008 baseline; Distribution of Federal Tax Change by Expanded Cash Income Level, 2013 (T14-0074) Current Law against Current Policy as of 2008 Baseline; Distribution of Federal Tax Change by Expanded Cash Income Percentile, 2013 (T14-0075) Current Law against Current Policy as of 2008 Baseline; Distribution of Federal Tax Change by Expanded…
  • Chairman Dave Camps Tax Reform Act of 2014

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

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

    2 Sep 2014 | 2:00 am
    Happy 35thanniversary to the National Association of Tax Professionals!  I haven’t been a member for all 35 years – but at least 30.* Tax pros – check out the new September “issue” of my free online newsletter “The Tax Professional”.  And let me know your comments on the topics I discuss therein.* Did you see the “Message from My Cat” yet?* IRS release IR-2014-84offers a reminder that bears constant repeating –“The IRS will never:1.   Call you about taxes you owe without first mailing you an official notice.2.   Demand that you pay taxes…
  • GA GA FOR HARMONY PRESENTS

    31 Aug 2014 | 2:00 am
    This post has absolutely nothing to do with taxes of any kind – which is why I am posting it on a Sunday.  I had written it for another venue, but decided against pursuing it, and felt the piece shouldn’t go to waste. I hadn’t been to the intimate Boiler Room, on “G” level of the Hawley Silk Mill here in northeast Pennsylvania, for a concert from Harmony Presents since the winter.  But the title of the rare Friday night concert on August 15th grabbed me – “Ga Ga for Gershwin”.Harmony Presents showcases live performances ranging from Americana, Funk, Rock, Comedy,…
  • WHAT’S THE BUZZ, TELL ME WHAT’S A HAPPENNIN’

    29 Aug 2014 | 2:00 am
    * Did you see the “Message from My Cat” yet?* Nicholas Pell, my colleague at the MAINSTREET.COM Tax Center, gives some good suggestions in “What You Can Do About Your Taxes Mid-Year”.* Kay Bell, the yellow rose of taxes, tells us that the “IRS, Betting That Expired State and Local Sales Tax Deduction Will Be Renewed, Hires Firm to Calculate Schedule A Tables” (now there is a mouthful) at DON’T MESS WITH TAXES.The IRS joins most tax professionals who expect that the idiots in Congress will once again temporarily extend this option at the very last minute.“ . . . CCH has…
  • WHAT’S THE BUZZ, TELL ME WHAT’S A HAPPENNIN’ - TUESDAY EDITION

    26 Aug 2014 | 2:00 am
    * Did you see the “Message from My Cat” yet?* Barbara Weltman’s BARBARA’S BLOG post “Small Business and Politics” brings us some good news.According to a recent Manta survey of small business owners –“81% plan to vote out sitting incumbents.”   Barbara reminds us (highlight is mine) –“November 4 is Election Day, which is less than 3 months away. On this day, all members of the House of Representatives and one-third of the Senate are up for election.”Many people believe that the 113th Congress is the worst Congress in history, and certainly the least…
  • OOPS! THEY DID IT AGAIN

    25 Aug 2014 | 5:39 am
    The State of New Jersey wants its residents to submit their NJ-1040 state income tax returns electronically.  Those taxpayers, and tax preparers (like me), who do not use flawed and expensive tax preparation software can do so via NJWebFile, which allows taxpayers to submit their returns directly to the NJ Division of Taxation without going through a third-party commercial preparation or software company.  The advantage to the taxpayer is that if your NJWebFile generated NJ-1040 results in a refund you can have the money directly deposited to your bank account instead of waiting for…
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    Start Making Sense

  • Allergies

    28 Aug 2014 | 7:16 pm
    ... are the body's version of McCarthyism.  The immune system can't find enough real enemies, so it invents fake ones and makes everything worse.
  • Explaining August's nearly unbroken radio silence

    28 Aug 2014 | 12:34 pm
    Another month almost gone - the last in my favorite three-month stretch of the year (aka the true, as opposed to purely astronomical or even meteorological, summer) - and I have scarcely posted lately.  Thus, for example, I have yet to mention here the Burger King inversion story, although over the last couple of days I have been discussing it with members of the press.I've been traveling for much of the month, first on vacation and then, as a parent, to help deliver a rising freshman to his college in southern California.  Two side benefits that I got from the latter trip were as…
  • The Obama Administration's move towards greater unilateral executive action

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

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

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

  • The Frequent Flyer Flap Follow-Up

    James Edward Maule
    1 Sep 2014 | 5:01 am
    A little more than two years ago, in The Frequent Flyer Flap, I discussed the tax consequences of receiving frequent flyer miles. The discussion included consideration not only of miles received from the airline, but also miles received from third party vendors in connection with the making of a purchase or the opening of an account. I explained how the IRS positions with respect to the receipt of frequent flyer miles for tickets purchased on employer accounts and miles received from banks for opening an account could be reconciled. I also pointed out that all sorts of questions remained to…
  • Principal Residence Principles

    James Edward Maule
    29 Aug 2014 | 5:01 am
    A recent Tax Court decision, Oxford v. Comr., T. C. Summ. Op. 2014-80, delivers an interest insight into the intersection of the first-time homebuyer credit and the meaning of principal residence. Though the taxpayer argued that she was entitled, alternatively, to the credit as either a “first-time homebuyer” or as a “long-time resident,” the court did not reach the latter possibility because of how it analyzed the former.The taxpayer purchased a home in 1998 in Wichita, Kansas, and used it as her principal residence until 2004, when she sold it because she became unemployed. She put…
  • Bridges, Tunnels, Privatization, and Taxes

    James Edward Maule
    27 Aug 2014 | 5:01 am
    Not quite a year ago, in Tolls, Taxes, and User Fees in a Public-Private Context, I wrote about a decision by the Supreme Court of Virginia rejecting a citizen’s claim that he could not be compelled to pay a toll for use of a previously toll-free tunnel that had turned over to a private company to which the state legislature had given toll-setting authority. The Court concluded that the legislature’s grant of toll-setting authority to the private company was not the unlawful delegation of the legislative power to tax, because the toll was not a tax.Now the tide has turned. This time,…
  • The Lap Dance Tax Dance Marathon

