Taxes

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  • More travel and recent travel

    Start Making Sense
    20 Oct 2014 | 5:43 pm
    I will be reprising my talk on the Piketty book in a talk at the University of British Columbia Law School in Vancouver on Monday, October 27.  Details here.Good session in Charlottesville last Thursday when I last presented this paper, although the air travel aspect was not as much fun.  (Five-hour delay heading out, including a flight that returned to NYC after many minutes in the air, due to mechanical problems; one-hour delay heading back.)The main comments I got in Virginia concerned the likely virtues of spelling out, a bit more thoroughly than the current draft does, the…
  • New project

    Start Making Sense
    20 Oct 2014 | 5:56 pm
    I've been reluctant to mention this here, for fear of jinxing a still inchoate new thing, but I appear to be moving towards (and into) a new book project, inspired by one of the small sidelights in the Piketty article that I coauthored with Joe Bankman (and that we will soon be posting on SSRN).There's a short section of that article, representing one of my parts of this true joint project, in which we discuss Piketty's much-noted discussion of literature to help illuminate past rentier societies that he believes may tell us something about the future.  In particular, he discusses Austen…
  • Putting the Brakes on Tax Breaks

    MauledAgain
    James Edward Maule
    20 Oct 2014 | 5:01 am
    Philadelphia City Council has approved legislation giving yet another tax break to employers. According to this story, city officials are using a tax break to do what state law prohibits them from doing directly. They want private sector employers to pay workers at least $12 an hour rather than the current $7.25 minimum hourly wage. The legislation would provide each employer an annual $5,000 tax credit for each new full-time worker hired at a rate of at least $12 an hour.Some math is in order. An employer who would otherwise pay $7.25 per hour to an employee who works 2,000 hours but who…
  • A Bad Tax Pun

    MauledAgain
    James Edward Maule
    15 Oct 2014 | 5:01 am
    I like puns, and word games. The other day I came across one that meshed with taxation. It’s bad, so it’s appropriate for hump day.We know that taxes are used both to discourage activities on which society allegedly frowns, as well as to generate revenue to pay for the social cost of those activities. Thus there are taxes on tobacco, on gambling, on alcohol, and on inappropriate activities by private foundations, to name a few. So would it not make sense to develop a tax for another practice on which at least some part of society frowns.And thus, it has been proposed that when people make…
  • You Filed That Extension, And Only Now Are Realizing the Deadline is Wednesday…

    Taxable Talk
    Russ
    12 Oct 2014 | 7:59 pm
    Yes, only three days are left until the extension deadline. If you file on October 16th, it’s as if you never filed that extension (you will owe a 22.5% late filing penalty). So what should you do if you’re just starting on your return now? First, in most cases tax professionals say it’s better to extend than amend. But extending is now out [1], so it’s better to get a reasonable return in. It can’t be a frivolous return: If you file a frivolous return, it’s even worse than not filing–you can get hit with a penalty for filing a frivolous return. 1.
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    Don't Mess With Taxes

  • Jury doesn't buy 'vow of poverty' as excuse for not filing taxes

    skbell1
    20 Oct 2014 | 1:40 pm
    By now, most Americans have wrapped up their annual tax-filing duties. And it's probably safe to say that a lot of folks are feeling a lot poorer after fulfilling their tax responsibilities. Some individuals, however, have tried to use a religious vow of poverty to avoid taxes altogether. In these egregious tax evasion cases, they haven't been successful. Poverty vow was a poor tax argument: Take the case of Timothy Dale Jackson. The 50-year-old orthopedic surgeon from Pass Christian, Mississippi, claimed to have taken a vow of poverty with a Utah-based church. Jackson said that…
  • More businesses are electronically filing tax returns

    skbell1
    19 Oct 2014 | 3:03 pm
    Back in 1998, one of the provisions of Internal Revenue Service Restructuring and Reform Act called for the tax agency to get 80 percent of its returns electronically by 2007. Targets are all well and good, but as anyone who has dealt with Uncle Sam knows, he tends to run on its own, usually slower, timetable. That's what happened with the mandated suggested e-filing target. The IRS did get 80 percent of individual filers -- actually 81 percent -- to file electronically, but not until 2012. But since then, the number of e-filing individuals has grown steadily. Through mid-May this year,…
  • Payroll tax unnoticed by workers, but welcomed by Treasury

    skbell1
    18 Oct 2014 | 3:25 pm
    Workers have been paying the full 6.2 percent Social Security payroll tax for almost two years now. You remember this so-called tax holiday in place in 2011 and 2012. During those years, the deduction from your pay that goes toward the federal retirement program was reduced by 2 percentage points to 4.2 percent. The matching employers' portion stayed at 6.2 percent. The payroll tax cut for workers was made so that folks would have a few more dollars to spend, giving the sluggish economy a buying boost. But after two years, Congress decided enough was enough and let the payroll tax go…
  • 2014 tax planning starts with your tax bracket

    skbell1
    17 Oct 2014 | 3:37 pm
    The 2013 tax year is finally over. That means it's time to turn your tax thoughts to moves you can make to reduce your 2014 tax bill. A good starting point for any tax planning is with the basics, such as knowing what your tax bill likely will be. While there are a lot of variables that come into play, you can get a general idea by checking out the annual tax brackets. We're still waiting for Congress to finalize many 2014 tax laws, but the seven ordinary income tax rates are the same, starting at 10 percent and topping out at 39.6 percent. And the Internal Revenue Service's…
  • Are you willing to pay more to cover Airbnb taxes?

    skbell1
    16 Oct 2014 | 8:51 pm
    Airbnb is wildly popular with almost everyone. Among the few detractors are some neighbors of the short-term rental properties and the Empire State's top lawyer. Eric T. Schneiderman, Attorney General of New York, made his concerns known in a report, Airbnb in the City, released Thursday, Oct. 16. It details the AG's office investigation into Airbnb and similar web-based rental operators who, according to the report, "run large-scale enterprises in violation of fire safety, zoning, tax, and other applicable laws." Most of the data, and hence the report's name, came…
 
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    Tax Policy Center: The Numbers

  • 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,…
  • Compare Current Law with Tax Law and Policy as of 2008

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

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

    21 Oct 2014 | 2:00 am
    * If I may be allowed to repeat a previous BUZZ item:  Hey tax pros - I am still waiting to hear from youse guys on the topics discussed in the October “issue” of THE TAX PROFESSIONAL! Please email me your thoughts at rdftaxpro@yahoo.com with THE TAX PROFESSIONAL in the “subject line”.  Please!* As promised – from Peter J Reilly “UnFair: Exposing The IRS - Does Not Make Strong Case Or Decent Documentary” at FORBES.COM.  While there are many aspects of the current Tax Code that are truly unfair, this film apparently did not address any of them.Peter’s bottom line…
  • WHAT’S THE BUZZ, TELL ME WHAT’S A HAPPENNIN’

    17 Oct 2014 | 2:00 am
    Another BUZZ-Light.  The 2014 Tax Filing Season (for 2013 returns) is finally over – now it is time to get ready for the 2015 season (for 2014 returns).  It never ends!* A “tweet” from @TaxManBoston that bears repeating –“And respect your tax practitioner! It's not THEIR fault when you owe taxes!!!” * Hey tax pros - I am still waiting to hear from youse guys on the topics discussed in the October “issue” of THE TAX PROFESSIONAL! Please email me your thoughts at rdftaxpro@yahoo.com with THE TAX PROFESSIONAL in the “subject line”.  Please!* Over at FORBES.COM…
  • WHAT’S THE BUZZ, TELL ME WHAT’S A HAPPENNIN’ - TUESDAY EDITION

    14 Oct 2014 | 2:00 am
    Not much BUZZ this installment. BTW - You do realize that the deadline for filing extended 2013 federal and state income tax returns is tomorrow!  However, this deadline is really only important if you owe tax on the returns.  Click here.* I am still waiting to hear from fellow tax preparers on the topics discussed in the October “issue” of THE TAX PROFESSIONAL!You can read what other taxpros have had to say at the MAILBAG Page.* Over at BUSINESS WEEK Drake Bennett reviews the book “We Are Better Than This” by Edward Kleinbard (“a tax partner at the law firm Cleary…
  • WHAT’S THE BUZZ, TELL ME WHAT’S A HAPPENNIN’

