Taxes

  • Most Topular Stories

  • FairTax petition fails to get White House meeting

    Don't Mess With Taxes
    skbell1
    2 Aug 2015 | 3:37 pm
    More than 32,000 people petitioned the White House asking the president to take an hour to talk with conservative talk-show host and author Neal Boortz about the FairTax plan (yes, it's referred to as one word).  The request was posted Jan. 8, 2013, on We the People, the White House's online petition site. The 32,421 digital signatures it collected earn this week's By the Numbers honor. That total, however, was not enough to convince President Obama to make room in his schedule for the requested meeting. "We've taken your request seriously and while we appreciate…
  • Venture Capital Tax Death For Start-Up Founders -- Part 2 - Forbes

    TAX NEWS - Google News
    3 Aug 2015 | 10:42 am
    Venture Capital Tax Death For Start-Up Founders -- Part 2ForbesThe second disadvantage you have is that their legal and tax advisors are likely in a different league than your legal and tax advisors. At the February 2015 meeting of the Silicon Valley chapter of Financial Executives International, a panel of
  • Tax-News.com: UK Families' Lifetime Tax Burden Revealed

    Tax-News.Com Live Tax Headlines
    3 Aug 2015 | 3:37 pm
    Tax-News.com: Over a lifetime, the average UK household will pay GBP734,240 (USD1.1m) in direct and indirect taxes, according to research by the Taxpayers' Alliance.
  • AN IMPORTANT MESSAGE WORTH REPEATING

    THE WANDERING TAX PRO
    3 Aug 2015 | 2:00 am
    The IRS phone scams have been ongoing for over a year now.  According to “Phone Scams Continue to be Serious Threat, Remain on IRS ‘Dirty Dozen’ Listof Tax Scams for the 2015 Filing Season” from the IRS website -“The Treasury Inspector General for Tax Administration (TIGTA) has received reports of roughly 290,000 contacts since October 2013 and has become aware of nearly 3,000 victims who have collectively paid over $14 million as a result of the scam, in which individuals make unsolicited calls to taxpayers fraudulently claiming to be IRS officials and demanding that they send…
  • Things I should have known

    Start Making Sense
    17 Jul 2015 | 7:59 pm
    I was pro-EU for many years, reflecting my dislike of parochial nationalisms, and my analogizing from my belief that, in the U.S., the optimal balance as between the national government and the state governments should be tilted much more towards the national side of the scale than it would be we if we were like Europe.But U.S. federal government policy is run by a nationally elected president plus a national legislature where all states are represented, not to mention that we're all in the same boat economically even when we don't realize it.  E.g., I was reading the other day about how…
  • add this feed to my.Alltop

    Don't Mess With Taxes

  • FairTax petition fails to get White House meeting

    skbell1
    2 Aug 2015 | 3:37 pm
    More than 32,000 people petitioned the White House asking the president to take an hour to talk with conservative talk-show host and author Neal Boortz about the FairTax plan (yes, it's referred to as one word).  The request was posted Jan. 8, 2013, on We the People, the White House's online petition site. The 32,421 digital signatures it collected earn this week's By the Numbers honor. That total, however, was not enough to convince President Obama to make room in his schedule for the requested meeting. "We've taken your request seriously and while we appreciate…
  • More Alaskan cities are taxing cigarettes

    skbell1
    1 Aug 2015 | 2:24 pm
    From a tax standpoint, Alaska is a pretty cool location. The Last Frontier doesn't collect any individual income tax. It also doesn't have a state sales tax. Local Alaskan governments, however, do have the option to collect sales and other taxes. The additional local levies in Alaska cover such things as raw fish (you did see that Deadliest Catch episode featuring the tax collector, didn't you?), hotel and motel occupancy, fuel, gambling proceeds, liquor and tobacco Right now, one of the most popular local tax collections is on tobacco. More tobacco taxes in Alaska: A dozen…
  • Highway bill drives home some new tax laws

    skbell1
    31 Jul 2015 | 6:29 pm
    The highway funding bill that President Obama signed today may be short-term (money runs out again on Oct. 29) when it comes to providing money for roads and infrastructure, but it will have some lasting tax effects. Here are some of the tax highlights from the Surface Transportation and Veterans Health Care Choice Improvement Act of 2015. More mortgage reporting: Mortgage lenders already issue annual statements, either the official Form 1098 or an approved substitute document, to borrowers and the Internal Revenue Service. This form goes to homeowners who paid at least $600 loan interest…
  • U.S. telephone tax scam crosses border into Canada