    James Edward Maule
    25 Aug 2014 | 5:01 am
    Earlier this month, in Philadelphia Lap Dance Tax Effort Bumped Up to Court, Which Grinds It Down, I continued the saga of the attempt by Philadelphia to impose its amusement tax on lap dances, a commentary started in Lap Dance Tax? and continued in Tax Review Board Strips City’s Lap Dance Tax Attempt. Now comes another development in the tale, in an article that prematurely suggests the final chapter has been written, “Court fight over lap-dance levy won't grind on.” To the contrary, a sequel may be waiting in the wings.According to the story, the city of Philadelphia, which lost its…
  • Collecting Taxes Requires Funding

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

  • Leadership Behavior: The Good, the Bad & the Ugly

    AccountingWeb
    2 Sep 2014 | 7:49 am
    Event Date: September 18, 2014, 2 pm ETIn this course, Amber Setter will shine the light on different types of leadership behavior- an integral part of everyone's career.  By examining good, bad, and ugly leadership traits, participants will be equipped to distinguish and manage their own leadership persona and be able to see how the tone at the top impacts organizational performance.  
  • With Freelancers' Tax Returns, It's All About Timing

    Julian Block
    2 Sep 2014 | 5:14 am
    As part of end-of-year financial planning, the self-employed should review perfectly legal tax-trimming tactics that must be taken by December 31 if they aren't to be lost forever.
  • Comment Period Opens for Proposed 2015 GAAP Taxonomy

    Jason Bramwell
    29 Aug 2014 | 10:07 am
    Interested individuals have until October 31 to provide comments to the FASB about the taxonomy, which is a list of computer-readable financial reporting labels coded in XBRL.
  • Bramwell’s Lunch Beat: Could BK Deal Put Buffett and Obama at Odds?

    Jason Bramwell
    29 Aug 2014 | 9:16 am
    The menu for August 29 features specials on EY audit deficiency rate was 49% in 2013, hedge funds look for clues on Treasury’s inversion crackdown, SEC issues whistleblower award, and more.
  • How to Wear the 'Business Advisor' Hat

    Sally Glick
    29 Aug 2014 | 5:17 am
    Never overlook the importance of promoting your role as a trusted business advisor for your own clients. With a well-earned reputation as a trusted advisor, you are more competitive in your niche.
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    TaxProf Blog

  • O'Reilly: Trends in Tax Legal Scholarship

    Paul Caron
    2 Sep 2014 | 4:05 am
    Terrance O'Reilly (Willamette), Tax Legal Scholarship to 1970, 34 Va. Tax Rev. ___ (2014): This article examines the evolution of method and styles in tax legal scholarship from 1913 through the 1960s. It focuses on legal scholarship published in law reviews. Section I provides some numerical measures of trends in...
  • Kennedy: DOMA Implications for Employee Benefit Plans

    Paul Caron
    2 Sep 2014 | 3:05 am
    Kathryn J. Kennedy (John Marshall), DOMA Implications for Employee Benefit Plans: Round 2, 144 Tax Notes 947 (Aug. 25, 2014): This report updates Kennedy’s earlier Tax Notes article on employee benefits guidance issued by the IRS and the Department of Labor soon after the Supreme Court’s 2013 decisions in Hollingsworth...
  • Tax Foundation: Burger King and Corporate Tax Rates and Revenues

    Paul Caron
    2 Sep 2014 | 2:05 am
    Tax Foundation: Canada's Lower Corporate Tax Rate Raises More Tax Revenue: Canada is apparently becoming an attractive place to do business. This week Burger King announced plans to move its headquarters to Canada, via a merger with Tim Hortons. Other U.S. companies that have recently moved or announced plans to...
  • The IRS Scandal, Day 481

    Paul Caron
    2 Sep 2014 | 12:26 am
    Ars Technica: IRS E-mails Not Lost After All—Just Buried in Offsite Backups, Group Claims Communities Digital News: Judicial Watch: Targeting the IRS Daily Caller: Email Reveals Lois Lerner Ignored Political Expenditures By Unions Orange County Register editorial: Probe of IRS Scandal Taxes Patience People's Pundit Daily: Sharyl Attkisson: Gold Standard...
  • TaxProf Blog Holiday Weekend Roundup

    Paul Caron
    2 Sep 2014 | 12:15 am
    Saturday: Rachel Moran Will Not Seek Second Term as UCLA Dean This Labor Day Weekend, End the Tyranny of 24/7 Email Suffolk Law School Offers Buyouts to All Of Its Tenured Faculty The IRS Scandal, Day 478 Sunday: U.S. Hikes Fee to Renounce Citizenship By 422% Love Does Top 5...
 
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    Texas State & Local Tax Law Blog

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

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

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

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

    Alan E. Sherman
    30 Jul 2014 | 5:00 am
    The Texas Comptroller of Public Accounts is currently circulating drafts of proposed sales and use tax rule changes for informal comments from interested tax practitioners. Most of the drafts are very detailed and will require careful review to determine how particular provisions will help – or hurt – a specific business or industry. Today’s post is about the Comptroller’s intention to end “trailing nexus,” a draft proposal that should be especially helpful to certain out-of-state sellers of taxable items to Texas customers. Photo credit: © Stuart…
  • An update on three state tax cases pending at the Texas Supreme Court

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

  • Have a good weekend

    Joe Kristan
    29 Aug 2014 | 9:12 am
    The Tax Update is taking an extra-long weekend.  See you next week.  
  • Tax Roundup, 8/28/14: Frequent flying in the Tax Court. And: you don’t need 50 employees to face Obamacare problems.

    Joe Kristan
    28 Aug 2014 | 6:33 am
    TaxGrrrl, Tax Court Sides With IRS In Tax Treatment Of Frequent Flyer Miles Issued By Citibank.  TaxGrrrl reports on a case this week where a taxpayer was awarded with “points” for opening a bank account, which could be redeemed for airplane tickets.  A couple who cashed in the points for tickets worth over $600 received a 1099 for them and left it off their 1040. TaxGrrrl reports: Thankfully, the Tax Court did draw a distinction between the taxability of “Thank You Points” and frequent flyer miles attributable to business or official travel using Announcement 2002-18…
  • Tax Roundup, 8/27/14: Inversions! Fire! Flee! FIRPTA! Edition. And: state credits and the race for Governor.