    10 Oct 2014 | 2:00 am
    * I am still waiting to hear from fellow tax preparers on the topics discussed in the October “issue” of THE TAX PROFESSIONAL!* For NY, NJ, and PA tax pros – the NY Department of Taxation and Finance has announced the dates and locations of free 4-hour federal and state update CPE sessions in October and November that would qualify for the CPE requirement for tax pros preparing NYS returns (although deadline for meeting the requirement is December 31, 2015). Even though it is not necessary to take any of these courses, because the CPE is free these classes are a good source of NY state…
  • WHAT’S THE BUZZ, TELL ME WHAT’S A HAPPENNIN’ - TUESDAY EDITION

    7 Oct 2014 | 2:00 am
    I am working away on the last of the GD extensions this week – and am “locked behind closed doors”.  I put it off long enough.  So no posts except for the two BUZZ installments this week.* I am still waiting to hear from fellow tax preparers on the topics discussed in the October “issue” of THE TAX PROFESSIONAL!* Joe Kristan continues his comments on the topics discussed in THE TAX PROFESSIONAL by tackling the ethics requirement for CPAs and others in “Tax Roundup, 10/6/14:Nine More Days, folks. And: Four Hours of Ethics to Rule Them All!” at THE ROTH AND COMPANY TAX…
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    Start Making Sense

  • New project

    20 Oct 2014 | 5:56 pm
    I've been reluctant to mention this here, for fear of jinxing a still inchoate new thing, but I appear to be moving towards (and into) a new book project, inspired by one of the small sidelights in the Piketty article that I coauthored with Joe Bankman (and that we will soon be posting on SSRN).There's a short section of that article, representing one of my parts of this true joint project, in which we discuss Piketty's much-noted discussion of literature to help illuminate past rentier societies that he believes may tell us something about the future.  In particular, he discusses Austen…
  • More travel and recent travel

    20 Oct 2014 | 5:43 pm
    I will be reprising my talk on the Piketty book in a talk at the University of British Columbia Law School in Vancouver on Monday, October 27.  Details here.Good session in Charlottesville last Thursday when I last presented this paper, although the air travel aspect was not as much fun.  (Five-hour delay heading out, including a flight that returned to NYC after many minutes in the air, due to mechanical problems; one-hour delay heading back.)The main comments I got in Virginia concerned the likely virtues of spelling out, a bit more thoroughly than the current draft does, the…
  • Bill Gates on Piketty

    17 Oct 2014 | 9:15 am
    As promised in an earlier post, here are some thoughts on Bill Gates' recent blog post on Piketty.By the way, I would see no reason to take notice of this just because he's Bill Gates.  That does indeed in a way automatically make it of interest, because it's a famous multi-billionaire's response to a book about rising high-end inequality.  But I have too many conflicting demands on my time to bother noticing it here based on that fact alone.Rather, the reason I comment on it here is that, in addition to that, the post actually is intelligent and interesting.Early on, Gates says: "I…
  • Slides for my talk at the U Va Law School concerning Piketty

    17 Oct 2014 | 8:30 am
    Yesterday at the Law and Economics Colloquium at University of Virginia Law School, I presented the article on Piketty, coauthored with Joe Bankman, that we earlier had presented at the NYU-UCLA Symposium.  This time around, as a solo act, I revised the slides, which you can see here, and talked extemporaneously rather than having prepared remarks like those which I had previously posted here.On Slide 3, standing at the far right, you can see the alter ego or stand-in for Joe and myself, as we thought of it when writing the paper.
  • Tax Notes article on the Boston College conference on reforming entity taxation

    17 Oct 2014 | 8:11 am
    In my last post, I linked to Amy Elliott's Tax Notes article from this past Monday, entitled "Academics Dismiss Corporate Tax Reform Consensus as Superficial."  But for some readers it may behind a paywall.  So here are the parts most pertinent to the topic highlighted in the article title:"Bipartisan talk of corporate tax reform is easy to come by in the halls of Congress, but it's merely talk, agreed a group of academics gathered in Newton, Massachusetts, on October 10."'The big consensus about corporate tax reform is really a superficial consensus,' said Daniel N. Shaviro of the…
 
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    MauledAgain

  • Putting the Brakes on Tax Breaks

    James Edward Maule
    20 Oct 2014 | 5:01 am
    Philadelphia City Council has approved legislation giving yet another tax break to employers. According to this story, city officials are using a tax break to do what state law prohibits them from doing directly. They want private sector employers to pay workers at least $12 an hour rather than the current $7.25 minimum hourly wage. The legislation would provide each employer an annual $5,000 tax credit for each new full-time worker hired at a rate of at least $12 an hour.Some math is in order. An employer who would otherwise pay $7.25 per hour to an employee who works 2,000 hours but who…
  • Fighting Over Pie or Baking Pie?

    James Edward Maule
    17 Oct 2014 | 5:01 am
    Four months ago, in When the Poor Need Help, Give Tax Dollars to the Rich, I criticized the decision by New Jersey’s Governor Christie to dish out tax credits to the Philadelphia 76ers in return for the team moving its practice facility to Camden. The state claimed that by giving away $82 million over 10 years it would get back $77 million over 35 years. That doesn’t add up, except for the private sector corporations and wealthy individuals who pocket the difference, which surely is much more than it appears to be. Why? Although these sorts of giveaways to the wealthy are defended by…
  • A Bad Tax Pun

    James Edward Maule
    15 Oct 2014 | 5:01 am
    I like puns, and word games. The other day I came across one that meshed with taxation. It’s bad, so it’s appropriate for hump day.We know that taxes are used both to discourage activities on which society allegedly frowns, as well as to generate revenue to pay for the social cost of those activities. Thus there are taxes on tobacco, on gambling, on alcohol, and on inappropriate activities by private foundations, to name a few. So would it not make sense to develop a tax for another practice on which at least some part of society frowns.And thus, it has been proposed that when people make…
  • So What Would You Have Advised?

    James Edward Maule
    13 Oct 2014 | 5:01 am
    A recent Tax Court case, Kalapodis v. Comr., T.C. Memo 2014-205, presents an opportunity to explore how the tax law affects the manner in which people decide to implement a plan. The taxpayers, a married couple, had a son who died. They received $75,000 of life insurance proceeds on his life. They decided they wanted to use the money to establish scholarships for deserving students. So they put the money into a trust, gave it a name, and directed the trust to pay $2,000 in scholarships to each of three high school students. The money came from investment income on accounts owned by the trust,…
  • Who’s to Blame for Failure to Withhold?

    James Edward Maule
    10 Oct 2014 | 5:01 am
    Many Pennsylvania towns impose a local services tax, which is limited to $52. Most localities have opted to impose the maximum amount. The tax is imposed on all individuals who are employed or self-employed within a jurisdiction. Employers are required to withhold and remit the tax for their employers. See, for example, the regulations for Radnor Township.What happens if the employer fails to withhold and pay the tax? According to this story, that’s what happened to employees of the United States Postal Service in Scranton, Pa. Actually, it happened to some of the employees but not all of…
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    accountingweb.com

  • College Students: The Gray Area of Exemptions

    Julian Block
    21 Oct 2014 | 5:20 am
    Parents pay their tuition, keep a room for them, and even do their laundry. But can they still deduct them as children? The rules can be dauntingly complex.
  • How to Grow through Alliances

    Sally Glick
    20 Oct 2014 | 10:17 am
    Strategic alliances can enable you grow your practice by providing access to new prospective clients with the potential of taking your business to a higher level than you might achieve on your own.
  • Bramwell’s Lunch Beat: Now Is the Time to Renew Your PTIN

    Jason Bramwell
    20 Oct 2014 | 9:25 am
    The menu for Oct. 20 features specials on Tesco accounting probe finds “inappropriate behavior” by staff, AICPA launches new diversity and inclusion tools, ex-PwC employee sues Comcast, and more.
  • What CPAs Need to Say to Get a New Job

    Bill Meador
    20 Oct 2014 | 4:28 am
    Many accountants go into a death spiral when discussing during the interview why they left or got fired. Newsflash: no one cares. Here's the bottom line, on resume gaps and more.
  • Assessing AMT Liability: Crazy Like a Fox

    Ken Berry
    17 Oct 2014 | 9:45 am
    Did you ever feel as if you're preparing taxes in the Twilight Zone? You may be more right than you think, thanks to the AMT. Start preparing your clients to mitigate what could be bad news.
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    TaxProf Blog

  • Organ: Will 10% of Law Schools Close by 2019, Just as 10% of Dental Schools Closed 25 Years Ago?

