If you have an offshore account containing money you have not declared to the IRS as income, the IRS is giving you a break in the form of 2 programs. The first is the Offshore Voluntary Disclosure Program (OVDP). The second is a less-known guideline called FAQ 17. The OVDP is well-known by now. The IRS has conducted a few OVDPs that give taxpayers with offshore taxable assets the opportunity to step forward and declare their income and avoid criminal prosecution. So this program is for those who have neglected declaring any of their offshore assets over the years. But not everyone with…
Taxes
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Most Topular Stories
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IRS Break for Offshore Account Holders
IRS Tax Problem Solver Blog - IRS Help14 May 2013 | 8:32 am -
Elected Officials In Tax Trouble
Taxable Talk19 May 2013 | 7:19 pmA pair of reports from the South about elected officials (well, in one case former elected officials) in tax trouble. A longtime state representative allegedly took from charities while a former mayor may not have reported interest he received on personal loans. Georgia State Representative Tyrone Brooks (D-Atlanta) is facing a 30-count indictment on mail, wire, and tax fraud. Representative Brooks is accused of misappropriating about $1 million of charitable donations from a charity he founded in 1990 and the Georgia Association of Black Elected Officials (GABEO). While Mr. Brooks accuses… -
Energy Efficient Windows
Tax Questions and Answers16 May 2013 | 2:11 pmQuestion from Carol May 13, 2013 at 10:03am Richard, Can the energy efficient windows that I purchased in 2004 for approximately $9K be taken as a tax credit this year? No credit was allowed at that time. Thank you for... -
National Weather Service Predicts Another Busy Hurricane Season
PRO-TAX10 May 2013 | 5:00 amLast fall super storm Sandy made landfall in New Jersey and devastated large parts of that state, New York and eastern North Carolina. Looking ahead to the 2013 hurricane season which starts June 1, the National Weather Service says, much like last year, they expect this season to produce 12 to 13 named storms. NOAA says the reason for the active season predictions are due to the extreme weather during this winter for much warmer temperatures than usual, especially in the tropics. The Atlantic hurricane season lasts until November 30th. NOAA says the outer banks is one of the top… -
House and Senate committee hearings on IRS screening of Tea Party tax-exempt applications set for May 21 & 22
Don't Mess With Taxes20 May 2013 | 10:49 amClear your calendars tax wonks and scandal mongers. Two more Congressional hearings are scheduled this week to make political points look into how the Internal Revenue Service dealt with Tea Party groups' applications for tax-exempt status. Representatives got the first formal whack at the IRS on Friday, May 17, when the full House Ways and Means panel grilled outgoing (aka fired) Acting IRS Commissioner Steven Miller. The tax-writing panelists also had a few questions for J. Russell George, Treasury Inspector General for Tax Administration. At issue is whether the IRS improperly…
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PRO-TAX
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National Weather Service Predicts Another Busy Hurricane Season
10 May 2013 | 5:00 amLast fall super storm Sandy made landfall in New Jersey and devastated large parts of that state, New York and eastern North Carolina. Looking ahead to the 2013 hurricane season which starts June 1, the National Weather Service says, much like last year, they expect this season to produce 12 to 13 named storms. NOAA says the reason for the active season predictions are due to the extreme weather during this winter for much warmer temperatures than usual, especially in the tropics. The Atlantic hurricane season lasts until November 30th. NOAA says the outer banks is one of the top… -
Penalty Relief for Delayed 2012 Forms
11 Apr 2013 | 5:00 amAlmost everybody is aware that tax returns are generally due April 15, 2013. However, due to the enactment (January 2, 2013) of the American Taxpayer Relief Act of 2012, a number of important IRS forms needed to be revised. Revising those forms required extensive programming and testing of IRS systems, which delayed the IRS’s ability to release, accept, and process those forms. In regards to this issue, the IRS has published the following information which we are passing along to you: "These delays may affect the ability of some taxpayers to timely estimate and pay their 2012… -
Don't Miss the Health Insurance Deduction if You're Self-Employed
11 Apr 2013 | 5:00 amSelf-employed business people, including farmers, have a tax deduction available that some may not know about. If you are self-employed, the deduction is for premiums paid for medical, dental, and/or long-term care insurance that you have paid for yourself, your spouse, and your dependents. This includes insurance that also covers your child who was under age 27 at the end of 2012, even if the child was not your dependent. You may be able to take this deduction if one of the following applies to you:You had a net profit from self-employment and reported this on a… -
You Still Have Time to File for Your 2009 Refund!
10 Apr 2013 | 7:36 amIn the rush of time, it’s not unusual that busy breadwinners sometimes miss a tax return filing date. If you missed filing your 2009 tax return – or your 2010 or 2011 return for that matter – there is still time to file and claim your refund! According to IRS Special Edition Tax Tip 2013-07, “The IRS has $917 million in unclaimed refunds from an estimated 984,000 tax returns that people didn’t file for the 2009 tax year. The IRS estimates that half the potential refunds for 2009 are more than $500.” Fortunately, there is a three-year window in which you can claim a… -
April 15 Filing Deadline - Need an Extension?
10 Apr 2013 | 7:25 amApril 15 is the filing deadline for a federal tax return. But if you need more time to get your paperwork complete, make sure you file Form 4868, Automatic Extension of Time to File, with the IRS by the end of the day on the 15th. This gives you an automatic six-month (October 15) extension of time to file. NOTE: Remember, an “Extension of Time to File” is not an “Extension of Time to Pay.” The extension gives you an automatic six months of additional time to get your paperwork together and file that…
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Don't Mess With Taxes
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House and Senate committee hearings on IRS screening of Tea Party tax-exempt applications set for May 21 & 22
20 May 2013 | 10:49 amClear your calendars tax wonks and scandal mongers. Two more Congressional hearings are scheduled this week to make political points look into how the Internal Revenue Service dealt with Tea Party groups' applications for tax-exempt status. Representatives got the first formal whack at the IRS on Friday, May 17, when the full House Ways and Means panel grilled outgoing (aka fired) Acting IRS Commissioner Steven Miller. The tax-writing panelists also had a few questions for J. Russell George, Treasury Inspector General for Tax Administration. At issue is whether the IRS improperly… -
Enjoy the song stylings of Steve Miller, the singer, not tax guy
19 May 2013 | 4:35 pmAdmit it. For the last week or so, the song "Take the Money and Run" has been playing continuously in your head. That musical inclination is natural if you grew up listening to tunes on the radio in the '70s, are a Texan, or both (guilty!) because the recently sacked acting Internal Revenue Service commissioner shares the same name as a popular Lone Star State band. But I've had friends from elsewhere in the country mention that the same thing has been happening to them. Steve Miller in the news: This actually started back in November 2012. That's when a career IRS… -
All IRS all the time, at least last week at my other tax blog
19 May 2013 | 2:10 pmI write and blog about taxes, so it's no big surprise that some of those pieces focus on the Internal Revenue Service. And given all that's going on right now in connection with the IRS, it's also no big surprise that the federal tax agency was the topic of three posts last week at my other tax blog. That's right, instead of the ususal Tuesday and Thursday items, I took a look on last Monday at the fallout from the IRS focus on Tea Party groups that applied for tax-exempt status. The next day was a reminder that IRS furloughs start on Friday, May 24. And then I closed out… -
There's a new Powerball multimillionaire. Winner, IRS rejoice
19 May 2013 | 11:17 amOne Powerball ticket for last night's $590.5 million lottery jackpot was sold at a grocery story in Zephyrhills, Fla. The winning numbers were 10, 13, 14, 22, 52 and the Powerball 11. Yes, that's a little less than earlier estimates of the ultimate payout. But the final tally is still enough to make last night's jackpot the largest in Powerball history. The game's previous largest jackpot was $587.5 million won Nov. 28, 2012. The lottery multimillionaire now must decide whether to take his or her new fortune in 30 year payouts or in one lump sum of almost $371 million. If… -
Another big betting day as Powerball and Preakness converge … and don't forget, winners, about the taxes!
18 May 2013 | 10:56 amHere we are again. Eight weeks after gamblers were having a field day putting money on a big Powerball jackpot and March Madness college basketball games, we're back at another gambling convergence. Today we have another huge Powerball amount up for grabs -- at $600 million as I type and growing -- and the Preakness. The possible Powerball winnings could pass the all-time U.S. jackpot amount of $656 million that was paid out as a Mega Millions prize, split three ways, in March. If there is a Powerball winner tonight, the current jackpot's lump sum would be $376.9 million. As the…
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Our Taxing Times
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Bad Year
20 May 2013 | 1:34 pmThe IRS is having a bad year. No, they are having a terrible, horrible, no good, very bad year. (Nod to Judith Viorst) Congress put off dealing with the tax changes until after the first of 2013. As a result, the IRS had to delay the start of the tax season to implement those changes. It took until the middle of February to get everything working. Tax preparer regulation gets thrown a loop by the Loving Decision. And the IRS didn’t get a stay on the injunction. Now they’re in the appeal process. H&R Block’s issues with the Education Credit Form 8863 forced the IRS to clean up after… -
Another Tax Exempt Twist
20 May 2013 | 12:58 pmBy now, everyone should know about the IRS and the tax exempt status “scandal”. For those hiding in the attic the last few weeks, the IRS used key words like: tea party” and “patriot” to give some applications for 501(c)(4) status extra attention. A 501(c)(4) organization is an organization which is set up to promote social welfare or a local association of employees which has a charitable, educational or recreational purpose. They have become very popular in recent years as a way for an organization to do some limited political activity without having to publish their donors. This… -
What You Don't Save May Cost You.