    Joe Kristan
    27 Aug 2014 | 6:34 am
    DOOM! PANIC!  Corporate inversions!  DO SOMETHING!  This isn’t the first time politicians have gotten their dresses over their heads in a pseudo-patriotic panic over legal transactions, as Ajay Gupta explains for Tax Analysts ($link): FIRPTA is a statute conceived in xenophobia and dedicated to the proposition that not all investors are created equal. It is nothing more or less than the embodiment of a congressional desire to limit the grasp of foreign investors on domestic real estate. “FIRPTA” is the Foreign Investment in Real Property Tax Act, and it requires buyers…
  • Tax roundup, 8/26/14: Oh, that backup file. You can’t have that one. And lots more!

    Joe Kristan
    26 Aug 2014 | 7:09 am
    Oh, that email backup?  From Today’s TaxProf IRA scandal roundup, The IRS Scandal, Day 474, comes this dazer: Department of Justice attorneys for the Internal Revenue Service told Judicial Watch on Friday that Lois Lerner’s emails, indeed all government computer records, are backed up by the federal government in case of a government-wide catastrophe.  The Obama administration attorneys said that this back-up system would be too onerous to search.  Tremendous.  After telling the court that there just was no way on earth those emails survived, now they say there is a backup,…
  • Tax Roundup, 8/25/14: Tax Credits for not killing a puppy. Well, another puppy. And: mind your spelling!

    Joe Kristan
    25 Aug 2014 | 6:23 am
    Flickr Image courtesy Llima under Creative Commons license Wisconsin finds a new frontier in incentive tax credits.  From madison.com: The board overseeing the state’s flagship job-creation agency has quietly approved a $6 million tax credit for Ashley Furniture Industries with a condition allowing the company to eliminate half of its state workforce. As approved by the Wisconsin Economic Development Corp. board, the award would allow the Arcadia-based global furniture maker to move ahead with a $35 million expansion of its headquarters and keep 1,924 jobs in the state. Stop me with tax…
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    RUBIN ON TAX

  • IRS APPLIES 20TH CENTURY ANALYSIS TO 21ST CENTURY SOCIAL ORGANIZATION

    Charles (Chuck) Rubin
    30 Aug 2014 | 5:13 am
    Code §501(c)(7) provides an exemption from federal income tax for clubs organized substantially for pleasure, recreation, and other nonprofitable purposes if no part its net earnings inures to the benefit of a private shareholder. Thus, social clubs, sororities, and fraternities, for example, can often qualify for income tax exemption. In a recent private letter ruling, the IRS was asked to rule that an "online sorority" qualified as an exempt social club. The sorority was organized to operate a national online sorority for students of an online for-profit university. Its purpose…
  • TIME LIMITATIONS ON RECEIVING LATE PROOF OF FOREIGN STATUS FOR PORTFOLIO INTEREST EXEMPTION PAYMENTS

    Charles (Chuck) Rubin
    28 Aug 2014 | 3:14 pm
    Code Section 871(h) provides non-U.S. persons with a valuable exemption from U.S. income taxes on interest paid on registered U.S. obligations, commonly referred to as the portfolio interest exemption. Before a payor is authorized to make an interest payment without withholding taxes under the exemption, the payor must have received a W-8BEN form within the last 3 years establishing the foreign residency of the interest recipient. In the real world, payors often fail to have the required Form W-8BEN before a payment is made. Treas. Reg. § 1.871-14(c)(3)(i) provides protection against…
  • PERSONAL GOODWILL OF EMPLOYEE REDUCES ESTATE TAX VALUE OF CORPORATE STOCK

    Charles (Chuck) Rubin
    24 Aug 2014 | 9:49 am
    The question of “personal goodwill” often comes up in sales of corporate assets. When a business is sold, the shareholder will often seek to sell his or her “personal goodwill” in the business separately from the corporation’s sale of its assets, so as to obtain individual capital gains rates on the goodwill portion. But personal goodwill can also have relevance to estate tax valuation of stock, as illustrated by a recent Tax Court case. In the case, the decedent owned all of the shares of stock of a corporation that were being valued for estate tax purposes. However, the son of the…
  • APPLICABLE FEDERAL RATES–SEPTEMBER 2014

    Charles (Chuck) Rubin
    24 Aug 2014 | 6:43 am
    Follow @crubincrubin
  • ARTICLE ABSTRACT - Searching for Basis in Estate Planning: Less Tax for Heirs

    Charles (Chuck) Rubin
    16 Aug 2014 | 3:20 pm
    TITLE Searching for Basis in Estate Planning: Less Tax for Heirs   AUTHOR(S) JONATHAN G. BLATTMACHR AND MADELINE J. RIVLIN PUBLICATION Estate Planning Journal, August 2014 PUBLISHER WG&L ABSTRACT (Key Points & Discussions) Summary of Basis Rules from Gifts and Inheritances Depreciated Assets Potential loss of basis  for loss computation purposes if a gift     Donor may want to consider sale instead to realize the loss   Donor may want to gift before death to avoid a basis step-down for gain computation purposes Appreciated Assets  If no estate…
 
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    Taxable Talk

  • Former US Attorney Forgets to File

    Russ
    1 Sep 2014 | 7:02 pm
    Back in the 1970s, Lawrence Semenza was the US Attorney for Nevada. In a 2007 article in the Las Vegas Review-Journal, Mr. Semenza commented about how different the job was back then. After Jimmy Carter was elected President, Mr. Semenza was allowed to stay on the job until brothel owner Joe Conforte was sentenced for failure to pay payroll taxes–a case prosecuted directly by Mr. Semenza. “It was a different era,” Semenza recalled. “U.S. attorneys, even assistant U.S. attorneys, knew they were never going to be there forever.” One thing, though, hasn’t…
  • Do Call Us, We Won’t Call You

    Russ
    28 Aug 2014 | 8:18 pm
    The IRS does not initiate collection activities by phone calls. If you owe money to the IRS, the first notice will always be a letter delivered by the Postal Service. Unfortunately, scammers are continuing to pray on people. The IRS issued this press release today: Scam Phone Calls Continue; IRS Identifies Five Easy Ways to Spot Suspicious Calls WASHINGTON — The Internal Revenue Service issued a consumer alert today providing taxpayers with additional tips to protect themselves from telephone scam artists calling and pretending to be with the IRS. These callers may demand money or may say…
  • Remember Those Missing IRS Emails? They Appear to Exist….

