Taxes

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  • It’s drop shipment week!

    Value Added Tax Blog
    Mark
    7 Nov 2014 | 8:15 am
    I just replied to the fifth question this week about the VAT implications of drop-shipments in the EU. You know, these are shipments where the seller ships directly to the buyer’s customer. So there are two transactions, one where the ship-to is different from the bill-to, and one where the bill-from is different from the […]
  • House files Obamacare lawsuit against Obama Administration

    Don't Mess With Taxes
    skbell1
    21 Nov 2014 | 12:39 pm
    Looking for a hint as to how the new Republican controlled Congress will work with the Democratic president for the next two years? We got an answer to today: Not very well. Republican House leaders finally filed the long-threatened lawsuit against the Obama Administration. The Senate is not involved in the action.  In recent months, two law firms withdrew from the case, many suspect because of potential political repercussions. House Speaker John Boehner (R-Ohio) on Nov. 18 hired Jonathan Turley, a George Washington University professor who is an expert on constitutional law, to handle the…
  • Telephone Calls from the IRS

    RUBIN ON TAX
    Charles (Chuck) Rubin
    22 Nov 2014 | 6:24 am
    In the last week, I have received two messages on my answering machine at home purporting to be from the IRS, advising me that I owe taxes and if I don’t call them back I may be arrested. I’ve also gotten calls from other people about similar calls. 99% of these are scams. If the IRS has a problem with you, they will mail you notices – they will not call you first. If you want to be sure, don’t call back the number given. Instead, call the IRS at 1.800.829.1040 and they can tell you what, if anything, is going on with your tax account, including whether you owe any money. For more on…
  • Inflation affects state taxes, too

    Don't Mess With Taxes
    skbell1
    22 Nov 2014 | 2:26 pm
    The Internal Revenue Service recently released its figures on how inflation will affect many federal tax provisions in 2015. But the cost of living also affects states. And these jurisdictions' tax departments deal with annual price increases in different ways. Thanks to the Tax Foundation map below, you can see the various state tax approaches to inflation. Click image for a larger view. The Washington, D.C.-based tax think tank notes that: 23 states fully index brackets to inflation; this number includes the nine states (each marked by an asterisk and listed in the "Notes"…
  • Tax-News.com: Peru Government Proposes Tax Cuts To Boost Economy

    Tax-News.Com Live Tax Headlines
    21 Nov 2014 | 9:55 am
    Tax-News.com: The Peruvian Government has proposed a number of tax reforms designed to revive the economy, according to an announcement from Prime Minister Ana Jara Velásquez.
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    Don't Mess With Taxes

  • Possible break in hunt for Lois Lerner's lost IRS emailsBut don't get too excited; there's no guarantee of a smoking gun email

    skbell1
    23 Nov 2014 | 1:44 pm
    Things have been pretty quiet of late in the Congressional crusade against the Internal Revenue Service, so you can't be blamed for thinking that the tax agency was off the hook for its ham-handed handling all around of 501(c)(4) applications. After all, a federal court judge on Oct. 23 threw out a pair of lawsuits filed by Tea Party groups, Linchpins of Liberty and True the Vote, against the IRS that had claimed the IRS targeted them for special scrutiny. Last week, however, another thorn -- or more accurately 30,000 thorns -- in the IRS side flared up. That's when the Democratic…
  • Inflation affects state taxes, too

    skbell1
    22 Nov 2014 | 2:26 pm
    The Internal Revenue Service recently released its figures on how inflation will affect many federal tax provisions in 2015. But the cost of living also affects states. And these jurisdictions' tax departments deal with annual price increases in different ways. Thanks to the Tax Foundation map below, you can see the various state tax approaches to inflation. Click image for a larger view. The Washington, D.C.-based tax think tank notes that: 23 states fully index brackets to inflation; this number includes the nine states (each marked by an asterisk and listed in the "Notes"…
  • House files Obamacare lawsuit against Obama Administration

    skbell1
    21 Nov 2014 | 12:39 pm
    Looking for a hint as to how the new Republican controlled Congress will work with the Democratic president for the next two years? We got an answer to today: Not very well. Republican House leaders finally filed the long-threatened lawsuit against the Obama Administration. The Senate is not involved in the action.  In recent months, two law firms withdrew from the case, many suspect because of potential political repercussions. House Speaker John Boehner (R-Ohio) on Nov. 18 hired Jonathan Turley, a George Washington University professor who is an expert on constitutional law, to handle the…
  • Oregon cities want part of the recreational pot tax jackpot

    skbell1
    20 Nov 2014 | 12:56 pm
    Oregon voters on Nov. 4 approved use of small amounts of recreational marijuana in their state. The fight over taxing weed, however, continues. The ballot initiative that passed by a 56-to-44-percent margin specifically gave the state the exclusive right to tax marijuana. City officials are fighting that provision. State vs. local taxation: Under Measure 91, which takes effect July 1, 2015, producers will be taxed $35 an ounce for the most potent parts of a marijuana plant. Marijuana leaves will face a $10 per ounce tax, while there will be a $5 levy for plant starts sold to home growers. The…
  • Former GOP VP candidate Paul Ryan to head House tax panel

    skbell1
    19 Nov 2014 | 3:19 pm
    It looks like Rep. Paul Ryan is shelving national political ambitions for a while to take over the House Ways and Means committee. Ryan will assume the chairmanship of the powerful tax-writing panel on Jan. 3, 2015 when the 114th Congress convenes. He takes the gavel from W&M Chairman Rep. Dave Camp (R-Mich.), who is retiring at the end of the current congressional session. Ryan, Republican Representative for the first district of Wisconsin since 1999, announced his desire for the top tax post on Nov. 4. Click image to see interview clip via Bloomberg Politics (@bpolitics) on Twitter…
 
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    TAX NEWS - Google News

  • Tax dollars fund city, schools, county, MSTC - Marshfield News-Herald

    23 Nov 2014 | 5:51 pm
    Tax dollars fund city, schools, county, MSTCMarshfield News-HeraldMARSHFIELD — When the City Council meets Tuesday night, it will decide whether to approve the proposed 2015 budget, which might raise the property tax rate by 4 cents. City property taxes account for about 36 percent of the tax bill for a Marshfield ...
  • Virginia's gas tax headed up over Internet impasse - Daily Press

    23 Nov 2014 | 4:49 pm
    Virginia's gas tax headed up over Internet impasseDaily PressRICHMOND — Virginia's gas tax will almost certainly increase Jan. 1, ratcheting up about 45 percent because of last year's landmark transportation funding deal and a congressional unwillingness to crack down on Internet sales tax collections. The gas and more »
  • Trash this tax - New York Post

    23 Nov 2014 | 4:15 pm
    Trash this taxNew York PostNew York's City Council is actually debating a tax hike? The council's recent hearing on whether to impose a 10-cent fee on paper and plastic grocery bags pits “green progressives” against “economic progressives,” i.e. those who see bag fees as a
  • Tax Strategies Scan: Donating Stock - Accounting Today

    23 Nov 2014 | 3:43 pm
    Tax Strategies Scan: Donating StockAccounting TodayThe tax advantages of donating stock: Taxpayers who intend to make charitable donations to lower their tax bill may consider donating stocks directly to charities, instead of selling these stocks and eventually donating the proceeds, according to The
  • The Surprising Truth About Federal Income Tax - Motley Fool

    23 Nov 2014 | 11:07 am
    Motley FoolThe Surprising Truth About Federal Income TaxMotley FoolFederal income tax is always a hot-button issue that has led to countless heated debates and quarrels in Washington D.C. and beyond. But do you know how much each individual group of Americans pays in taxes? The latest data is in, and the results will ...and more »
 
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    Tax Policy Center: The Numbers