17 May 2013 | 12:28 pmI’ve said it over and over again; keep copies of your tax returns and the supporting documents. That means the state return too. It can save you both time and money. Here’s the situation. I was asked to help respond to a notice from the Kansas Department of Revenue but the clients didn’t have a copy of the KS-40 return they filed (I didn’t prepare the return.) So, I sent in a request for a copy of the return or transcript info and a copy of a Kansas Power of Attorney. Today, I was told that since I didn’t send in payment for the info I requested, KDOR won’t send anything. A month… -
Important Tax Exempt Information
14 May 2013 | 12:55 pmTax returns for tax exempt organizations are due tomorrow. That’s right, the due dates for 990s is May 15th. If a return isn’t filed for 3 consecutive years, then the organization will lose their tax exempt status and have to re-apply. Not a fun prospect so get that return filed. And no, I’m not going to write a big post on the IRS tax exempt scandal. I’ve never been a conspiracy person and think this was a stupid over extension by the IRS. I’ll wait for the TIGTA report and for all the details to come out. I hope that the scandal allows a good discussion on how to balance the need… -
Max and Dave Looking for Reform
10 May 2013 | 2:01 pmTax reform is like the weather. A lot of people talk about it but no one really does anything about it. That may be changing. In the last few years there has been a lot of discussion about the need for serious tax reform. Advocates of reform point to the size of the tax code and how few people can prepare their own tax return without professional help. The IRS has been forced into a social services role on top of their tax collection duties. It would seem to be a no brainer that some tax reform is needed. The practicality, however, is whether in this age of out of control partisan politics…
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TAX NEWS - Google News
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The Tax Costs for Tumblr's Owners - New York Times
20 May 2013 | 5:07 pmNew York TimesThe Tax Costs for Tumblr's OwnersNew York TimesDavid Karp, Tumblr's chief executive, will likely face a big tax bill as a Stephen Chernin/ReutersDavid Karp, Tumblr's chief executive, will likely face a big tax bill as a result of the Yahoo sale. Yahoo's acquisition of Tumblr will be structured as a and more » -
Kansas lawmakers still deadlocked on tax, budget issues - Kansas City Star
20 May 2013 | 4:59 pmKansas.comKansas lawmakers still deadlocked on tax, budget issuesKansas City StarTOPEKA — Kansas legislators were deadlocked Monday on spending and tax issues as Republican leaders publicly bickered over GOP Gov. Sam Brownback's plan to stabilize the budget by canceling a scheduled decrease in the state sales tax.Legislature makes no progress; Brownback leaves state to tout tax cutsLawrence Journal WorldWagle: Extending sales tax an “unprecedented opportunity'Kansas.comall 18 news articles » -
Utah Springs Surprise Tax on Massive NSA Data Center - Wired
20 May 2013 | 3:13 pmWiredUtah Springs Surprise Tax on Massive NSA Data CenterWiredThe Utah agency that will levy the energy tax on the data center is called the Utah Military Installation Development Authority (MIDA). It provides municipal services to military properties being leased to and developed by private companies. For The new NSA datacenter gets a surprise tax billZDNetall 5 news articles » -
Web of Tax Shelters Saved Apple Billions, Inquiry Finds - New York Times
20 May 2013 | 3:01 pmNew York TimesWeb of Tax Shelters Saved Apple Billions, Inquiry FindsNew York TimesWASHINGTON— Even as Apple became the nation's most profitable technology company, it avoided billions in taxes in the United States and around the world through a web of subsidiaries so complex it spanned continents and surprised experts, Apple calls for tax reform, defends tax practices ahead of Senate hearingCNNMoneyApple Avoids Most Income Taxes, Panel FindsWall Street JournalApple to argue for tax reform, defend tax practices on TuesdayReutersChicago Tribune -Forbesall 133 news… -
US justices rule for PPL Corp in overseas tax case - Yahoo! News
20 May 2013 | 10:42 amUS justices rule for PPL Corp in overseas tax caseYahoo! NewsWASHINGTON (Reuters) - The Supreme Court on Monday ruled for utility PPL Corp in its dispute with the U.S. Internal Revenue Service over credits the company claimed to offset overseas tax payments. The court ruled on a unanimous vote that Supreme Court Rules Utilities Can Claim US Tax Credit on UK Windfall TaxFox BusinessUtility can use overseas tax payment to offset U.S. taxesUPI.comU.S. Supreme Court Rules Unanimously for PPL in Foreign Tax CasePR Newswire (press release)all 12 news articles »
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Tax-News.Com Live Tax Headlines
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Tax-News.com: Economic Consultants Slam Commission's FTT Plans
20 May 2013 | 1:10 pmTax-News.com: The European Commission's proposed Tobin tax will make some financial transactions uneconomic and deter others with real financial value, according to a new report. -
Tax-News.com: US Senate Releases Paper On Housing Tax Reform Options
20 May 2013 | 12:16 pmTax-News.com: The Senate Finance Committee has released its sixth paper, on "Economic and Community Development," which includes housing and mortgage tax incentives, in a series compiling tax reform options that the Committee's members may wish to consider as they work towards reforming the United States tax system. -
Tax-News.com: Italian Tax Reforms Have To Wait 100 Days
20 May 2013 | 11:59 amTax-News.com: By the end of the Cabinet meeting on May 17, the new Italian Government, led by Enrico Letta, had only been able to decide on a postponement of the interim payment of the local property tax, with other tax reforms now being promised within the next 100 days. -
Tax-News.com: Cameron Urges On Crown Dependencies Over Tax Info Exchange
20 May 2013 | 11:54 amTax-News.com: "There is no point in dealing with tax evasion in one country if the problem is simply displaced to another," David Cameron has claimed in a letter to the leaders of the UK's Crown Dependencies and Overseas Territories. -
Tax-News.com: DOF, BOI Argue Over Philippine Industrial Tax Breaks
20 May 2013 | 11:03 amTax-News.com: Within the on-going effort to rationalize tax incentives in the Philippines and increase the Government's tax revenues, the Department of Finance appears to be in conflict with the Board of Investments in trying to remove certain well-established industries from the country's 2013 Investment Priorities Plan.
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About.com Tax Planning: U.S.
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How Long to Keep Tax Returns?
6 May 2013 | 5:12 pmTax returns and documents related items on the tax return are important to keep. From a tax perspective, such documents may be needed in the event that the IRS's wants to review information relating to the tax return. Tax returns come in handy for other purposes, such as to verify income when applying for a loan from a bank....Read Full Post -
Obama's and Biden's Tax Returns for 2012
22 Apr 2013 | 4:09 pmPresident Obama and Vice President Biden released copies of their 2012 tax returns to the public on April 12, 2013. The tax returns can be downloaded from the White House blog....Read Full Post -
IRS to Close for Five Days in 2013
22 Apr 2013 | 2:56 pmThe Internal Revenue Service will furlough its employees for at least five days in 2013. On each furlough day, most IRS employees will take an unpaid leave of absence, and all public operations of the IRS will be closed....Read Full Post -
IRS Provides Penalty Relief Due to Boston Marathon Explosion and Storms in South and Midwest
18 Apr 2013 | 10:15 amThe Internal Revenue Service is providing extended deadlines for taxpayers in Suffolk County, Massachusetts, and in parts of the South and Midwest. Relief provided due to Boston Marathon explosion All individual taxpayers living in Suffolk County, Massachusetts, as well as individuals who live outside Suffolk County and who were impacted by the explosion at the Boston Marathon (including victims, their families, and first responders) are granted a three-month extension to July 15, 2013 to file any tax returns and to pay any taxes. The IRS will waive any late filing or late payment penalties… -
April 18 is Tax Freedom Day for 2013
18 Apr 2013 | 9:22 amApril 18th is the day when, on average, Americans have earned enough income to pay their federal and state tax bill in full, a concept called Tax Freedom Day®. The Tax Foundation calculates a Tax Freedom Day based on the federal budget and projections for state and local taxes, and data from the Census and the Bureau of Economic Analysis. The Tax Foundation calculates a Tax Freedom Day for each state. The Tax Foundation calculates the total amount of federal, state and local taxes, and divides this by the nation's income to arrive at a ratio. This ratio is then expressed as a day of the…
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THE WANDERING TAX PRO
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GETTING READY FOR SUMMER - PUTTING YOUR KIDS ON THE PAYROLL
20 May 2013 | 2:00 amAre you self-employed? Do you plan to hire your dependent child(ren) to work in your business this summer?Hiring your kid(s) is a great deduction for parents of minor children who have a net income-generating Schedule C business.(1) For 2013 a dependent can earn up to $6,100 in wages (or a combination of wages and up to $350 in “unearned income” – i.e. interest, dividends, capital gains) and pay no federal, and probably no state, income taxes. (2) Contributions to a traditional IRA can add another $5,500.00 to that figure (however, in the long run, it is probably… -
WHAT’S THE BUZZ, TELL ME WHAT’S A HAPPENNIN’
17 May 2013 | 4:35 amI’m back! Refreshed and, ready to reluctantly get back to the GD extensions. About 10 more that I can do before I stop for the summer.* It seems the internet's main topic of discussion tax-wise while I was away was the IRS targeting of Tea Party and conservative organizations seeking tax-exempt status for extra scrutiny.ACCOUNTING TODAY reports that “IRS Commissioner Fired Over Tea Party Targeting” and “Obama Appoints Budget Official as Acting IRS Commissioner”.The new Acting Commissioner is Daniel Werfel, controller of the White House budget office.TAX PROF Paul Caron… -
WHAT’S THE BUZZ, TELL ME WHAT’S A HAPPENNIN’ - TUESDAY EDITION
14 May 2013 | 9:34 amBetter late than never – no wifi at my LBI motel.Truly enjoying a totally-1040-free “recovery” at Jersey shore. While 1040-free, I am not tax-free, and have been wandering the web when wifi is available as usual.* Peter Reilly of FORBES.COM opens another BUZZ. He talks about a recent court case in “Book On New Jersey Wines Does Not Support Deducting Trips To France”.I seem to recall a similar situation where an “author” tried to deduct monies paid to “ladies of the evening” as research for a book on the “oldest profession”. BTW, I share Peter’s fond… -
WHAT’S THE BUZZ, TELL ME WHAT’S A HAPPENNIN’
10 May 2013 | 2:00 am* It appears that I am not the only wandering tax pro. Peter Reilly tells of a recent wandering in “Searching for a Little Piece Of New Jersey in Virginia” at FORBES.COM.* Trish McIntire deals with “Taxable Income Myths” at ANSWERS.COM.Of special note is her answer to “If no W-2, W-2G or 1099 is received, the income doesn't have to be reported right?”JK LASSER asks “Are You a High-Income Taxpayer?” and tells you what additional taxes you will be faced with in 2013 and beyond if you are. Unfortunately I am not. * Jason Dinesen continues to keep those of us who are… -
GETTING READY FOR SUMMER – SPRING CLEANING
9 May 2013 | 2:00 amSpring is the time for spring cleaning – cleaning out closets, attics, basements, and garages to get rid of “stuff” you no longer need or want to get your home ready for summer. While some of the “stuff” you no longer want is true garbage and need to be thrown away - many others still have a useful life and can be put to good use by someone else.Many people decide to have a sidewalk, yard or garage sale and try to make some extra money. This is not what I would do.Hey, do you really want the great unwashed masses tramping through your yard or garage, and possibly your…
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Start Making Sense
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Upcoming trip
13 May 2013 | 1:01 pmTorn ACL or not, the show must go on. (And anyway I have been cleared to walk and travel.)So on Sunday night I will be flying to Stockholm, Sweden, in order to spend a week there, during which I will guest-lecture at two Stockholm University Law School classes on international taxation, as well as giving a talk based on my Henry Simons paper to Stockholm University faculty. I also plan on enjoying my first-ever visit to a Scandinavian country. -
Advance birthday present!