    Russ
    25 Aug 2014 | 7:06 pm
    “There’s no such thing as Lois Lerner’s missing emails. It’s all been a big lie. They’ve been lying to the courts, to the American people, and to Contgess. It is really outrageous.” That’s Tom Filton, President of Judicial Watch: The reason that the IRS allegedly hasn’t attempted to recover the missing emails? “It would be too difficult.” Now, I do need to point out that all we have at this point is Mr. Filton’s stating that Department of Justice attorneys stated this (along with a statement released by Judicial Watch).
  • Tax Preparers Behaving Badly

    Russ
    24 Aug 2014 | 7:21 pm
    There’s a common thread among these tax professionals: You’ll be getting a refund. That sounds good until you realize that you really shouldn’t have, and that you will likely get in trouble later. Our first preparer might be saying, “Well, I did get two returns correct.” Unfortunately, the IRS and the US Department of Justice allege he get 74 others wrong. The DOJ asked a federal court to bar Ernice Joseph and his Miami tax preparation firms, Ebenezer Tax Services Inc and Primo Tax Service Inc, from preparing federal returns for others. Why? Here’s what the…
  • Today, Liechtenstein; Tomorrow, the World!

    Russ
    24 Aug 2014 | 6:55 pm
    Fellow Enrolled Agent Jason Dinesen calls EAs the Liechtenstein of the tax world. Personally, I think he may be overstating our case; when I tell people I’m an Enrolled Agent the most common reaction is, “You don’t look like you’re in law enforcement.” Sigh…. But kudos to the National Association of Enrolled Agents: The NAEA is doing some positive public relations. If you fly American Airlines in the coming months you will hear NAEA President Lonnie Gary explaining what an EA really is–America’s tax experts. Here’s a link to the video that…
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    L & R Tax Preparation LLC RSS Feed

  • The Affordable Care Act and You

    1 Sep 2014 | 7:00 am
    The Patient Protection and Affordable Care Act of 2010 resulted in several changes to the U.S. tax code that affect individuals purchasing health care insurance through the health care exchanges. Let's take a closer look at what it all means for you.
  • Renting Out a Vacation Home

    1 Sep 2014 | 7:00 am
    Summer may be over, but ski season is just around the corner. If you're thinking of buying a vacation home in the mountains and renting it out, or perhaps using it yourself as well, there may be tax consequences you haven't considered. Here's what you need to know.
  • A SIMPLE Retirement Plan for the Self-Employed

    1 Sep 2014 | 7:00 am
    Of all the retirement plans available to small business owners, the SIMPLE IRA plan is the easiest to set up and least expensive to manage. Learn more about SIMPLE IRA plans for your business.
 
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  • Want that 3am text to just disappear?

    2 Sep 2014 | 8:39 am
    Want that 3am text to just disappear?Getty23-year-old Natalie has a way to permanently delete texts from your friends' phones after sending.How she'll keep you from being mortifiedMore to seeNew fitness technology testedNetflix ends Saturday deliveries
  • Underwood makes big announcement

    2 Sep 2014 | 8:39 am
    Underwood makes big announcementAPThe country darling, 31, and hubby Mike Fisher, 34, took to Instagram Monday with some exciting news.Announcement itself was adorableMore entertainment newsBritney excited to date againBeyonce and Jay Z snuggle up
  • He may be headed to Mars ... for good

    2 Sep 2014 | 8:39 am
    He may be headed to Mars ... for goodTribuneMarsOne plans to send four people by 2023 -- and if Max is selected, he'll be getting a one-way ticket.How he's preparing to leave the planet More to readParamedics help teen flyDeath Valley mystery solved
  • This weekend forever changed one major city

    2 Sep 2014 | 8:39 am
    This weekend forever changed one major cityGettyThe past three days may have put the nails in the coffin for one historic U.S. city on the brink of financial collapse -- yet hope still remains with one fact.See the dramatic transformationMore to readCasino shutters after 27 yearsAtlantic City's Revel starts closing
  • Putin infuriated over leaked Ukraine remark

    2 Sep 2014 | 8:39 am
    Putin infuriated over leaked Ukraine remarkGettyAs reports emerged of over a thousand Russian troops occupying rebel-held cities in Ukraine, President Putin got caught in a cold statement.What his comments revealedMore in the newsHow UK will counter jihadi threatThousands of kids held in Thailand
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  • Want that 3am text to just disappear?

    2 Sep 2014 | 8:39 am
    Want that 3am text to just disappear?Getty23-year-old Natalie has a way to permanently delete texts from your friends' phones after sending.How she'll keep you from being mortifiedMore to seeNew fitness technology testedNetflix ends Saturday deliveries
  • Underwood makes big announcement

    2 Sep 2014 | 8:39 am
    Underwood makes big announcementAPThe country darling, 31, and hubby Mike Fisher, 34, took to Instagram Monday with some exciting news.Announcement itself was adorableMore entertainment newsBritney excited to date againBeyonce and Jay Z snuggle up
  • He may be headed to Mars ... for good

    2 Sep 2014 | 8:39 am
    He may be headed to Mars ... for goodTribuneMarsOne plans to send four people by 2023 -- and if Max is selected, he'll be getting a one-way ticket.How he's preparing to leave the planet More to readParamedics help teen flyDeath Valley mystery solved
  • This weekend forever changed one major city

    2 Sep 2014 | 8:39 am
    This weekend forever changed one major cityGettyThe past three days may have put the nails in the coffin for one historic U.S. city on the brink of financial collapse -- yet hope still remains with one fact.See the dramatic transformationMore to readCasino shutters after 27 yearsAtlantic City's Revel starts closing
  • Putin infuriated over leaked Ukraine remark

    2 Sep 2014 | 8:39 am
    Putin infuriated over leaked Ukraine remarkGettyAs reports emerged of over a thousand Russian troops occupying rebel-held cities in Ukraine, President Putin got caught in a cold statement.What his comments revealedMore in the newsHow UK will counter jihadi threatThousands of kids held in Thailand
 
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  • Want that 3am text to just disappear?

