Taxes

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  • Code Size Claim Shrinks But Not Enough

    MauledAgain
    James Edward Maule
    19 Dec 2014 | 5:01 am
    One of my favorite examples of tax misinformation is the persistent claim that the Internal Revenue Code is a gargantuan multi-million word compilation that fills thousands of pages. Though the tax code surely is a monstrous thing, the monstrosity arises from the content. It doesn’t take very many words to generate misguided content.My first foray into the “size of the tax code” issue occurred more than ten years ago in Bush Pages Through the Tax Code?. I revisited the issue many times, starting with Anyone Want to Count the Words in the Internal Revenue Code?, and continuing with Tax…
  • How to Make the Most of the Federal Annual Gift Tax Exclusion

    accountingweb.com
    Ken Berry
    18 Dec 2014 | 10:02 am
    If you want to pass wealth to beneficiaries and save on taxes, sometimes the easiest way is the best.
  • Do You Know Your Dependent's Income?

    Our Taxing Times
    trishmc
    18 Dec 2014 | 1:14 pm
    Do you know how much your dependents earned in 2014? I would strongly suggest finding out before you get your own tax return prepared this year. Every year I write a post asking parents to check their children’s W-2 or final check stub before they come in to have their own tax return prepared. Traditionally, the reason I need the information is we can be sure that you can actually claim that child as a dependent. The whole process is explained in this blog post. This year, however, the Affordable Care Act means that I have to ask about insurance coverage for you, spouse and anyone claimed…
  • Good news: the 2015 tax-filing season will start on timeBad news: It will be pretty miserable for IRS and taxpayers

    Don't Mess With Taxes
    skbell1
    18 Dec 2014 | 3:32 pm
    Well, well, well. I'm going to pull my crystal ball (yes, that's it pictured there) out of storage and dust it off. It seems like I've got a bit of my predictive mojo back. That hasn't been the case very much in recent years, at least not where the U.S. Congress is involved. Remember the estate tax? Nobody, including me, thought those fools lawmakers would let it expire at the end of 2009. But they did. And they took us over the fiscal cliff, albeit only for a couple of days. Still, logical people, who are most folks who don't work on Capitol Hill, didn't think…
  • IRS wants to help you find a qualified tax preparer

    Don't Mess With Taxes
    skbell1
    19 Dec 2014 | 10:35 am
    Yes, it's the holiday season. Christmas is less than a week away, and you've got a house to clean, meals to plan and cook and gifts to buy. But you also need to think about some year-end tax moves. You probably checked out the 10 tax tasks to take care of by Dec. 31 that appeared a few weeks ago as a Weekly Tax Tip. Thanks. Now here's my gift to you, an 11th tax move. Hire a tax professional. True, this isn't one you necessarily need to do by year's end. But you do need to think about hiring tax help sooner rather than later. Good tax professionals' schedules…
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    Don't Mess With Taxes

  • IRS wants to help you find a qualified tax preparer

    skbell1
    19 Dec 2014 | 10:35 am
    Yes, it's the holiday season. Christmas is less than a week away, and you've got a house to clean, meals to plan and cook and gifts to buy. But you also need to think about some year-end tax moves. You probably checked out the 10 tax tasks to take care of by Dec. 31 that appeared a few weeks ago as a Weekly Tax Tip. Thanks. Now here's my gift to you, an 11th tax move. Hire a tax professional. True, this isn't one you necessarily need to do by year's end. But you do need to think about hiring tax help sooner rather than later. Good tax professionals' schedules…
  • Good news: the 2015 tax-filing season will start on timeBad news: It will be pretty miserable for IRS and taxpayers

    skbell1
    18 Dec 2014 | 3:32 pm
    Well, well, well. I'm going to pull my crystal ball (yes, that's it pictured there) out of storage and dust it off. It seems like I've got a bit of my predictive mojo back. That hasn't been the case very much in recent years, at least not where the U.S. Congress is involved. Remember the estate tax? Nobody, including me, thought those fools lawmakers would let it expire at the end of 2009. But they did. And they took us over the fiscal cliff, albeit only for a couple of days. Still, logical people, who are most folks who don't work on Capitol Hill, didn't think…
  • No Happy New (Tax) Year for IRS employees or taxpayers

    skbell1
    18 Dec 2014 | 11:40 am
    Even if the IRS can get the 2015 filing season started on time, which despite my optimism is still questionable given the late passage of the 2014-only tax extenders, next year's full filing season is likely to be a rocky one for both Internal Revenue Service employees and taxpayers. The main reason for potential problems? Not enough workers at the IRS. The IRS employees who are there are it. The agency is freezing new hires. And the workers who are there will be asked to do their jobs only within the 40-hour work week because the IRS will halt most overtime pay. This means that the IRS…
  • Tax filing projections for the 2015 season and beyond

    skbell1
    17 Dec 2014 | 12:33 pm
    Happy Holidays tax world! Last night, Dec. 16, the Senators decided they'd had enough and finally rubber-stamped the House version of tax extenders. The bill now heads to President Obama, who is expected to sign it. But did the Senate act in time? Oh sure, Congress got the job done retroactively for the 2014 tax year so for the next two weeks folks can make some tax moves they've been postponing while the tax breaks were in limbo. But did the Senate approval come soon enough for tax filing season 2015 to start on time? We're still waiting on official word from the Internal…
  • Noah's Ark park loses state tax breaks (but Christmas is safe)

    skbell1
    16 Dec 2014 | 1:58 pm
    Maybe it's just me, but I haven't heard much this year about the so-called war on Christmas. In case you've missed the battle because you're too busy every December, here's a quick refresher. This is the assertion that there's a consolidated, aggressive effort by governments, media, advertising, retailers and various other secular movements to strip Dec. 25 of its religious meaning. Basically, say pro-Merry Christmas/anti-Happy Holidays combatants, people are trying to take Christ out of Christmas. Or maybe I haven't heard so much this year about the annual…
 
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    Our Taxing Times

  • Do You Know Your Dependent's Income?

    trishmc
    18 Dec 2014 | 1:14 pm
    Do you know how much your dependents earned in 2014? I would strongly suggest finding out before you get your own tax return prepared this year. Every year I write a post asking parents to check their children’s W-2 or final check stub before they come in to have their own tax return prepared. Traditionally, the reason I need the information is we can be sure that you can actually claim that child as a dependent. The whole process is explained in this blog post. This year, however, the Affordable Care Act means that I have to ask about insurance coverage for you, spouse and anyone claimed…
  • The New ABLE Accounts

    trishmc
    17 Dec 2014 | 1:40 pm
    Congress passed the Achieving a Better Life Experience (ABLE) act of 2014 on Tuesday (12/16/15) when it voted on the tax extender bill. This bill creates a new tax free account that can be used to help with disability expenses of an individual. The new ABLE accounts will be set up by a state or a state agency along the lines of the current Qualified Tuition Program (QTP) or Section 529 plans for education. (In Kansas, these are Learning Qwest plans.) An ABLE account can be set up for any individual who by the age of 26 is blind or disabled. They can set up the account for themselves or one…
  • Here We Go Again - Tax Extenders

    trishmc
    17 Dec 2014 | 7:46 am
    The Senate has finally passed a one year extension of the “tax extenders”. The House passed the bill last week and President Obama is expected to sign the bill. What are “tax extenders?” These are a bunch tax provisions which Congress put into the tax code years ago. They came into being for a variety of reasons but were all short term changes. All originally had expirations dates that have long passed. However, because the changes were popular with taxpayers, Congress has given them a reprieve each time they should have expired. That is what they have just done. The current extension…
  • The New Voluntary Tax Preparer Program

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

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

  • Obama Signs 2014 Tax Extenders: Money In Your Pocket - Forbes

    19 Dec 2014 | 4:57 pm
    ForbesObama Signs 2014 Tax Extenders: Money In Your PocketForbesIt's finally official—President Barack Obama signed H.R. 5771, The Tax Increase Prevention Act today. While businesses are celebrating the one-year extension of the research and development credit and bonus depreciation, individual taxpayers have Tax Extender Bill Approved, Likely to be Signed by Obama, but What a Policy The Nonprofit QuarterlyCongress Passes Tax Extenders: What You Need to KnowHuffington PostCongress's Christmas present to corporate America — billions in tax breaksVoxall 11 news articles »
  • Obama Renews Tax Breaks, Creates ABLE Accounts - ABC News

    19 Dec 2014 | 3:33 pm
    Obama Renews Tax Breaks, Creates ABLE AccountsABC NewsPresident Barack Obama signed legislation Friday that temporarily extends dozens of costly tax breaks for millions of businesses and homeowners, commuters, teachers and others. The measure also allows people with disabilities to open tax-free savings ...and more »
  • E-cigarette shops unhappy with 95% vapor tax proposal - KING5.com

    19 Dec 2014 | 2:38 pm
    KING5.comE-cigarette shops unhappy with 95% vapor tax proposalKING5.com"A 95% tax would do a few different things," said Kim Thompson, who owns The Vaporium in Fife. "One, it would demonize a product, make it look as though it was as bad as smoking. The other thing is that it would make vaping and traditional cigarettes E-cig and vape tax could be coming to WashingtonKOMO News'Buck up,' Inslee says, as he makes his case for new taxesThe Seattle TimesInslee puts tax breaks for food processors in budgetCapital pressReuters -GeekWireall 136 news articles »
  • 7 Big Tax Changes in 2015 - USA TODAY