  • EITC Claims, 2008

    17 Nov 2014 | 9:00 pm
    This set of estimates consists of the following related tables: (T14-0114) Number of EITC Claims, 2008 (T14-0115) Total EITC Claims ($ millions), 2008
  • Options to reduce the 10-Percent Individual Income Tax Rate, Increase the Standard Deduction and Reform the EITC

    1 Oct 2014 | 10:00 pm
    This set of estimates consists of the following related tables: (T14-0113) Options to Reduce the 10-Percent Individual Income Tax Rate, Increase the Standard Deduction and Reform the EITC, Impact on Tax Revenue ($ billions), 2015-24, Baseline: Current Law
  • Options to Reduce Individual Income Tax Rates

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

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

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

  • BACK TO THE BOARDWALK

    21 Nov 2014 | 2:00 am
    Once again I celebrated my natel day in Atlantic City while attending the National Association of Tax Professionals’ year-end tax update workshops.  I travelled to Bally’s Hotel and Casino in Atlantic City, where I had been earlier this year for the NATP Forum, for 2 days of the 3-day “Taxpro Symposium”.  We were supposed to be at the Showboat, but that hotel and casino had closed its doors.  I paid the same rate at Bally’s that I had booked for the Showboat.  Once again I got a lower rate by booking independently online without using the NATP code.  What…
  • TAX HISTORY

    20 Nov 2014 | 2:00 am
    I couldn't come up with anything else to write about, so here is a "rerun" of a post from a few years back with an overview of the history of our federal income tax, updated for more recent developments. 1643: The colony of New Plymouth, Massachusetts levies the first recorded income tax in America.1861: Congress passed the first income tax law as an emergency measure to fund the Civil War.1872: Congress repeals the income tax law.1894: As a response to complaints that excessive reliance on tariffs as a source of revenue resulted in an increase in the cost of imported goods,…
  • DON'T BE A NON-FILER!

    19 Nov 2014 | 2:00 am
    The November issue of NATP’s TAXPRO Monthly includes an article on “Engaging the Nonfiler”.The article describes a “nonfiler” as “as taxpayer who simply failed to file his or her tax return – either accidentally or intentionally”.Over the past 40+ years I have come across quite a few clients who did not file on time.  Often I have prepared two or even three consecutive years' 1040s at the same time.I currently have a client who has not filed her 2011, 2012, or 2013 returns.  Based on our relationship I know that she really has not filed, and not just gone to another…
  • TAX EFFICIENT INVESTING

    18 Nov 2014 | 2:00 am
    You have several options available for investing your current, retirement, college, and health savings.  It is important to understand the tax aspects of each option, and the tax treatment of the various types of investment accounts – currently taxable, tax-deferred, and tax-exempt - to maximize your “after-tax” earnings from your investments.DOMESTIC STOCKSInvestment in shares of stock, both domestic and foreign, can generate qualified dividends while held and, if held for more than a year, long-term capital gains when sold.  Qualified dividends and long-term capital gains…
  • IT AIN’T FAIR – SELECTIVE INFLATION ADJUSTMENTS

    17 Nov 2014 | 2:00 am
    I do believe that indexing of tax items for inflation began with the Economic Recovery Tax Act of 1981, the first major tax act of the Reagan Administration.  ERTA called for the indexing of personal exemptions and rate brackets, effective in 1985, based on changes in the Consumer Price Index (CPI) for years ending in September of the calendar year preceding the tax year.  The landmark Tax Reform Act of 1986 indexed the Standard Deduction for inflation beginning in 1989.As subsequent tax acts continued the concept of reducing deductions and credits based on AGI that began with TRA…
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    Start Making Sense

  • 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…
  • Comment I gave at the NTA Annual Meeting

    17 Nov 2014 | 9:18 am
    At the recently-concluded NTA Annual Meeting, I was asked to offer a brief comment on a nice paper by Richard Green and Mark Phillips of USC, entitled "Demand for the 1%: Tax Incidence and Implications for Optimal Income Tax Rates."  I myself can access a link for the paper here, but I'm not sure the link will work for readers who didn't register for the NTA conference.Anyway, here is an approximate reconstruction of my comments:Assigning me to comment on this paper is a great example of the NTA at either its best or its worst.  That’s for all of you to judge, depending on how…
  • A defense of cats (not that they need it)

    16 Nov 2014 | 2:12 pm
    For some reason, I have been annoyedly mulling over, for a couple of weeks now, an article that appeared in Ezra Klein's Vox blog concerning cats.  The case it sought to make, essentially, was "cats are bad."Okay, I'll grant Vox the fact that cats kill a whole lot of birds.  But that obviously is only outdoor cats.  Our four have no chance of meeting wildlife other than creatures that we unabashedly classify as vermin if they cross the threshold into our house.  (I am far more benign towards these creatures when they remain outside.)Then there was another point I suppose I…
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    MauledAgain

  • How Difficult Is It to Understand Use Taxes?

    James Edward Maule
    21 Nov 2014 | 5:01 am
    A recent commentary in the Philadelphia Inquirer advocates extension of the moratorium on collection of sales taxes by out-of-state retailers. It rejects the claim that online merchants have an advantage over brick-and-mortar retailers, a claim made by those who want out-of-state retailers to collect sales taxes even if they have no nexus with the state.The commentary makes good points and not so good points. It is true, as it points out, that some online sellers bear the cost of shipping. They cannot use promotions such as free, hot coffee to their shoppers. Their customers cannot easily try…
  • Satire, Tax or Otherwise, Lost on Americans

    James Edward Maule
    19 Nov 2014 | 5:01 am
    Few people understand satire. It’s such a dangerous practice that one wonders whether in the long run it does more harm than good. Recently, a website specializing in satire, but carrying a name that doesn’t hint at its character as nicely as, for example, the Onion, published a fake report claiming that the IRS would delay until October 2015 payment of income tax refunds normally received in the early months of the year. The best guess, taking up on a story such as this one, is that the authors were trying to spoof the delay in the filing season announced in early 2014 because Congress…
  • Soda Sales Shifting?

    James Edward Maule
    17 Nov 2014 | 5:01 am
    In last Wednesday’s post, Escaping Tax and User Fee Revenue Diversion, my analysis of a Philadelphia cigarette tax included an exploration of city residents making purchases outside the city in order to escape the tax. That point was just one piece of my criticism of a tax that puts an education expenditure burden on a narrow group of taxpayers and not on all of those who benefit from the expenditures.Another tax that doesn’t impress me is the so-called “soda tax,” designed to change people’s beverage drinking habits. In a series of posts, beginning with What Sort of Tax?, and…
  • Foolish Tax Filing Decisions Disclosed to Judge Judy

    James Edward Maule
    14 Nov 2014 | 5:01 am
    From time to time, tax issues pop up on television court shows. I have described these episodes on five previous occasions, starting with Judge Judy and Tax Law, and continuing through Judge Judy and Tax Law Part II, TV Judge Gets Tax Observation Correct, The (Tax) Fraud Epidemic, and Tax Re-Visits Judge Judy. That there have been only five, until now, reflects not only the infrequency of tax issues showing up on these shows but also the reality of my inability to view all of the shows. Surely I have missed some.This time, once again a Judge Judy episode, the tax issue that came to light had…
  • Escaping Tax and User Fee Revenue Diversion

    James Edward Maule
    12 Nov 2014 | 5:01 am
    Several months ago, in Delaying a Questionable Tax, I explained one of my objections to the then pending, and subsequently approved, new Philadelphia cigarette tax designed to raise money to fund the city’s public schools. Expecting cigarette smokers to carry an additional burden for a public good that benefits everyone, including the students, the employers who will hire them, and society that benefits from the contributions made by educated students, creates an imbalance in funding. I compared the tax with the diversion of toll revenue by the Delaware River Port Authority to fund projects…
 