10 May 2013 | 8:02 amTomorrow is my birthday - I won't say what number, though it is a matter of public record. But today I got a delightful birthday present, a day in advance. And yes, my saying so is just snark.Ten days ago I experienced an unpleasant knee injury while playing tennis. It appeared to have been on the outside of my right knee, where (I determined from about 30 seconds of on-line research) the lateral collateral ligament (LCL) is located. I couldn't get in to see my sports doctor (yes, at my age those of us who are still playing sports tend to… -
Tax policy colloquium, week 14: Raj Chetty's "Active vs. Passive Decisions and Crowd-Out in Retirement Savings Accounts: Evidence from Denmark"
8 May 2013 | 2:37 pmEarlier this week we completed the 18th (!) annual edition of the NYU Tax Policy Colloquium. Thanks to my colleague for the semester, Bill Gale, for being great to work with both in general and with our constituencies, the students and the PM attendees. I have now co-led the Colloquium with David Bradford, Alan Auerbach, Mihir Desai, Rosanne Altshuler, and Kevin Hassett, in addition to Bill. I look forward to co-leading it again next year with Alan.Our final speaker of the semester was Raj Chetty, presenting the above-titled paper, which has already (deservedly) received… -
Department of stupid ideas, part 3,267,889,145
6 May 2013 | 1:19 pmThe debt ceiling will be expiring again soon, and reportedly Congressional Republicans are once again considering how best they could try to extract compensation for allowing it to increase. The latest idea, apparently, is to require fundamental tax reform as the price for raising the debt ceiling. (This may not be a stand-alone price, however, but may be demanded in addition to the enactment of massive spending cuts in the middle of a longstanding but still severe unemployment crisis.)What does "fundamental tax reform" mean here? I suppose it could mean anything or… -
Tax policy colloquium, week 13: Itai Grinberg's "Emerging Countries and the Taxation of Offshore Accounts"
2 May 2013 | 6:20 amOn Tuesday, we had our penultimate session of the year, featuring Itai Grinberg's follow-up to his UCLA Law Review piece, The Battle Over Taxing Offshore Accounts. In "Battle," Grinberg discusses the global response to "offshoring" (a truly U.S. term that reflects our distinctive geography) of financial holdings by wealthy individuals around the world. Many of these people are likely committing tax fraud. Others are hedging against domestic political instability and expropriation or exile risks, hiding their wealth from potential kidnappers, etcetera.The U.S. share of this…
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MauledAgain
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Taxing Activities or Things That Can Disappear
20 May 2013 | 5:01 amThe Philadelphia School District is in deep financial trouble. The combination of declining tax revenues, caused in part by a shrinking tax base and in part by all sorts of problems with the Philadelphia real property tax, and increasing educational, infrastructure, and other needs, has put the school system at risk of collapse. According to this story, Philadelphia’s mayor has proposed making up the shortfall by enacting increases in city taxes on cigarettes and alcoholic drinks.The challenge with taxes on activities or things that can disappear, such as a tax on cigarettes, is that they… -
Julian Block Looks at Marriage, Divorce, Affairs, Engagements, and Cohabitation in the Shadow of Tax
17 May 2013 | 5:01 amJulian Block has delivered the 2013 edition of “Tax Tips for Marriage and Divorce,” the previous edition of which I reviewed favorably in Julian Block Talks Tax with Married, Divorced, and Other Couples. This edition is no less worthwhile, and in fact is enhanced with new stories, new issues, and new commentary.The title of the book is somewhat misleading. Though Julian talks about the tax consequences of marriage and divorce, he also talks about other aspects of relationships that aren’t within the bounds of those two events. For example, he discusses the tax challenges facing gay and… -
Tax Ignorance Gone Viral
15 May 2013 | 5:01 amA week ago, in How Difficult Is It to Count Tax Words?, I revisited the pervasive ignorance manifesting itself in absurd declarations of Internal Revenue Code length, in terms of pages, words, or both. A dutiful reader has alerted me to more instances of this dangerous and perhaps intentionally misleading and distracting inaccuracy that suggests tax ignorance has gone viral.In previous commentaries, such as Bush Pages Through the Tax Code?, Anyone Want to Count the Words in the Internal Revenue Code?, Tax Commercial’s False Facts Perpetuates Falsehood, How Tax Falsehoods Get Fertilized, and… -
The Complexities of Tax: Is This Really Necessary?
13 May 2013 | 5:01 amA recent IRS private ruling, PLR 201318003, illustrates how the special low rates for capital gain adds layer upon layer of complexity to the tax law. Considering that there are other, simpler, and better ways to deal with the taxation of gain from the disposition of property, it is a sign of how unfamiliar most voters are with the mess that hides within the Internal Revenue Code that the folks who continue to add to the mess continue to be re-elected to the Congress.The proposed transaction on which the IRS was asked to rule is quite simple. A corporation owns a piece of improved land that… -
It’s Not a New Tax
10 May 2013 | 5:01 amThe United States Senate recently passed a bill, which is now under consideration in the House of Representatives, requiring on-line retailers to collect use tax on behalf of states whose residents are failing to pay the use tax when they make an out-of-state purchase using the internet. Most of those who oppose the legislation are attacking it as a “new tax.” For example, Sarah Palin in a Facebook post, “More new taxes? How can we be divided on new taxes? . . . Learn from history or face repeating it: NO NEW TAXES.” Those who, like Palin, tag this legislation as enacting a “new…
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accountingweb.com
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Survey Finds Small Businesses Slowly Increasing Economic Activity
20 May 2013 | 1:19 pmSmall business owners are showing a willingness to hire more employees amidst signs of expanding business activity, according to the most recent Business Confidence Survey released by Insperity, Inc., a provider of human resources and business performance solutions. -
The Tools That Build Brands
20 May 2013 | 11:10 amWhat identity do you want your firm to have? What do you want people to think of when they hear the name of your firm? Once you've identified your firm's desired positioning, the next step is to plan the branding strategy that will make it a reality. -
New Orleans Saints Coach Sean Payton Settles Tax Credit Lawsuit
20 May 2013 | 9:55 amTwenty-seven investors, including Saints coach Sean Payton, wanted to reduce their overall state income tax liabilities by investing in movie production tax credits. But the film studio was defunct, and the tax credits didn't exist. -
Three Indicators of Creditworthiness for Your Business Clients
20 May 2013 | 8:46 amAre your business clients applying for a loan? Sageworks Research Specialist Mary Ellen Biery outlines three indicators of creditworthiness and how your clients can improve them. -
Company Announcements: Week of May 20, 2013
20 May 2013 | 8:24 amFollowing is the latest roundup of community news for the week of May 20, 2013.
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Tax Questions and Answers
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Energy Efficient Windows
16 May 2013 | 2:11 pmQuestion from Carol May 13, 2013 at 10:03am Richard, Can the energy efficient windows that I purchased in 2004 for approximately $9K be taken as a tax credit this year? No credit was allowed at that time. Thank you for... -
Cash Transactions
16 May 2013 | 1:43 pmQuestion from Helen May 12, 2013 at 5:50pm Richard, My son just graduated college and my family gave him good sized monetary gifts---they are aware of the gift giving amount and gave that amount to him every year while he... -
Can I claim my daughter as a dependent on my taxes?
3 May 2013 | 12:45 pmQuestion from Natasha April 30, 2013 at 6:31pm Richard, My daughter died of SIDS and only lived two months. Can I claim her on taxes? Answer: Natasha - I am sorry for your loss and the difficult circumstances that raise... -
LLC and Exclusive Farm Use
3 May 2013 | 12:20 pmQuestion from Kelli April 25, 2013 at 5:23pm Richard, Person has a farm in Oregon that she wishes to create an LLC so that both farm and husband's business can be combined and filed on 1065 return. Issue is that... -
Can I claim my sister as a dependent?
25 Apr 2013 | 11:06 amQuestion from Maya April 23, 2013 at 11:42am Richard, My sister (18) is moving to live with me (from overseas) to go to college. I plan to get her a part-time job to make some money for some of her...
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Fair Tax Blog
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Taxation of Government Consumption
6 May 2013 | 7:13 amTaxing of State and Local consumption and non-education salaries is approximately 9% of the FairTax base, but is it proper and constitutional? Jim Bennett and Hank Van Gieson go for Round 2 in the debate (see Round 1 from 2010). On this topic, AFFT’s Karen Walby submitted this to the Congressional record: Public finance economists realize that the current system imposes taxes on government, albeit indirectly through the higher wages government must pay its employees, the payroll taxes it must pay, and the higher payments it makes to government contractors, than would otherwise be… -
The New Fair Deal
18 Apr 2013 | 9:10 amIt’s been a long time since I posted anything. I read this today and thought it might be of interest. A dozen House lawmakers and Sen. Mike Lee (R) of Utah – backed by swarms of activists affiliated with the group FreedomWorks – are offering up a package of about a dozen proposals that they’re calling The New Fair Deal. The tax portion is described this way: No more pitting us against each other. Today’s hopelessly complicated tax structure unfairly pits one American against another. Marriage penalties, arbitrary annual extenders, and special-interest tax breaks… -
Taking on Woodall & Linbeck
10 Dec 2012 | 7:41 pmHank has asked that we provide some critical input on the attached study prior to taking on Rob Woodall and Leo Linbeck. Forward: The September 2006 Fairtax Rate study concluded that an inclusive sales tax rate of 23.82% would be revenue neutral. The study is fatally flawed for two reasons. (1) Including Government consumption in the base is inappropriate under our constitutional republic form of government, and (2) The failure to properly account for legal tax avoidance and illegal tax evasion. The following discussion explores both criticisms and addresses several related issues along the… -
Reinvent ‘Monstrous’ Tax Code: Ex-Treasury Secretary O’Neill
18 Aug 2012 | 2:51 pm[Author's note: The following is an article that originally appeared on CNBC.com]: The U.S. economy needs a simplified and more “progressive” tax code that would abolish income and corporate taxes, while bringing in enough revenues to pay for the government’s obligations, former Treasury Secretary Paul O’Neill told CNBC’s “Squawk Box” on Friday. “Our tax code proves we are not an intelligent people because no intelligent people would have invented this thing,” said O’Neill, who called the current tax system, often criticized as bloated and cumbersome, a “monstrosity.”… -
FairTax: Fire Up Our Economic Engine
15 Aug 2012 | 11:14 amNew Video from FairTax.org In this unforgettable video saga, we chronicle how the Federal income tax system has eroded the American economy and outline a brilliant, yet simple plan for total tax replacement.
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TaxProf Blog
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Supreme Court Unanimously Reverses Third Circuit, Says PPL Can Claim Foreign Tax Credit for U.K. Windfall Tax
20 May 2013 | 2:00 pmThe U.S. Supreme Court today unanimously reversed the Third Circuit (665 F. 3d 60) and agreed with the taxpayer that the United Kingdom's Windfall Tax is a tax on income and thus qualifies for the § 901 foreign tax credit. PPL Corp. v. Commissioner, No. 12-43 (U.S. May 20, 2013).... -
When a Wife Earns More Than Her Husband
20 May 2013 | 12:11 pmMarianne Bertrand (University of Chicago, Booth School of Business), Jessica Pan (National University of Singapore, Department of Economics) & Emir Kamenica (University of Chicago, Booth School of Business), Gender Identity and Relative Income Within Households: We examine causes and consequences of relative income within households. We establish that gender identity... -
French Tax Rate on Wealthy Exceeds 100%
20 May 2013 | 11:30 amReuters: Taxes on Some Wealthy French Top 100% of Income: More than 8,000 French households' tax bills topped 100 percent of their income last year, the business newspaper Les Echos reported on Saturday, citing Finance Ministry data. The newspaper said that the exceptionally high level of taxation was due to... -
Hymel: Environmental Tax Policy in the U.S.