    skbell1
    30 Jul 2015 | 2:45 pm
    Americans and Canadians share a lot of things. There's the coast-to-coast border. There are National Hockey League teams. There's even a common language, or two for French-speaking residents in both countries.  We do not, however, share the same tax system. Canada-United States border marker image by rlyx6x via imgur Some tax scammers, though, are hoping they can find a few Canadians who might not notice that they're using a script cribbed from crooks south of the 49th parallel. Blair Rhodes, in a report for the CBC, tells of a recorded message being left on Canadians'…
  • 18 states hold sales tax holidays in summer of 2015

    skbell1
    29 Jul 2015 | 6:04 am
    Hello, Cleveland and the rest of the Buckeye State. Welcome to the state sales tax holiday fraternity. Ohio will hold its first-ever tax holiday next weekend, Aug. 7-9. Like many others, it's aimed at back-to-school shoppers and offers tax savings on certain clothing and school supplies. Meanwhile, Massachusetts once again took its sweet time in deciding whether to offer Bay State shoppers some sales tax savings. A measure for a mid-August holiday weekend finally cleared the legislature on Wednesday, July 29, and is awaiting the governor's signature. Georgia and Mississippi kick…
 
  • add this feed to my.Alltop

    TAX NEWS - Google News

  • Venture Capital Tax Death For Start-Up Founders -- Part 2 - Forbes

    3 Aug 2015 | 10:42 am
    Venture Capital Tax Death For Start-Up Founders -- Part 2ForbesThe second disadvantage you have is that their legal and tax advisors are likely in a different league than your legal and tax advisors. At the February 2015 meeting of the Silicon Valley chapter of Financial Executives International, a panel of
  • Judge rules St. Louis can spend tax money on stadium without public vote - NBCSports.com

    3 Aug 2015 | 10:40 am
    St. Louis Business JournalJudge rules St. Louis can spend tax money on stadium without public voteNBCSports.comA judge in St. Louis has ruled that the city does not need a public vote in order to spend city tax dollars for the construction of a proposed stadium to replace the Edward Jones Dome. Judge Thomas Frawley agreed with the argument made by the Regional ...Judge rules no city vote needed for tax dollars on new stadiumSt. Louis Business JournalConstruction of St. Louis stadium will not need vote to use city tax dollarsSI.comall 15 news articles »
  • Lauderdale-by-the-Sea will lower tax rate - Sun Sentinel

    3 Aug 2015 | 9:31 am
    Lauderdale-by-the-Sea will lower tax rateSun SentinelCommissioners have tentatively approved a tax rate of $3.74 for every $1,000 of taxable value, which would bring in $400,000 more in property taxes than was raised in the current budget. While the proposed rate is about 2 percent lower than the current
  • Cook County homeowners can now complete property tax assessment appeals online - Chicago Tribune

    3 Aug 2015 | 9:28 am
    Cook County homeowners can now complete property tax assessment appeals onlineChicago TribuneAs the appeal evaluation wends its way through the system, property owners will be able to track the progress, said Larry Rogers, a tax appeals commissioner. "What we've done is completely re-engineer our process," said Commissioner Dan Patlak, the ...
  • Mark Your Calendars Now: Congress Changes Many Tax Return Due Dates & Extensions - Forbes

    3 Aug 2015 | 9:24 am
    ForbesMark Your Calendars Now: Congress Changes Many Tax Return Due Dates & ExtensionsForbesAs the Tax Extenders bill languishes in Congress, another band-aid bill, the short term extension of the mass transit and highway funding bill, quickly made its way through the red tape. The bill was introduced in the House on July 28, 2105 and passed Tax Return Due Date Changes and Other ItemsAgWeb (blog)Important Tax Compliance Provisions Included in the Surface Transportation and The National Law Reviewall 3 news articles »
 