    19 Dec 2014 | 1:23 pm
    USA TODAY7 Big Tax Changes in 2015USA TODAYAs 2014 draws to a close, it's nearly time for the annual deluge of tax forms – including 1098's reporting mortgage interest or W-2's from employers reporting your annual wages. But while gathering documents for the past year's taxes is important Pop Quiz: Is It Better to Have a Tax Credit or a Tax Deduction?Money Talks News (blog)Mortgage: Maximize tax breaks with an early mortgage paymentChron.comall 6 news articles »
  • Obama Says He'll Make 'Pretty Specific' Proposals for Tax Revamp - Bloomberg

    19 Dec 2014 | 12:52 pm
    Toronto StarObama Says He'll Make 'Pretty Specific' Proposals for Tax RevampBloomberg(Bloomberg) -- President Barack Obama said he wants to reach an agreement with the new Congress on revamping the U.S. tax code and said the administration would release a more detailed plan. At his year-end news conference at the White House, ...Obama Willing to Work With GOP on Tax OverhaulABC Newsall 13,166 news articles »
 
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    THE WANDERING TAX PRO

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

    19 Dec 2014 | 2:00 am
    * Tax pros, PLEASE check out the December “issue” of THE TAX PROFESSIONAL and let me know your comments on my “Soapbox” editorial.* At MAINSTREET.COM I provide some more year-end tax advice in “Tax-Wise Holiday Giving: Generosity That Warms Your Heart and Protects Your Money” and discuss the Senate finally passing the tax extenders bill in “Senate Passes the Tax Extenders Act Finally: How It Benefits You”.* Jason Dinesen goes into more detail on how he is “Changing the Way I Work with Business Clients” at DINESEN TAX TIMES.While I have prepared Schedule C’s for sole…
  • THERE ARE A LOT MORE THAN 20 REALLY STUPID THINGS IN THE US TAX CODE!

    18 Dec 2014 | 2:00 am
    The title of Robert W Wood’s FORBES.COM blog post - “20 Really Stupid Things In The U.S. Tax Code” - grabbed my attention immediately. My first reaction - only 20?Robert’s opening paragraph is a wonderful, and spot on, description of the mucking fess that is the current US Tax Code –“The U.S. tax code is the most complex in the world by any measure. It is chock full of perks to special interests, political pork and social engineering. Like a hodgepodge built with spare parts and constant add-ons, some of the results it produces are pretty unjust. In short, our tax code cries out…
  • FINALLY!

    17 Dec 2014 | 4:11 am
    This just in.In “The 2014 Tax Breaks You'll be Able to Take” CNN’s Jeanne Sahadi tells us –“Congress on Tuesday night extended dozens of expired "temporary" tax breaks for 2014. It took the Senate, by a 76 to 16 vote, until the week after Congress was supposed to adjourn to pass the bill, which the House had already approved. The bill will now be sent to President Obama, who is expected to sign it.”Since the “tax extenders” were only extended for 2014 they will once again expire in 2 weeks.  We can only hope that the idiots in Congress will not wait until next December to…
  • RANDOM COMMENTS ON TAX PREPARATION

    17 Dec 2014 | 2:00 am
    Here are some random comments on two topics based on the report I discussed on Monday that resulted from the GAO undercover operation.(1) The report included some statistics.  One table – Individual Taxpayers’ Estimated Use of Paid Preparers, by Various Groupings, Tax Year 2011 – indicated that 59% of taxpayers who claimed the Earned Income Credit used paid preparers, while the percentage for taxpayers not claiming the EIC was 55%.In discussing the various fees charged by the 19 “fast food” chain offices visited by the undercover agents, the report stated “Paid preparers…
  • WHAT’S THE BUZZ, TELL ME WHAT’S A HAPPENNIN’ – TUESDAY EDITION

    16 Dec 2014 | 2:00 am
    Guess what arrived in the mail this past Saturday.  A delinquent client’s 2011 tax “stuff”!  So it looks like the first Form 1040 I prepare in calendar year 2015 will be a 2011 Form 1040.  I hope the 2012 and 2013 “stuff” will follow shortly. * Tax pros, PLEASE check out the December “issue” of THE TAX PROFESSIONAL and let me know your comments on my “Soapbox” editorial.* The AICPA is not giving up in its attempts to crush competition for 1040 preparation clients and to “put down” any program, voluntary or otherwise, that provides a tax preparer credential…
 
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    Start Making Sense

  • New article in Tax Notes

    15 Dec 2014 | 3:22 pm
    I have an article in today's Tax Notes, entitled "Evaluating the Case for 1986-Style Tax Reform."  You can download it here.This is the piece, expressing skepticism about the degree of policy gain that would result from lowering the corporate tax rate plus broadening the business tax base, that I presented at the Boston College-Tax Analysts Conference on Reforming Entity Taxation on October 10, 2014.  As per earlier blog posts, you can find slides for the talk here, and an account of the day's proceedings (from a Tax Notes article by Amy Elliott) here.UPDATE: I gather that I am…
  • Spring 2015 Tax Policy Colloquium

    3 Dec 2014 | 11:27 am
    The time is now drawing near - January 20, or just under 7 weeks away - when I'll be co-leading my/the twentieth (!) NYU Tax Policy Colloquium.  I've previously posted the speaker schedule, and noted that my co-convenor will be Alan Viard of the American Enterprise Institute, but the following is a first-time-posted full schedule with tentative paper titles (many of them placeholders and/or subject to change):SCHEDULE FOR 2015 NYU TAX POLICY COLLOQUIUM(All sessions meet on Tuesdays from 4-5:50 pm in Vanderbilt 208, NYU Law School)1.  January 20 – Brigitte Madrian, Harvard Kennedy…
  • You take what you can get

    18 Nov 2014 | 3:13 pm
    Harry Grubert has published a thoughtful review of my book, Fixing U.S. International Taxation, in the latest issue of the National Tax Journal.  It's a good read, not just for anything it says about my book, but perhaps even more so for its addressing some topics (such as formulary apportionment) that I mention in the book, but that have been been of especial long-term interest to him.Although Harry is an economist and I'm a lawyer, he might actually have preferred a more "lawyer"-type book, whereas I wrote a conceptually more "economist"-type one.  Thus, take what I consider to be…
  • I forgot to post this a couple of weeks ago

    17 Nov 2014 | 7:31 pm
    Posing with Lee Sheppard before a discussion of Ed Kleinbard's book, on Halloween at NYU Law School.
  • My own paper presentation at NTA

    17 Nov 2014 | 9:46 am
    In addition to commenting on the Green-Phillips paper noted in the preceding blog entry, I also presented one of my recent papers, forthcoming in the Connecticut Law Review, entitled "Multiple Myopias, Multiple Selves, and the Under-Saving Problem."  Jason Seligman of Ohio State offered thoughtful and helpful comments.  This was my first, and perhaps last, presentation of this paper, which I finished early last summer, as consumer demand has generally been higher for my Piketty paper (as well as for a short piece on corporate tax reform that I will post on SSRN after it appears in…
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    MauledAgain

  • Code Size Claim Shrinks But Not Enough

    James Edward Maule
    19 Dec 2014 | 5:01 am
    One of my favorite examples of tax misinformation is the persistent claim that the Internal Revenue Code is a gargantuan multi-million word compilation that fills thousands of pages. Though the tax code surely is a monstrous thing, the monstrosity arises from the content. It doesn’t take very many words to generate misguided content.My first foray into the “size of the tax code” issue occurred more than ten years ago in Bush Pages Through the Tax Code?. I revisited the issue many times, starting with Anyone Want to Count the Words in the Internal Revenue Code?, and continuing with Tax…
  • Tax Question: What Is “It” in “We don’t need it”?

    James Edward Maule
    17 Dec 2014 | 5:01 am
    Last weekend a news story revealed the results of a poll of New Jersey residents. Asked for a reaction to increased fuel taxes to pay for repair of deteriorating transportation infrastructure and improvements to highways and bridges, 58 percent replied in the negative. One respondent stated, “We don’t need it.” It’s unclear whether this person was using the singular pronoun it to refer to taxes in the plural, or to the notion of transportation repairs and improvements. No matter which of the two choices was the person’s intent, the respondent is wrong.As I pointed out late last…
  • It’s Not Just Tax Ignorance, Is It?

    James Edward Maule
    15 Dec 2014 | 5:01 am
    For as long as I can remember, I wanted to be an educator, and for many years, I have been one. People ask me why. My answer is simple. Something deep inside me is annoyed, frustrated, disappointed, and even angry when I observe ignorance, or worse, the effects of ignorance. Ignorance kills. Ignorance leads to bad decisions. Ignorance generates nothing valuable. The notion that ignorance is bliss is a distraction created by those who benefit from someone else’s ignorance in the short-term, too ignorant to understand what will happen in the long-term.Readers of this blog know that no small…
  • Why Do Those Who Dislike Government Spending Continue to Support Government Spenders?