20 May 2013 | 11:00 amMona L. Hymel (Arizona), Environmental Tax Policy in the United States: A 'Bit' of History, 3 Ariz. J. Envtl. L. & Pol'y 157 (2013): This Article discusses the history of U.S. environmental tax policy. Well, not really “environmental tax policy,” because only a few decades of “environmental tax policy” history... -
Aprill: PowerPoint Slides on Political Activity, Private Benefit and Tax-Exempt Organizations
20 May 2013 | 10:30 amEllen Aprill (Loyola-L.A.) has graciously allowed me to share two sets of PowerPoint slides from recent presentations she has made on: Primer on Political Activity by 501(c) and 527 Organizations Section 501(c)(4) and Private Benefit
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Texas State & Local Tax Law Blog
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House Bill 500 could end up as a franchise tax rate-reduction bill
20 May 2013 | 2:00 pmWith just one week to go in the current regular session of the Texas Legislature, House Bill 500 appears to be moving in a new direction. That’s the bill to amend the revised franchise tax, the so-called “margin tax,” as discussed in a previous (and much-updated) post on this site captioned “The Texas Legislature just might make some significant changes to the franchise tax after all.” The engrossed bill as passed by the State House of Representatives and labeled CSHB 500 made several specific changes to the tax that reduced the franchise tax obligations of some… -
The Texas Legislature just might make some significant changes to the franchise tax after all
2 May 2013 | 5:00 am[FOURTH UPDATE: CSHB 500 as amended actually passed the Texas House on third reading on Wednesday, May 8th. The bill as passed was identical to the version that was approved on second reading the night before. Here is a link to the text of the House's final "engrossed" bill. Also, as widely reported, the amended bill if passed would cost the state more than $648 million, as confirmed by the Legislative Budge Board's fiscal note on the engrossed version of the bill. The bill was forwarded to the State Senate where… -
Recent developments in Texas franchise (margin) tax litigation
30 Apr 2013 | 5:00 amThe next reports or extension requests covering the revised Texas franchise tax, the so-called “margin tax,” will be due on May 15th, about 2 weeks from now. With that date in mind, businesses operating in this state, and their tax advisers, should review the following summaries of recent developments in some interesting court cases involving the franchise/margin tax. More information about these cases can also be found in the January – February 2013 Comptroller of Public Accounts Case List and Summary of Issues (Case List) recently posted on the Texas Attorney… -
Guidance on refunds and exemptions for qualifying surgical instruments after the Zimmer opinion
22 Apr 2013 | 5:00 amA prior post on this site captioned “The Comptroller has to abide by the plain language of the agency's own rules” discussed last year’s opinion from the Third Court of Appeals in Zimmer US, Inc., v. Combs, 368 S.W.3d 579 (Tex. App. – Austin 2012, no pet.), holding that certain specialized surgical instruments used to implant orthopedic devices such as knee replacements and the like were themselves exempt from sales and use tax as “orthopedic devices” within the meaning of Subsect. (a)(5) of Texas Tax Code §151.313 (“Health Care Supplies”)… -
The Texas Comptroller's guide to filing a sales tax refund claim
8 Apr 2013 | 5:00 amMany posts on this site have discussed issues that can arise from filing tax refund claims in Texas. For example, take a look at “How the statute of limitations applies to an audit deficiency and a refund claim in the same hearing,” and “Remember that the Comptroller has four years to take back an erroneously-paid tax refund.” While it’s important to understand those and other technical issues, there’s another very basic point to consider, namely, how to file a proper Texas tax refund claim in the first place. Fortunately, at least for sales taxes, the…
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Roth & Company, P.C
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Roth & Company office closed Monday, May 20
19 May 2013 | 11:00 pmOur offices are closed today for the funeral of our friend and longtime colleague, Ross Smith. We will reopen Tuesday, May 21. -
No Tax Roundup today.
17 May 2013 | 5:13 amSee you next week. -
Ross Smith, 1963-2013.
16 May 2013 | 2:30 pmWe are saddened to learn of the death of our friend and colleague Ross Smith today. Ross joined our firm in 1993. Our thoughts and prayers are with his family. Update, 5/17: Services will be Monday, May 20 at New Life Lutheran Church, Norwalk IA, at 11:00 a.m. Visitation will be Sunday at Hamilton on Westown Parkway, West Des Moines, 3:00-7:00 p.m. Complete information here. -
Tax Roundup, 5/16/2013: Acting-out edition. And a real Iowa economic development initiative.
16 May 2013 | 7:23 amNo-longer-Acting IRS Commissioner Steven Miller So the Worst Acting Commissioner Ever is gone. From The Wall Street Journal: President Barack Obama forced the resignation Wednesday of the acting commissioner of the Internal Revenue Service in connection with the inappropriate targeting of conservative political groups. “Americans are right to be angry about it and I’m angry about it,” Mr. Obama said in announcing the departure of acting IRS Commissioner Steven Miller, who took over the post in November. “The IRS has to operate with absolute integrity.”… -
Goat sacrificed.
15 May 2013 | 7:09 pmSo the Worst Acting Commissioner Ever is done. Too bad, they just finished his official portrait. Somehow I don’t think this ends the scandal.
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Rubin on Tax
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APPLICABLE FEDERAL RATES–JUNE 2013
20 May 2013 | 3:36 pmFollow @RubinOnTax Tweet Follow @crubincrubin -
FLORIDA LLC ACT REVISION [FLORIDA]
15 May 2013 | 4:27 pmMy partner, Rick Josepher, was involved through the Florida Bar in a major update to Florida’s limited liability company provisions which were recently enacted into law. The following is a summary regarding the new provisions that he prepared. In its session which ended May 3rd, the Florida legislature enacted legislation (herein, the “New Act”) which substantially amends the Florida’s existing Limited Liability Company Act. The New Act creates a new portion of ch. 608, F.S., which it delineates as part II of the LLC act. The existing LLC statutes are designated as part I of the… -
CORPORATE SUSPENSION BLOCKS TAX COURT ACCESS
11 May 2013 | 10:41 amMost states will suspend or involuntarily dissolve a corporation if it does not pay local taxes or fees. Such suspensions and dissolutions can typically be reversed after the corporation files to be restored and pays any back taxes and fees (and probably a penalty).Taxpayers are permitted to contest IRS proposed deficiencies by filing a timely petition in U.S. Tax Court. In a recent Tax Court case, a corporate taxpayer filed a Tax Court petition to contest a proposed tax deficiency. Because the California Franchise Tax Board had suspended the powers, rights and privileges of the corporation… -
OVDI PRE-CLEARANCE LETTERS AND THEIR REVOCABILITY
7 May 2013 | 3:32 pmThe first step a taxpayer with undisclosed or unreported offshore accounts or assets undertakes in seeking to enter the Offshore Voluntary Disclosure Initiative (OVDI) is to apply for pre-clearance from the IRS Criminal Investigation Lead Development Center. If a pre-clearance letter is issued, the taxpayer then submits a Voluntary Disclosure Letter that discloses substantial information regarding the offshore items and underreporting. In a recent article in the Journal of Taxation, author Brian P. Ketcham notes that earlier this year, the IRS took the unusual step of withdrawing… -
FLORIDA BAR CLE PRESENTATION - TAX AND COMPLIANCE REQUIREMENTS IN WEALTH PROTECTION STRUCTURES
7 May 2013 | 11:52 amFor anyone that is interested, I will be speaking on the above topic on Thursday afternoon on May 18. Since the Bar now broadcasts its CLE live on the Internet, you can watch it online if you register (and pay!). Below is the full program. For more information or to register, go here and search in May for course number 1461R. Follow @RubinOnTaxTweet Follow @crubincrubin
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Taxable Talk
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The IRS Scandal Reaches the White House
19 May 2013 | 7:43 pmThe IRS scandal is now linked into the White House. The Wall Street Journal is reporting that a “senior White House official” was told around April 22nd of the results of the TIGTA audit (note: Link is for subscribers of the WSJ). Kathryn Ruemmler, White House Chief Counsel, was told by Treasury Department attorneys that there was improper scrutiny of Tea Party and conservative organizations. President Obama stated that he didn’t learn of the scandal until everyone did. I think the chance of that is about zero: I find it impossible to believe that Ms. Ruemmler didn’t… -
Elected Officials In Tax Trouble
19 May 2013 | 7:19 pmA pair of reports from the South about elected officials (well, in one case former elected officials) in tax trouble. A longtime state representative allegedly took from charities while a former mayor may not have reported interest he received on personal loans. Georgia State Representative Tyrone Brooks (D-Atlanta) is facing a 30-count indictment on mail, wire, and tax fraud. Representative Brooks is accused of misappropriating about $1 million of charitable donations from a charity he founded in 1990 and the Georgia Association of Black Elected Officials (GABEO). While Mr. Brooks accuses… -
Receiving Stolen Refunds Leading to ClubFed
19 May 2013 | 6:46 pmWhile the IRS is receiving criticism that’s well justified for the current scandal, IRS criminal investigation and the Department of Justice are slowly increasing their efforts on identity theft. Glenn Powell, Jr. of Alabama found that out. Mr. Powell opened two bank accounts, and at least 49 false tax refund checks totaling over $95,000 were deposited into his accounts. Mr. Powell withdrew over $46,000 before the IRS put an end to his part in the scheme (overall, the scheme resulted in half a million dollars of false refunds). Mr. Powell pleaded guilty; he’s looking at a maximum… -
A Planted Question, Targeting, and Early Knowledge
17 May 2013 | 9:21 pmSome news came out of the first of what will be many Congressional hearings on the IRS scandal. First, the question that occurred just one week ago and started the controversy–yes, it’s only been one week–was planted. The question came from Attorney Celia Roady. Per a spokesperson from her law firm: “On May 9, I received a call from Lois Lerner, who told me that she wanted to address an issue after her prepared remarks at the ABA Tax Section’s Exempt Organizations Committee Meeting, and asked if I would pose a question to her after her remarks. I agreed to do so, and she… -
“We Were Just Following Orders”
16 May 2013 | 6:48 amIn a story that has not yet been picked up nationally, Fox19 News in Cincinnati reported that the four IRS workers at the supposed core of the story, “simply did what their bosses ordered.” Here’s the video from Fox19: This report states that there are four employees, not two; and the four employees allege they were just following orders. Meanwhile, in other news from the scandal: - Stephen Miller, Acting IRS Commissioner, sort of resigned. While President Obama said he was fired, Mr. Miller will be leaving the IRS when his term as Acting Commissioner is over. In an email to…
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IRS Tax Problem Solver Blog - IRS Help
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Acting IRS Commissioner Quits
16 May 2013 | 5:33 pmActing IRS Commissioner Steven Miller has quit his post over the IRS investigation on conservative groups after receiving an ultimatum from the Treasury Secretary Jack Lew. The scandal erupted last week after the IRS admitted to putting the tax cases of various conservative political and nonprofit organizations such as the tea party and Billy Graham Evangelistic Association and Samaritan’s Purse under extra scrutiny. The entire affair was highlighted by the Treasury Inspector General on Tax Administration’s (TIGTA’s) report on the IRS' targeting of conservative groups. President… -