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    TaxProf Blog

  • Tax-Free Buyouts of Coaches' Contracts

    Paul Caron
    23 Nov 2014 | 10:22 am
    Following up on my previous post, The Tax Treatment of Buyouts of Coaches' Contracts: USA Today, Schools Buying Coaches' Contracts Instead of Buying Out: It long has been a practice for universities that want to hire a new coach to pay the "buyout" to get him out of his contract...
  • Muller: The NCBE's Role in Declining MBE Scores and Bar Pass Rates

    Paul Caron
    23 Nov 2014 | 3:52 am
    Following up on my previous posts (here, here, here, and here): California released its July 2014 bar exam results on Friday: a 48.6% overall pass rate (down 7.2 percentage points from 2013) and 61.0% first-time takers pass rate (down 6.7 percentage points from 2013). (For more, see Vikram Amar (UC-Davis)...
  • Top 5 Tax Paper Downloads

    Paul Caron
    23 Nov 2014 | 3:04 am
    There is a bit of movement in this week's list of the Top 5 Recent Tax Paper Downloads on SSRN, with a new new paper debuting on the list at #1: [387 Downloads] A Compendium of Private Equity Tax Games, by Gregg D. Polsky (North Carolina) [379 Downloads] Obama Care...
  • The IRS Scandal, Day 563

    Paul Caron
    23 Nov 2014 | 12:15 am
    New York Post editorial: Silence of the Schumer: It wasn’t so long ago Chuck Schumer was obsessing over the idea that the tax code was being abused for partisan purposes. Back in March 2012, he and six fellow Democratic senators wrote the IRS demanding more scrutiny for 501(c)4 groups who...
  • Top Incomes Soared as Tax Rates Fell

    Paul Caron
    22 Nov 2014 | 9:06 am
    Al Jazeera: Top Incomes Soared as Tax Rates Fell, by David Cay Johnston (Syracuse): For those at the very top 2010 will be remembered as a very good year. While most Americans struggled to recover from the worst economic collapse since the Great Depression, top incomes soared while tax burdens...
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    Roth & Company, P.C

  • Tax Roundup, 11/20/14: ACA and filing season pessimism revisited.

    Joe Kristan
    20 Nov 2014 | 6:27 am
    Programming note: The Tax Update will take tomorrow off. I will be in Phoenix tomorrow on a panel on state film tax credits sponsored by the National Conference of State Legislators.  The panel will include, among others, Joseph Henchman of the Tax Foundation. Normal programming resumes Monday.   ACA frenzy! Thanks to a kind Twitter mention from Megan McArdle (who you really should follow at @asymmetricinfo), my Tuesday post on ACA and filing-season dread made it to a wider audience than usual, including the readers of Real Clear Politics. A cousin who I normally only see at…
  • Tax Roundup, 11/19/14: Mayor of London, U.S. tax delinquent. And: sticks, stones, and IRS.

    Joe Kristan
    19 Nov 2014 | 6:34 am
    Boris Johnson and an unidentified IRS agent. I thought the Revolution was fought to get away from the English, not to tax them. From Robert W. Wood comes a story that says volumes about how absurd America’s system of worldwide taxation is: London’s Mayor Boris Johnson is English, but being born in New York means he’s American too. Turns out he never gave up his U.S. citizenship, as the BBC confirmed. Sure, he threatened to renounce in a column for the Spectator, but he renewed his U.S. passport instead. And on his recent book tour, in a Diane Rehm Show Interview, November 13,…
  • Tax Roundup, 11/18/14: The ACA and filing season. Be afraid.

    Joe Kristan
    18 Nov 2014 | 7:05 am
    Megan McArdle, Reality Check on Obamacare Year Two: Another thing to keep in mind, however: This open enrollment period isn’t the biggest test for Obamacare in the next 12 months.  The biggest test will be what happens on or around April 15th.  That’s the first time all the people who didn’t buy insurance will get hit with the individual mandate penalty, and the ones who thought that it was a nominal $95 fee are in for a nasty shock .  April 15th will also be the first time that people who got too much in subsidies are going to be asked to pay back some of that money.
  • Tax Roundup, 11/17/14: Sundog weather is shorts weather!

    Joe Kristan
    17 Nov 2014 | 7:45 am
    It’s 7F outside here in Mason City, Iowa. Warm enough for shorts, it seems. This gentleman was scraping his windows outside North Iowa Area Community College, where I am part of the Day 1 panel of the  Iowa State University Center for Agricultural Law and Taxation Farm and Urban Tax School. I wonder what this guy wears in the summer. It’s cozy and warm here in the conference room, where 165 attendees are beginning two days of the finest continuing education available today in Cerro Gordo County. There are two sessions left after today, in Denison and Ames; the Ames school will…
  • Tax Roundup, 11/14/14: Teaching biology is one thing, farming is another. And: parsonage allowances live!

    Joe Kristan
    14 Nov 2014 | 6:50 am
    Accounting Today visitors: click here for the story about the pharmacist and the painkillers. Cash-rent of farmland not “material participation” for Iowa capital gain exclusion. Iowa has an unusual rule that exempts capital gains of business real estate from Iowa’s income tax if the seller meets two tests: – Holding the property for at least ten years, and – materially-participating in the business in which the property was used for at least ten years at the time of the sale. Iowa defines “material participation” using the federal rules for passive…
 
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    RUBIN ON TAX

  • Telephone Calls from the IRS

    Charles (Chuck) Rubin
    22 Nov 2014 | 6:24 am
    In the last week, I have received two messages on my answering machine at home purporting to be from the IRS, advising me that I owe taxes and if I don’t call them back I may be arrested. I’ve also gotten calls from other people about similar calls. 99% of these are scams. If the IRS has a problem with you, they will mail you notices – they will not call you first. If you want to be sure, don’t call back the number given. Instead, call the IRS at 1.800.829.1040 and they can tell you what, if anything, is going on with your tax account, including whether you owe any money. For more on…
  • Waiver of Florida Spousal Homestead Rights by Deed Upheld

    Charles (Chuck) Rubin
    14 Nov 2014 | 8:25 am
    Summary: A recent Florida appellate decision finds that the joinder of a spouse on a deed of homestead property to a trust constitutes a valid waiver of homestead rights, even though the deed contains no waiver language. FACTS: Jerome and Alma were married. In 2000, they executed a warranty deed conveying their homestead property to themselves as tenants in common. That same day, Jerome conveyed his one-half of the property to a 5 year qualified personal residence trust (QPRT). Alma joined on the deed. Jerome did not survive the 5 year term of the QPRT, so pursuant to the QPRT terms his half…
  • Laches as a Limit on the Duty of a Trustee to Account

    Charles (Chuck) Rubin
    13 Nov 2014 | 2:45 pm
    Doris Corya was a trustee (or co-trustee) of four trusts that failed to provide fiduciary accountings to a beneficiary otherwise entitled to receive accountings under Florida law. The failure to account went back many years – the oldest of the four trusts was established in 1953 (although Florida’s statutory obligation to account may not go back that far). Roy Sanders, a beneficiary, brought an action against Doris to compel the preparation and delivery of the unprepared fiduciary accountings. The trial court found that Doris was obligated to prepare and deliver such accountings, back…
  • Caution with Automatic Removal of Ex-Spouse as a Beneficiary Upon Divorce

    Charles (Chuck) Rubin
    12 Nov 2014 | 6:07 pm
    Fla.Stats. Section 732.703 provides for the automatic removal of a spouse as a beneficiary of a life insurance policy upon divorce. Many other states have similar provisions. It is easy to become complacent in expecting this statutory provision to automatically remove a former spouse. This can be a mistake. For example, while the Florida law provides that this removal of a former spouse will apply to an insurance policy owned by an employee benefit plan, the statute provides that this change will not occur if there is a conflict between this provision and federal law. Such a conflict may…
  • Interest Deductions When Interest Added to Principal Balance