    James Edward Maule
    12 Dec 2014 | 5:01 am
    There’s something not quite right in the collective psyche of the anti-government-spending crowd. Enraged by high taxes, they manage to put into office, and keep in office, people who dish out tax revenues as though there were no limits on taxation. Of course, the tax breaks go to those who are in least need of economic assistance. Their excuse, that they will use the tax breaks to help those in need, is hilarious, because the best way to help those in need is to direct assistance directly to them so that they can infuse those dollars into the economy. That makes the economy grow. Handing…
  • Do-It-Yourself Tax Preparation? Better?

    James Edward Maule
    10 Dec 2014 | 5:01 am
    In recent years, in part because of economic conditions, an increasing number of people have turned to do-it-yourself projects. If the do-it-yourselfer has the skills and the time, there is much to be said in favor of taking this approach. Aside from money issues, there is, at least for some people, the satisfaction of having accomplished something, whether it is cleaning the gutters, building a garage, fixing a leaking toilet, or replacing windows. But sometimes, doing it yourself can be dangerous.When I teach the basic tax course and the basic wills and trusts course, I warn students that…
 
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    TaxProf Blog

  • Iowa Reassigns Legal Writing Prof to Library Pending Retrial of Discrimination Claim Based on Her Conservative Views

    Paul Caron
    19 Dec 2014 | 12:10 pm
    Following up on my previous posts (links below): Des Moines Register, Second Woman Makes Retaliation Claim Against University of Iowa: The University of Iowa has reassigned another female employee involved in a pending legal matter against the school — an action called retaliatory and illegal in a new court document....
  • Weekly Tax Roundup

    Paul Caron
    19 Dec 2014 | 11:21 am
    Bloomberg, IRS Freezes Hiring, Warns of Busy Signals After U.S. Budget Cuts Bloomberg, Obama Says He'll Make 'Pretty Specific' Tax-Revamp Proposals Bloomberg, Senate Sends $42 Billion U.S. Tax-Break Renewal Measure to Obama Forbes, Disabled Veteran Sues Bank Of America Over Erroneous Form 1099-C, by Peter J. Reilly Forbes, Eight Tax...
  • Weekly Legal Education Roundup

    Paul Caron
    19 Dec 2014 | 11:06 am
    Above the Law, Ask The Professor: How Can Law Schools Survive? Take Responsibility. Above the Law, Black Law Professor Sues Predominantly Black Law School… For Race Discrimination? Above the Law, Experienced Lawyers Pity Recent Law School Graduates Above the Law, On-Campus With Elie: Over The Cliff We Go Above the...
  • Weekly SSRN Tax Roundup

    Paul Caron
    19 Dec 2014 | 11:00 am
    Richard Ainsworth (Boston University), Phishing & VAT Fraud in CO2 Permits: DICE in the EU-ETS Now; DICE in Power Tomorrow Hui Chen (Colorado), Katherine Gunny (Colorado) & Karthik Ramanna (Harvard), Return on Political Investment in the American Jobs Creation Act of 2004 Tsilly Dagan (Bar-Ilan), BRICS -- The Potential of...
  • Weekly Student Tax Note Roundup

    Paul Caron
    19 Dec 2014 | 9:30 am
    Heather V. Graham (J.D. 2014, Pace), Comment, Moving Beyond Marriage: A Proposed Unit of Presumed Economic Interdependence for Joint Filing Purposes in Bankruptcy and in Tax, 34 Pace L. Rev. 419 (2014) Dillon Nichols (J.D. 2015, Kentucky), Note, Staring at the Sun: How Property Tax Incentives and Third Party Ownership...
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    Roth & Company, P.C

  • Tax Roundup, 12/19/14: What to do when capital gain tax is voluntary. And: no signature yet.

    Joe Kristan
    19 Dec 2014 | 5:54 am
    Programming note: The Tax Update will be taking a long weekend. Back Wednesday. The President hasn’t signed the extender bill yet. Everyone says he will sign HR 5771, but a lot of taxpayers will feel better when its official.  You can frantically refresh the Whitehouse.gov “Signed Legislation” page to watch for it.   Flickr Image courtesy donjd2 under Creative Commons License. So you cashed out some stock market gains this year. That makes it a good year to cash out your losers too. Capital losses can be deducted on individual returns to the extent of capital…
  • Tax Roundup, 12/18/14: Year-end planning and relatives. And: when will the President sign the extenders?

    Joe Kristan
    18 Dec 2014 | 6:00 am
    When will he sign? Now that Congress has finally sent the extender Bill, HR 5771, to the President, the “expired provisions” require only his signature. When will that happen? I have no idea. There is nothing at Whitehouse.gov about it. But everyone says he’ll sign. It would be the practical joke of the year if he didn’t.   Beware the relative! The tax law generally assumes that when related parties do business together, they’re up to no good somehow. That’s why the law has so many provisions that deny or delay tax benefits when relatives are…
  • Tax Roundup, 12/17/14: Lazarus rises! For two weeks, anyway. Senate passes extender bill.

    Joe Kristan
    17 Dec 2014 | 6:40 am
    The Senate has passed the extender bill and sent it to the President. The Hill reports: By a 76 to 16 vote, the Senate passed a measure that would extend more than four dozen tax breaks for both businesses and individuals just through 2014. Republicans and Democrats latched on to the one-year deal after the White House undercut negotiations on a broader bipartisan package, underscoring divisions between Democrats in the wake of this year’s heavy losses at the polls. Senators from both parties said Tuesday that they would have preferred legislation that restored the tax breaks through…
  • Tax Roundup, 12/16/14: Extenders as dessert after the Senate eats its peas.

    Joe Kristan
    16 Dec 2014 | 6:46 am
    Flickr image courtesy seriousbri under Creative Commons license. It appears that the extenders will be served up to the Senate only when the Senators clean their plates. The Hill reports (my emphasis): Once they are out of the way, Senate aides expect an agreement to confirm Obama’s other pending nominees by midweek. That would speed up final votes on a package extending a variety of lapsed tax breaks and on the stalled Terrorism Risk Insurance Act. … Senate aides say a one-year extension of expired tax breaks will be one of the last items to move because it has strong support on…
  • Tax Roundup, 12/15/14: Is today the day the expired provisions arise? And: Ames Day!

    Joe Kristan
    15 Dec 2014 | 7:15 am
    Hey, calendar-year corporations and foundations, your fourth quarter estimates are due today. Cromnibus passes. Extenders today? The monstrous $1.1 trillion ($1,100,000,000,000) government funding bill that had been holding up passage of the one-year “extender” bill finally cleared the Senate over the weekend. We might see the Lazarus provisions rise again as early as today. The 55 provisions that expired at the end of 2013, and which HR 5771 would retroactively extend through the end of this month, include the $500,000 Section 179 limit, 50% bonus depreciation, and the research…
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    RUBIN ON TAX

  • PROTECTOR POWER TO AMEND TRUST UPHELD, BUT LITIGANTS ALSO RAISE AN INTERESTING ACCOUNTING ISSUE [FLORIDA]–PART II

    Charles (Chuck) Rubin
    16 Dec 2014 | 4:57 pm
    Earlier this week I wrote about a recent Florida case that upheld the ability of a trust “protector” to amend the provisions of a trust. You can read that posting here. In that posting, I alluded to an interesting trust accounting issue. In the case, the purpose of the amendment made by the protector was to cut off the rights of the remaindermen (the decedent’s children) under the trust to receive accountings and object to the operation of the trust. The amendment was made to clarify that under the terms of the Family Trust which was being held for the decedent’s spouse, that when the…
  • PROTECTOR POWER TO AMEND TRUST UPHELD, BUT LITIGANTS ALSO RAISE AN INTERESTING ACCOUNTING ISSUE [FLORIDA]–PART I

    Charles (Chuck) Rubin
    14 Dec 2014 | 9:04 am
    A recent Florida appellate court decision upholds the ability of a trust “protector” to amend the provisions of a trust. Florida Statutes Section 736.0808(e) provides that “[t]he terms of a trust may confer on a trustee or other person a power to direct the modification or termination of the trust.” In the trust at issue, the trust instrument authorized a third party to modify or amend the trust provisions to correct ambiguities in the trust or correct a drafting error that defeats the settlor’s intent. During litigation involving the rights of children to challenge the…
  • EMPLOYER CASH PAYMENTS TO REIMBURSE EMPLOYEES FOR HEALTH INSURANCE COSTS–NO!