IRS Targeted Nonprofit BGEA
15 May 2013 | 1:54 pmAmidst the recent furor surrounding the IRS’ admission of heightened targeting of the Tea Party comes another accusation against the agency, this time from the nonprofit Billy Graham Evangelistic Association (BGEA). Its President, Franklin Graham said this today in his letter to President Barak Obama. In addition, Graham also believes the IRS action threatens to involve of nonprofit organizations. An excerpt of the letter said, “Mr. President, the IRS has already publicly acknowledged it operated in a less than neutral and non-partisan way. We also now know that the target of their… -
IRS Break for Offshore Account Holders
14 May 2013 | 8:32 amIf you have an offshore account containing money you have not declared to the IRS as income, the IRS is giving you a break in the form of 2 programs. The first is the Offshore Voluntary Disclosure Program (OVDP). The second is a less-known guideline called FAQ 17. The OVDP is well-known by now. The IRS has conducted a few OVDPs that give taxpayers with offshore taxable assets the opportunity to step forward and declare their income and avoid criminal prosecution. So this program is for those who have neglected declaring any of their offshore assets over the years. But not everyone with… -
What is an Offer in Compromise
13 May 2013 | 2:16 pmIf you are one of the many taxpayers who cannot afford to pay your taxes in full, one option you can take is to make an offer in compromise to the IRS. An offer in compromise allows you to pay less than the sum total of your tax debts provided you meet certain conditions. Why would the IRS allow you to discharge your tax obligations by paying LESS than what you owe? Simple, it’s better for them to collect partial payment than no payment at all. But you can’t use the offer in compromise as a bargaining tool to absolve your tax responsibilities. It is a provision in the tax code to help… -
IRS Investigates Offshore Accounts
10 May 2013 | 3:57 amIn the face of what the IRS calls a “substantial amount” of information on offshore accounts by individuals, companies and trusts, the agency has opened cases and begun investigation on these accounts. In fact, other countries namely the United Kingdom and Australia are collaborating with the US to analyze the data for potential tax-law violations. The countries disclosed their work today and said the data show how residents of countries around the world use offshore accounts in Singapore, the British Virgin Islands, the Cook Islands and the Cayman Islands to deposit their taxable assets…
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IRS Hitman 888-415-1337
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Tax Frauds Defraud the Homeless, Poor for Quick Cash
17 May 2013 | 11:23 amTax frauds will go to any length to scam taxpayers. The current scam targets the homeless, drug addicts and the poor by duping them into signing blank tax forms in return of “free” government money. Afterward, the fraudsters receive large refunds, most of which they pocket as a “fee”. Tax frauds use the Earned Income tax credit (EIC) to claim refunds and enter false information on the tax forms signed by their “clients”. Between 2008 and 2011 fraudsters, Isaiah Konkus of San Diego and Justin Petersen of Lakeside cheated the government out of thousands of dollars using false… -
IRS’ “Robo-Audits” to Help Catch Big Tax Evaders
10 May 2013 | 12:34 pmThe IRS is upgrading its tax system to make it more high-tech. The new computer-driven processing will assist the IRS in catching tax evaders, especially small businesses. According to a report, besides businesses, the self-employed are one of the biggest tax evaders. Currently, the IRS is increasingly receiving tax returns electronically. As of now, "robo-audits" has helped discover tax fraud, but a large number of fraudulent tax returns still go unnoticed. It leads to a loss of revenue. The new high-tech systems are expected to help the IRS catch big tax evaders, especially small… -
Unpaid Taxes: Living in Fear of the IRS
3 May 2013 | 6:58 amNo matter how large or small the tax debt amount, the IRS has the legal right to place a tax lien or levy if taxpayers ignore paying their debt. This is why many taxpayers live in fear of the IRS if they have unpaid taxes. However severe the debt, the IRS does not and cannot put a lien or a levy before sending preliminary notices regarding the tax debt to taxpayers explaining the details of the debt and how they can resolve it. It is only after no effort is made by taxpayers to resolve the tax debt that the IRS sends a C-90 ‘Final Notice of Intent to Levy’ letter. This is the last IRS… -
IRS Dirty Dozen Holds No Surprises
25 Apr 2013 | 5:48 pmThis year's IRS Dirty Dozen tax scam list the IRS released has identity theft as the number one tax scam in the country, just like 2012. Even though the IRS claims to have made efforts to curb identity theft, the country still loses billions of dollars in tax scams each year. Informing taxpayers about the various tax scams is a helpful way to counter tax fraud. Problems the IRS Faces It is difficult to catch identity thieves because of their distance from the victim. Most identity thefts are carried out over the internet or phone. After extracting personal and financial information, the… -
How Competent the IRS Is in Countering Tax Fraud
19 Apr 2013 | 2:58 pmTax fraud by the self-employed is more common than by W2 employees because with estimated taxes. they withhold their taxes themselves. Schemes, such as underreporting income or overstating deductions, are used to decrease the tax liability. The Treasury Inspector General for Tax Administration (TIGTA), in its recent report, found that high-income taxpayers and sole proprietors are escaping punishment for tax fraud because of the incompetence of the IRS in dealing with tax fraud. The TIGTA states that because "indicators of fraud are not always recognized and properly investigated, the IRS may…
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L & R Tax Preparation LLC RSS Feed
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Paying Taxes on Household Helpers
1 May 2013 | 7:00 amWhen you hire someone to work around the house or baby-sit your children, do you need to pay tax for them? Keep reading to find out. -
What to Do If You Haven't Filed an Income Tax Return
1 May 2013 | 7:00 amIf you're cringing because you haven't filed a 2012 tax return yet, don't worry. It's not too late, and it's not as hard as you may think. -
Turn Your Vacation Into a Tax Deduction
1 May 2013 | 7:00 amWould you like to legally deduct every dime you spend on vacation this year? The five strategies outlined in this article will show you how. -
Don't Be Fooled: The Dirty Dozen Tax Scams for 2013
1 May 2013 | 7:00 amAlthough the 2012 tax season is officially over, tax scams unfortunately are not, and taxpayers who buy into illegal tax scams can end up facing significant penalties and interest and even criminal prosecution. Whether you've already paid your taxes, are waiting for a refund, or have filed an extension, here's the "dirty dozen" list of tax scams for the 2013 filing season according to the IRS.
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Taxation RSS Feed | JD Supra Law News
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Court Prohibits Bond Expenditure on Stadium Lighting Because Lighting Was Not Specifically Listed as Contemplated Project
20 May 2013 | 3:20 pmThe California Court of Appeal, Fourth Appellate District, recently held that school district bond revenues could not be spent on stadium lighting where the bond proposition did not specifically list field lighting as part of the contemplated...By: Kronick, Moskovitz, Tiedemann & Girard -
SST Governing Board Considers "Best Practices" Matrix and Marketplace Fairness Implementation; SLAC Contemplates Digital Goods Sourcing
20 May 2013 | 2:38 pmThe Streamlined Sales Tax Governing Board (SSTGB), as well as its State and Local Advisory Council (SLAC) and Business Advisory Council (BAC), assembled in Minneapolis this week to discuss a number of policy matters related to Streamlined Sales and...By: Sutherland Asbill & Brennan LLP -
The Health Care and Education Reconciliation Act’s Tax on Net Investment Income
20 May 2013 | 12:19 pmOne of the provisions included in the health care reform legislation enacted in 2010 will subject certain individuals to a 3.8% tax on net investment income (or "unearned income"). The new law is effective in 2013 and imposes a tax on "net investment...By: Brooks Pierce -
Pitfalls in the Redemption of Property by Lenders
20 May 2013 | 12:18 pmIn Alabama, when a property owner fails to pay his ad valorem property taxes, his property may be sold at a public auction to the highest bidder (the “tax purchaser”). Statutory law in Alabama provides that the owner of the property who failed to pay...By: Bradley Arant Boult Cummings LLP -
Obamacare Loophole Allows Large Employers To Offer Bare-Bones Health Plans
20 May 2013 | 11:16 amOn May 20, 2013, the Wall Street Journal reported that many large employers are looking to comply with the Affordable Care Act’s (“ACA”) employer mandate by offering bare-bones coverage that does not even cover hospitalization, surgery, X-rays, or...By: Joe Conley
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Weight May Raise Women's Risk for Painful Issue
20 May 2013 | 5:29 pmWeight May Raise Women's Risk for Painful IssueGetty ImagesThe chronic condition is on the rise among women -- and some extra pounds may up their chance of developing it.Problem added weight may triggerMore Health StoriesTool Boosts Heart Surgery SuccessCondition Sunburns May TriggerMeds May Have Flu-Like Side Effects -
Bombshell Revelation in IRS Scandal
20 May 2013 | 5:29 pmBombshell Revelation in IRS ScandalAPJay Carney said Monday that senior White House officials were made aware of the IRS' inappropriate targeting of conservative groups. Who knew what ... and whenMore HeadlinesUS Ready to Stop Gold Sales to Iran Bacon Restaurant Shut Down Over Odor Firefighters Rescue Bear From Tree -
About to Get Surprise of Her Life ...
20 May 2013 | 5:29 pmAbout to Get Surprise of Her Life ...FoxHard-working mom Anne thought that there would be one person missing at her graduation -- but that person had lied to her.Who she never expected to see More to See Woman's Secret Forced Her to Quit SchoolDeliveryman Faces Bad AccusationMan Made 800-lb. Catch in Texas -
NFL Star in Hot Water Over This Pic
20 May 2013 | 5:29 pmNFL Star in Hot Water Over This PicRobert Griffin III / whosay.comRobert Griffin III is one of the most popular players in the NFL -- but did he take unfair advantage of his popularity?What he's standing in front ofCaught Our AttentionPacers Coach Denies Heat SlightStar Played With 3 Broken Fingers?NFL May Move Draft Date -
Dozens Killed in Monstrous Tornado
20 May 2013 | 5:29 pmDozens Killed in Monstrous TornadoBreaking NewsAPA mile-wide twister with winds up to 200 mph ravaged an Oklahoma City suburb Monday afternoon, flattening entire neighborhoods.Several children pulled from rubbleAlso in the HeadlinesParents Mourn Missing Girl Palin Makes Odd Global Warming Claim Riots Shake Stockholm After Shooting
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Weight May Raise Women's Risk for Painful Issue
20 May 2013 | 5:29 pmWeight May Raise Women's Risk for Painful IssueGetty ImagesThe chronic condition is on the rise among women -- and some extra pounds may up their chance of developing it.Problem added weight may triggerMore Health StoriesTool Boosts Heart Surgery SuccessCondition Sunburns May TriggerMeds May Have Flu-Like Side Effects -
Bombshell Revelation in IRS Scandal
20 May 2013 | 5:29 pmBombshell Revelation in IRS ScandalAPJay Carney said Monday that senior White House officials were made aware of the IRS' inappropriate targeting of conservative groups. Who knew what ... and whenMore HeadlinesUS Ready to Stop Gold Sales to Iran Bacon Restaurant Shut Down Over Odor Firefighters Rescue Bear From Tree -
About to Get Surprise of Her Life ...