    Paul Caron
    21 Oct 2014 | 5:09 am
    Following up on my previous post, Will Top Tier Law Schools be the First to Close, Like Emory and Georgetown Dental Schools?: The Legal Whiteboard: What Law Schools Can Learn from Dental Schools in the 1980s Regarding the Consequences of a Decline in Applicants, by Jerry Organ (St. Thomas): Although...
  • Johnson: Repatriation Tax -- Are We Churchill or Chamberlain?

    Paul Caron
    21 Oct 2014 | 3:00 am
    Calvin H. Johnson (Texas), Repatriation Tax: Are We Churchill or Chamberlain?, 144 Tax Notes 1459 (Sept. 22, 2014): Under current law, earnings of a foreign subsidiary are not subject to tax until they are repatriated. At repatriation, the U.S. parent pays 35% corporate tax, less foreign tax credits. A tax...
  • Amidst 13% Enrollment Decline, Wayne State Law School Offers 14% Scholarships to Every Incoming Student

    Paul Caron
    21 Oct 2014 | 1:45 am
    Detroit Free Press, Wayne State Law to Freeze Tuition, Offer Scholarships: Wayne State University's Law School will freeze tuition next year and give a scholarship to every incoming student in a move designed to make a law degree more affordable, while boosting sagging enrollment at the Detroit school. In total,...
  • Social Mobility College Rankings

    Paul Caron
    21 Oct 2014 | 1:15 am
    Social Mobility College Rankings: Unlike the popular periodicals, we did not arbitrarily assign a percentage weight to the five variables in the SMI formula and add those values together to obtain a score. The relative weight of any variable was established by testing how much a realistic change in the...
  • The IRS Scandal, Day 530

    Paul Caron
    21 Oct 2014 | 12:40 am
    Wall Street Journal editorial: Defining Dismissal Down: The VA Gives Officials an Opening to Retire Before They’re Fired: The common theme in the many failures of President Obama’s second term is government incompetence, and a corollary is lack of accountability. Both themes came together in the news late last week...
 
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    Roth & Company, P.C

  • Tax Roundup, 10/20/14: Extension season is over. Now what? And: do your part for Boeing!

    Joe Kristan
    20 Oct 2014 | 6:24 am
    We are now in the sweet spot of the tax year. We are done with extended 1040s, and it’s too early to get most people to do year-end tax planning. That’s why this is the continuing education season for most of us. The Iowa State University Center for Agricultural Law and Taxation Farm and Urban Tax Schools begin next week. I will be speaking on the Day 1 program for all schools, starting October 28 in Waterloo, Iowa. Tour stops also include Maquoketa, Sheldon, Red Oak, Ottumwa, Mason City, Denison and Ames. Who said public accounting lacks glamour? Now to get those slides…
  • Tax Roundup, 10/17/14: If they don’t want the money back, it’s not a loan. And: the state of your IRS “rights.”

    Joe Kristan
    17 Oct 2014 | 7:13 am
    Loans aren’t income. But income isn’t loans either. A Tennessee woman struggled with the difference, but the Tax Court straightened her out yesterday. The taxpayer did consulting work for the medical practice of a Dr. Quisling. Somehow linked to this, she got payments over an eight-year period from around $25,000 to $56,000 annually.  She didn’t file tax returns for any of these years. The taxpayer took a strange approach to the payments. We’ll let Judge Kerrigan explain (my emphasis): Petitioner sent Dr. Quisling a memorandum entitled “Memorandum of…
  • IRS Issues Applicable Federal Rates (AFR) for November 2014

    Joe Kristan
    17 Oct 2014 | 5:55 am
    The IRS has issued (Rev. Rul. 2014-28) the minimum required interest rates for loans made in November 2014: Short Term (demand loans and loans with terms of up to 3 years): 0.39% -Mid-Term (loans from 3-9 years): 1.90% -Long-Term (over 9 years): 2.91% The Long-term tax-exempt rate for Section 382 ownership changes in November 2014 is 2.94 Historical AFRs may be found here or from prior Tax Update posts.
  • Tax Roundup, 10/16/14: Tax-free public pensions proposed. And: Goodbye, 2010!

    Joe Kristan
    16 Oct 2014 | 6:24 am
    And the statute of limitations now closes for extended 2010 1040s. That’s all water under the bridge now.   Accounting Today visitors, the corporate tax rate piece you seek from the newsletter is here.   If Iowa’s income tax were a car, it would look like this. Brutal Assault on Reason Watch.* As the political campaigns plunge into their dreary final frenzy, we can look forward to silly tax proposals intended to buy a few votes from the gullible. Proposals like this from an Iowa candidate for Governor: Hatch proposes tax exemption for public pensions: Democratic…
  • Tax Roundup, 10/15/14: Extended return do or die day – tips on timely filing, and why you should do that.

    Joe Kristan
    15 Oct 2014 | 6:54 am
    Friends, it’s deadline day. Extended 1040s are due today for U.S. residents. No second extension is available. What happens if you don’t file?  Nothing good.  A few of the bad things that can happen: - If you owe money, you can turn a 1/2% per-month late payment penalty into a 5% per month late-filing penalty. - If you have an election to make that can only be made on a timely-filed return — for example, an election to defer insurance gains, or to carry forward net operating losses – you lose the chance to make that election forever. - If your return would include a…
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    RUBIN ON TAX

  • Applicable Federal Rates–November 2014

    Charles (Chuck) Rubin
    18 Oct 2014 | 9:11 am
    Follow @crubincrubin
  • IRS Modifies Offshore Filing Procedures

    Charles (Chuck) Rubin
    15 Oct 2014 | 6:02 pm
    The IRS has issued FAQs relating to the new streamlined procedures for offshore compliance, and for Delinquent International Information Return Submission Procedures.The FAQs for the streamlined program provide more detailed guidance on how the 5% penalty will be computed, how 100% owners of an incorporated business will be treated, and how stock of a foreign corporation will be valued.The FAQ for Delinquent International Information Return Submission Procedures remove an implied requirement of reporting in the prior IRS announcements – the FAQ provides that these procedures can be used…
  • Treasury Makes Life Easier for Holders of Canadian Retirement Account Interests

    Charles (Chuck) Rubin
    9 Oct 2014 | 1:37 pm
    Summary: Treasury automates the process for U.S. taxpayers making an election to defer taxation of Canadian RRSPs and RRIFs and to eliminate some information reporting requirements as to those accounts. U.S. persons are generally not subject to U.S. income tax on individual retirement accounts ("IRAs") until distributions are taken. Canada has retirement accounts similar to IRAs. These are known as Canadian registered retirement savings plans (“ RRSPs” ) and registered retirement income funds (“ RRIFs” ). Similar to U.S. treatment, Canada does not impose its income tax on…
  • Hidden Gift in Merger Transaction

    Charles (Chuck) Rubin
    4 Oct 2014 | 7:28 pm
    Summary: Disguised gifts found in a merger transaction, along with an interesting story on how the gifts came about. Most tax practitioners are trained to look behind the transfers occurring in family corporate transactions to determine if a disguised gift is being made. A recent Tax Court case provides a real world example of such gifts In the case, the parents' manufacturing company was merged with another company owned by their sons. The Tax Court found that the parents' company was substantially undervalued in the merger. Therefore, the parents received less stock in the resulting entity…
  • Court Grants 44.75% Fractional Discount in Artwork, but Don't Get Too Excited

    Charles (Chuck) Rubin
    2 Oct 2014 | 6:27 pm
    SUMMARY: An appellate opinion granting a 44.75% discount for a fractional ownership interest in artwork has limited precedential value. The Fifth Circuit Court of Appeals recently overruled the Tax Court's 10% fractional interest discount allowed for artwork in an estate tax valuation case. Instead, the appellate court allowed in full the 44.75% discount taken on the Form 706. The case is of benefit to taxpayers because it does affirm the Tax Court's conclusion that a fractional interest discount is allowable for divided family ownership interests in artwork. The IRS had argued (and lost)…
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    Tax Problem Attorney Blog

  • 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…
  • Big Changes to IRS Offshore Voluntary Disclosure Program (OVDP) for FBAR Non-Filers

    19 Jun 2014 | 10:52 am
    Massive change is coming to the IRS
 
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    Taxable Talk

  • Copying Steven Martinez’s Idea Is Not a Good Choice

    Russ
    19 Oct 2014 | 7:49 pm
    I’m on the road this weekend, but a story from the San Francisco Bay Area caught my eye. Charles Waldo was already in jail. He was arrested on a 50-count indictment for insurance fraud, tax evasion, felony vandalism, and a high speed chase through central Costa Contra County. While awaiting trial, Mr. Waldo was in the Martinez, California jail. When you’re in prison you do have time on your hands to determine your defense. There’s plenty of time to research the law on the charges you’re facing, work on strategy with your defense counsel, and perhaps other means of…
  • You Filed That Extension, And Only Now Are Realizing the Deadline is Wednesday…