    Charles (Chuck) Rubin
    10 Dec 2014 | 2:43 pm
    Many employers offer or provide cash to employees to reimburse them for the cost of purchasing an individual health insurance policy. Others offer employees with high claims risk a choice between enrolling in the company’s standard group health plan or choice. Some companies purchase a product that allow employers to cancel their group policies, setup a reimbursement plan that works with brokers or agents to help employees select individual policies, and allow eligible employees to access premium tax credits. The Department of Labor has announced that any of the above will be a violation of…
  • Overpayment and Underpayment Rates-1st Quarter 2015

    Charles (Chuck) Rubin
    7 Dec 2014 | 3:22 pm
    Follow @crubincrubin
  • 2014 Extenders Clear the House

    Charles (Chuck) Rubin
    6 Dec 2014 | 5:18 am
    For many years now, Congress has contributed to tax uncertainty by extending certain favorable tax provisions on a year by year basis. Thus, for example, in 2014 these extenders have expired. Neither the IRS, who has to prepare 2014 forms and computer programs, nor taxpayers, who may want to take advantage of these provisions, know what to do until Congress gets around to passing a law that extends them and makes them applicable in 2014. An extenders bill has now passed the House of Representatives. At first, Harry Reid in the Senate indicated the Senate might not get to the bill, but it now…
 
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    Taxable Talk

  • Vacation

    Russ
    5 Dec 2014 | 6:41 am
    It’s time for my annual winter vacation. I will not be posting until I return. While I’m away, enjoy the fine bloggers listed in the blogroll on the right. I’ll be back on Tuesday, December 23rd.
  • Speaking of Efficiency

    Russ
    5 Dec 2014 | 6:40 am
    I do know how we can improve the Tax Code: Force Congresscritters to do their own taxes. I have an instructive vignette on why this is the case. A friend of mine was hired by a major tax software company to be in customer support. He has had to learn about the Tax Code so he can answer questions. Currently, he’s taking training courses. He had this to say recently: If you say anything about Basis, At-Risk, or Passive Limitations, I’m going to have to cut you. One of the biggest things I’m learning at [Software Company] is our tax code is ****ed and needs serious fixing.
  • A Rare Piece of Efficiency from the IRS

    Russ
    2 Dec 2014 | 8:18 am
    We have to take our victories in dealing with the IRS where we find them. As an Enrolled Agent, every three years I have to renew my license. I go online, check various boxes, note the continuing education I’ve taken, pay a fee, and months later I receive my Enrollment Card in the mail. Indeed, three years ago it took three tries for my card to make it to me (possibly because of my move). On November 4th I completed my renewal application. In yesterday’s mail I received my new Enrollment Card (postmarked on November 28th). Kudos to the IRS in getting this done efficiently. Now, if…
  • Mundane Tax Fraud Downs Friend of Cicero Town President

    Russ
    1 Dec 2014 | 7:47 pm
    George Hunter will likely be going to ClubFed. He pleaded guilty today to two counts of tax evasion. Mr. Hunter’s company received $1.8 million in two years from Cicero…without a contract. Mr. Hunter is friends with Larry Dominick, the Ton President of Cicero. Cicero is a suburb of Chicago. The Chicago Sun-Times article notes that Mr. Hunter has refused to cooperate with federal prosecutors. As for the tax evasion, it’s pretty mundane. Mr. Hunter paid his employees in cash and told his employees not to report their income to the IRS. He didn’t, and not paying payroll…
  • A Ship Over Troubled Waters Sinks Leeds’ Cellino For Now

    Russ
    1 Dec 2014 | 7:33 pm
    From the Sport (not Sports) page of the Telegraph and the BBC we find that Leeds beat league-leading Derby two to nil in football (or soccer for us colonials). Derby manager Steve McClaren was quoted by the BBC: “It’s just one of them days, a bad day at the office. We were below our best and when you’re not at your best, you can be beaten.” However, the real news was what happened away from the pitch. Massimo Cellino owns Leeds United. Unfortunately, he’s also been found guilty of evading import taxes on a boat in Italy. The Football League ordered Mr. Cellino to…
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    IRS Hitman 888-415-1337

  • Hiring a Tax Return Preparer - What You Must Know

    19 Dec 2014 | 8:41 am
    For 2013, more than 140 million tax returns were filed and half were prepared with the help of a paid return preparer. Many taxpayers hire a return preparer to handle their tax returns to assist with the ever changing tax credits and deductions; shifting tax laws make it difficult for individuals to save the most in taxes without professional help. “With the upcoming filing season, some taxpayers may want to get help with the new provisions of the Affordable Care Act, and tax professionals provide one of several options available,” IRS Commissioner Koskinen said. “Most people only have…
  • IRA Adjustments to Make before April 15

    12 Dec 2014 | 7:50 am
    If you are still considering making Individual Retirement Accounts (IRA) adjustments, you do not need to hurry because you can make adjustments up until the end of the tax season next year. After the holiday season is over, you should take a look at the IRA limits for 2014 and other rules that will impact your 2014 taxes. If you want to open an IRA, then also you can use these tips to maximize your savings without falling out of compliance.Your IRA contribution for 2014 must not exceed $5,500. If you are 50 years old or older, then the maximum limit is $6,500. You can make an IRA contribution…
  • Inflation Adjustments to Consider for 2015 Taxes

    5 Dec 2014 | 7:21 am
    The New Year will begin in less than a month, tax season will be right behind it. Individuals who plan their taxes early are better able to manage their finances for 2015. In order to minimize tax liabilities, it’s good to review expenditures; transfer of money, property, assets; charitable contributions, gifts.Some of the tax limits and inflation adjustments are shared below.For individual taxpayers filing as single whose income is more than $413,200, the tax rate of 39.6% will be charged in 2015. For those filing jointly, the income limit must not be more than $464,850. The standard…
  • Tax Rules to Remember When Giving to Charity

    28 Nov 2014 | 7:14 am
    If you are looking to make contributions to charity during the holiday season, it’s important to keep in mind certain rules regarding donations to lower your tax bill. The first rule for claiming deductions on charitable donations is that you must itemize your deductions. Even if you used standard deductions when filing taxes for 2013, you can itemize your deductions for 2014.Check if it is a qualified charity: You can only deduct contributions to qualified charities. To confirm that a charity is recognized, you may use this IRS tool. Along with charities, you may also deduct donations made…
  • Things to Do Before Tax Season Begins

    21 Nov 2014 | 8:28 am
    To avoid any unpleasant surprises in the coming tax season, it’s good to review a few simple rules now. As tax season is only a few months away, you can take some precautions to enjoy smooth and successful filing of taxes. Some of the most important things to consider in preventing errors in filing are explained below.Adjust Your WithholdingAs a W2 employee, you’ll want to ensure that your tax withholding is not falling short of the minimum amount that you should be withholding. If you pay lower than the minimum amount from your wages, you’ll have a balance due when you file your…
 
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    Taxation RSS Feed | JD Supra Law News

  • Compensation Issues – Revisited

    Belfint Lyons & Shuman, CPAs
    19 Dec 2014 | 7:30 pm
    We have completed another retirement plan audit season and have noticed a number of common errors occurring with compensation. I previously discussed these issues in my blog series “Compensation: The Missing Link – Part 1” and “Compensation: The...By: Belfint Lyons & Shuman, CPAs
  • Senate Approves Energy Tax Extenders

    McDermott Will & Emery
    19 Dec 2014 | 7:17 pm
    On Tuesday, December 16, 2014, the U.S. Senate passed the tax extenders bill by a vote of 76-16, extending a number of energy tax incentives through the end of the year. The Senate’s passage of H.R. 5771 followed the U.S. House of Representatives’...By: McDermott Will & Emery
  • Southeast State & Local Tax: Important Developments - November/December 2014

    Williams Mullen
    19 Dec 2014 | 3:51 pm
    The Williams Mullen Southeast State and Local Tax (SESALT) team is pleased to provide you with a comprehensive recap of important tax developments around the Southeast....By: Williams Mullen
  • NYS Tax Department Reverses Position on Statutory Residence Rule

    McDermott Will & Emery
    19 Dec 2014 | 2:16 pm
    The New York State Department of Taxation and Finance (the Department) has backed off from an aggressive position that it has been taking in cases involving New York residence issues....By: McDermott Will & Emery
  • IRS Simplifies Tax Reporting for Individuals With Canadian Retirement Plans

    Hodgson Russ LLP
    19 Dec 2014 | 2:07 pm
    Under Article XVIII(7) of the United States-Canada Tax Treaty, a U.S. citizen or resident may elect to defer U.S. income taxation on income accruing under a Canadian registered retirement savings plan (RRSP) or registered retirement income fund...By: Hodgson Russ LLP
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  • Top 10 companies hiring this week

    19 Dec 2014 | 9:39 pm
    Top 10 companies hiring this week AlamyNo need to search the want ads, we've done the legwork for you -- from full-time to part-time in a wide range of industries, we know where to look. Insurance giant looking for thousandsMore to see Companies hiring managers nowMystery man hands out $100 bills
  • Prosecutor says witnesses lied to grand jury

    19 Dec 2014 | 9:39 pm
    Prosecutor says witnesses lied to grand jury APSt. Louis County Prosecutor Bob McCulloch said Friday that some of the witnesses who testified about Mike Brown's death 'clearly' lied. Accusations jury was 'manipulated'More headlinesMcDonald's hit with complaintsScammers to cost $3.8 billion
  • Miss World ladies will show a lot less skin

    19 Dec 2014 | 9:39 pm
    Miss World ladies will show a lot less skinGettyThe Miss World bikini segment has taken place offstage since 2001 ... and now it is officially gone. Why contestants are covering upMore to watchDiaz is reportedly engagedBabe Ruth cap sells for $300K
  • Aussie woman arrested for murder of 8 kids