20 May 2013 | 5:29 pmAbout to Get Surprise of Her Life ...FoxHard-working mom Anne thought that there would be one person missing at her graduation -- but that person had lied to her.Who she never expected to see More to See Woman's Secret Forced Her to Quit SchoolDeliveryman Faces Bad AccusationMan Made 800-lb. Catch in Texas -
NFL Star in Hot Water Over This Pic
20 May 2013 | 5:29 pmNFL Star in Hot Water Over This PicRobert Griffin III / whosay.comRobert Griffin III is one of the most popular players in the NFL -- but did he take unfair advantage of his popularity?What he's standing in front ofCaught Our AttentionPacers Coach Denies Heat SlightStar Played With 3 Broken Fingers?NFL May Move Draft Date -
Dozens Killed in Monstrous Tornado
20 May 2013 | 5:29 pmDozens Killed in Monstrous TornadoBreaking NewsAPA mile-wide twister with winds up to 200 mph ravaged an Oklahoma City suburb Monday afternoon, flattening entire neighborhoods.Several children pulled from rubbleAlso in the HeadlinesParents Mourn Missing Girl Palin Makes Odd Global Warming Claim Riots Shake Stockholm After Shooting
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Weight May Raise Women's Risk for Painful Issue
20 May 2013 | 5:29 pmWeight May Raise Women's Risk for Painful IssueGetty ImagesThe chronic condition is on the rise among women -- and some extra pounds may up their chance of developing it.Problem added weight may triggerMore Health StoriesTool Boosts Heart Surgery SuccessCondition Sunburns May TriggerMeds May Have Flu-Like Side Effects -
Bombshell Revelation in IRS Scandal
20 May 2013 | 5:29 pmBombshell Revelation in IRS ScandalAPJay Carney said Monday that senior White House officials were made aware of the IRS' inappropriate targeting of conservative groups. Who knew what ... and whenMore HeadlinesUS Ready to Stop Gold Sales to Iran Bacon Restaurant Shut Down Over Odor Firefighters Rescue Bear From Tree -
About to Get Surprise of Her Life ...
20 May 2013 | 5:29 pmAbout to Get Surprise of Her Life ...FoxHard-working mom Anne thought that there would be one person missing at her graduation -- but that person had lied to her.Who she never expected to see More to See Woman's Secret Forced Her to Quit SchoolDeliveryman Faces Bad AccusationMan Made 800-lb. Catch in Texas -
NFL Star in Hot Water Over This Pic
20 May 2013 | 5:29 pmNFL Star in Hot Water Over This PicRobert Griffin III / whosay.comRobert Griffin III is one of the most popular players in the NFL -- but did he take unfair advantage of his popularity?What he's standing in front ofCaught Our AttentionPacers Coach Denies Heat SlightStar Played With 3 Broken Fingers?NFL May Move Draft Date -
Dozens Killed in Monstrous Tornado
20 May 2013 | 5:29 pmDozens Killed in Monstrous TornadoBreaking NewsAPA mile-wide twister with winds up to 200 mph ravaged an Oklahoma City suburb Monday afternoon, flattening entire neighborhoods.Several children pulled from rubbleAlso in the HeadlinesParents Mourn Missing Girl Palin Makes Odd Global Warming Claim Riots Shake Stockholm After Shooting
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Weight May Raise Women's Risk for Painful Issue
20 May 2013 | 5:29 pmWeight May Raise Women's Risk for Painful IssueGetty ImagesThe chronic condition is on the rise among women -- and some extra pounds may up their chance of developing it.Problem added weight may triggerMore Health StoriesTool Boosts Heart Surgery SuccessCondition Sunburns May TriggerMeds May Have Flu-Like Side Effects -
Bombshell Revelation in IRS Scandal
20 May 2013 | 5:29 pmBombshell Revelation in IRS ScandalAPJay Carney said Monday that senior White House officials were made aware of the IRS' inappropriate targeting of conservative groups. Who knew what ... and whenMore HeadlinesUS Ready to Stop Gold Sales to Iran Bacon Restaurant Shut Down Over Odor Firefighters Rescue Bear From Tree -
About to Get Surprise of Her Life ...
20 May 2013 | 5:29 pmAbout to Get Surprise of Her Life ...FoxHard-working mom Anne thought that there would be one person missing at her graduation -- but that person had lied to her.Who she never expected to see More to See Woman's Secret Forced Her to Quit SchoolDeliveryman Faces Bad AccusationMan Made 800-lb. Catch in Texas -
NFL Star in Hot Water Over This Pic
20 May 2013 | 5:29 pmNFL Star in Hot Water Over This PicRobert Griffin III / whosay.comRobert Griffin III is one of the most popular players in the NFL -- but did he take unfair advantage of his popularity?What he's standing in front ofCaught Our AttentionPacers Coach Denies Heat SlightStar Played With 3 Broken Fingers?NFL May Move Draft Date -
Dozens Killed in Monstrous Tornado
20 May 2013 | 5:29 pmDozens Killed in Monstrous TornadoBreaking NewsAPA mile-wide twister with winds up to 200 mph ravaged an Oklahoma City suburb Monday afternoon, flattening entire neighborhoods.Several children pulled from rubbleAlso in the HeadlinesParents Mourn Missing Girl Palin Makes Odd Global Warming Claim Riots Shake Stockholm After Shooting
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Weight May Raise Women's Risk for Painful Issue
20 May 2013 | 5:29 pmWeight May Raise Women's Risk for Painful IssueGetty ImagesThe chronic condition is on the rise among women -- and some extra pounds may up their chance of developing it.Problem added weight may triggerMore Health StoriesTool Boosts Heart Surgery SuccessCondition Sunburns May TriggerMeds May Have Flu-Like Side Effects -
Bombshell Revelation in IRS Scandal
20 May 2013 | 5:29 pmBombshell Revelation in IRS ScandalAPJay Carney said Monday that senior White House officials were made aware of the IRS' inappropriate targeting of conservative groups. Who knew what ... and whenMore HeadlinesUS Ready to Stop Gold Sales to Iran Bacon Restaurant Shut Down Over Odor Firefighters Rescue Bear From Tree -
About to Get Surprise of Her Life ...
20 May 2013 | 5:29 pmAbout to Get Surprise of Her Life ...FoxHard-working mom Anne thought that there would be one person missing at her graduation -- but that person had lied to her.Who she never expected to see More to See Woman's Secret Forced Her to Quit SchoolDeliveryman Faces Bad AccusationMan Made 800-lb. Catch in Texas -
NFL Star in Hot Water Over This Pic
20 May 2013 | 5:29 pmNFL Star in Hot Water Over This PicRobert Griffin III / whosay.comRobert Griffin III is one of the most popular players in the NFL -- but did he take unfair advantage of his popularity?What he's standing in front ofCaught Our AttentionPacers Coach Denies Heat SlightStar Played With 3 Broken Fingers?NFL May Move Draft Date -
Dozens Killed in Monstrous Tornado
20 May 2013 | 5:29 pmDozens Killed in Monstrous TornadoBreaking NewsAPA mile-wide twister with winds up to 200 mph ravaged an Oklahoma City suburb Monday afternoon, flattening entire neighborhoods.Several children pulled from rubbleAlso in the HeadlinesParents Mourn Missing Girl Palin Makes Odd Global Warming Claim Riots Shake Stockholm After Shooting
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Weight May Raise Women's Risk for Painful Issue
20 May 2013 | 5:29 pmWeight May Raise Women's Risk for Painful IssueGetty ImagesThe chronic condition is on the rise among women -- and some extra pounds may up their chance of developing it.Problem added weight may triggerMore Health StoriesTool Boosts Heart Surgery SuccessCondition Sunburns May TriggerMeds May Have Flu-Like Side Effects -
Bombshell Revelation in IRS Scandal
20 May 2013 | 5:29 pmBombshell Revelation in IRS ScandalAPJay Carney said Monday that senior White House officials were made aware of the IRS' inappropriate targeting of conservative groups. Who knew what ... and whenMore HeadlinesUS Ready to Stop Gold Sales to Iran Bacon Restaurant Shut Down Over Odor Firefighters Rescue Bear From Tree -
About to Get Surprise of Her Life ...
20 May 2013 | 5:29 pmAbout to Get Surprise of Her Life ...FoxHard-working mom Anne thought that there would be one person missing at her graduation -- but that person had lied to her.Who she never expected to see More to See Woman's Secret Forced Her to Quit SchoolDeliveryman Faces Bad AccusationMan Made 800-lb. Catch in Texas -
NFL Star in Hot Water Over This Pic
20 May 2013 | 5:29 pmNFL Star in Hot Water Over This PicRobert Griffin III / whosay.comRobert Griffin III is one of the most popular players in the NFL -- but did he take unfair advantage of his popularity?What he's standing in front ofCaught Our AttentionPacers Coach Denies Heat SlightStar Played With 3 Broken Fingers?NFL May Move Draft Date -
Dozens Killed in Monstrous Tornado
20 May 2013 | 5:29 pmDozens Killed in Monstrous TornadoBreaking NewsAPA mile-wide twister with winds up to 200 mph ravaged an Oklahoma City suburb Monday afternoon, flattening entire neighborhoods.Several children pulled from rubbleAlso in the HeadlinesParents Mourn Missing Girl Palin Makes Odd Global Warming Claim Riots Shake Stockholm After Shooting
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Weight May Raise Women's Risk for Painful Issue
20 May 2013 | 5:29 pmWeight May Raise Women's Risk for Painful IssueGetty ImagesThe chronic condition is on the rise among women -- and some extra pounds may up their chance of developing it.Problem added weight may triggerMore Health StoriesTool Boosts Heart Surgery SuccessCondition Sunburns May TriggerMeds May Have Flu-Like Side Effects -
Bombshell Revelation in IRS Scandal
20 May 2013 | 5:29 pmBombshell Revelation in IRS ScandalAPJay Carney said Monday that senior White House officials were made aware of the IRS' inappropriate targeting of conservative groups. Who knew what ... and whenMore HeadlinesUS Ready to Stop Gold Sales to Iran Bacon Restaurant Shut Down Over Odor Firefighters Rescue Bear From Tree -
About to Get Surprise of Her Life ...