    Russ
    12 Oct 2014 | 7:59 pm
    Yes, only three days are left until the extension deadline. If you file on October 16th, it’s as if you never filed that extension (you will owe a 22.5% late filing penalty). So what should you do if you’re just starting on your return now? First, in most cases tax professionals say it’s better to extend than amend. But extending is now out [1], so it’s better to get a reasonable return in. It can’t be a frivolous return: If you file a frivolous return, it’s even worse than not filing–you can get hit with a penalty for filing a frivolous return. 1.
  • It’s Not As If Anything Is Happening Right After This…

    Russ
    7 Oct 2014 | 2:53 pm
    Of course, after reporting good news from the IRS there must be bad news to balance it out. And there is. For reasons that only the bureaucrats at the IRS can fathom, every year over Columbus Day weekend the IRS shuts down their computer systems. This includes processing of returns and IRS e-services. As noted on various IRS web pages: IRS will conduct its annual Columbus Day Power Outage beginning Saturday, October 11, 2014 at 3:00 p.m. and ending on Tuesday, October 14, 2014 at 5:00 a.m. [times Eastern] Yes, I know the IRS does this every year, but why not break with tradition and choose…
  • IRS Simplifies Reporting for RRSPs and RRIFs

    Russ
    7 Oct 2014 | 2:48 pm
    In a piece of good news, the IRS announced today that US taxpayers will automatically be treated as deferring income from Canadian Registered Retirement Savings Plans (RRSPs) and Canadian Registered Retirement Income Funds (RRIFs). In other words, the treatment will be exactly like 401(k)s are treated for Americans. Such individuals will no longer have to make annual filings of Form 8891 to note their holdings for RRSPs or RRIfs. The noncompliance with this provision was legion, so the new Revenue Procedure 2014-55 is good news. Individuals who were not in compliance had to file a request for…
  • Legaspi Gets 21 Months

    Russ
    5 Oct 2014 | 1:00 pm
    Francisco Legaspi didn’t want to go to jail. Back in November 1992, he pleaded guilty to tax evasion. Instead of showing up for his sentencing in January 1993, he headed to Mexico and then Canada to avoid prison. That worked for 20 years. In 2012, the State Department found him when the Bureau of Diplomatic Security found his Facebook page. (A helpful hint to any fugitives out there: Avoid posting anything on the Internet. Law enforcement reads the Internet, too.) They forwarded his information to the Royal Canadian Mounted Police who arrested him; the Mounties always get their man. It…
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    IRS Hitman 888-415-1337

  • Obamacare: What Employers Need to Know

    17 Oct 2014 | 8:44 am
    As an employer, you have certain responsibilities under Obamacare or the Affordable Care Act. If you have 50 or more employees who work for you full-time, then you are considered an ALE( applicable large employer). An ALE employer is subject to Employer Shared Responsibility provisions. A full-time employee is one that works on an average of at least 30 hours per week.If an employer comes under the Employer Shared Responsibility provisions, then the he or she needs to prove at least the minimum level of health coverage to their full-time employees (and their dependents). The employer may need…
  • Do You e-file Your Business Taxes?

    10 Oct 2014 | 10:17 am
    If you are an employer, then you can easily file tax returns by using e-file. Large and mid-sized corporations are required to file using e-file. Businesses big or small, and self-employed can opt for e-filing over paper filing if they wish to. E-file is fast becoming the preferred method of filing returns because of the safety it provides, its ease of use, and quick filing. After encouraging individual taxpayers to file their returns through e-file, the IRS is now pushing businesses to use e-file to file returns. E-file allows faster processing of returns, and is safer and faster than paper…
  • Factors That Affect Tax Debt Resolution

    3 Oct 2014 | 1:05 pm
    In order to successfully resolve a tax debt, it’s important to understand the IRS policies and tax laws that affect your situation. Care must be taken in choosing an appropriate payment plan that will provide you the most effective resolution. The IRS has various payment plans, otherwise known as Installment Agreements. Programs that reduce or delay payment of a tax debt are not applicable to all taxpayers and there are specific requirements to secure them.Even if you can qualify for a payment plan, it’s important to make sure you can meet the agreement requirements. Many times, taxpayers…
  • IRS Alert: Scammers Target Foreign Financial Institutions

    26 Sep 2014 | 8:50 am
    Scammers are using the foreign account tax compliance act (FATCA) to mislead foreign financial institutions that they are from the IRS. These scammers are asking for account holders' confidential information, which they later use to carry out tax fraud and other financial crimes. Emailing is the fraudsters' preferred method of communication.Scammers often use changes in the tax laws and new tax rules implemented by the IRS to deceive unsuspecting people. As many taxpayers and financial institutions are not aware of all the regulations due to the newness of the rules, scammers are often…
  • Report Changes to Avoid Problems with Premium Tax Credit

    19 Sep 2014 | 7:57 am
    If you got married, moved to a different state, had an income increase or adopted a child, remember to report the change(s) to the health Insurance Marketplace. Some of the other institutes that you need to report any major life changes are:The postal serviceUtility companiesYour employerFinancial institutions, including bank(s)When it comes to the premium tax credit, reporting changes helps the health care department correctly determine the correct insurance coverage and accurately calculate the amount of credit you are allowed. It’s important to inform the Health Insurance Marketplace of…
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    L & R Tax Preparation LLC RSS Feed

  • Which Moving Expenses are Deductible?

    1 Oct 2014 | 7:00 am
    If you moved due to a change in your job or business location or because you started a new job or business, you may be able to deduct your reasonable moving expenses. Wondering if you can deduct your moving expenses? Keep reading to find out.
  • Small Business and the Affordable Care Act

    1 Oct 2014 | 7:00 am
    Whether you're self-employed or run a small business, here's what you need to know about the Affordable Care Act.
  • Hobby or Business? Why It Matters

    1 Oct 2014 | 7:00 am
    Millions of Americans have hobbies, but when that hobby starts to turn a profit, it might just be considered a business by the IRS. Learn more about the tax implications of a hobby versus a business.
 
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    Taxation RSS Feed | JD Supra Law News

  • Tennessee SaaS Ruling Highlights Telecommunications Concerns for SaaS Providers

    McDermott Will & Emery
    20 Oct 2014 | 4:26 pm
    The Tennessee Department of Revenue recently released Letter Ruling No. 14-05, in which it considered whether certain cloud collaboration services are subject to the state’s sales tax. At a high level, the provider’s services are provided in a...By: McDermott Will & Emery
  • Former UBS Banker Trial Begins in Florida

    Blank Rome LLP
    20 Oct 2014 | 3:31 pm
    Opening statements were heard on Tuesday and the first government witness testified yesterday in the trial of ex-UBS AG banking executive Raoul Weil. Prosecutors have sought to show him as the driving force behind the bank’s tax fraud scheme, and...By: Blank Rome LLP
  • Employment Law - Oct 2014 #2

    Manatt, Phelps & Phillips, LLP
    20 Oct 2014 | 2:49 pm
    EEOC Sues Over Transgender Discrimination - Why it matters: In its first cases alleging bias against transgender employees, the Equal Employment Opportunity Commission has filed suit against a Florida eye clinic and a Michigan funeral home. In...By: Manatt, Phelps & Phillips, LLP
  • PACE Yourself

    Dechert LLP
    20 Oct 2014 | 2:45 pm
    Property Assessed Clean Energy (PACE) loans allow property owners to finance clean energy improvements to their properties generally secured by property liens senior to mortgages through tax assessments. Moody’s recently released a special comment...By: Dechert LLP
  • IRS Issues 2015 HSA Contribution Limits

    Ervin Cohen & Jessup LLP
    20 Oct 2014 | 12:38 pm
    Each year, the IRS issues contribution limits for Health Savings Accounts for the upcoming year. The 2015 contribution limits are outlined below....By: Ervin Cohen & Jessup LLP
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  • Ivanka Trump dons sparkly, vintage dress

    21 Oct 2014 | 6:36 am
    Ivanka Trump dons sparkly, vintage dressInstagramThe fashion designer stunned in a Bob Mackie cocktail dress on Saturday, 23 years after another wealthy heiress wore it out.Famous woman who wore it firstMore entertainment newsFirst look: Disney's 'Moana'Taylor Swift's new song on NYC
  • 'Radicalized' Canadian man attacks soldiers