    2 Sep 2014 | 8:39 am
    Want that 3am text to just disappear?Getty23-year-old Natalie has a way to permanently delete texts from your friends' phones after sending.How she'll keep you from being mortifiedMore to seeNew fitness technology testedNetflix ends Saturday deliveries
  • Underwood makes big announcement

    2 Sep 2014 | 8:39 am
    Underwood makes big announcementAPThe country darling, 31, and hubby Mike Fisher, 34, took to Instagram Monday with some exciting news.Announcement itself was adorableMore entertainment newsBritney excited to date againBeyonce and Jay Z snuggle up
  • He may be headed to Mars ... for good

    2 Sep 2014 | 8:39 am
    He may be headed to Mars ... for goodTribuneMarsOne plans to send four people by 2023 -- and if Max is selected, he'll be getting a one-way ticket.How he's preparing to leave the planet More to readParamedics help teen flyDeath Valley mystery solved
  • This weekend forever changed one major city

    2 Sep 2014 | 8:39 am
    This weekend forever changed one major cityGettyThe past three days may have put the nails in the coffin for one historic U.S. city on the brink of financial collapse -- yet hope still remains with one fact.See the dramatic transformationMore to readCasino shutters after 27 yearsAtlantic City's Revel starts closing
  • Putin infuriated over leaked Ukraine remark

    2 Sep 2014 | 8:39 am
    Putin infuriated over leaked Ukraine remarkGettyAs reports emerged of over a thousand Russian troops occupying rebel-held cities in Ukraine, President Putin got caught in a cold statement.What his comments revealedMore in the newsHow UK will counter jihadi threatThousands of kids held in Thailand
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  • Want that 3am text to just disappear?

    2 Sep 2014 | 8:39 am
    Want that 3am text to just disappear?Getty23-year-old Natalie has a way to permanently delete texts from your friends' phones after sending.How she'll keep you from being mortifiedMore to seeNew fitness technology testedNetflix ends Saturday deliveries
  • Underwood makes big announcement

    2 Sep 2014 | 8:39 am
    Underwood makes big announcementAPThe country darling, 31, and hubby Mike Fisher, 34, took to Instagram Monday with some exciting news.Announcement itself was adorableMore entertainment newsBritney excited to date againBeyonce and Jay Z snuggle up
  • He may be headed to Mars ... for good

    2 Sep 2014 | 8:39 am
    He may be headed to Mars ... for goodTribuneMarsOne plans to send four people by 2023 -- and if Max is selected, he'll be getting a one-way ticket.How he's preparing to leave the planet More to readParamedics help teen flyDeath Valley mystery solved
  • This weekend forever changed one major city

    2 Sep 2014 | 8:39 am
    This weekend forever changed one major cityGettyThe past three days may have put the nails in the coffin for one historic U.S. city on the brink of financial collapse -- yet hope still remains with one fact.See the dramatic transformationMore to readCasino shutters after 27 yearsAtlantic City's Revel starts closing
  • Putin infuriated over leaked Ukraine remark

    2 Sep 2014 | 8:39 am
    Putin infuriated over leaked Ukraine remarkGettyAs reports emerged of over a thousand Russian troops occupying rebel-held cities in Ukraine, President Putin got caught in a cold statement.What his comments revealedMore in the newsHow UK will counter jihadi threatThousands of kids held in Thailand
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  • Want that 3am text to just disappear?

    2 Sep 2014 | 8:39 am
    Want that 3am text to just disappear?Getty23-year-old Natalie has a way to permanently delete texts from your friends' phones after sending.How she'll keep you from being mortifiedMore to seeNew fitness technology testedNetflix ends Saturday deliveries
  • Underwood makes big announcement

    2 Sep 2014 | 8:39 am
    Underwood makes big announcementAPThe country darling, 31, and hubby Mike Fisher, 34, took to Instagram Monday with some exciting news.Announcement itself was adorableMore entertainment newsBritney excited to date againBeyonce and Jay Z snuggle up
  • He may be headed to Mars ... for good

    2 Sep 2014 | 8:39 am
    He may be headed to Mars ... for goodTribuneMarsOne plans to send four people by 2023 -- and if Max is selected, he'll be getting a one-way ticket.How he's preparing to leave the planet More to readParamedics help teen flyDeath Valley mystery solved
  • This weekend forever changed one major city

    2 Sep 2014 | 8:39 am
    This weekend forever changed one major cityGettyThe past three days may have put the nails in the coffin for one historic U.S. city on the brink of financial collapse -- yet hope still remains with one fact.See the dramatic transformationMore to readCasino shutters after 27 yearsAtlantic City's Revel starts closing
  • Putin infuriated over leaked Ukraine remark

    2 Sep 2014 | 8:39 am
    Putin infuriated over leaked Ukraine remarkGettyAs reports emerged of over a thousand Russian troops occupying rebel-held cities in Ukraine, President Putin got caught in a cold statement.What his comments revealedMore in the newsHow UK will counter jihadi threatThousands of kids held in Thailand
 
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  • Want that 3am text to just disappear?