    Charles (Chuck) Rubin
    6 Nov 2014 | 3:48 pm
    A cash basis taxpayer owes interest and principal to a lender on a home mortgage loan. The taxpayer goes to another lender, borrows additional money against the residence, and uses the loan proceeds to pay off the accrued interest on the first loan. Such an interest payment should be deductible (assuming the interest is otherwise deductible under the Code). Now look at a similar factual situation. Here, the taxpayer does not borrow money from a new lender, but modifies his existing loan with the existing lender to add the accrued interest to the principal balance. When such accrued interest…
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    Tax Problem Attorney Blog

  • Brager Tax Law Group Obtains over 6,500 Pages in Freedom of Information Act Request for Offshore Voluntary Disclosure Program Documents

    18 Nov 2014 | 6:00 am
    Several months ago the Brager Tax Law Group requested IRS documents through a Freedom of Information Act (FOIA) request, which was filed on behalf of the TaxProblemAttorney Blog.com. The Brager Tax Law Group received a CD in response to this FOIA request. Out of the 7,092 responsive pages, the IRS sent over 6,500 pages and withheld the rest. This information was published on the Brager Tax Law Group website in November. The requested documents included material used in training IRS personnel in the Offshore Voluntary Disclosure Program (OVDP), determining Program penalties and instructing IRS…
  • New FAQs For Offshore Voluntary Disclosure Program (OVDP) Released by IRS

    16 Oct 2014 | 10:00 am
    Our tax lawyers have reviewed the IRS' newly issued FAQs for its Delinquent International Information Return Submission Procedures, the Streamlined Filing Compliance Procedures for U.S. Taxpayers Residing in the United States (SDOP), and the Streamlined Filing Compliance Procedures for U.S. Taxpayers Residing Outside the United States (SFOP). These programs are first cousins of the IRS' Offshore Voluntary Disclosure Program (OVDP), but technically are not part of OVDP, and are options for individuals who have failed to report income from offshore bank accounts, and who may have failed to file…
  • Florida Doctor Sentenced in Criminal Tax Case for Concealing Assets and Filing False Individual Income Tax Returns

    16 Sep 2014 | 10:00 am
    Individuals using offshore bank accounts to conceal assets and facilitate tax fraud continue to be prosecuted by the Department of Justice. Under the Bank Secrecy Act, citizens and lawful permanent residents (i.e. "Green Card" holders) that have an interest in or signature authority over a financial account in a foreign country with assets in excess of $10,000 at any time during the year are required to disclose the accounts on their individual income tax returns, both on Schedule B, and if the accounts are large enough on Form 8938. They must also file a FBAR (Report of Foreign Bank and…
  • Business Owners Get Jail Time for Tax Evasion

    3 Sep 2014 | 12:15 pm
    Sometimes understating income is just carelessness. Sometimes its tax fraud or tax evasion. People don't always realize that tax fraud or tax evasion can lead to time in jail. Convincing judges to sentence defendants to prison for criminal tax evasion continues to be a priority for the Department of Justice where taxpayers have willfully underreported their income or made false statements to the IRS revenue agents regarding their tax liabilities, as shown by unrelated decisions handed down against Abdelhamid M. Horany and Robert C. Sathre. Horany, a business owner, admitted to underreporting…
  • Expect Increased Assessment and Collection of Trust Fund Recovery Penalties

    22 Aug 2014 | 10:00 am
    Enforcement of The Trust Fund Recovery Penalty (TFRP) is a source of potential government revenue that, according to the Treasury Inspector General for Tax Administration (TIGTA), needs to be revamped to become more efficient. Under existing law, employers are required to withhold from their employees' salaries amounts to cover Federal income, Social Security, and Medicare taxes. These are referred to as "trust fund taxes." When the employer fails to pay these taxes, the IRS can collect them from "responsible persons," who have willfully failed to pay them. In determining who is a responsible…
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    Taxable Talk

  • Would the Proprietors of “I Married an Idiot” Commit Tax Fraud?

    Russ
    20 Nov 2014 | 4:05 pm
    Sometimes you can’t make this stuff up. Perhaps you missed the website imarriedanidiot.com. The website is down, but thanks to the Internet Archive it will continue to be accessible. I’ll leave it to the reader to peruse the web site. I saw a brief story on Mark Garcia and Patricia McQuarry in the Pioneer Press. It seems that they not only thought they married an idiot, they committed an idiotic form of tax fraud. The couple, who are married and were the proprietors of the aforementioned web site, decided to claim to have received “…hundreds of thousands of dollars in…
  • IRS Clarifies Electronic Signature Requirements

    Russ
    18 Nov 2014 | 11:53 am
    The IRS released a new version of Publication 1345 today (html version only is available for now). Included in it is the following: Note: An electronic signature via remote transaction does not include handwritten signatures on Forms 8878 or 8879 sent to the ERO by hand delivery, U.S. mail, private delivery service, fax, email or an Internet website. Thus, if a client signs a signature document in ink, hands it to me, mails it to me, faxes it to me, or uploads it to me via our web portal (or even if he emails it to me), it’s not an electronic signature and I don’t have to check…
  • The Horrible, No Good, Very Bad Upcoming Tax Season

    Russ
    16 Nov 2014 | 7:48 pm
    If you’re a tax professional here’s a warning: The 2015 Tax Season will be one you’re almost certain to remember for all the wrong reasons. If you’re a client of a tax professional be forewarned: Your tax professional will be even more grouchy than usual next year. Why? The upcoming tax season will likely be the worst in 30 years. There are four reasons for this: tax extenders, budget issues the IRS faces, the Affordable Care Act (aka ObamaCare), and the new property capitalization/repair regulations. Let’s look at them seriatim. 1. Tax Extenders. Stop me if…
  • London Calling: The Real Winners of the 2014 World Series of Poker

    Russ
    12 Nov 2014 | 6:25 am
    Nine individuals came to Las Vegas on Monday and Tuesday to compete for the championship at the World Series of Poker (WSOP). Who would be the lucky winner? And who really got to keep the money? You will notice a theme to this year’s winners: London. Four of the players reside in the capital city of the United Kingdom yet none are from London. Indeed, they’re all from other European countries. The reason they’ve chosen the United Kingdom is simple: taxes. Tax rates in Europe are notoriously high. But citizens of the European Union are allowed to move and reside in another…
  • Since the Dead Vote, Why Can’t They Get Tax Exemptions?

    Russ
    9 Nov 2014 | 10:13 am
    I grew up in Chicago. It’s legendary in Chicago that the dead vote. My father told me that during the 1960 presidential election that Democrats waited to see how many of the dead they needed to vote to ensure that John F. Kennedy won Illinois over Republican Richard Nixon (I can’t vouch for the veracity of that story). It seems that the voting dead in Chicago also want senior property tax exemptions. In Cook County if you are over 65 and have a limited income (under $55,000), you qualify for a senior exemption. Well, since the dead can’t take it with them (or so I’ve…
 
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    IRS Hitman 888-415-1337

  • 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…
  • Tax Breaks That You Might Overlook

    14 Nov 2014 | 7:30 am
    When preparing taxes for 2014, consider some of the tax deductions that most taxpayers forget to take. A single tax break may not save you a substantial amount, but if you claim several small deductions, you can collectively save much more in taxes. Here are some of the tax breaks that you may want to deduct for 2014 to lower your tax bill.Expenses Incurred While Doing Charity WorkWhile most taxpayers claim monetary charitable deductions on their returns, those who undertake charitable work often miss claiming expenses. If you contribute your time to a charity, you can deduct the cost of…
  • Avoid Owing Back Taxes

    7 Nov 2014 | 7:20 am
    In a few months, the tax filing season will be upon us. If you are required to file a tax return for 2014, it’s a good idea to start planning ahead now. First, you must determine the correct amount of taxes you owe. Underpayment or misreporting can lead to a tax liability. If you are unsure of how much you owe in taxes, you can seek help from a tax professional or use an IRS Volunteer at the Income Tax Assistance (VITA) center. A VITA center provides free tax preparation to individuals that cannot afford to hire professional tax preparers. Generally, taxpayers that earn $53,000 or less a…
  • Ebola Donations: Check Status of Charity before Donating