    21 Oct 2014 | 6:36 am
    'Radicalized' Canadian man attacks soldiersTwitterThe Royal Canadian Mounted Police said the man who mowed down two soldiers in his car on Monday was 'known' to law enforcement.Unsettling item found on himMore in the newsFemale police imposing ISIS law15 simultaneous militant attacks
  • Mom invents a genius product

    21 Oct 2014 | 6:36 am
    Mom invents a genius productquiddle./FlickrSari was tired of picking up cups off the floor, so she looked around for a product but came up empty-handed.Invention now sold at WalmartMore from Marlo ThomasNeed help controlling anger?Top money-saving shopping apps
  • Fashion icon Oscar de la Renta dies at 82

    21 Oct 2014 | 6:36 am
    Fashion icon Oscar de la Renta dies at 82APThe legendary designer died Monday evening surrounded by family and 'more than a few dogs,' according to his company's statement.Unlikely path to NYC's Seventh AveIn other newsRubio to propose Ebola travel banApple CEO: Mac sales 'best ever'
  • Convicted killer Oscar Pistorius learns his fate

    21 Oct 2014 | 6:36 am
    Convicted killer Oscar Pistorius learns his fateAPAfter seven-and-a-half months, Judge Masipa carefully read her final statements before asking the disgraced athlete to rise.Final sentence handed downIn other newsOil company CEO dies in plane crashFeds allege AIDS research fraud
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  • Ivanka Trump dons sparkly, vintage dress

    21 Oct 2014 | 6:36 am
    Ivanka Trump dons sparkly, vintage dressInstagramThe fashion designer stunned in a Bob Mackie cocktail dress on Saturday, 23 years after another wealthy heiress wore it out.Famous woman who wore it firstMore entertainment newsFirst look: Disney's 'Moana'Taylor Swift's new song on NYC
  • 'Radicalized' Canadian man attacks soldiers

    21 Oct 2014 | 6:36 am
    'Radicalized' Canadian man attacks soldiersTwitterThe Royal Canadian Mounted Police said the man who mowed down two soldiers in his car on Monday was 'known' to law enforcement.Unsettling item found on himMore in the newsFemale police imposing ISIS law15 simultaneous militant attacks
  • Mom invents a genius product

    21 Oct 2014 | 6:36 am
    Mom invents a genius productquiddle./FlickrSari was tired of picking up cups off the floor, so she looked around for a product but came up empty-handed.Invention now sold at WalmartMore from Marlo ThomasNeed help controlling anger?Top money-saving shopping apps
  • Fashion icon Oscar de la Renta dies at 82

    21 Oct 2014 | 6:36 am
    Fashion icon Oscar de la Renta dies at 82APThe legendary designer died Monday evening surrounded by family and 'more than a few dogs,' according to his company's statement.Unlikely path to NYC's Seventh AveIn other newsRubio to propose Ebola travel banApple CEO: Mac sales 'best ever'
  • Convicted killer Oscar Pistorius learns his fate

    21 Oct 2014 | 6:36 am
    Convicted killer Oscar Pistorius learns his fateAPAfter seven-and-a-half months, Judge Masipa carefully read her final statements before asking the disgraced athlete to rise.Final sentence handed downIn other newsOil company CEO dies in plane crashFeds allege AIDS research fraud
 
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  • Ivanka Trump dons sparkly, vintage dress

    21 Oct 2014 | 6:36 am
    Ivanka Trump dons sparkly, vintage dressInstagramThe fashion designer stunned in a Bob Mackie cocktail dress on Saturday, 23 years after another wealthy heiress wore it out.Famous woman who wore it firstMore entertainment newsFirst look: Disney's 'Moana'Taylor Swift's new song on NYC
  • 'Radicalized' Canadian man attacks soldiers

    21 Oct 2014 | 6:36 am
    'Radicalized' Canadian man attacks soldiersTwitterThe Royal Canadian Mounted Police said the man who mowed down two soldiers in his car on Monday was 'known' to law enforcement.Unsettling item found on himMore in the newsFemale police imposing ISIS law15 simultaneous militant attacks
  • Mom invents a genius product

    21 Oct 2014 | 6:36 am
    Mom invents a genius productquiddle./FlickrSari was tired of picking up cups off the floor, so she looked around for a product but came up empty-handed.Invention now sold at WalmartMore from Marlo ThomasNeed help controlling anger?Top money-saving shopping apps
  • Fashion icon Oscar de la Renta dies at 82

    21 Oct 2014 | 6:36 am
    Fashion icon Oscar de la Renta dies at 82APThe legendary designer died Monday evening surrounded by family and 'more than a few dogs,' according to his company's statement.Unlikely path to NYC's Seventh AveIn other newsRubio to propose Ebola travel banApple CEO: Mac sales 'best ever'
  • Convicted killer Oscar Pistorius learns his fate

    21 Oct 2014 | 6:36 am
    Convicted killer Oscar Pistorius learns his fateAPAfter seven-and-a-half months, Judge Masipa carefully read her final statements before asking the disgraced athlete to rise.Final sentence handed downIn other newsOil company CEO dies in plane crashFeds allege AIDS research fraud
  • add this feed to my.Alltop

  • Ivanka Trump dons sparkly, vintage dress

    21 Oct 2014 | 6:36 am
    Ivanka Trump dons sparkly, vintage dressInstagramThe fashion designer stunned in a Bob Mackie cocktail dress on Saturday, 23 years after another wealthy heiress wore it out.Famous woman who wore it firstMore entertainment newsFirst look: Disney's 'Moana'Taylor Swift's new song on NYC
  • 'Radicalized' Canadian man attacks soldiers

    21 Oct 2014 | 6:36 am
    'Radicalized' Canadian man attacks soldiersTwitterThe Royal Canadian Mounted Police said the man who mowed down two soldiers in his car on Monday was 'known' to law enforcement.Unsettling item found on himMore in the newsFemale police imposing ISIS law15 simultaneous militant attacks
  • Mom invents a genius product

    21 Oct 2014 | 6:36 am
    Mom invents a genius productquiddle./FlickrSari was tired of picking up cups off the floor, so she looked around for a product but came up empty-handed.Invention now sold at WalmartMore from Marlo ThomasNeed help controlling anger?Top money-saving shopping apps
  • Fashion icon Oscar de la Renta dies at 82

    21 Oct 2014 | 6:36 am
    Fashion icon Oscar de la Renta dies at 82APThe legendary designer died Monday evening surrounded by family and 'more than a few dogs,' according to his company's statement.Unlikely path to NYC's Seventh AveIn other newsRubio to propose Ebola travel banApple CEO: Mac sales 'best ever'
  • Convicted killer Oscar Pistorius learns his fate

    21 Oct 2014 | 6:36 am
    Convicted killer Oscar Pistorius learns his fateAPAfter seven-and-a-half months, Judge Masipa carefully read her final statements before asking the disgraced athlete to rise.Final sentence handed downIn other newsOil company CEO dies in plane crashFeds allege AIDS research fraud
  • add this feed to my.Alltop

  • Ivanka Trump dons sparkly, vintage dress

    21 Oct 2014 | 6:36 am
    Ivanka Trump dons sparkly, vintage dressInstagramThe fashion designer stunned in a Bob Mackie cocktail dress on Saturday, 23 years after another wealthy heiress wore it out.Famous woman who wore it firstMore entertainment newsFirst look: Disney's 'Moana'Taylor Swift's new song on NYC
  • 'Radicalized' Canadian man attacks soldiers

    21 Oct 2014 | 6:36 am
    'Radicalized' Canadian man attacks soldiersTwitterThe Royal Canadian Mounted Police said the man who mowed down two soldiers in his car on Monday was 'known' to law enforcement.Unsettling item found on himMore in the newsFemale police imposing ISIS law15 simultaneous militant attacks
  • Mom invents a genius product

    21 Oct 2014 | 6:36 am
    Mom invents a genius productquiddle./FlickrSari was tired of picking up cups off the floor, so she looked around for a product but came up empty-handed.Invention now sold at WalmartMore from Marlo ThomasNeed help controlling anger?Top money-saving shopping apps
  • Fashion icon Oscar de la Renta dies at 82

    21 Oct 2014 | 6:36 am
    Fashion icon Oscar de la Renta dies at 82APThe legendary designer died Monday evening surrounded by family and 'more than a few dogs,' according to his company's statement.Unlikely path to NYC's Seventh AveIn other newsRubio to propose Ebola travel banApple CEO: Mac sales 'best ever'
  • Convicted killer Oscar Pistorius learns his fate