    19 Dec 2014 | 9:39 pm
    Aussie woman arrested for murder of 8 kidsGettyPolice have made an arrest after discovering the children's bodies Friday, and the suspect is believed to be mother to 7 of the victims.Horrific way they were discoveredIn other newsRand and Rubio fight over CubaPakistan kills two after massacre
  • Sony fires back after Obama criticizes move

    19 Dec 2014 | 9:39 pm
    Sony fires back after Obama criticizes moveGetty The studio vehemently defended its actions after the president called its decision to cancel the release of 'The Interview' a 'mistake'.Why the company 'had no choice'Related storiesObama: Wish they'd talked to meFBI says North Korea to blame
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  • Top 10 companies hiring this week

    19 Dec 2014 | 9:39 pm
    Top 10 companies hiring this week AlamyNo need to search the want ads, we've done the legwork for you -- from full-time to part-time in a wide range of industries, we know where to look. Insurance giant looking for thousandsMore to see Companies hiring managers nowMystery man hands out $100 bills
  • Prosecutor says witnesses lied to grand jury

    19 Dec 2014 | 9:39 pm
    Prosecutor says witnesses lied to grand jury APSt. Louis County Prosecutor Bob McCulloch said Friday that some of the witnesses who testified about Mike Brown's death 'clearly' lied. Accusations jury was 'manipulated'More headlinesMcDonald's hit with complaintsScammers to cost $3.8 billion
  • Miss World ladies will show a lot less skin

    19 Dec 2014 | 9:39 pm
    Miss World ladies will show a lot less skinGettyThe Miss World bikini segment has taken place offstage since 2001 ... and now it is officially gone. Why contestants are covering upMore to watchDiaz is reportedly engagedBabe Ruth cap sells for $300K
  • Aussie woman arrested for murder of 8 kids

    19 Dec 2014 | 9:39 pm
    Aussie woman arrested for murder of 8 kidsGettyPolice have made an arrest after discovering the children's bodies Friday, and the suspect is believed to be mother to 7 of the victims.Horrific way they were discoveredIn other newsRand and Rubio fight over CubaPakistan kills two after massacre
  • Sony fires back after Obama criticizes move

    19 Dec 2014 | 9:39 pm
    Sony fires back after Obama criticizes moveGetty The studio vehemently defended its actions after the president called its decision to cancel the release of 'The Interview' a 'mistake'.Why the company 'had no choice'Related storiesObama: Wish they'd talked to meFBI says North Korea to blame
 
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  • Top 10 companies hiring this week

    19 Dec 2014 | 9:39 pm
    Top 10 companies hiring this week AlamyNo need to search the want ads, we've done the legwork for you -- from full-time to part-time in a wide range of industries, we know where to look. Insurance giant looking for thousandsMore to see Companies hiring managers nowMystery man hands out $100 bills
  • Prosecutor says witnesses lied to grand jury

    19 Dec 2014 | 9:39 pm
    Prosecutor says witnesses lied to grand jury APSt. Louis County Prosecutor Bob McCulloch said Friday that some of the witnesses who testified about Mike Brown's death 'clearly' lied. Accusations jury was 'manipulated'More headlinesMcDonald's hit with complaintsScammers to cost $3.8 billion
  • Miss World ladies will show a lot less skin

    19 Dec 2014 | 9:39 pm
    Miss World ladies will show a lot less skinGettyThe Miss World bikini segment has taken place offstage since 2001 ... and now it is officially gone. Why contestants are covering upMore to watchDiaz is reportedly engagedBabe Ruth cap sells for $300K
  • Aussie woman arrested for murder of 8 kids

    19 Dec 2014 | 9:39 pm
    Aussie woman arrested for murder of 8 kidsGettyPolice have made an arrest after discovering the children's bodies Friday, and the suspect is believed to be mother to 7 of the victims.Horrific way they were discoveredIn other newsRand and Rubio fight over CubaPakistan kills two after massacre
  • Sony fires back after Obama criticizes move

    19 Dec 2014 | 9:39 pm
    Sony fires back after Obama criticizes moveGetty The studio vehemently defended its actions after the president called its decision to cancel the release of 'The Interview' a 'mistake'.Why the company 'had no choice'Related storiesObama: Wish they'd talked to meFBI says North Korea to blame
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  • Top 10 companies hiring this week

    19 Dec 2014 | 9:39 pm
    Top 10 companies hiring this week AlamyNo need to search the want ads, we've done the legwork for you -- from full-time to part-time in a wide range of industries, we know where to look. Insurance giant looking for thousandsMore to see Companies hiring managers nowMystery man hands out $100 bills
  • Prosecutor says witnesses lied to grand jury

    19 Dec 2014 | 9:39 pm
    Prosecutor says witnesses lied to grand jury APSt. Louis County Prosecutor Bob McCulloch said Friday that some of the witnesses who testified about Mike Brown's death 'clearly' lied. Accusations jury was 'manipulated'More headlinesMcDonald's hit with complaintsScammers to cost $3.8 billion
  • Miss World ladies will show a lot less skin

    19 Dec 2014 | 9:39 pm
    Miss World ladies will show a lot less skinGettyThe Miss World bikini segment has taken place offstage since 2001 ... and now it is officially gone. Why contestants are covering upMore to watchDiaz is reportedly engagedBabe Ruth cap sells for $300K
  • Aussie woman arrested for murder of 8 kids

    19 Dec 2014 | 9:39 pm
    Aussie woman arrested for murder of 8 kidsGettyPolice have made an arrest after discovering the children's bodies Friday, and the suspect is believed to be mother to 7 of the victims.Horrific way they were discoveredIn other newsRand and Rubio fight over CubaPakistan kills two after massacre
  • Sony fires back after Obama criticizes move

    19 Dec 2014 | 9:39 pm
    Sony fires back after Obama criticizes moveGetty The studio vehemently defended its actions after the president called its decision to cancel the release of 'The Interview' a 'mistake'.Why the company 'had no choice'Related storiesObama: Wish they'd talked to meFBI says North Korea to blame
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  • Top 10 companies hiring this week

    19 Dec 2014 | 9:39 pm
    Top 10 companies hiring this week AlamyNo need to search the want ads, we've done the legwork for you -- from full-time to part-time in a wide range of industries, we know where to look. Insurance giant looking for thousandsMore to see Companies hiring managers nowMystery man hands out $100 bills
  • Prosecutor says witnesses lied to grand jury

    19 Dec 2014 | 9:39 pm
    Prosecutor says witnesses lied to grand jury APSt. Louis County Prosecutor Bob McCulloch said Friday that some of the witnesses who testified about Mike Brown's death 'clearly' lied. Accusations jury was 'manipulated'More headlinesMcDonald's hit with complaintsScammers to cost $3.8 billion
  • Miss World ladies will show a lot less skin

    19 Dec 2014 | 9:39 pm
    Miss World ladies will show a lot less skinGettyThe Miss World bikini segment has taken place offstage since 2001 ... and now it is officially gone. Why contestants are covering upMore to watchDiaz is reportedly engagedBabe Ruth cap sells for $300K
  • Aussie woman arrested for murder of 8 kids

    19 Dec 2014 | 9:39 pm
    Aussie woman arrested for murder of 8 kidsGettyPolice have made an arrest after discovering the children's bodies Friday, and the suspect is believed to be mother to 7 of the victims.Horrific way they were discoveredIn other newsRand and Rubio fight over CubaPakistan kills two after massacre
  • Sony fires back after Obama criticizes move

    19 Dec 2014 | 9:39 pm
    Sony fires back after Obama criticizes moveGetty The studio vehemently defended its actions after the president called its decision to cancel the release of 'The Interview' a 'mistake'.Why the company 'had no choice'Related storiesObama: Wish they'd talked to meFBI says North Korea to blame
 
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  • Top 10 companies hiring this week

    19 Dec 2014 | 9:39 pm
    Top 10 companies hiring this week AlamyNo need to search the want ads, we've done the legwork for you -- from full-time to part-time in a wide range of industries, we know where to look. Insurance giant looking for thousandsMore to see Companies hiring managers nowMystery man hands out $100 bills
  • Prosecutor says witnesses lied to grand jury

    19 Dec 2014 | 9:39 pm
    Prosecutor says witnesses lied to grand jury APSt. Louis County Prosecutor Bob McCulloch said Friday that some of the witnesses who testified about Mike Brown's death 'clearly' lied. Accusations jury was 'manipulated'More headlinesMcDonald's hit with complaintsScammers to cost $3.8 billion
  • Miss World ladies will show a lot less skin

    19 Dec 2014 | 9:39 pm
    Miss World ladies will show a lot less skinGettyThe Miss World bikini segment has taken place offstage since 2001 ... and now it is officially gone. Why contestants are covering upMore to watchDiaz is reportedly engagedBabe Ruth cap sells for $300K
  • Aussie woman arrested for murder of 8 kids

    19 Dec 2014 | 9:39 pm
    Aussie woman arrested for murder of 8 kidsGettyPolice have made an arrest after discovering the children's bodies Friday, and the suspect is believed to be mother to 7 of the victims.Horrific way they were discoveredIn other newsRand and Rubio fight over CubaPakistan kills two after massacre
  • Sony fires back after Obama criticizes move