    31 Oct 2014 | 8:15 am
    More than 4, 800 EVD-related deaths and more than 9,900 suspected and confirmed cases of EVD have been reported in the countries of Guinea, Liberia, and Sierra Leone of West Africa through October 22, 2014. Many Americans are making donations to help the victims of Ebola in these countries. To assist the donators in their cause, the IRS has implemented a tax relief program so you can easily make charity contributions towards Ebola and also save on taxes.If you are thinking of donating to Ebola victims in Guinea, Liberia and Sierra Leone, then you can save on taxes. To take the tax advantage…
  • Penalties and Interest on Back Taxes

    24 Oct 2014 | 1:06 pm
    What you owe to the IRS isn’t just for your original tax debt; the IRS charges a penalty on the total back tax amount every month. Usually, penalties are charged at 0.5 percent. As a result of the additional monthly fee, what is owed can increase substantially over time.Along with penalties, the IRS also charges interest on the tax debt. Interest is charged every month that even a portion of the debt goes unpaid. Both penalties and interest inflate the tax debt amount until it is paid in full. It’s vital for taxpayers to remember that the IRS will continue charging both penalty and…
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    L & R Tax Preparation LLC RSS Feed

  • Tips for Taxpayers with Foreign Income

    1 Nov 2014 | 7:00 am
    U.S. citizens and residents who live or work abroad may need to file a federal income tax return. Keep reading to learn more.
  • Year-End Tax Planning for Individuals

    1 Nov 2014 | 7:00 am
    Tax planning is always a good idea, but this year, once again, presents more challenges than usual. Learn which tax planning strategies you should use now to cut your tax bill.
  • Year-End Tax Planning for Businesses

    1 Nov 2014 | 7:00 am
    While the fate of several business-related tax extenders is uncertain, there are a number of end of year tax strategies businesses can use to reduce their tax burden for 2014. Here's the lowdown on some of the best options.
  • Three Most Common Budgeting Errors

    1 Nov 2014 | 7:00 am
    Do you find it tricky to maintain a budget for your business? Here's how to avoid three of the most common budgeting mistakes and take control of your company's finances.
 
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  • 'I slept with a knife under my pillow ...'

    23 Nov 2014 | 6:37 pm
    'I slept with a knife under my pillow ...'Steve Mack via Getty ImagesTanya Young Williams predicted that her relationship with an NBA star would end in a life-or-death struggle -- now, she says, she was right.How she left her relationshipMore from LifescriptTruth behind bugs in foodModel living with a skin condition
  • In Ferguson, residents hope justice is served

    23 Nov 2014 | 6:37 pm
    In Ferguson, residents hope justice is servedGettyTension continues to mount in the St. Louis suburb Sunday as natives anxiously await the grand jury decision in the Brown shooting.Preparations in place for verdictMore on this storyGiuliani takes stance on shootingObama calls for calm after trial
  • Dog does the one thing he shouldn't at competition

    23 Nov 2014 | 6:37 pm
    Dog does the one thing he shouldn't at competition YouTubeYou couldn't possibly mess up as bad as this pooch, and it's amazing.Mishap will make you crack up Take a peek Playful bear has a ball in the snowPooch has a vacuum problem
  • Buffalo on alert as evacuation possibility looms

    23 Nov 2014 | 6:37 pm
    Buffalo on alert as evacuation possibility loomsAPResidents of flood-prone areas around the region were advised to pack a bag and prepare to leave their homes as temperatures rise.'We have to expect this is real'More newsEarthquake kills 5 in ChinaMajor quake damage in Japan
  • Fergie's dress turns heads at the 2014 AMAs

    23 Nov 2014 | 6:37 pm
    Fergie's dress turns heads at the 2014 AMAsAPWhile the singer's ensemble looks demure up top, she's showing off her assets with the rest of the outfit's bold design. See what the star is showing offMore AMAs coverage2014 AMAs best, worst dressedArtists nominated for 2014 AMAs
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  • 'I slept with a knife under my pillow ...'

    23 Nov 2014 | 6:37 pm
    'I slept with a knife under my pillow ...'Steve Mack via Getty ImagesTanya Young Williams predicted that her relationship with an NBA star would end in a life-or-death struggle -- now, she says, she was right.How she left her relationshipMore from LifescriptTruth behind bugs in foodModel living with a skin condition
  • In Ferguson, residents hope justice is served

    23 Nov 2014 | 6:37 pm
    In Ferguson, residents hope justice is servedGettyTension continues to mount in the St. Louis suburb Sunday as natives anxiously await the grand jury decision in the Brown shooting.Preparations in place for verdictMore on this storyGiuliani takes stance on shootingObama calls for calm after trial
  • Dog does the one thing he shouldn't at competition

    23 Nov 2014 | 6:37 pm
    Dog does the one thing he shouldn't at competition YouTubeYou couldn't possibly mess up as bad as this pooch, and it's amazing.Mishap will make you crack up Take a peek Playful bear has a ball in the snowPooch has a vacuum problem
  • Buffalo on alert as evacuation possibility looms

    23 Nov 2014 | 6:37 pm
    Buffalo on alert as evacuation possibility loomsAPResidents of flood-prone areas around the region were advised to pack a bag and prepare to leave their homes as temperatures rise.'We have to expect this is real'More newsEarthquake kills 5 in ChinaMajor quake damage in Japan
  • Fergie's dress turns heads at the 2014 AMAs

    23 Nov 2014 | 6:37 pm
    Fergie's dress turns heads at the 2014 AMAsAPWhile the singer's ensemble looks demure up top, she's showing off her assets with the rest of the outfit's bold design. See what the star is showing offMore AMAs coverage2014 AMAs best, worst dressedArtists nominated for 2014 AMAs
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  • 'I slept with a knife under my pillow ...'

    23 Nov 2014 | 6:37 pm
    'I slept with a knife under my pillow ...'Steve Mack via Getty ImagesTanya Young Williams predicted that her relationship with an NBA star would end in a life-or-death struggle -- now, she says, she was right.How she left her relationshipMore from LifescriptTruth behind bugs in foodModel living with a skin condition
  • In Ferguson, residents hope justice is served

    23 Nov 2014 | 6:37 pm
    In Ferguson, residents hope justice is servedGettyTension continues to mount in the St. Louis suburb Sunday as natives anxiously await the grand jury decision in the Brown shooting.Preparations in place for verdictMore on this storyGiuliani takes stance on shootingObama calls for calm after trial
  • Dog does the one thing he shouldn't at competition

    23 Nov 2014 | 6:37 pm
    Dog does the one thing he shouldn't at competition YouTubeYou couldn't possibly mess up as bad as this pooch, and it's amazing.Mishap will make you crack up Take a peek Playful bear has a ball in the snowPooch has a vacuum problem
  • Buffalo on alert as evacuation possibility looms

    23 Nov 2014 | 6:37 pm
    Buffalo on alert as evacuation possibility loomsAPResidents of flood-prone areas around the region were advised to pack a bag and prepare to leave their homes as temperatures rise.'We have to expect this is real'More newsEarthquake kills 5 in ChinaMajor quake damage in Japan
  • Fergie's dress turns heads at the 2014 AMAs

    23 Nov 2014 | 6:37 pm
    Fergie's dress turns heads at the 2014 AMAsAPWhile the singer's ensemble looks demure up top, she's showing off her assets with the rest of the outfit's bold design. See what the star is showing offMore AMAs coverage2014 AMAs best, worst dressedArtists nominated for 2014 AMAs
 
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  • 'I slept with a knife under my pillow ...'