    21 Oct 2014 | 6:36 am
    Convicted killer Oscar Pistorius learns his fateAPAfter seven-and-a-half months, Judge Masipa carefully read her final statements before asking the disgraced athlete to rise.Final sentence handed downIn other newsOil company CEO dies in plane crashFeds allege AIDS research fraud
 
  • add this feed to my.Alltop

  • Ivanka Trump dons sparkly, vintage dress

    21 Oct 2014 | 6:36 am
    Ivanka Trump dons sparkly, vintage dressInstagramThe fashion designer stunned in a Bob Mackie cocktail dress on Saturday, 23 years after another wealthy heiress wore it out.Famous woman who wore it firstMore entertainment newsFirst look: Disney's 'Moana'Taylor Swift's new song on NYC
  • 'Radicalized' Canadian man attacks soldiers

    21 Oct 2014 | 6:36 am
    'Radicalized' Canadian man attacks soldiersTwitterThe Royal Canadian Mounted Police said the man who mowed down two soldiers in his car on Monday was 'known' to law enforcement.Unsettling item found on himMore in the newsFemale police imposing ISIS law15 simultaneous militant attacks
  • Mom invents a genius product

    21 Oct 2014 | 6:36 am
    Mom invents a genius productquiddle./FlickrSari was tired of picking up cups off the floor, so she looked around for a product but came up empty-handed.Invention now sold at WalmartMore from Marlo ThomasNeed help controlling anger?Top money-saving shopping apps
  • Fashion icon Oscar de la Renta dies at 82

    21 Oct 2014 | 6:36 am
    Fashion icon Oscar de la Renta dies at 82APThe legendary designer died Monday evening surrounded by family and 'more than a few dogs,' according to his company's statement.Unlikely path to NYC's Seventh AveIn other newsRubio to propose Ebola travel banApple CEO: Mac sales 'best ever'
  • Convicted killer Oscar Pistorius learns his fate

    21 Oct 2014 | 6:36 am
    Convicted killer Oscar Pistorius learns his fateAPAfter seven-and-a-half months, Judge Masipa carefully read her final statements before asking the disgraced athlete to rise.Final sentence handed downIn other newsOil company CEO dies in plane crashFeds allege AIDS research fraud
  • add this feed to my.Alltop

  • Ivanka Trump dons sparkly, vintage dress

    21 Oct 2014 | 6:36 am
    Ivanka Trump dons sparkly, vintage dressInstagramThe fashion designer stunned in a Bob Mackie cocktail dress on Saturday, 23 years after another wealthy heiress wore it out.Famous woman who wore it firstMore entertainment newsFirst look: Disney's 'Moana'Taylor Swift's new song on NYC
  • 'Radicalized' Canadian man attacks soldiers

    21 Oct 2014 | 6:36 am
    'Radicalized' Canadian man attacks soldiersTwitterThe Royal Canadian Mounted Police said the man who mowed down two soldiers in his car on Monday was 'known' to law enforcement.Unsettling item found on himMore in the newsFemale police imposing ISIS law15 simultaneous militant attacks
  • Mom invents a genius product

    21 Oct 2014 | 6:36 am
    Mom invents a genius productquiddle./FlickrSari was tired of picking up cups off the floor, so she looked around for a product but came up empty-handed.Invention now sold at WalmartMore from Marlo ThomasNeed help controlling anger?Top money-saving shopping apps
  • Fashion icon Oscar de la Renta dies at 82

    21 Oct 2014 | 6:36 am
    Fashion icon Oscar de la Renta dies at 82APThe legendary designer died Monday evening surrounded by family and 'more than a few dogs,' according to his company's statement.Unlikely path to NYC's Seventh AveIn other newsRubio to propose Ebola travel banApple CEO: Mac sales 'best ever'
  • Convicted killer Oscar Pistorius learns his fate

    21 Oct 2014 | 6:36 am
    Convicted killer Oscar Pistorius learns his fateAPAfter seven-and-a-half months, Judge Masipa carefully read her final statements before asking the disgraced athlete to rise.Final sentence handed downIn other newsOil company CEO dies in plane crashFeds allege AIDS research fraud
  • add this feed to my.Alltop

  • Ivanka Trump dons sparkly, vintage dress

    21 Oct 2014 | 6:36 am
    Ivanka Trump dons sparkly, vintage dressInstagramThe fashion designer stunned in a Bob Mackie cocktail dress on Saturday, 23 years after another wealthy heiress wore it out.Famous woman who wore it firstMore entertainment newsFirst look: Disney's 'Moana'Taylor Swift's new song on NYC
  • 'Radicalized' Canadian man attacks soldiers

    21 Oct 2014 | 6:36 am
    'Radicalized' Canadian man attacks soldiersTwitterThe Royal Canadian Mounted Police said the man who mowed down two soldiers in his car on Monday was 'known' to law enforcement.Unsettling item found on himMore in the newsFemale police imposing ISIS law15 simultaneous militant attacks
  • Mom invents a genius product

    21 Oct 2014 | 6:36 am
    Mom invents a genius productquiddle./FlickrSari was tired of picking up cups off the floor, so she looked around for a product but came up empty-handed.Invention now sold at WalmartMore from Marlo ThomasNeed help controlling anger?Top money-saving shopping apps
  • Fashion icon Oscar de la Renta dies at 82

    21 Oct 2014 | 6:36 am
    Fashion icon Oscar de la Renta dies at 82APThe legendary designer died Monday evening surrounded by family and 'more than a few dogs,' according to his company's statement.Unlikely path to NYC's Seventh AveIn other newsRubio to propose Ebola travel banApple CEO: Mac sales 'best ever'
  • Convicted killer Oscar Pistorius learns his fate

    21 Oct 2014 | 6:36 am
    Convicted killer Oscar Pistorius learns his fateAPAfter seven-and-a-half months, Judge Masipa carefully read her final statements before asking the disgraced athlete to rise.Final sentence handed downIn other newsOil company CEO dies in plane crashFeds allege AIDS research fraud
 
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  • Ivanka Trump dons sparkly, vintage dress

    21 Oct 2014 | 6:36 am
    Ivanka Trump dons sparkly, vintage dressInstagramThe fashion designer stunned in a Bob Mackie cocktail dress on Saturday, 23 years after another wealthy heiress wore it out.Famous woman who wore it firstMore entertainment newsFirst look: Disney's 'Moana'Taylor Swift's new song on NYC
  • 'Radicalized' Canadian man attacks soldiers

    21 Oct 2014 | 6:36 am
    'Radicalized' Canadian man attacks soldiersTwitterThe Royal Canadian Mounted Police said the man who mowed down two soldiers in his car on Monday was 'known' to law enforcement.Unsettling item found on himMore in the newsFemale police imposing ISIS law15 simultaneous militant attacks
  • Mom invents a genius product

    21 Oct 2014 | 6:36 am
    Mom invents a genius productquiddle./FlickrSari was tired of picking up cups off the floor, so she looked around for a product but came up empty-handed.Invention now sold at WalmartMore from Marlo ThomasNeed help controlling anger?Top money-saving shopping apps
  • Fashion icon Oscar de la Renta dies at 82

    21 Oct 2014 | 6:36 am
    Fashion icon Oscar de la Renta dies at 82APThe legendary designer died Monday evening surrounded by family and 'more than a few dogs,' according to his company's statement.Unlikely path to NYC's Seventh AveIn other newsRubio to propose Ebola travel banApple CEO: Mac sales 'best ever'
  • Convicted killer Oscar Pistorius learns his fate

    21 Oct 2014 | 6:36 am
    Convicted killer Oscar Pistorius learns his fateAPAfter seven-and-a-half months, Judge Masipa carefully read her final statements before asking the disgraced athlete to rise.Final sentence handed downIn other newsOil company CEO dies in plane crashFeds allege AIDS research fraud
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    CEN-TA Cross Border Services - Tax, Visa

  • IRS Removes From 8891

    peter
    14 Oct 2014 | 10:34 am
      *****IRS removes form 8891****    
  • Department of the Treasury Announces A New FBAR Reporting Method

    peter
    28 Jan 2014 | 10:58 am
    FinCEN introduces new forms
  • U.S. taxman to go easy on American residents in Canada

    Admin
    5 Dec 2011 | 1:17 pm
    barrie mckenna OTTAWA— From Friday's Globe and Mail Published Friday, Dec. 02, 2011 6:00AM EST
  • BORDER KIT -- American boyfriend, property purchase in USA?