    19 Dec 2014 | 9:39 pm
    Sony fires back after Obama criticizes moveGetty The studio vehemently defended its actions after the president called its decision to cancel the release of 'The Interview' a 'mistake'.Why the company 'had no choice'Related storiesObama: Wish they'd talked to meFBI says North Korea to blame
  • add this feed to my.Alltop

  • Top 10 companies hiring this week

    19 Dec 2014 | 9:39 pm
    Top 10 companies hiring this week AlamyNo need to search the want ads, we've done the legwork for you -- from full-time to part-time in a wide range of industries, we know where to look. Insurance giant looking for thousandsMore to see Companies hiring managers nowMystery man hands out $100 bills
  • Prosecutor says witnesses lied to grand jury

    19 Dec 2014 | 9:39 pm
    Prosecutor says witnesses lied to grand jury APSt. Louis County Prosecutor Bob McCulloch said Friday that some of the witnesses who testified about Mike Brown's death 'clearly' lied. Accusations jury was 'manipulated'More headlinesMcDonald's hit with complaintsScammers to cost $3.8 billion
  • Miss World ladies will show a lot less skin

    19 Dec 2014 | 9:39 pm
    Miss World ladies will show a lot less skinGettyThe Miss World bikini segment has taken place offstage since 2001 ... and now it is officially gone. Why contestants are covering upMore to watchDiaz is reportedly engagedBabe Ruth cap sells for $300K
  • Aussie woman arrested for murder of 8 kids

    19 Dec 2014 | 9:39 pm
    Aussie woman arrested for murder of 8 kidsGettyPolice have made an arrest after discovering the children's bodies Friday, and the suspect is believed to be mother to 7 of the victims.Horrific way they were discoveredIn other newsRand and Rubio fight over CubaPakistan kills two after massacre
  • Sony fires back after Obama criticizes move

    19 Dec 2014 | 9:39 pm
    Sony fires back after Obama criticizes moveGetty The studio vehemently defended its actions after the president called its decision to cancel the release of 'The Interview' a 'mistake'.Why the company 'had no choice'Related storiesObama: Wish they'd talked to meFBI says North Korea to blame
  • add this feed to my.Alltop

  • Top 10 companies hiring this week

    19 Dec 2014 | 9:39 pm
    Top 10 companies hiring this week AlamyNo need to search the want ads, we've done the legwork for you -- from full-time to part-time in a wide range of industries, we know where to look. Insurance giant looking for thousandsMore to see Companies hiring managers nowMystery man hands out $100 bills
  • Prosecutor says witnesses lied to grand jury

    19 Dec 2014 | 9:39 pm
    Prosecutor says witnesses lied to grand jury APSt. Louis County Prosecutor Bob McCulloch said Friday that some of the witnesses who testified about Mike Brown's death 'clearly' lied. Accusations jury was 'manipulated'More headlinesMcDonald's hit with complaintsScammers to cost $3.8 billion
  • Miss World ladies will show a lot less skin

    19 Dec 2014 | 9:39 pm
    Miss World ladies will show a lot less skinGettyThe Miss World bikini segment has taken place offstage since 2001 ... and now it is officially gone. Why contestants are covering upMore to watchDiaz is reportedly engagedBabe Ruth cap sells for $300K
  • Aussie woman arrested for murder of 8 kids

    19 Dec 2014 | 9:39 pm
    Aussie woman arrested for murder of 8 kidsGettyPolice have made an arrest after discovering the children's bodies Friday, and the suspect is believed to be mother to 7 of the victims.Horrific way they were discoveredIn other newsRand and Rubio fight over CubaPakistan kills two after massacre
  • Sony fires back after Obama criticizes move

    19 Dec 2014 | 9:39 pm
    Sony fires back after Obama criticizes moveGetty The studio vehemently defended its actions after the president called its decision to cancel the release of 'The Interview' a 'mistake'.Why the company 'had no choice'Related storiesObama: Wish they'd talked to meFBI says North Korea to blame
 
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  • Top 10 companies hiring this week

    19 Dec 2014 | 9:39 pm
    Top 10 companies hiring this week AlamyNo need to search the want ads, we've done the legwork for you -- from full-time to part-time in a wide range of industries, we know where to look. Insurance giant looking for thousandsMore to see Companies hiring managers nowMystery man hands out $100 bills
  • Prosecutor says witnesses lied to grand jury

    19 Dec 2014 | 9:39 pm
    Prosecutor says witnesses lied to grand jury APSt. Louis County Prosecutor Bob McCulloch said Friday that some of the witnesses who testified about Mike Brown's death 'clearly' lied. Accusations jury was 'manipulated'More headlinesMcDonald's hit with complaintsScammers to cost $3.8 billion
  • Miss World ladies will show a lot less skin

    19 Dec 2014 | 9:39 pm
    Miss World ladies will show a lot less skinGettyThe Miss World bikini segment has taken place offstage since 2001 ... and now it is officially gone. Why contestants are covering upMore to watchDiaz is reportedly engagedBabe Ruth cap sells for $300K
  • Aussie woman arrested for murder of 8 kids

    19 Dec 2014 | 9:39 pm
    Aussie woman arrested for murder of 8 kidsGettyPolice have made an arrest after discovering the children's bodies Friday, and the suspect is believed to be mother to 7 of the victims.Horrific way they were discoveredIn other newsRand and Rubio fight over CubaPakistan kills two after massacre
  • Sony fires back after Obama criticizes move

    19 Dec 2014 | 9:39 pm
    Sony fires back after Obama criticizes moveGetty The studio vehemently defended its actions after the president called its decision to cancel the release of 'The Interview' a 'mistake'.Why the company 'had no choice'Related storiesObama: Wish they'd talked to meFBI says North Korea to blame
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    Stacie's More Tax Tips

  • IR-2014-116: IRS, National Tax Groups Offer Help Selecting a Tax Preparer; Tips, New Web Page Unveiled

    Stacie Clifford Kitts
    18 Dec 2014 | 11:49 am
    IRS Newswire December 18, 2014 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
  • Expired Tax Law Rules Extended – President Expected to Sign

    Stacie Clifford Kitts
    17 Dec 2014 | 3:38 pm
    Late last evening, the Senate passed the bill that extends, through the end of 2014, several key tax provisions that had otherwise expired at the end of 2013. It is expected to be signed by the President next week. These tax provisions include the following: Business Tax Extenders The Act extended the following business related tax credits and deductions through 2014: • Bonus depreciation has been extended through 2014, allowing an additional first year deduction of 50 percent of the cost of the equipment. • The Section 179 rules have been extended allowing for the expense of $500,000 on…
  • IRS Final Repair/Capitalization/MACRS Regulations Update

    Stacie Clifford Kitts
    16 Dec 2014 | 3:27 pm
    CCH Tax Briefings – After several years of struggle, the IRS at long last completed its "repair regulations" project, including the closely related Modified Accelerated Cost Recovery System (INCURS) rules in 2014 dealing with dispositions and MACRS general asset, multiple asset, and item accounts. The IRS also completed guidance in 2014 related to accounting method changes that must be filed to comply with accounting methods described in any of the final regulations where a taxpayer’s current accounting method now differs. IMPACT The final regulations can affect…
  • IR-2014-115: Post-Appeals Mediation For Offers in Compromise Available Nationwide

    Stacie Clifford Kitts
    12 Dec 2014 | 11:34 am
    IRS Newswire December 12, 2014 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-2014-114: New Standard Mileage Rates Now Available; Business Rate to Rise in 2015

    Stacie Clifford Kitts
    10 Dec 2014 | 10:53 am
    IRS Newswire December 10, 2014 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
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    Canadian Tax Resource Blog

  • Job Loss And Retirement Pension Options

    Tax Guy - Burlington Accountant
    9 Dec 2014 | 8:51 am
    If you have lost your job or retired, you may need to make some decisions about your retirement pension. Should you take the pension from the employer and which version? Should you take the lump-sum payment? What are the annuity options? Up and above the financial considerations there are other factors to consider when evaluating your pension options. Marriage If you are married and concerned that the survivor benefits may not be enough you might consider taking the commuted value. On the other hand if you want a guaranteed income stream, consider an annuity or taking the employers pension.
  • Year-End Tax Planning For 2013

    Tax Guy - Burlington Accountant
    9 Nov 2013 | 5:00 am
    Although the end of 2013 is still several weeks away, many income tax planning opportunities for individuals and businesses must be taken care of before the end of the calendar year. This newsletter contains a number of tax planning opportunities that you should think about before the end of 2013 as well as considerations for the first part of the new year. Year-End Tax Planning For Individuals Many deductions and credits are available for the 2013 tax year only if payments are made by December 31, 2013. These include: Investment counsel fees Carrying charges on investments Safe deposit box…
  • Common GST & HST Filing Errors

    Tax Guy - Burlington Accountant
    7 Nov 2013 | 5:00 am
    As a small business owner, the collection of HST may be seen as a nuisance and for some it may feel as if you are acting as a tax collector. Like it or not, we all have to comply, file and remit the HST we have collected. Whether you complete your HST return yourself, have software calculate it for you, or you use a bookkeeper, you should take the time to review the return (or ask questions) to ensure that some of these common processing errors have not been made. Restricted Input Tax Credits – Meals & Entertainment The most common HST errors occur with meals and entertainment expenses.
  • Top Bookkeeping Mistakes