    2 Sep 2014 | 8:39 am
    Want that 3am text to just disappear?Getty23-year-old Natalie has a way to permanently delete texts from your friends' phones after sending.How she'll keep you from being mortifiedMore to seeNew fitness technology testedNetflix ends Saturday deliveries
  • Underwood makes big announcement

    2 Sep 2014 | 8:39 am
    Underwood makes big announcementAPThe country darling, 31, and hubby Mike Fisher, 34, took to Instagram Monday with some exciting news.Announcement itself was adorableMore entertainment newsBritney excited to date againBeyonce and Jay Z snuggle up
  • He may be headed to Mars ... for good

    2 Sep 2014 | 8:39 am
    He may be headed to Mars ... for goodTribuneMarsOne plans to send four people by 2023 -- and if Max is selected, he'll be getting a one-way ticket.How he's preparing to leave the planet More to readParamedics help teen flyDeath Valley mystery solved
  • This weekend forever changed one major city

    2 Sep 2014 | 8:39 am
    This weekend forever changed one major cityGettyThe past three days may have put the nails in the coffin for one historic U.S. city on the brink of financial collapse -- yet hope still remains with one fact.See the dramatic transformationMore to readCasino shutters after 27 yearsAtlantic City's Revel starts closing
  • Putin infuriated over leaked Ukraine remark

    2 Sep 2014 | 8:39 am
    Putin infuriated over leaked Ukraine remarkGettyAs reports emerged of over a thousand Russian troops occupying rebel-held cities in Ukraine, President Putin got caught in a cold statement.What his comments revealedMore in the newsHow UK will counter jihadi threatThousands of kids held in Thailand
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  • Want that 3am text to just disappear?

    2 Sep 2014 | 8:39 am
    Want that 3am text to just disappear?Getty23-year-old Natalie has a way to permanently delete texts from your friends' phones after sending.How she'll keep you from being mortifiedMore to seeNew fitness technology testedNetflix ends Saturday deliveries
  • Underwood makes big announcement

    2 Sep 2014 | 8:39 am
    Underwood makes big announcementAPThe country darling, 31, and hubby Mike Fisher, 34, took to Instagram Monday with some exciting news.Announcement itself was adorableMore entertainment newsBritney excited to date againBeyonce and Jay Z snuggle up
  • He may be headed to Mars ... for good

    2 Sep 2014 | 8:39 am
    He may be headed to Mars ... for goodTribuneMarsOne plans to send four people by 2023 -- and if Max is selected, he'll be getting a one-way ticket.How he's preparing to leave the planet More to readParamedics help teen flyDeath Valley mystery solved
  • This weekend forever changed one major city

    2 Sep 2014 | 8:39 am
    This weekend forever changed one major cityGettyThe past three days may have put the nails in the coffin for one historic U.S. city on the brink of financial collapse -- yet hope still remains with one fact.See the dramatic transformationMore to readCasino shutters after 27 yearsAtlantic City's Revel starts closing
  • Putin infuriated over leaked Ukraine remark

    2 Sep 2014 | 8:39 am
    Putin infuriated over leaked Ukraine remarkGettyAs reports emerged of over a thousand Russian troops occupying rebel-held cities in Ukraine, President Putin got caught in a cold statement.What his comments revealedMore in the newsHow UK will counter jihadi threatThousands of kids held in Thailand
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  • Want that 3am text to just disappear?

    2 Sep 2014 | 8:39 am
    Want that 3am text to just disappear?Getty23-year-old Natalie has a way to permanently delete texts from your friends' phones after sending.How she'll keep you from being mortifiedMore to seeNew fitness technology testedNetflix ends Saturday deliveries
  • Underwood makes big announcement

    2 Sep 2014 | 8:39 am
    Underwood makes big announcementAPThe country darling, 31, and hubby Mike Fisher, 34, took to Instagram Monday with some exciting news.Announcement itself was adorableMore entertainment newsBritney excited to date againBeyonce and Jay Z snuggle up
  • He may be headed to Mars ... for good

    2 Sep 2014 | 8:39 am
    He may be headed to Mars ... for goodTribuneMarsOne plans to send four people by 2023 -- and if Max is selected, he'll be getting a one-way ticket.How he's preparing to leave the planet More to readParamedics help teen flyDeath Valley mystery solved
  • This weekend forever changed one major city

    2 Sep 2014 | 8:39 am
    This weekend forever changed one major cityGettyThe past three days may have put the nails in the coffin for one historic U.S. city on the brink of financial collapse -- yet hope still remains with one fact.See the dramatic transformationMore to readCasino shutters after 27 yearsAtlantic City's Revel starts closing
  • Putin infuriated over leaked Ukraine remark

    2 Sep 2014 | 8:39 am
    Putin infuriated over leaked Ukraine remarkGettyAs reports emerged of over a thousand Russian troops occupying rebel-held cities in Ukraine, President Putin got caught in a cold statement.What his comments revealedMore in the newsHow UK will counter jihadi threatThousands of kids held in Thailand
 
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  • Burger King has been cutting taxes for years

    2 Sep 2014 | 9:27 am
    Burger King has been cutting taxes for years AP The fast food giant has plans to move its headquarters to Canada to cut taxes, but a new report reveals that's nothing new. 'US has leaky corporation tax system'More in Finance How to zone your home for learningLucy and Desi's house is for sale
  • Shriver rocked by allegations in bombshell report

    2 Sep 2014 | 9:27 am
    Shriver rocked by allegations in bombshell reportAPYears before Arnold Schwarzenegger revealed his love child, it seems his wife was doing some philandering of her own.Who she reportedly had a tryst withMore to readSuge Knight surgery photosPete Rose gambles on real estate
  • Woman who almost died from 'toxic tea' breaks silence

    2 Sep 2014 | 9:27 am
    Woman who almost died from 'toxic tea' breaks silence TribuneA sip set her mouth on 'fire' -- and for 6 days, she hovered near death.Chemical that was mixed in sugarMore to see New Hershey's logo looks like ... Off-duty paramedic is a hero
  • Report: Justin Bieber arrested after ATV crash

    2 Sep 2014 | 9:27 am
    Report: Justin Bieber arrested after ATV crashPacificCoastNewsThe Biebs was taken into custody on Friday after an ATV accident allegedly led to another dramatic incident involving the singer. New charges he's now facing More entertainment newsChris Brown enters guilty plea Arquette makes $1.5M purchase
  • Putin infuriated over leaked Ukraine remark

    2 Sep 2014 | 9:27 am
    Putin infuriated over leaked Ukraine remarkGettyAs reports emerged of over a thousand Russian troops occupying rebel-held cities in Ukraine, President Putin got caught in a cold statement.What his comments revealedMore in the newsHow UK will counter jihadi threatThousands of kids held in Thailand
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    J. Stefan - EzineArticles Expert Author

  • No Articles Found

    2 Sep 2014 | 9:07 am
    No articles were found for the Author that was requested. This may mean that the author has no articles that are live on the site or that there may be a misspelling in the requested file. Please check the file name and try again. If you continue to have issues, please contact EzineArticles Support at http://www.ezinearticles.com/contact.html.
 