20 May 2013 | 5:29 pmAbout to Get Surprise of Her Life ...FoxHard-working mom Anne thought that there would be one person missing at her graduation -- but that person had lied to her.Who she never expected to see More to See Woman's Secret Forced Her to Quit SchoolDeliveryman Faces Bad AccusationMan Made 800-lb. Catch in Texas -
NFL Star in Hot Water Over This Pic
20 May 2013 | 5:29 pmNFL Star in Hot Water Over This PicRobert Griffin III / whosay.comRobert Griffin III is one of the most popular players in the NFL -- but did he take unfair advantage of his popularity?What he's standing in front ofCaught Our AttentionPacers Coach Denies Heat SlightStar Played With 3 Broken Fingers?NFL May Move Draft Date -
Dozens Killed in Monstrous Tornado
20 May 2013 | 5:29 pmDozens Killed in Monstrous TornadoBreaking NewsAPA mile-wide twister with winds up to 200 mph ravaged an Oklahoma City suburb Monday afternoon, flattening entire neighborhoods.Several children pulled from rubbleAlso in the HeadlinesParents Mourn Missing Girl Palin Makes Odd Global Warming Claim Riots Shake Stockholm After Shooting
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Weight May Raise Women's Risk for Painful Issue
20 May 2013 | 5:29 pmWeight May Raise Women's Risk for Painful IssueGetty ImagesThe chronic condition is on the rise among women -- and some extra pounds may up their chance of developing it.Problem added weight may triggerMore Health StoriesTool Boosts Heart Surgery SuccessCondition Sunburns May TriggerMeds May Have Flu-Like Side Effects -
Bombshell Revelation in IRS Scandal
20 May 2013 | 5:29 pmBombshell Revelation in IRS ScandalAPJay Carney said Monday that senior White House officials were made aware of the IRS' inappropriate targeting of conservative groups. Who knew what ... and whenMore HeadlinesUS Ready to Stop Gold Sales to Iran Bacon Restaurant Shut Down Over Odor Firefighters Rescue Bear From Tree -
About to Get Surprise of Her Life ...
20 May 2013 | 5:29 pmAbout to Get Surprise of Her Life ...FoxHard-working mom Anne thought that there would be one person missing at her graduation -- but that person had lied to her.Who she never expected to see More to See Woman's Secret Forced Her to Quit SchoolDeliveryman Faces Bad AccusationMan Made 800-lb. Catch in Texas -
NFL Star in Hot Water Over This Pic
20 May 2013 | 5:29 pmNFL Star in Hot Water Over This PicRobert Griffin III / whosay.comRobert Griffin III is one of the most popular players in the NFL -- but did he take unfair advantage of his popularity?What he's standing in front ofCaught Our AttentionPacers Coach Denies Heat SlightStar Played With 3 Broken Fingers?NFL May Move Draft Date -
Dozens Killed in Monstrous Tornado
20 May 2013 | 5:29 pmDozens Killed in Monstrous TornadoBreaking NewsAPA mile-wide twister with winds up to 200 mph ravaged an Oklahoma City suburb Monday afternoon, flattening entire neighborhoods.Several children pulled from rubbleAlso in the HeadlinesParents Mourn Missing Girl Palin Makes Odd Global Warming Claim Riots Shake Stockholm After Shooting
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Weight May Raise Women's Risk for Painful Issue
20 May 2013 | 5:29 pmWeight May Raise Women's Risk for Painful IssueGetty ImagesThe chronic condition is on the rise among women -- and some extra pounds may up their chance of developing it.Problem added weight may triggerMore Health StoriesTool Boosts Heart Surgery SuccessCondition Sunburns May TriggerMeds May Have Flu-Like Side Effects -
Bombshell Revelation in IRS Scandal
20 May 2013 | 5:29 pmBombshell Revelation in IRS ScandalAPJay Carney said Monday that senior White House officials were made aware of the IRS' inappropriate targeting of conservative groups. Who knew what ... and whenMore HeadlinesUS Ready to Stop Gold Sales to Iran Bacon Restaurant Shut Down Over Odor Firefighters Rescue Bear From Tree -
About to Get Surprise of Her Life ...
20 May 2013 | 5:29 pmAbout to Get Surprise of Her Life ...FoxHard-working mom Anne thought that there would be one person missing at her graduation -- but that person had lied to her.Who she never expected to see More to See Woman's Secret Forced Her to Quit SchoolDeliveryman Faces Bad AccusationMan Made 800-lb. Catch in Texas -
NFL Star in Hot Water Over This Pic
20 May 2013 | 5:29 pmNFL Star in Hot Water Over This PicRobert Griffin III / whosay.comRobert Griffin III is one of the most popular players in the NFL -- but did he take unfair advantage of his popularity?What he's standing in front ofCaught Our AttentionPacers Coach Denies Heat SlightStar Played With 3 Broken Fingers?NFL May Move Draft Date -
Dozens Killed in Monstrous Tornado
20 May 2013 | 5:29 pmDozens Killed in Monstrous TornadoBreaking NewsAPA mile-wide twister with winds up to 200 mph ravaged an Oklahoma City suburb Monday afternoon, flattening entire neighborhoods.Several children pulled from rubbleAlso in the HeadlinesParents Mourn Missing Girl Palin Makes Odd Global Warming Claim Riots Shake Stockholm After Shooting
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Stacie's More Tax Tips
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IRS Special Edition Tax Tip 2013-10: Summer Job Tax Information for Students
17 May 2013 | 7:35 amIRS Tax Tips May 17, 2013 Useful Links: IRS.gov Home 1040 Central Help For Hurricane Victims Filed under: IRS PATROL -
IR-2013-51: IRS To Be Closed May 24, Four Other Days Due to Budget and Sequester; Filing and Payment Deadlines Unchanged
15 May 2013 | 11:10 amIRS Newswire May 15, 2013 News Essentials What’s Hot News Releases IRS – The Basics IRS Guidance Media Contacts Facts & Figures Problem Alerts Around The Nation e-News Subscriptions Filed under: IRS PATROL -
IR-2013-50: IRS Criminal Investigation Issues Fiscal 2012 Report
10 May 2013 | 8:09 amWASHINGTON — IRS Criminal Investigation (CI) today released its Annual Report for fiscal 2012, highlighting strong gains in enforcement actions and penalties imposed on convicted tax criminals. The 28-page report summarizes a wide variety of IRS CI activity on a range of tax related issues during the year ending Sept. 30, 2012. CI investigates potential criminal violations of the Internal Revenue Code and related financial crimes in a manner to foster confidence in the tax system and compliance with the law. “The key to our successes is perseverance and dedication to… -
IR-2013-49: Many Tax-Exempt Organizations Must File with IRS By May 15 to Preserve Tax-Exempt Status
10 May 2013 | 7:28 amWASHINGTON — A key deadline of May 15 is facing many tax-exempt organizations that are required by law to file annual reports with the Internal Revenue Service. Organizations will see their federal tax exemptions automatically revoked if they have not filed reports for three consecutive years. The Pension Protection Act of 2006 mandates that most tax-exempt organizations file annual Form 990-series informational returns or notices with the IRS. Under this law, organizations that fail to file reports for three consecutive years automatically lose their federal tax-exempt… -
IR-2013-48: IRS, Australia and United Kingdom Engaged in Cooperative Effort to Combat Offshore Tax Evasion
9 May 2013 | 7:28 amWASHINGTON — The tax administrations from the United States, Australia and the United Kingdom announced today a plan to share tax information involving a multitude of trusts and companies holding assets on behalf of residents in jurisdictions throughout the world. The three nations have each acquired a substantial amount of data revealing extensive use of such entities organized in a number of jurisdictions including Singapore, the British Virgin Islands, Cayman Islands and the Cook Islands. The data contains both the identities of the individual owners of these entities, as well as the…
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The Missouri TaxguyThe Missouri Taxguy
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An EA in the Making
16 May 2013 | 2:28 pmIt isn’t all about representation. It is about being recognized as a Tax Professional. With the (what I call) pending crash of the RTRP this is the most logical step for me to best assist my clients, and the clients of the firms I am contracted with for tax preparation. The post An EA in the Making appeared first on The Missouri Taxguy. -
Security and your Small Business
14 May 2013 | 8:15 amWe’ve all heard the horror stories of large companies that have fallen victim to hackers breaking into their vast reserves of data and stealing information. But what many small businesses don’t realize is that hackers are realizing the ease with which they can do the same thing to small and medium sized businesses. What is even more disconcerting is the fact that many of these businesses never realize they have been compromised. The post Security and your Small Business appeared first on The... -
Best Apps For Helping Your Finances
10 May 2013 | 4:26 amIt can be difficult to keep up with new technology; sometimes it feels like the world can change if you stop paying attention for a few minutes. Things that we accept as normality were utterly unthinkable just a few generations ago. Our grandparents would have to spend weeks to get from one country to another, and now we can whiz along in an Airbus A380 30,000 feet above the earth, sipping cocktails and watching movies. Until the 1970’s, we had to actually go into a bank and request money,... -
The benefits of using online accounting program
8 May 2013 | 5:02 amAccounting in almost any company is really important. On the other hand, it requires information and thorough analysis including the tiniest glitches cause they may lead to a large problem. Entrepreneur’s that are not accountants end up hiring a CPA’s or certified public accountant’s who is asking for their professional rate in exchange with the [...] The post The benefits of using online accounting program appeared first on The Missouri Taxguy. -
A Guide to Advanced Tax Terminology
6 May 2013 | 5:09 amTaxes are something that every American must face for the majority of his or her life. With the start of a first job, income taxes become one of the great inevitabilities of living in our modern society. Many people learn tax basics but there are numerous complex tax questions that everyday people will never encounter. [...] The post A Guide to Advanced Tax Terminology appeared first on The Missouri Taxguy.
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Value Added Tax Blog
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Inter-company charges require real invoices!
16 May 2013 | 6:42 pmThe European Court of Justice issued an interesting ruling last week in the ongoing saga of the VAT issues of Martens Transport. Martens is a Belgian group of related companies in the trucking / transportation industry. Like any organization, they had internal charges for various services. Payments were made, but unfortunately the payments were not [...] -
OT: Cool video, strong message
16 May 2013 | 7:46 am -
In Florida next week – Computers and Taxation
14 May 2013 | 9:29 amTeaching on Tuesday the 21st in Clearwater, FL, at the annual conference of the Tax Technology Association. I will be talking about the Future of Tax Management and Technology. Come and say ‘hi’ if you are there! Association for Computers and Taxation. -
Online sales tax vs. VAT
10 May 2013 | 7:28 amThis is an interesting opinion piece about the Marketplace Fairness Act. Value Added Tax in the U.S. ain’t gonna happen anytime soon. Over the past years, there have been various calls for a value-added tax in the United States; the explosive growth of online commerce should renew that debate. The VAT is well suited to [...] -
Slovenia to increase VAT rate to 22%
10 May 2013 | 7:23 amEU member state Slovenia (this is not Slovakia) plans a rate increase from 20% to 22%. Prime Minister Alenka Bratusek said the package, which includes a rise in value added tax from July 1 to 22 percent from 20 percent, would be enough to prevent the tiny Alpine country following Cyprus in the eurozone queue for [...]