    Tax Guy - Burlington Accountant
    5 Nov 2013 | 5:00 am
    Over my career, I’ve seen a lot of journal entries and I’ve seen what can happen to someone’s livelihood when bookkeeping mistakes are made. The fact is, that one of the most common reasons a business fails is due to poor financial management. Your financial records will tell you where you stand: How much cash you have, Where the cash is coming from, and When you have to pay your bills. If you don’t have a bookkeeping system, don’t keep it up-to-date, or don’t properly supervise your bookkeeper, you are asking for problems. Here are the most common bookkeeping mistakes and how you…
  • Your Part-Time CFO

    Tax Guy - Burlington Accountant
    4 Nov 2013 | 10:28 am
    Within any business, the financial controller or chief financial officer’s (CFO) is the top finance role within any organization. Their function is to understand your business’s numbers and provide you with a financial analysis of your business results that is actionable and easy to understand. We offer CFO and controllership services to many businesses to help them understand, manage and grow their business. Our controllership services include: Regular financial analysis Financial planning and reporting Cash management solutions and strategies Profitability analysis Risk management Tax…
 
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    Value Added Tax Blog

  • TGIF: A VAT for the U.S.?

    Mark
    12 Dec 2014 | 12:30 pm
    Today is Friday December 12, 2014 and the Progressive Consumption Tax Act has seen the light of day! But wait – is it a VAT? I will have a look at the bill text (see below) and let you know. There is no rush; this is just a discussion document and won’t get any serious consideration any […]
  • Swiss VAT for U.S. companies

    Mark
    11 Dec 2014 | 7:29 am
    A number of my clients provide installation and maintenance services as part of their business. I call these services “boots on the ground” services, because they require physical, on-site work. Doing so in Switzerland may create a VAT registration liability from January 1, 2015 onwards. This is because the definition of the supply of “goods” in […]
  • U.S. Lawmaker to Release VAT Legislation

    Mark
    9 Dec 2014 | 11:41 am
    “Senate Finance Committee member Benjamin L. Cardin, D-Md., told Tax Analysts December 8 that he will release legislation later in the week proposing a U.S. VAT that he hopes will prompt serious discussion on the matter in the 114th Congress. “It’s finished,” Cardin said of the bill, adding that he will likely release it on December […]
  • The prospect of VAT in the U.S.

    Mark
    9 Dec 2014 | 5:57 am
    Reuven Avi-Jonah (Irwin I. Cohn Professor of Law, the University of Michigan) writes about the great consumption vs. income tax debate from a historical perspective. The focus here is not on which tax base is better, but rather on how this debate evolved over time inside and outside legal academia. As we shall see, there was […]
  • Food For Thought: VAT for U.S. companies

    Mark
    8 Dec 2014 | 6:57 am
    Some of the content that I use for my “VAT basics” webcast is now published by the Institute of Professionals in Taxation (IPT). Enjoy and share!
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    J. Stefan - EzineArticles Expert Author

  • No Articles Found

    19 Dec 2014 | 9:41 pm
    No articles were found for the Author that was requested. This may mean that the author has no articles that are live on the site or that there may be a misspelling in the requested file. Please check the file name and try again. If you continue to have issues, please contact EzineArticles Support at http://www.ezinearticles.com/contact.html.
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    The Dinesen Tax Times by Jason T. Dinesen, LPA, E.A.

  • A Brief History of Marriage in the Tax Code: Part 1, In the Beginning

    Jason Dinesen
    18 Dec 2014 | 4:30 am
    This post is part of a long-term project I’ve been working on regarding the history of marriage in the tax code.  As I finish sections of the research paper I’m working on, I’ll post them here. This is a big project, one that will likely take years to finish, so I can’t guarantee when the next post on this topic will appear. —– Part 1: In the Beginning The modern-day income tax return has five options for filing status: Single Head of Household Married Filing Jointly Married Filing Separately Qualifying Widow(er) Each filing status comes with its own tax…
  • Changing the Way I Work with Business Clients

    Jason Dinesen
    16 Dec 2014 | 4:30 am
    I ended my article about “tell your accountant about out of state operations” with a brief mention of changes to the way I work with business clients. Here are the additional details. Through the years, I have always had some business entities (meaning, corporations and partnerships) who would meet me once a year at tax time, hand me a summary of income and expenses that they prepared themselves, usually in a spreadsheet, and let me plug in the numbers into the computer. There’s nothing necessarily “wrong” with that. Most of these businesses are fairly simple and…
  • 5 Things You Didn’t Know About EAs, #3: Two Ways to the EA

    Jason Dinesen
    12 Dec 2014 | 4:30 am
    There are two ways to become an EA. One: The Special Enrollment Exam This is the most-common route for becoming an EA. Pass the 3-part Special Enrollment Examination (oftentimes called the “SEE”). The 3 parts are: Individual tax law Business tax law IRS representation, practices and procedure The exam is closed-book. Once you’ve passed all 3 parts, you apply for enrollment and the IRS conducts a background check. The background check is mainly looking for criminal convictions and also to verify that the applicant has been compliant with their personal and business taxes.
  • 5 Things You Didn’t Know About EAs, #2: We Don’t Work for the IRS

    Jason Dinesen
    10 Dec 2014 | 4:30 am
    When people hear the term Enrolled Agent, they think one of two things. Either: “What the heck is that?” or “He works for the IRS! Flee for your lives!” EAs don’t work for the IRS. But the word “agent” automatically evokes images of an IRS agent. Dictionary Time The term “enrolled” means we are recognized by the Treasury Department and IRS, and “agent” means we can act on behalf of others. Thus, “Enrolled Agent.” The term makes sense when looked at that way. But it’s still not an ideal name because of the word…
  • 5 Things About EAs: We’ve Been Around Since 1884

    Jason Dinesen
    8 Dec 2014 | 4:30 am
    2014 marked the 130th anniversary of the Enrolled Agent designation, but the anniversary passed with little fanfare. On July 7, 1884, President Chester A. Arthur signed into law a bill called the “Enabling Act of 1884,” sometimes informally called the “Horse Act.” The bill authorized “enrolled agents” to prepare claims against the government relating to Civil War losses. After the Civil War, Congress allowed citizens to file claims against the government for lost horses and other property damage during the war. The Treasury Department came to realize that more than a few of these…
 
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    IncomeTaxReturnIndia.com

  • Holidays To Be Observed In Central Government Offices During The Year 2015

    Sapna Gupta
    23 Nov 2014 | 10:05 pm
    List of Holidays in Income Tax Office It has been decided that in the Annexure-I the holidays as specified will be observed in all the Administrative Offices of the Central Government located at Delhi/New Delhi during the year 2015. In Annexure-II, by him/her out of the list of restricted holidays … Continue reading →
  • Bank FDR limit Increased to 150000 under section 80C

    Sapna Gupta
    16 Nov 2014 | 10:45 pm
    (INCOME?TAX) S.O. 2906(E).In exercise of the powers conferred by clause (xxi) of sub?section (2) of  section 80C of the Income?tax Act, 1961 (43 of 1961), the Central Government hereby  makes the following amendments to the Bank Term Deposit Scheme, 2006, namely:? (a) This scheme is called as the Bank Term … Continue reading →
  • Income Tax Department Notice for Non Compliance & Non Filing of Returns

    Tax Dost
    8 Nov 2014 | 11:14 pm
    If you have not filed Income return for last few years ( ie Previous year 2012-2013, 2011-2012, 2010-2011, and 2009-2010) then chances are that you might have received income tax notice from income tax department. Income Tax Department is collating information from various sources and is sending notice to non-filers of Income Tax … Continue reading →
  • How to Pay TDS on sale of Immovable property

    Tax Dost
    19 Oct 2014 | 12:30 am
    TDS is applicable on sale of immovable property as per Finance Bill of 2013. Where in the sale consideration of property is equal or exceeds to Rs. 50,00,000. According to Sec 194 IA, the Income Tax Act, 1961 TDS is applicable from from June 1, 2013  for sale of poperty excessding Rs 50 lacs. … Continue reading →
  • Check your PAN Name, Verify PAN

    Tax Dost
    18 Oct 2014 | 2:46 am
    Check your PAN Name, Verify PAN Their is frequent queries on how can i verify pan details, PAN no income tax assessing officer ward and circle no. or how can i track status of my PAN application status. To know about PAN related information including PAN address and PAN details, … Continue reading →
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    Philadelphia Estate and Tax Attorney Blog

  • 2014 Year End Tax Planning Tips: Instantly Discover What You Can Do Now To Start Saving Taxes Before Year End With Proven Tax Attorney Strategies