    Taxman
    4 Jan 2011 | 10:01 pm
      I have been subscribing to your newsletter for almost two years now, but have not read anything similar to my question.   I have been dating an American for over seven years now.  I live in Saskatchewan and work in health care as a technologist, him in USA as an electrician. We both travel back and forth three or four times each per year for about 12 days each.   We both rent.   If I bought an American property ie condo, my boyfriend moved in it and paid the property taxes, and other incidentals, would this be considered rental income for me? Or a…
  • aging parents - Expert Income Tax help on cross Border tax and immigration and divorce and RRSP and IRA and other matters

    Taxman
    4 Jan 2011 | 9:59 pm
    we have dual citizenship in USA and Canada.  Due to aging parents we are considering spending more time in USA.  I understand that spending more than 6 months in USA would require us to change our residency to USA ( both of us born in USA). Our residency now is Ontario. I understand also that any income in USA is taxed only in USA and not in Canada if residency is USA?  But my main question is..... concerning health care from Ontario you are required to be there five months a few days, but, having dual citizenship, are we able to take advantage of being up in Ontario the…
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    Stacie's More Tax Tips

  • HCTT-2014-21: Information for Employers about Their Responsibilities Under the Affordable Care Act

    Stacie Clifford Kitts
    16 Oct 2014 | 11:14 am
    f you are an employer, the number of employees in your business will affect what you need to know about the Affordable Care Act (ACA). Employers with 50 or more full-time and full-time-equivalent employees are generally considered to be “applicable large employers” (ALEs) under the employer shared responsibility provisions of the ACA.  Applicable large employers are subject to the employer shared responsibility provisions.  However, more than 95 percent of employers are not ALEs and are not subject to these provisions because they have fewer than 50 full-time and full-time-equivalent…
  • Top ten things accountants know

    Stacie Clifford Kitts
    16 Oct 2014 | 2:56 am
    Filed under: FUN VIDEO
  • Math bus ITS TAX TIME

    Stacie Clifford Kitts
    16 Oct 2014 | 2:36 am
    Math Bus: Tax Season – watch more funny videos Filed under: FUN VIDEO
  • Street Accountants – city claims it ain’t right

    Stacie Clifford Kitts
    16 Oct 2014 | 2:16 am
    Filed under: FUN VIDEO
  • When I grow up

    Stacie Clifford Kitts
    16 Oct 2014 | 2:08 am
    Filed under: FUN VIDEO
 
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    Value Added Tax Blog

  • Sale of software outside the U.S.

    Mark
    16 Oct 2014 | 7:25 am
    That was a quick but fun call this morning with the good people from Collobos Software. They produce software that is typically purchased by businesses and they have a growing customer base outside the U.S. For VAT in the EU, the sale of software business-to-business means that the place of supply is where the recipient […]
  • Next up: Costa Rica

    Mark
    3 Oct 2014 | 10:17 am
    #143368765 / gettyimages.com The Wall Street Journal writes about Costa Rica’s plan to accelerate the introduction of a 13% VAT: http://blogs.wsj.com/frontiers/2014/09/23/costa-rica-to-accelerate-vat-reform-after-downgrade/. “One of the reasons why Moody’s decided to downgrade us was because the incapacity of governments in the past to agree with the legislature for comprehensive tax reform,” Mr. Solís said in the interview. Hat-tip: […]
  • Oh, those 2015 rules…

    Mark
    20 Sep 2014 | 11:35 am
    It seems like every VAT consultant, in the US and in the EU, has jumped on the new EU VAT rules that kick in on January 1, 2015. I have not paid as much attention to the changes, simply because the impact on U.S. companies is rather limited. As a reminder, this is about the supplies […]
  • Scandia – supplies to a branch

    Mark
    20 Sep 2014 | 11:14 am
    In a wholly unsurprising ruling the European Court of Justice ruled last week that supplies by a head-office to a branch are within the scope of VAT if the branch is part of a VAT group / fiscal unity. The Netherlands at least has had this rule in their regulations for decennia, but see here […]
  • OECD news: BEPS

    Mark
    20 Sep 2014 | 10:54 am
    “Base Erosion & Profit Shifting” sounds like something that has nothing to do with VAT. VAT expert James Robinson penned his thoughts on this OECD initiative – well worth a read.
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    J. Stefan - EzineArticles Expert Author

  • No Articles Found

    21 Oct 2014 | 7:08 am
    No articles were found for the Author that was requested. This may mean that the author has no articles that are live on the site or that there may be a misspelling in the requested file. Please check the file name and try again. If you continue to have issues, please contact EzineArticles Support at http://www.ezinearticles.com/contact.html.
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    The Dinesen Tax Times by Jason T. Dinesen, LPA, E.A.

  • Iowa Tax Filing Deadline is October 31: Claim Your $54 Credit Before Then

    Jason Dinesen
    21 Oct 2014 | 4:30 am
    The extended deadline for filing Iowa income tax returns is October 31. This year’s deadline has some added meaning, because it’s also the deadline for claiming the $54 Iowa Taxpayers Trust Fund Credit. The credit is $54 per primary taxpayer. So a single person gets $54, and a married couple is allocated $108 total. I outlined details of the credit in a blog post in February, which you can find here. Unlike most tax credits, which can typically be claimed whenever you file your tax return (even if it’s filed late), the Iowa Taxpayers Trust Fund Credit for 2013 tax returns…
  • Updated Wisconsin Tax Guidance for Same-Sex Married Couples

    Jason Dinesen
    17 Oct 2014 | 4:30 am
    Earlier this month, the U.S. Supreme Court declined to hear appeals to cases overturning same-sex marriage bans in several states, including Wisconsin. As a result, same-sex marriage is now legal in those states. From a tax perspective, Wisconsin released guidance earlier this week saying that couples in same-sex marriage can now file joint Wisconsin tax returns. Previously, Wisconsin had said same-sex couples needed to file separate Wisconsin tax returns as single people, and recalculations may need to be done in arriving at Wisconsin taxes. That all goes away now: Previously, same-sex…
  • My Response to the IRS Saying I Can’t Speak On My Own Behalf

    Jason Dinesen
    15 Oct 2014 | 4:30 am
    Some readers have been curious as to how I responded to the IRS saying I’m not authorized to speak on my own behalf. Since my dispute with the IRS is over a silly clerical matter, I’m fine with sharing details relating to this case. To recap: I think my company is supposed to use Form 941 to report payroll; the IRS says I’m supposed to use Form 944. All payroll taxes have been paid. This is purely a clerical matter over which form to use for my very simple payroll reporting. If the IRS had simply said, in their September 22nd letter, that they think I’m supposed to…
  • Glossary: Filing Status

    Jason Dinesen
    13 Oct 2014 | 4:30 am
    Federal tax returns allow for 5 filing statuses on a tax return: Single Head of household Married filing jointly Married filing separately Qualifying widow(er) Single Straightforward. An unmarried person who (generally) doesn’t have kids. It’s also possible that an unmarried who has kids might not qualify for head of household filing status and so they would also file as single. Head of Household Generally refers to an unmarried person who has kids. In order to qualify for this status, the taxpayer must pay more than 50% of the costs of maintaining the home. Married Filing…
  • Move Up the W-2 Filing Deadline to Combat ID Theft?

    Jason Dinesen
    9 Oct 2014 | 4:30 am
    The U.S. Government Accountability Office recently issued a report recommending that the deadline for employers to file Form W-2 with the IRS be moved up, in an effort to combat identity theft. Since I have a little experience dealing with identity theft, this recommendation caught my eye. Background Employers must issue Form W-2 to employees by January 31 each year. But the deadline for the employer to send those W-2s to the IRS is later: February 28/29 if filing paper forms with the IRS March 31 if electronically filing with the IRS E-filing of W-2s is not required unless the employer is…
 
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    IncomeTaxReturnIndia.com

  • How to Pay TDS on sale of Immovable property

    Sapna Gupta
    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

    Sapna Gupta
    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 →
  • Late filing of Income tax Return after 31.07.2014

    Tax Dost
    3 Aug 2014 | 4:04 am
    Due date for filing tax return was 31.07.2014 ( 31 st July ) for all Individuals getting salary and running their own business or profession or working as free lancer. Due date for assessee who are required to get their books audited, the last date for filing return is 30th September. … Continue reading →
  • Return Filing camp in Delhi will remain open on Saturday and Sunday