    23 Nov 2014 | 6:37 pm
    'I slept with a knife under my pillow ...'Steve Mack via Getty ImagesTanya Young Williams predicted that her relationship with an NBA star would end in a life-or-death struggle -- now, she says, she was right.How she left her relationshipMore from LifescriptTruth behind bugs in foodModel living with a skin condition
  • In Ferguson, residents hope justice is served

    23 Nov 2014 | 6:37 pm
    In Ferguson, residents hope justice is servedGettyTension continues to mount in the St. Louis suburb Sunday as natives anxiously await the grand jury decision in the Brown shooting.Preparations in place for verdictMore on this storyGiuliani takes stance on shootingObama calls for calm after trial
  • Dog does the one thing he shouldn't at competition

    23 Nov 2014 | 6:37 pm
    Dog does the one thing he shouldn't at competition YouTubeYou couldn't possibly mess up as bad as this pooch, and it's amazing.Mishap will make you crack up Take a peek Playful bear has a ball in the snowPooch has a vacuum problem
  • Buffalo on alert as evacuation possibility looms

    23 Nov 2014 | 6:37 pm
    Buffalo on alert as evacuation possibility loomsAPResidents of flood-prone areas around the region were advised to pack a bag and prepare to leave their homes as temperatures rise.'We have to expect this is real'More newsEarthquake kills 5 in ChinaMajor quake damage in Japan
  • Fergie's dress turns heads at the 2014 AMAs

    23 Nov 2014 | 6:37 pm
    Fergie's dress turns heads at the 2014 AMAsAPWhile the singer's ensemble looks demure up top, she's showing off her assets with the rest of the outfit's bold design. See what the star is showing offMore AMAs coverage2014 AMAs best, worst dressedArtists nominated for 2014 AMAs
  • add this feed to my.Alltop

  • 'I slept with a knife under my pillow ...'

    23 Nov 2014 | 6:37 pm
    'I slept with a knife under my pillow ...'Steve Mack via Getty ImagesTanya Young Williams predicted that her relationship with an NBA star would end in a life-or-death struggle -- now, she says, she was right.How she left her relationshipMore from LifescriptTruth behind bugs in foodModel living with a skin condition
  • In Ferguson, residents hope justice is served

    23 Nov 2014 | 6:37 pm
    In Ferguson, residents hope justice is servedGettyTension continues to mount in the St. Louis suburb Sunday as natives anxiously await the grand jury decision in the Brown shooting.Preparations in place for verdictMore on this storyGiuliani takes stance on shootingObama calls for calm after trial
  • Dog does the one thing he shouldn't at competition

    23 Nov 2014 | 6:37 pm
    Dog does the one thing he shouldn't at competition YouTubeYou couldn't possibly mess up as bad as this pooch, and it's amazing.Mishap will make you crack up Take a peek Playful bear has a ball in the snowPooch has a vacuum problem
  • Buffalo on alert as evacuation possibility looms

    23 Nov 2014 | 6:37 pm
    Buffalo on alert as evacuation possibility loomsAPResidents of flood-prone areas around the region were advised to pack a bag and prepare to leave their homes as temperatures rise.'We have to expect this is real'More newsEarthquake kills 5 in ChinaMajor quake damage in Japan
  • Fergie's dress turns heads at the 2014 AMAs

    23 Nov 2014 | 6:37 pm
    Fergie's dress turns heads at the 2014 AMAsAPWhile the singer's ensemble looks demure up top, she's showing off her assets with the rest of the outfit's bold design. See what the star is showing offMore AMAs coverage2014 AMAs best, worst dressedArtists nominated for 2014 AMAs
  • add this feed to my.Alltop

  • 'I slept with a knife under my pillow ...'

    23 Nov 2014 | 6:37 pm
    'I slept with a knife under my pillow ...'Steve Mack via Getty ImagesTanya Young Williams predicted that her relationship with an NBA star would end in a life-or-death struggle -- now, she says, she was right.How she left her relationshipMore from LifescriptTruth behind bugs in foodModel living with a skin condition
  • In Ferguson, residents hope justice is served

    23 Nov 2014 | 6:37 pm
    In Ferguson, residents hope justice is servedGettyTension continues to mount in the St. Louis suburb Sunday as natives anxiously await the grand jury decision in the Brown shooting.Preparations in place for verdictMore on this storyGiuliani takes stance on shootingObama calls for calm after trial
  • Dog does the one thing he shouldn't at competition

    23 Nov 2014 | 6:37 pm
    Dog does the one thing he shouldn't at competition YouTubeYou couldn't possibly mess up as bad as this pooch, and it's amazing.Mishap will make you crack up Take a peek Playful bear has a ball in the snowPooch has a vacuum problem
  • Buffalo on alert as evacuation possibility looms

    23 Nov 2014 | 6:37 pm
    Buffalo on alert as evacuation possibility loomsAPResidents of flood-prone areas around the region were advised to pack a bag and prepare to leave their homes as temperatures rise.'We have to expect this is real'More newsEarthquake kills 5 in ChinaMajor quake damage in Japan
  • Fergie's dress turns heads at the 2014 AMAs

    23 Nov 2014 | 6:37 pm
    Fergie's dress turns heads at the 2014 AMAsAPWhile the singer's ensemble looks demure up top, she's showing off her assets with the rest of the outfit's bold design. See what the star is showing offMore AMAs coverage2014 AMAs best, worst dressedArtists nominated for 2014 AMAs
 
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  • 'I slept with a knife under my pillow ...'

    23 Nov 2014 | 6:37 pm
    'I slept with a knife under my pillow ...'Steve Mack via Getty ImagesTanya Young Williams predicted that her relationship with an NBA star would end in a life-or-death struggle -- now, she says, she was right.How she left her relationshipMore from LifescriptTruth behind bugs in foodModel living with a skin condition
  • In Ferguson, residents hope justice is served

    23 Nov 2014 | 6:37 pm
    In Ferguson, residents hope justice is servedGettyTension continues to mount in the St. Louis suburb Sunday as natives anxiously await the grand jury decision in the Brown shooting.Preparations in place for verdictMore on this storyGiuliani takes stance on shootingObama calls for calm after trial
  • Dog does the one thing he shouldn't at competition

    23 Nov 2014 | 6:37 pm
    Dog does the one thing he shouldn't at competition YouTubeYou couldn't possibly mess up as bad as this pooch, and it's amazing.Mishap will make you crack up Take a peek Playful bear has a ball in the snowPooch has a vacuum problem
  • Buffalo on alert as evacuation possibility looms

    23 Nov 2014 | 6:37 pm
    Buffalo on alert as evacuation possibility loomsAPResidents of flood-prone areas around the region were advised to pack a bag and prepare to leave their homes as temperatures rise.'We have to expect this is real'More newsEarthquake kills 5 in ChinaMajor quake damage in Japan
  • Fergie's dress turns heads at the 2014 AMAs

    23 Nov 2014 | 6:37 pm
    Fergie's dress turns heads at the 2014 AMAsAPWhile the singer's ensemble looks demure up top, she's showing off her assets with the rest of the outfit's bold design. See what the star is showing offMore AMAs coverage2014 AMAs best, worst dressedArtists nominated for 2014 AMAs
  • add this feed to my.Alltop

  • 'I slept with a knife under my pillow ...'