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J. Stefan - EzineArticles Expert Author
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No Articles Found
20 May 2013 | 4:42 pmNo 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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Tax Attorney and Tax Resolution Services: IRS Help Blog
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Beyonce’s Father Owes $1.2 Million in IRS Back Taxes
20 May 2013 | 2:38 pmIt’s pretty clear Beyonce’s former manager and father, Mathew Knowles knows a thing or two about managing a superstar. However, it appears he’s less knowledgeable about what it means to owe back taxes to Uncle Sam. According to a Source article titled: “Mo’ Money, Mo’ Problems! Mathew Knowles Owes 1.2 Mil In Taxes“, Knowles, who failed to pay his taxes during 2010 and 2011, has now received a huge tax bill from the IRS. Citing a TMZ article, the Source reports that Knowles failed to pay $485,575.95 in taxes in 2010 and $728,004.89 in 2011. His total IRS tax debt… -
Tax Relief Weekly News Round Up: Top Tax Stories
17 May 2013 | 5:27 pmThe stories that caught our attention this week ranged from tax evasion and fraud, to how the Offer in Compromise Program can help consumers, erasing tax debt in bankruptcy to the increase in IRS criminal investigations to the IRS under intense scrutiny. The IRS Gets Scrutinized – By far the biggest IRS story this week revolved around the IRS itself! The agency is being closely examined for unfairly targeting conservative and tea party groups for extra scrutiny of their 501(c)(4) tax exempt status. As I sorted through the blizzard of articles of varying opinions, I found the following… -
Tax Case: Louisiana Lawyer Files False Tax Refund Claim
17 May 2013 | 12:38 pmA Louisiana lawyer pleaded guilty to making false, fictitious and fraudulent claims to the Internal Revenue Service in an attempt to receive more than $9.7 million in tax refunds. According to court records, Francis C. Broussard, 53, of West Monroe, Louisiana, had his accountant prepare his 2005 through 2007 tax returns — but Broussard never filed them. In 2009, Broussard went to a different tax preparer to have his personal tax returns prepared for 2005 through 2008. Broussard brought already-prepared federal tax returns along with a separate piece of paper with a set of numbers on it. He… -
IRS Question: How Do I Qualify for the Offer in Compromise Program?
15 May 2013 | 2:43 pmQuestion: I owe a lot of money to the IRS, and having just filed my taxes for 2012, I owe even more! I need to do something, and soon. How do I know if I qualify for the Offer in Compromise program? Answer:The Offer in Compromise is a great program for consumers who owe a substantial amount to the IRS but who cannot pay off their tax debt, even if given time. There are many reasons taxpayers find themselves in such a situation — medical problems, career change, poor financial decisions, etc. No matter the reason, the Offer in Compromise can provide a great way to settle your tax debt once… -
IRS Question: Can I Erase Tax Debt in Bankruptcy?
15 May 2013 | 10:56 amQuestion:I am filing bankruptcy to get out from underneath debt brought on by some bad financial decisions. Can I discharge in bankruptcy the IRS back taxes I owe for tax years 2008 and 2009 that amount to roughly $25,000? I am struggling financially to pay off all the debt I incurred in this mess but am particularly overwhelmed with the tax debt. Do I have any chance at tax relief through the bankruptcy? Answer: This is a great question, and one I am asked often. With the recession in its fifth year, financially distressed consumers like you are turning to bankruptcy as a means of wiping…
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The Dinesen Tax Times by Jason T. Dinesen, E.A.
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Same-Sex Marriage, Community Property, And Multi-State Income — Part 3
17 May 2013 | 3:30 amThis is the third and final part of my series on same-sex couples, community property law and multi-state income. This part will detail how to handle the state returns. Refer to Part 1 for a basic overview of community property law and to Part 2 for an in-depth analysis of applying community property laws to the actual federal returns that Angie and Alice (the fictional couple being used in this example) filed. (For people who read Part 2 when it was first published on 5/15 — Part 2 had a few errors and things that needed clarification. You might want to go back and re-read to see the… -
Same-Sex Marriage, Community Property, And Multi-State Income — Part 2
15 May 2013 | 4:20 amHere in Part 2, I’ll explore what happens when a same-sex couple in a community property state moves to a non-community property state such as Iowa during the middle of the year. I have encountered this issue several times in my practice. What follows is a composite of some of these encounters. Please note that “Angie and Alice,” the “client” used in the example below, are fictional characters, not real clients of mine. The Setup Angie and Alice are in a same-sex marriage in California. They moved to Iowa in September. Both states recognize their marriage (although I… -
Same-Sex Marriage, Community Property, And Multi-State Income — Part 1
8 May 2013 | 3:30 amWhen couples in a same-sex marriage live in a community property state, they must follow community property laws on their federal tax return, even though the federal government doesn’t recognize their marriage. How does this work when a same-sex couple moves from a community property state to a non-community property state during the middle of the year? It makes for a headache-inducing situation. Indeed, some of the most complicated tax returns I’ve ever prepared have been for same-sex couples that moved from California (a community property state) to Iowa (not a community property state)… -
Another Example of a Tax Scam E-Mail
1 May 2013 | 3:30 amA client forwarded me the following e-mail they received from the “IRS.” I should note that this e-mail is copied and pasted directly from the e-mail, so all of the weird font issues (such as needing a magnifying glass to read the last line) were present in the original e-mail. —– Claim Your Tax Refund Online We identified an error in the calculation of your tax from the last payment, amounting to $ 419.95. In order for us to return the excess payment, you need to create a e-Refund account after which the funds will be credited to your specified bank account.Please… -
In a Same-Sex Marriage? Watch Your Federal Tax Withholding
24 Apr 2013 | 3:30 amHere’s something I encountered more than a few times the last two tax seasons: people in same-sex marriages in Iowa who haven’t had enough federal taxes withheld from their paychecks, so they owe (sometimes $1,000+) when they file their tax return. What’s going on? Some employers are withholding based on the “married” withholding tables rather than the “single” tables. Example: Angie is in a same-sex marriage. She earns $60,000/year, payable twice a month (so $2,500/pay period). She claims 0 withholding exemptions. Since the federal government…
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The Tax Factor
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2nd IRS Official to Leave Amid Tea Party Scandal
20 May 2013 | 9:00 amHeads are rolling at the IRS!!!As second top Internal Revenue Service official has announced plans to leave the agency amid the controversy over the targeting of tea party groups. An internal IRS memo says Joseph Grant, commissioner of the agency’s tax exempt and government entities division, will retire June 3. Grant joins Steven Miller, who was forced to resign as acting IRS commissioner on May 15th. As part of his duties, Grant oversaw the IRS division that targeted tea party groups for additional scrutiny when they applied for tax-exempt status. Grant joined the IRS in… -
IRS To Be Closed Five Days Due to Budget and Sequester
17 May 2013 | 6:55 amPrepare for some changes this summer with the IRS.The Internal Revenue Service announced details about the closures planned for May 24, June 14, July 5, July 22 and Aug. 30, 2013.Due to the current budget situation, including the sequester, all IRS operations will be closed on those days. This means that all IRS offices, including all toll-free hotlines, the Taxpayer Advocate Service and the agency’s nearly 400 taxpayer assistance centers nationwide, will be closed on those days. IRS employees will be furloughed without pay. No tax returns will be processed and no compliance-related… -
Tips to Start Planning Next Year's Tax Return
30 Apr 2013 | 9:00 amHere is a word from the GoodfellasIRS Tax Tip 2013-62For most taxpayers, the tax deadline has passed. But planning for next year can start now. The IRS reminds taxpayers that being organized and planning ahead can save time and money in 2014. Here are six things you can do now to make next April 15 easier.1. Adjust your withholding. Each year, millions of American workers have far more taxes withheld from their pay than is required. Now is a good time to review your withholding to make the taxes withheld from your pay closer to the taxes you’ll owe for this year. This is especially true if… -
Eight Facts on Late Filing and Late Payment Penalties
29 Apr 2013 | 9:00 amHere is a word from the Goodfellas at the IRS:IRS Tax Tip 2013-58April 15 is the annual deadline for most people to file their federal income tax return and pay any taxes they owe. By law, the IRS may assess penalties to taxpayers for both failing to file a tax return and for failing to pay taxes they owe by the deadline.Here are eight important points about penalties for filing or paying late.1. A failure-to-file penalty may apply if you did not file by the tax filing deadline. A failure-to-pay penalty may apply if you did not pay all of the taxes you owe by the tax filing deadline. 2. -
IRS Fresh Start Program Helps Taxpayers Who Owe the IRS
26 Apr 2013 | 9:00 amDon't you wish you can start back at "one," even with the IRS?Here is a word from the Goodfellas at the IRS:IRS Tax Tip 2013-57The IRS Fresh Start program makes it easier for taxpayers to pay back taxes and avoid tax liens. Even small business taxpayers may benefit from Fresh Start. Here are three important features of the Fresh Start program:• Tax Liens. The Fresh Start program increased the amount that taxpayers can owe before the IRS generally will file a Notice of Federal Tax Lien. That amount is now $10,000. However, in some cases, the IRS may still file a lien notice on amounts less…
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IncomeTaxReturnIndia.com - IncomeTaxReturnIndia.com
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Income Tax Forms for Assessment Year 2013-2014
4 May 2013 | 10:55 pmIncome tax forms for Assessment year 2013-2014 is released by income tax department. For Assessment year 2013-2014, every person (not being a co.) to e-file (Electronic Income tax Return) the income tax return if its total income exceeds Rs. 5,00,000. While filing the return care should be taken to ensure that you … Continue reading → -
How to save income tax on sale of house property
25 Apr 2013 | 10:24 amHave you sold your house property? Are you worried Income tax has to be paid on Capital gains? Do you know that there is legal way and you will not be required to pay income tax on sale of house property? Read on and save income tax on Capital gain … Continue reading → -
Income Tax Calculator for Year 2013-2014 (Assessment Year 2014-2015)
16 Apr 2013 | 5:37 pmIncome tax Calculator for Financial year 2013-2014 (Assessment Year 2014-2015) Please feel free to use Income tax Calculator. For convenience of Tax Payers we have made this in excel. This completely downloadable and you are free to share with your friends and relatives. Detailed Tax Calculator: Download Free excel based … Continue reading → -
Section 87A gives Income tax Rebate/Credit of Rs 2000 for individual whose income is less than Rs 5 lac
13 Apr 2013 | 5:07 amBudget 2013 has introduced new Section 87A. This Section gives Extra Income tax rebate of Rs 2000/- to Resident Individuals whose Total Income is less than Rs 5,00,000/- Conditions to be fulfilled for availing Extra Income tax rebate: 1) Extra rebate u/s 87A is only available to Individuals. This rebate … Continue reading → -
Form 15G and 15H and help you save Income tax
29 Mar 2013 | 4:29 amForm 15G and Form 15H can help save TDS on fixed deposit you have made with your bank and Financial Institutions. 15G and 15H are declaration signed by individuals and HUF that their Gross Total Income, is less then exemption limit. Main difference between these forms is – form … Continue reading →