    Tax Dost
    25 Jul 2014 | 9:45 am
    Income Tax Return filing Camp will start from 25th july 2014 till 31 st july 2014. These camps will remaim open on Saturday ( 27 th July 2014) and Sunday ( 28th july 2014) Location of these camps: In Delhi These camps will be held at Pratyakshar Bhawan, Civic City … Continue reading →
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    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 Lien Certificates – Predictable, Certain, And Secure

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

  • Recovering Administrative Costs in Tax Appeals

    Bill Hartsock
    16 Oct 2014 | 4:37 pm
    At the end of the Tax Appeals process, many taxpayers wonder if they will be able to recoup certain costs incurred in dealing with the IRS. Although it may not be easy, it is actually possible to obtain administrative costs, including attorney’s fees, following an Tax Appeals process. By filing a well-timed administrative claim for administrative costs or a “qualified offer,” the taxpayer may be able to do so.Tags: Tax Appeal Information & Advice From The Tax LawyerRead more about Recovering Administrative Costs in Tax Appeals
  • Settlement Agreement Forms For Tax Tax Appeals Cases

    Bill Hartsock
    9 Oct 2014 | 11:38 am
    When you finally come to an agreement with the Tax Appeals Officer to settle your case, the settlement should be recorded on a particular type of written form. In general, the IRS uses one of four forms for cases settled in Tax Appeals: Form 870, the waiver of restrictions on assessment; Tags: Tax Appeal Information & Advice From The Tax LawyerRead more about Settlement Agreement Forms For Tax Tax Appeals Cases
  • Settlement of Related Cases in Tax Appeals

    Bill Hartsock
    8 Oct 2014 | 10:54 am
    Sometimes, a taxpayer’s case may involve issues that will impact the taxpayer for years to come. Thus, an agreement with the Tax Appeals Office can affect the taxpayer’s tax return for the current year, future years, as well as related issues on those tax returns. For this reason, it may be beneficial to both parties if consistent action is taken on both related issues.Tags: Tax Appeal Information & Advice From The Tax LawyerRead more about Settlement of Related Cases in Tax Appeals
  • Considerations For Making A Tax Appeals Settlement Offer

    Bill Hartsock
    6 Oct 2014 | 11:59 am
    If you have reached the tax appeals stage and you are considering making a settlement offer to the Tax Appeals officer, there are certain things to keep in mind. As a general rule, Tax Appeals officers will give serious consideration to any good-faith attempt to settle the matter. A nuisance-value offer will simply be ignored. If you make a good-faith offer that the Tax Appeals officer believes is unacceptable, they may counteroffer or describe some other basis upon which your settlement offer might be accepted.Tags: Tax Appeal Information & Advice From The Tax LawyerRead more about…
  • How to Avoid New Issues or a Reopened Case in Tax Appeals

    Bill Hartsock
    2 Oct 2014 | 10:15 am
    One of the greatest concerns of a taxpayer in the tax appeal process is that the appeals officer will discover new issues to investigate or choose to reopen a closed case. In 2012, the IRS released a new set of protocols for tax appeals Officers to follow. Under the appeals Judicial Approach and Culture Program (AJAC), the IRS stressed that the job of appeals is not to raise additional issues or legal arguments (1).Tags: Tax Appeal Information & Advice From The Tax LawyerRead more about How to Avoid New Issues or a Reopened Case in Tax Appeals
 
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    Bankrate.com » Taxes

  • Treasury takes in record $3 trillion

    Kay Bell
    16 Oct 2014 | 10:47 am
    The federal deficit continues to fall, thanks in large part to the record number of taxes Uncle Sam collected in fiscal year 2014.
  • Local politics, taxes and elections

    Kay Bell
    14 Oct 2014 | 11:58 am
    More personal, local concerns, especially when it comes to taxes, often shape voting trends and election outcomes.
  • High tax cost of cellular service

    Kay Bell
    9 Oct 2014 | 10:57 am
    Cell phones are more popular than ever, despite the large amount of taxes assessed on the services.
  • Fewer audits mean more tax cheats

    Kay Bell
    7 Oct 2014 | 12:03 pm
    IRS examination of tax returns has been dropping. That means more filers are prone to fudge figures on their 1040s. But the agency still is collecting trillions of dollars.
  • Amazon collecting sales tax in 23 states

    Kay Bell
    2 Oct 2014 | 12:03 pm
    Online shopping got more expensive on Oct. 1 in Maryland and Minnesota. Amazon now collects sales tax on purchases there, bringing to 23 the number of states with the levies.
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    Sales Use Tax

  • DC Sales Tax Reform: Broadening Base Demonstrates Good Tax Policy

    Annette Nellen
    6 Oct 2014 | 9:15 am
    In May 2014, the D.C. Tax Revision Commission released its report outlining numerous changes for its key taxes. Included in the sales tax recommendations: Expand the base to include more services with a focus on those that are mostly used … Continue reading →
  • Colorado Statute of Limitations: Watch Dates in Home Rule Cities

    Keith Crichton
    16 Sep 2014 | 4:49 pm
    Article XX, Section 6 of the Colorado Constitution grants a great deal of authority to the state’s Home Rule cities.  However the legislature determined “that the enforcement of sales and use taxes can affect persons and entities across the jurisdictional … Continue reading →
  • Colorado DMA “Amazon Tax ” Case Moves Forward

    Jerry Donnini
    12 Sep 2014 | 9:59 am
    Direct Marketing Association has continued its fight for consumer privacy with Colorado. Specifically, DMA filed its opening brief in the Supreme Court of the United States on September 9, 2014. The Supreme Court will hear the case during its upcoming … Continue reading →
  • Back to School for Sales Tax Exemptions

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

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

  • No2 Official at DoJ, James Cole, to Leave by the End of 2014

    admin
    16 Oct 2014 | 11:16 pm
    The US Department of Justice (DoJ) announced on Thursday that James Cole,Deputy Attorney General,  will leave by the end of the year. Cole, together with Holder, who is also leaving the DoJ, were instrumental in getting a guilty from Credit Suisse and overlooking the US Program. Two main contenders’name spring out: -Brooklyn US Attorney Loretta Lynch (Bloomberg) -Atlanta US Attorney Sally Yates With this departure the Swiss banks and the Swiss government loose another familiar representative. This new worry in the Us Program is also raised by the newspapers 20minutes and 24heures.
  • What Do We Know about the Category Bank Choice in the US Program?

    admin
    16 Oct 2014 | 3:10 pm
    Apparently retriving an article from Bloomberg SwissInfo publishes a table with names of banks that have come forward with their choices. This table which also mentions provisions where we know about it resemble very much what can be found on the US Tax Program website under banks. The latter compiles further names and also shows the fine that have been paid so far. The table from Bloomberg also mentions where it’s known that banks have transfered data related to US accounts to the US authorities. As a reminder you may check the various categories on the 1st page of the US Tax Program.
  • Uncertainty about Joining Category 3 Banks as Category Requirements Get Tougher

    admin
    16 Oct 2014 | 2:47 pm
    The Swiss banks have until December 31, 2014 (extended deadline) to announce their wish to join the Category 3 in the US Program.  The Category 3 banks are the banks that believe they have not engaged in activities that could have breached US law. An Independent Examiner (e.g. US or Swiss law firm or accountant) will need to verify this and there will be a confirmation that effective compliance programs are in place. Those banks will seek a Non-Target Letters (NTL), will not pay a penalty but the handling costs endured by fulfilling the requirements of the US Program is born by them. The…
  • What Was the Role of R. Weil in the US Tax Fraud?

    admin
    15 Oct 2014 | 1:12 am
    The Wall Street Journal summarizes the opening of R. Weil court case that started on 14.10.14 in Florida. He is one of the few high-ranking executive of a big financial institution, UBS, facing criminal charges in connection with helping wealthy US clients to avoid tax. The defense line is that R. Weil  not only did not encourage the behavior of the bankers in helping US clients dodging taxes, but was not even aware of what a group of crooked bankers where doing below him. Some of those bankers pleaded guilty and struck a deal with the authorities. The prosecution line is that R. Weil was…
  • Le Temps Is the Latest Newspaper to Comment on the Model NPA for Category 2 Banks

    admin
    14 Oct 2014 | 3:53 am
    The Swiss newspaper Le Temps is the latest media to report on the model Non-Prosecution Agreement (NPA) that the Category 2 Swiss banks have received. As a reminder the Category 2 banks are the ones that are not already under investigation by the US Department of Justice (DoJ) but have reasons to believe that they have committed tax-related offenses in regards of US-linked assets. Le Temps manage to get hold of the document that the Swiss television RTS revealed, and confirms that the cooperation requested by the USA goes much further than expected. A few major takeaways can be identified, as…
 
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