    23 Nov 2014 | 6:37 pm
    'I slept with a knife under my pillow ...'Steve Mack via Getty ImagesTanya Young Williams predicted that her relationship with an NBA star would end in a life-or-death struggle -- now, she says, she was right.How she left her relationshipMore from LifescriptTruth behind bugs in foodModel living with a skin condition
  • In Ferguson, residents hope justice is served

    23 Nov 2014 | 6:37 pm
    In Ferguson, residents hope justice is servedGettyTension continues to mount in the St. Louis suburb Sunday as natives anxiously await the grand jury decision in the Brown shooting.Preparations in place for verdictMore on this storyGiuliani takes stance on shootingObama calls for calm after trial
  • Dog does the one thing he shouldn't at competition

    23 Nov 2014 | 6:37 pm
    Dog does the one thing he shouldn't at competition YouTubeYou couldn't possibly mess up as bad as this pooch, and it's amazing.Mishap will make you crack up Take a peek Playful bear has a ball in the snowPooch has a vacuum problem
  • Buffalo on alert as evacuation possibility looms

    23 Nov 2014 | 6:37 pm
    Buffalo on alert as evacuation possibility loomsAPResidents of flood-prone areas around the region were advised to pack a bag and prepare to leave their homes as temperatures rise.'We have to expect this is real'More newsEarthquake kills 5 in ChinaMajor quake damage in Japan
  • Fergie's dress turns heads at the 2014 AMAs

    23 Nov 2014 | 6:37 pm
    Fergie's dress turns heads at the 2014 AMAsAPWhile the singer's ensemble looks demure up top, she's showing off her assets with the rest of the outfit's bold design. See what the star is showing offMore AMAs coverage2014 AMAs best, worst dressedArtists nominated for 2014 AMAs
  • add this feed to my.Alltop

  • 'I slept with a knife under my pillow ...'

    23 Nov 2014 | 6:37 pm
    'I slept with a knife under my pillow ...'Steve Mack via Getty ImagesTanya Young Williams predicted that her relationship with an NBA star would end in a life-or-death struggle -- now, she says, she was right.How she left her relationshipMore from LifescriptTruth behind bugs in foodModel living with a skin condition
  • In Ferguson, residents hope justice is served

    23 Nov 2014 | 6:37 pm
    In Ferguson, residents hope justice is servedGettyTension continues to mount in the St. Louis suburb Sunday as natives anxiously await the grand jury decision in the Brown shooting.Preparations in place for verdictMore on this storyGiuliani takes stance on shootingObama calls for calm after trial
  • Dog does the one thing he shouldn't at competition

    23 Nov 2014 | 6:37 pm
    Dog does the one thing he shouldn't at competition YouTubeYou couldn't possibly mess up as bad as this pooch, and it's amazing.Mishap will make you crack up Take a peek Playful bear has a ball in the snowPooch has a vacuum problem
  • Buffalo on alert as evacuation possibility looms

    23 Nov 2014 | 6:37 pm
    Buffalo on alert as evacuation possibility loomsAPResidents of flood-prone areas around the region were advised to pack a bag and prepare to leave their homes as temperatures rise.'We have to expect this is real'More newsEarthquake kills 5 in ChinaMajor quake damage in Japan
  • Fergie's dress turns heads at the 2014 AMAs

    23 Nov 2014 | 6:37 pm
    Fergie's dress turns heads at the 2014 AMAsAPWhile the singer's ensemble looks demure up top, she's showing off her assets with the rest of the outfit's bold design. See what the star is showing offMore AMAs coverage2014 AMAs best, worst dressedArtists nominated for 2014 AMAs
 
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    Value Added Tax Blog

  • It’s drop shipment week!

    Mark
    7 Nov 2014 | 8:15 am
    I just replied to the fifth question this week about the VAT implications of drop-shipments in the EU. You know, these are shipments where the seller ships directly to the buyer’s customer. So there are two transactions, one where the ship-to is different from the bill-to, and one where the bill-from is different from the […]
  • Luxembourg taxes explained

    Mark
    6 Nov 2014 | 5:36 pm
    It is pretty straight-forward to explain why major B2C service providers (think Apple iTunes, eBay and Amazon) favor Luxembourg for a EU headquarters – the VAT rate is one of the lowest in the EU, and under the pre-2015 VAT rules that is / was a major advantage. Yes, Madeira has an even lower VAT rate, […]
  • India: GST in April 2016 (?)

    Mark
    6 Nov 2014 | 4:51 am
    “A GST roll-out is most likely April 2016″ Every fall there is an Indian official who seems to be designated to make a statement that federal GST implementation is a year and a half out. The big issue is a constitutional amendment (in addition to all the states being in agreement). Parliament in India seems to […]
  • Spain: Changes in import VAT accounting

    Mark
    5 Nov 2014 | 2:00 pm
    Meridian writes about Spanish plans to introduce an arrangement to postpone the import VAT liability to the next VAT return. As Meridian notes, there are an increasing number of countries that allow for a similar simplification (see art. 201 of the VAT Directive). According to my somewhat dated “EU VAT Compass” (IBFD, 2011) these postponed […]
  • Mind The VAT Gap…

    Mark
    24 Oct 2014 | 8:19 am
    An estimated €177 billion in VAT revenues was lost due to non-compliance or non-collection in 2012, according to the latest VAT Gap study published by the Commission. “Algirdas Šemeta, Commissioner for Taxation, said: “The VAT Gap is essentially a marker of how effective – or not – VAT enforcement and compliance measures are across the […]
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    J. Stefan - EzineArticles Expert Author

  • No Articles Found

    23 Nov 2014 | 6:40 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.

  • I Don’t Have Time to Write Grant Proposals or Meet with Donors … But Give Me Money Anyway!

    Jason Dinesen
    20 Nov 2014 | 4:30 am
    A few weeks ago I attended a conference in my capacity as a board member of a not-for-profit. This was not a “business” conference for me, because the conference was related to the work the not-for-profit does, not to accounting. I was there as a board member, not an accountant. But of course, I can’t just turn off the accountant part of my brain. And some things were said at this conference that I have to blog about here in relation to not-for-profit and small-business management. I Don’t Have Time to Do the Dirty Work Many of the people at this conference were…
  • Tell Your Accountant Before You Start Operating in Other States

    Jason Dinesen
    18 Nov 2014 | 4:30 am
    The most-recent edition of the NATP TaxPro Journal had an article that caught my attention: “Taking on a New Business Client: 18 Things You Need to Know.” It was a really good article (the only item I disagreed with was the author saying to ask for a copy of the business’s “fire inspection certificate” — I’m not sure why that’s relevant for a tax preparer to have). And I want to add a #19, or better yet, replace the “fire inspection certificate” item with: ask if the client is operating in other states. Some small business owners…
  • My Experiences at the NAEA Leadership Academy

    Jason Dinesen
    14 Nov 2014 | 4:30 am
    My graduation picture. On the left is Mike Nelson, Executive Vice President of NAEA. On the right is is Terry Durkin, EA, President-Elect of NAEA. I had the privilege of attending the Schuldiner/Smollan Memorial Leadership Academy conducted by the National Association of Enrolled Agents. This academy teaches about effective governance of state affiliates of NAEA (and I feel the concepts taught can apply broadly to all not-for-profit boards). I’m not big on over-the-top emotional expressions and exaggerations, but I have to say: this was a life-changing experience. And it was FUN. The…
  • Same-sex Marriage, Amended Tax Returns and Filing Status

    Jason Dinesen
    12 Nov 2014 | 4:30 am
    I’ve pondered this question several times and not found a good answer .. until now (I think). The question regarded filing status on amended tax returns filed for 2011 or 2012 by someone in a same-sex marriage in those years. The original return used a filing status of single (because of the Defense of Marriage Act). They choose not to amend to file a joint return with their spouse. But they discover something — perhaps a missed deduction, or whatever — and they now want to amend that prior-year return. Can they amend and keep their filing status as single, or must they use…
  • A Little Bit About Sole Proprietorships, Part 2

    Jason Dinesen
    10 Nov 2014 | 4:30 am
    Sole proprietorships get a lot of bad press. A lot of accountants and attorneys like to run down sole proprietorship’s. But I don’t mind sole proprietorships — I operated my business as a sole proprietorship for a long time. Here are some of the advantages of operating as a sole proprietor: They are easy to get into. There’s no real paperwork to fill out. You just start conducting business. They are simpler to administer and therefore your accounting and legal fees will generally be lower. As your business grows you can always convert to something else. As you go up…
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    IncomeTaxReturnIndia.com

  • 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 →
  • LIC Jeevan Shagun Single Premium Policy provides insurance and good returns

    Tax Dost
    9 Sep 2014 | 5:34 pm
      LIC Jeevan Shagun is new Money Back Plan Single premium policy from LIC. Jeevan Shagun (Plan No. 826) is good option as it provides good return and is available against one time payment. Jeevan Shagun is  a close ended plan which would be open for sale from 01 September , 2014 … Continue reading →
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    Tax Lien Certificates - Smart Investing

  • Tax Lien Certificates – Predictable, Certain, And Secure

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

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

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

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

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

  • At Risk For Willfull & Material False Statement Tax Crime?