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    The Dinesen Tax Times by Jason T. Dinesen, LPA, E.A.

  • From the Archives: Issuing 1099s to an Incorporated Veterinarian

    Jason Dinesen
    2 Sep 2014 | 4:30 am
    It’s a holiday week, so I’m recycling popular blog posts from the past. This post, from January of this year, has quickly become one of the most-read stories on this blog: —– Originally published January 20, 2014 It’s 1099 season! Typically a 1099 must be issued by a business that pays $600 or more to a person who provides contract labor or services to the business during the year. An exception applies to payments made to corporations. Generally, payments to corporations do not require the issuance of a 1099. There are two exceptions to the “no 1099 to a…
  • Tax Preparer Ethics: Miscellaneous Deductions

    Jason Dinesen
    28 Aug 2014 | 4:30 am
    Scenario: a taxpayer works as an employee somewhere. The taxpayer insists that their purchase of (insert something personal in nature that’s clearly not deductible) is deductible as a work-related expense. If it was a legitimate work-related expense, it would be considered a “miscellaneous itemized deduction” and would only benefit the taxpayer if: They itemize deductions and The total of their miscellaneous deductions is greater than 2% of their income In most cases with average taxpayers, their miscellaneous deductions are nowhere near 2% of their income.
  • More Commentary About Year-Round Proactive Services to Clients

    Jason Dinesen
    26 Aug 2014 | 4:30 am
    If you want to be respected, be a respectable person. (A quote from my mother) People treat us the way we teach them to treat us. (Wayne Dyer) On Friday I offered my own anecdotal experiences regarding giving clients the proactive advice they all say they want. The problems I have encountered with this are 1) getting paid and 2) having people actually take my advice. Certainly this doesn’t describe all clients. It actually describes only a minority of clients. But it happens enough to be noticeable. And I’ve heard other accountants and tax professionals lament about the same…
  • Bridging the Gap Between What Clients Want … And What They’ll Pay For

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

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

  • Tax Lien Certificates – Predictable, Certain, And Secure

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

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

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

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

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

  • College Tuition: Discover How Grandparents Can Help Their Grandchildren and Save Taxes Too

    Steven J. Fromm
    1 Sep 2014 | 7:15 am
    With college tuition coming due, families should consider tax efficient ways to pay for these expenses. Grandparents who wish to help their children with tuition costs can take advantage of some special gift tax breaks. Grandparents have the usual annual present interest gift tax exclusion (now $14,000) and a lifetime exclusion (now $5,340,000). When a spouse joins in the gift (the called “spousal joinder”), these amounts double . But these are not the only tax breaks available to a grandparent who wants to help the family. In addition, grandparents have an unlimited gift tax…
  • Summer Weddings: Quick and Easy Tax Guide For Those Getting Married and Newlyweds

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

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

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

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

  • Opting Out of the Offshore Voluntary Disclosure Program – Part Two

    Samuel Brotman
    25 Aug 2014 | 7:34 am
    Here are the steps that IRS examiners take before a taxpayer makes the irrevocable decision to opt out: Send Status Letter to the taxpayer setting forth the status of the voluntary disclosure certification, documents required to finalize the certif1ication, and, if known, the tax, interest, and penalties likely to be due under the terms the OVDP. If the taxpayer does not provide the documents or make arrangements to provide the documents within 30 days of the status letter, the examiner will issue a second letter explaining that the decision to opt out is irrevocable and must be made in…
  • Delinquent FBAR Submission Procedures

    Samuel Brotman
    24 Aug 2014 | 12:56 pm
    DELINQUENT FBAR SUBMISSION PROCEDURES Some taxpayers may not need to use the Offshore Voluntary Disclosure Program or the Streamlined Filing Compliance Procedure options, but still may have delinquent Foreign Bank Account Reports. FinCEN has stablished a procedure to address this problem.[1] The solution is available to those who: (1) have not filed a required Report of Foreign Bank and Financial Accounts (FBAR) (FinCEN) Form 114, previously Form TD F 90-22.1), (2) are not under a civil examination or a criminal investigation by the IRS, and (3) have not already been contacted by the IRS…
  • Opting out of the Offshore Voluntary Disclosure Program – Part One

    Samuel Brotman
    24 Aug 2014 | 12:55 pm
    An opt out is an irrevocable election made by a taxpayer to leave the safe harbor of the OVDP, and have his or her case handled under the standard audit process. This is different from removal, which is a determination made by IRS personnel to remove a taxpayer from the civil settlement structure of the OVDP because the taxpayer or taxpayer’s representative has not cooperated. The IRS has recognized that there are cases were opting out may be the better approach for the taxpayer. In these cases, the results under the OVDP are too severe given the facts of the actual case. If the violation…
  • The OVDP Process – Part Four

    Samuel Brotman
    24 Aug 2014 | 12:50 pm
    Example of the Penalty Structure The Criminal Investigative unit is charged with assessing the penalty structure. The structure itself is nonnegotiable and the examiner lacks discretion to make any adjustments. The following is an example prepared by the IRS[1]: The values of OVDP assets are aggregated for each year and the offshore penalty is calculated at the applicable rate (either 27.5 percent or 50 percent) of the highest year’s aggregate value during the period covered by the voluntary disclosure. If the taxpayer has multiple OVDP assets where the highest value of some OVDP assets is…
  • The OVDP Process – Part Three

    Samuel Brotman
    24 Aug 2014 | 12:49 pm
    Interview with your examiner Typically a taxpayer participating in the OVDP must at some point have a meeting with the IRS examiner assigned to the case. This meeting is likely to involve other federal agents from the Department of Treasury and the Department of Justice.  The primary purpose of this meeting is to determine if the conduct was willful or non-willful.  In addition, it is a federally sponsored fishing expedition to determine what they taxpayer may know about the institution with whom they dealt and any individuals who helped them create the account.  If the taxpayers conduct…
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    Blog

  • What are Some Potential Drawbacks of the Tax Appeal Process?