    STEVEN J. FROMM, ATTORNEY, LL.M. (TAXATION)
    29 Nov 2014 | 8:42 am
    As the year-end quickly approaches, there is still time to do year-end tax planning to generate significant tax savings.  As many of you know, changes to the tax laws in 2013 made many tax rates (subject to cost of living adjustments) and certain tax breaks permanent.  But some tax breaks expired in 2013 (discussed in more detail below) and Congress has not as yet revived them making year-end planning more complicated and frustrating. Overview: This 2014 tax year will again be challenging as taxpayers will have to deal with the following recent tax law changes: Higher marginal income tax…
  • College Tuition: Discover How Grandparents Can Help Their Grandchildren and Save Taxes Too

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

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

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

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

  • The Role of Counsel During a Criminal Tax Investigation

    Bill Hartsock
    17 Dec 2014 | 11:28 am
    Representing a client in a criminal tax investigation and prosecution is very different than in other criminal contexts. In a criminal tax case, counsel’s role is crucial during investigation and long before an indictment is ever made.Tags: IRS Tax Fraud Information & Advice From The Tax LawyerRead more about The Role of Counsel During a Criminal Tax Investigation
  • Enforcement Proceedings: Summonses in Tax Crime Cases

    Bill Hartsock
    15 Dec 2014 | 11:06 am
    If a special agent in a tax crime investigation issues a summons which is ignored, the Criminal Investigation Division may institute an enforcement action against the summonsed party. The U.S. District Courts have the sole original jurisdiction to review noncompliance with administrative summonses issued by the IRS. If the summons is not complied with within six days of being issued, the Criminal Investigation Division may begin the process of initiating a judicial proceeding.Tags: IRS Tax Fraud Information & Advice From The Tax LawyerRead more about Enforcement Proceedings:…
  • Dealing with the DOJ Tax Division on your Criminal Tax Case

    Bill Hartsock
    12 Dec 2014 | 3:37 pm
    The Department of Justice Criminal Tax Division has the ultimate authority to review and prosecute criminal tax cases. If you are subject to a criminal tax investigation or prosecution, it will likely be headed by the DOJ. The department has the power to authorize or decline criminal prosecutions, take action in response to Criminal Investigation Division or U.S.Tags: IRS Tax Fraud Information & Advice From The Tax LawyerRead more about Dealing with the DOJ Tax Division on your Criminal Tax Case
  • Criminal Tax Investigations: When to Cooperate and When to Refuse

    Bill Hartsock
    8 Dec 2014 | 2:47 pm
    As a Tax Lawyer representing clients in a criminal tax investigation, one of the most important defense strategies is knowing when to cooperate with an IRS special agent and when to refuse cooperation. Over the course of the special agent’s investigation, the taxpayer will be faced with numerous opportunities to cooperate or refuse cooperation. This is an extremely important decision that should be made only after complete and thorough deliberation.Tags: IRS Tax Fraud Information & Advice From The Tax LawyerRead more about Criminal Tax Investigations: When to Cooperate and When to…
  • Tax Crimes Defense Strategies: Dealing with Goverment Agents

    Bill Hartsock
    5 Dec 2014 | 11:53 am
    Taxpayers and counsel will interact with government personnel in various situations during the course of a criminal tax investigation or prosecution. In a previous article, we discussed how counsel should behave in IRS conferences and in correspondence with IRS or DOJ personnel. In this article, we will look into some additional interactions between government personnel and counsel.Tags: IRS Tax Fraud Information & Advice From The Tax LawyerRead more about Tax Crimes Defense Strategies: Dealing with Goverment Agents
 
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    Bankrate.com » Taxes

  • Tax extenders are back for 2014

    Kay Bell
    17 Dec 2014 | 6:33 am
    After almost a year, more than 50 tax breaks that expired on Dec. 31, 2013, are once again law. For two weeks. Then the process starts again in 2015.
  • ABLE Act savings for disabled

    Kay Bell
    16 Dec 2014 | 10:54 am
    A new 529-type savings plan would help disabled individuals put away tax-free money. All it needs now is Senate approval.
  • 2015 mileage deductions up and down

    Kay Bell
    11 Dec 2014 | 12:05 pm
    Inflation changes to the Internal Revenue Service's annual mileage rate deductions are small. Business drivers, however, do get a slightly larger write-off in 2015.
  • Tax cheating is not OK

    Kay Bell
    9 Dec 2014 | 8:40 am
    Most taxpayers believe we all should pay our fair share. And cheating to reduce that amount, according to a recent survey, is not acceptable.
  • House finally OKs 2014 tax breaks

    Kay Bell
    4 Dec 2014 | 11:33 am
    It looks like the expired tax breaks known as extenders are finally on their way to approval. But the deal is only for the 2014 tax year. Further action will be needed in 2015.
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    Sales Use Tax

  • Sales Tax and Bitcoin (or Other Virtual Currency)

    Annette Nellen
    19 Dec 2014 | 10:01 am
    New types of transactions often challenge existing rules designed without such transactions in mind. The use of virtual currency, such as bitcoin, may be another example. The IRS has proclaimed that convertible virtual currency should be treated as property for … Continue reading →
  • Click Through Nexus – Online Retailers Beware

    Jerry Donnini
    5 Dec 2014 | 11:42 am
    Nexus, like it sounds, is a terrible disease from a sales tax perspective. Nexus is a fancy word meaning a connection or link. If a company has enough of a connection or link to a state, then the state can … Continue reading →
  • Marketplace Fairness Act: Dead, Alive – or in Legislative Limbo?

    Sylvia F. Dion
    16 Nov 2014 | 12:14 pm
    In the past few days there have been several news reports claiming that the Marketplace Fairness Act, S. 743, will not be enacted by the end of the year.  As a matter of fact, most of the news reports are … Continue reading →
  • MFA Promotes Taxation Without Representation

    Jerry Donnini
    11 Nov 2014 | 10:39 am
    “No taxation without representation” is most famous to me from the Schoolhouse rock series that taught be about every important aspect of American history. Based on the video and song, the slogan was used in the mid-1700’s by British colonists … Continue reading →
  • Dropshippers: Are Exemption Certificates Required For Every State?

    Michael J. Fleming
    27 Oct 2014 | 12:08 pm
    As many have observed, there has been a paradigm shift in the way that states approach exemption certificates. Historically, many states and auditors may have given companies wide latitude in sales tax audits for situations where it was plainly obvious … Continue reading →
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    US Tax Program

  • The Financial Market Infrastructure Act Will Make It Harder for Swiss Banking Clients to Hide behing the Secrecy

    admin
    16 Dec 2014 | 10:13 pm
    The Financial Market Infrastructure Act will probably be debated and voted on by the parliament in March 2015. The bill set to make it harder for suspected tax cheats and others to hide behind secrecy rules. It will waive the requirement for the Swiss finance regulator, FINMA, to pre-inform bank clients that data on them has been shared with a foreign regulator if doing that could compromise the outcome of the investigation. ‘The Swiss Bankers’ Association doesn’t oppose the bill provided it is applied where there is a risk a legitimate request for help might be otherwise torpedoed,…
  • Birkenfeld Has Asked to Get off Probation and Travel Back to Europe

    admin
    16 Dec 2014 | 2:54 pm
    Bradley Birkenfeld, the whistle blower paid $104m by th IRS for having been a major contributor to the tax dispute between the US and the Swiss banks, has been on a 3-year probation since he came out of a 2-year prison sentenced in 2012. The former UBS banker has now asked to get off probation and be allowed to travel back to Europe where he intends to settle his new life reports CNBC. Even though B. Birkenfeld was supposed to be a major witness in the Raoul Weil’s case, he never testified in the case.  
  • HSBC Private Bank In Switzerland Wants to Solve US Tax Issues and States it is not for Sale

    admin
    15 Dec 2014 | 1:23 am
    The Swiss private banking subsidiary of the British banking giant HSBC wants to solve legal cases with the US and the bank is not for sale says Franco Morra in an interview with Finanz und Wirtschaft. HSBC sees further growth in the Swiss market and intend to established itself as an important player F. Morra says to the NZZ. HSBC Switzerland is a Category 1 banks, i.e. institutions that were already under investigation by the US Department of Justice (DoJ) for having helped wealthy Americans at the time of the publication of the US Program on August 29, 2013. They are excluded from the…
  • Bank am Bellevue will not participate in the US Tax Program

    admin
    11 Dec 2014 | 11:32 am
    The Zuerich-based Bank am Bellevue announced it will not participate in the US Tax Program. It considered around a year ago signing up as a Category 3 bank, i.e. banks that believe they have not engaged in activities that could have breached US law. An investigation performed by an experienced US law firm in the past months revealed no violations of US tax laws what led to the decision by the board of directors.  
  • Bank Leumi Expected to Reach a $1.4bn Shekels Agreement by January 2015

    admin
    10 Dec 2014 | 11:17 am
    Bank Leumi Le-Israel Ltd, Israel’s second-largest bank, is expected to reach an agreement with the US to settle the charges of having helped wealthy Americans to evade taxes. The agreement will include a fine of 1.4bn shekels ($356m) reports Bloomberg from its sources. When reporting its earnings, Bank Leumi said that it set aside an additional 476m shekels in Q3 amounting to a total of about 1.5bn shekels for a settlement with the U.S. Last month, a person with knowledge of the matter said Leumi is close to a $400 million settlement. Under the proposed agreement, Bank Leumi would pay about…
 
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