    Bill Hartsock
    20 Nov 2014 | 2:01 pm
    In a previous article titled Can You be Prosecuted for Perjury or False Statements in Your Tax Returns?, we described some of the elements of the False Statements tax crime.Tags: IRS Tax Fraud Information & Advice From The Tax LawyerRead more about At Risk For Willfull & Material False Statement Tax Crime?
  • Failure to Pay Tax or Estimated Tax

    Bill Hartsock
    17 Nov 2014 | 2:26 pm
    IRC § 7203 enumerates a crime for failure to pay tax or estimated tax and other lesser tax crimes, including failure to supply information and failure to maintain records. In reality, the willful failure to pay tax offense is rarely prosecuted. According to the statute, the elements of the crime are as follows:Tags: IRS Tax Fraud Information & Advice From The Tax LawyerRead more about Failure to Pay Tax or Estimated Tax
  • Failure to File Returns or Pay Tax

    Bill Hartsock
    14 Nov 2014 | 12:44 pm
    Failure to file returns or pay taxes is a federal tax crime that will be prosecuted by the IRS.Tags: IRS Tax Fraud Information & Advice From The Tax LawyerRead more about Failure to File Returns or Pay Tax
  • Techniques and Procedures Used in Criminal Investigations

    Bill Hartsock
    10 Nov 2014 | 10:26 am
    The Criminal Investigation Division of the IRS difference from the compliance groups in that its sole purpose is criminal enforcement, not determining or collecting correct tax liability from a taxpayer.Tags: IRS Tax Fraud Information & Advice From The Tax LawyerRead more about Techniques and Procedures Used in Criminal Investigations
  • The Use of Summons in Tax Crime Investigations

    Bill Hartsock
    7 Nov 2014 | 12:14 pm
    One of the most common evidence-gathering tactics used by the Criminal Investigative Division is the issuance of summonses. The IRS has very broad discretion to use summonses, which are authorized by statute to allow special agents to assess “correctness of a return or liability for tax,” or for the purpose of “inquiring into any offense connected with the administration or enforcement of the internal revenue laws” (1).Tags: IRS Tax Fraud Information & Advice From The Tax LawyerRead more about The Use of Summons in Tax Crime Investigations
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    Bankrate.com » Taxes

  • Miami college kids charged with tax fraud

    Kay Bell
    20 Nov 2014 | 8:36 am
    A group of South Florida college kids learned a lesson the hard way. They allegedly are part of a $1.9 million identity theft tax fraud ring.
  • Sochi contractor facing tax evasion charges

    Kay Bell
    18 Nov 2014 | 10:51 am
    It took a lot of work to get Sochi ready for the 2014 Winter Olympics games. One contractor involved in the makeover now is facing Russian tax evasion charges.
  • Trump casinos face Atlantic City tax lien

    Kay Bell
    13 Nov 2014 | 6:35 am
    Atlantic City has fallen on hard times, but is hoping that it soon will get cash from property tax lien sales, including two against Trump casinos.
  • Tax options after the storm passes

    Kay Bell
    11 Nov 2014 | 10:15 am
    Old Man Winter arrived early and with a vengeance this week across much of the United States. Resulting property damages could mean tax help for some.
  • IRS execs offer gloomy tax season preview

    Kay Bell
    6 Nov 2014 | 8:03 am
    Congressional procrastination and IRS staffing problems are likely to mean the upcoming 2015 tax-filing season will be a mess.
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    Sales Use Tax

  • 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 →
  • Amazon Increases Costs for Customers Again

    Jerry Donnini
    23 Oct 2014 | 2:34 pm
    In October, 2014, Amazon customers will be charged higher prices in two more states. Specifically, effective October 1, 2014, Amazon began charging customers located in Maryland and Minnesota sales tax on purchases from the online retailer. This marks the 22nd … Continue reading →
  • Selecting a Tax Automation Solution: 5 Options to Consider

    Diane Yetter
    21 Oct 2014 | 12:15 pm
    For companies that sell in multiple jurisdictions, having an automated tax transaction solution in place to manage sales and use tax functions is necessary. There are many benefits to an automated tax solution, most importantly reduced errors and increased productivity. … Continue reading →
 
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    US Tax Program

  • ‘I Adjudge Credit Suisse Guilty’ Says Judge Rebecca Beach Smith

    admin
    21 Nov 2014 | 11:06 am
    Judge rebecca Beach Smith said today at a hearing that lasted less than an hour ‘I adjudge Credit Suisse guilty’ reports Bloomberg. The judge had little choice. She had to either impose the terms of the sentence agreed with the US department of Justice (DoJ) or throw out the entire deal. Credit Suisse AG was the 1st banking unit in over a decade to plead guilty at a US criminal court. It agreed to pay $2.6bn to settle the allegation it helped rich US clients to avoid taxes.  
  • Lawyer, Consultant, and Independent Examiner’s Fees Eat up the Profits at Swiss Banks

    admin
    21 Nov 2014 | 2:12 am
    The participation of Swiss banks in the US Program to settle the tax dispute with the USA is very costly. High costs are involved in hiring and flying in the US Independent Examiners, external advisers, and setting up internal team. According to the Tages Anzeiger no one wants to call a number, but a number of banks declared that the legal fees will eat up half of a normal annual profit. In addition to the legal fees the Category 2 banks have to count with fines as well. The newspaper also raises that the provision made by banks were first thought to be used at 75% for fines and 25% for…
  • Category 2 Banks Are Required to Provide Further Information to the DoJ

    admin
    19 Nov 2014 | 1:14 pm
    The Handelszeitung reported that the US Department of Justice (DoJ) requested that around 40 of the 90 Category 2 banks still in the US Program provide further clarification and information. As a reminder The Category 2 banks are the banks that were not under investigation by the DoJ at the time of signature of the US Program but have reason to believe that they have committed tax-related offenses. The Category 2 banks need to deliver information about the cross-border business on US-related accounts and pay a fine that is based on a lump sum calculation for undeclared accounts. This would…
  • Ex-Head of Bank Frey Private Banking Seeks Bail Before Leaving Switzerland

    admin
    18 Nov 2014 | 10:58 pm
    Stefan Buck, former head of private banking at Bank Frey, wants to fight the charges of helping rich US clients avoid taxes. Reuters reports that he asked ‘for an unusual hearing in which a judge in New York would proceed with the bail application in his absence. In the filing, he said he sought a waiver that would allow him to return to Switzerland while the case is ongoing’. A Swiss attorney who was charged alongside S.Buck, Edgar Paltzer, pleaded guilty in 2013 and has since been allowed to return to Switzerland and travel throughout Europe.
  • Peter Canale Charged for Maintaining Secret Swiss Bank Accounts

    admin
    18 Nov 2014 | 9:23 pm
    According to the US Department of Justice (DoJ) Peter ‘Canale conspired with others – including Michael Canale, his brother, Beda Singenberger, a Swiss citizen who ran a financial advisory firm, and Hans Thomann, a Swiss citizen who served as a client adviser at UBS and certain Swiss asset management firms – to establish and maintain undeclared bank accounts in Switzerland and to hide those accounts from the IRS’. Around 2000, a relative of Canale died and left substantial assets in an undeclared account to Peter and Michael Canale. They met with Hans Thomann and Beda…
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