    Bill Hartsock
    29 Aug 2014 | 10:38 am
    In deciding whether to file a tax appeal written protest, a taxpayer should consider all the pros and cons of the tax appeal process. In a previous article, we described the benefits of filing a tax appeal. Here, we will discuss some of the potential drawbacks of the tax appeal process.Tags: Tax Appeal Information & Advice From The Tax LawyerRead more about What are Some Potential Drawbacks of the Tax Appeal Process?
  • The Benefits of Filing a Tax Appeal

    Bill Hartsock
    28 Aug 2014 | 12:12 pm
    In order to properly file a tax appeal disagreeing with income, estate, or gift tax, the taxpayer must file with the Appeals Office. The appeal must contain a written protest stating why the IRS’s findings are incorrect (1). There are certain exceptions to the protest requirement, namely (1) in an office examination case, or (2) in a field examination or any other case if the amount of the proposed additional tax, proposed overpayment, or refund is $2,500 or less (2).Tags: Tax Appeal Information & Advice From The Tax LawyerRead more about The Benefits of Filing a Tax Appeal
  • Basics of Tax Appeals – History and Purpose

    Bill Hartsock
    25 Aug 2014 | 10:13 am
    When you have a disagreement with the IRS over the amount of tax you owe, you may need to enter into negotiations with the Office of Appeals. The Office of Appeals is in charge of administrative dispute resolution with the IRS.Tags: Tax Appeal Information & Advice From The Tax LawyerRead more about Basics of Tax Appeals – History and Purpose
  • Understanding the Tax Evasion Statute – Are You at Risk?

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

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

  • Vanessa Williams faces IRS tax lien

    Kay Bell
    28 Aug 2014 | 7:40 am
    Actress and former Miss American Vanessa Williams is the latest celebrity to run afoul of the IRS. If you owe taxes, look into a payment agreement so you don't end up like her.
  • Deducting ice bucket challenge donations

    Kay Bell
    26 Aug 2014 | 7:45 am
    Thousands have taken the Ice Bucket Challenge. Many also have donated to the ALS Association. If you gave money, you might be able to claim a tax deduction.
  • Inmates charged in tax fraud scheme

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

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

    Kay Bell
    14 Aug 2014 | 12:47 pm
    Several higher education groups say that a House approved change to current tax benefits would hurt older students who aren't full-time students.
 
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    Sales Use Tax

  • Back to School for Sales Tax Exemptions

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

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

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

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

    Annette Nellen
    26 Jun 2014 | 12:14 pm
    Unlike most states, California has an odd use tax exemption for purchases of certain foreign goods. Basically, if someone buys taxable goods while traveling outside of the U.S. and carries them back to California, the first $800 of such goods … Continue reading →
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    US Tax Program

  • A Geneva Lawyer Reiterates that Data Transmission to the USA Is Illegal According to Swiss Laws

    admin
    2 Sep 2014 | 7:05 am
    Douglas Hornung, a Geneva-based Lawyer, reiterates in the newspaper L’Agefi that the direct data transmission from banks in Switzerland to the US Department of Justice (DoJ). According to the Swiss rules the demands should come from the DoJ to the Swiss Federal Authorities and not directly to the banks. This process makes it illegal. The FINMA first confirmed twice in 2011 that the delivery from the banks were illegal, before changing its position in 2012 according to Douglas Hornung. The courts have granted urgent interim measures prohibiting banks to transmit data about former…
  • While Announced under Category 2, a Number of Banks Are Leaving the US Program

    admin
    1 Sep 2014 | 2:29 pm
    After the NZZ am Sonntag, Le Temps picks up the subject of  Category 2 banks in Switzerland leaving the US Program that was announced in August 2013. At the end of 2013 106 banks signed up for the US Program under Category 2, i.e. banks that were not already under investigation by the Department of Justice (DoJ) and had reason to believe that they had committed tax-related offenses. VP Bank, Barclays Bank (Suisse) SA, and Banque Cantonale de Fribourg (BCF) are amongst the dozen banks who announced their withdrawal from the US Program after signing up in Category 2. BCF confirmed it left…
  • According to the NZZ 10 Banks Have Decided to Leave the US Program

    admin
    31 Aug 2014 | 12:54 pm
    According to an article published by the NZZ am Sonntag, undisclosed sources mention that at least 10 banks concluded that they did not need to take part in the US Program as they had not systematically broken US law. VP Bank and Barclays Bank (Suisse) SA have already announced that they were leaving the US Program   Further reading Reuters
  • Rumours Have it that Credit Suisse Might Be Interested in Taking Over Julius Baer

    admin
    29 Aug 2014 | 1:25 pm
    The expert blog Inside Paradeplatz reports that there are rumours that Credit Suisse could be interested in taking over Julius Baer. Credit Suisse has settled its tax dispute with the USA by paying a fine of $2.6bn while the settlement of Julius Baer, another Category 1 bank, is ongoing. In the current environment, banks scrutinize the US litigation situation before considering any merger or acquisition. The US fine could heavily burden the financial situation of banks.
  • At Result Announcement, Lombard Odier Confirmed it Made a Provision of an Undisclosed Amount Related to the Tax Dispute with the US

    admin
    28 Aug 2014 | 8:44 am
    Lombard Odier changed its legal structure in January 2014 and reported its H1/2014 results, the first public announcement. The bank made a consolidated net profit of $70m (CHF62.5m), holds total assets of  $235bn (CHF211bn), of which $173bn (CHF156bn) under management, and a capitalization ratio of 23.8%. During this announcement, Patrick Odier, one of its eight managing partners, mentioned that the bank had set aside a provision for the US tax dispute, but did not disclose amounts or details. As a reminder Lombard Odier signed up at the end of December 2013 for the US Program under Category…
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