  • add this feed to my.Alltop

    THE WANDERING TAX PRO

  • AN IMPORTANT MESSAGE WORTH REPEATING

    3 Aug 2015 | 2:00 am
    The IRS phone scams have been ongoing for over a year now.  According to “Phone Scams Continue to be Serious Threat, Remain on IRS ‘Dirty Dozen’ Listof Tax Scams for the 2015 Filing Season” from the IRS website -“The Treasury Inspector General for Tax Administration (TIGTA) has received reports of roughly 290,000 contacts since October 2013 and has become aware of nearly 3,000 victims who have collectively paid over $14 million as a result of the scam, in which individuals make unsolicited calls to taxpayers fraudulently claiming to be IRS officials and demanding that they send…
  • WHAT’S THE BUZZ, TELL ME WHAT’S A HAPPENNIN’

    31 Jul 2015 | 2:00 am
    * I realize it is early in the Presidential race – but the TAX FOUNDATION is already “Comparing the 2016 Presidential Tax Reform Proposals”.The couple of tax proposals from Hillary Clinton, one involving the taxation of capital gains, are disappointing but not surprising.  They continue to further complicate the Tax Code, already a mucking fess.  Hillary and the Democrats, including BO, have absolutely no interest in serious and substantive tax reform.  They want to continue to complicate the Code and use it for social engineering.Those Republicans who have provided tax…
  • CAN I CLAIM MY SON (OR DAUGHTER)?

    30 Jul 2015 | 2:00 am
    As a veteran tax professional with 44 filing seasons under my belt and tax blogger one question I am often asked by clients, readers, and cocktail party guests is “can I claim my son, or daughter?”.In order to be claim someone as a dependent on your tax return that person must be either a “qualifying child” or a “qualifying relative”.  A qualifying child includes your child by birth, stepchild, or a foster child who is placed with you by an authorized agency or by judgment, decree, or other court order.  A child you have legally adopted is treated as your child by…
  • HOW TO ENJOY A TAX DEDUCTIBLE VACATION

    28 Jul 2015 | 2:00 am
    Here is a summer-appropriate post taken from my THE NEW SCHEDULE C NOTEBOOK.One of the reasons I am called the “Wandering” Tax Pro is because once the tax filing season ends I enjoy travel via all methods – car, bus, plane, ship and train (not necessarily in that order).Over the past 30 years my annual travel itinerary has often included two totally tax-deductible domestic vacations. I would attend the National Conference of the National Association of Tax Professionals (NATP) and the Annual Convention of the National Society of Tax Professionals (NSTP), held each year in a different US…
  • WHAT’S THE BUZZ, TELL ME WHAT’S A HAPPENNIN’ – SPECIAL MONDAY EDITION

    27 Jul 2015 | 2:00 am
    I’m back!Due to a FU resulting from my reaction to a serious hack to my gmail account I was unable to access any of my Google.com accounts, including, blogger, for almost a month.  So I was unable to post anything here at TWTP.  I had tried to change my host to wordpress.com – but it was truly a PITA and I gave up.  Things are back to normal now – hopefully for good.There really was not much BUZZ about taxes to report during my period of absence.  Below are a few items worth mentioning.* Jeremy Diamond of CNN reported “Jeb Bush to Release 33 Years of Tax Returns”…
  • add this feed to my.Alltop

    Start Making Sense

  • Things I should have known

    17 Jul 2015 | 7:59 pm
    I was pro-EU for many years, reflecting my dislike of parochial nationalisms, and my analogizing from my belief that, in the U.S., the optimal balance as between the national government and the state governments should be tilted much more towards the national side of the scale than it would be we if we were like Europe.But U.S. federal government policy is run by a nationally elected president plus a national legislature where all states are represented, not to mention that we're all in the same boat economically even when we don't realize it.  E.g., I was reading the other day about how…
  • Jury duty

    14 Jul 2015 | 2:11 pm
    For the last three days, I've spent most of my time at a New York State criminal courthouse, where I was called for jury duty. Lots of sitting around, but, while sent to a courtroom where they were picking jurors, I never got selected even for voir dire, much less actual jury service.I was actually selected once for a civil jury - despite my law prof background and my having (long, long ago) taught Evidence and written a couple of articles about statistical probability issues.  But that civil trial settled before the opening statements. Just as well, as I was merely an alternate, so I…
  • Another article draft that I may post soon

    14 Jul 2015 | 1:58 pm
    I've recently completed another article draft, one more of the things that I've committed to do before getting back to work on my literature book.  This one was commissioned for an edited volume that is being put together by a friend at another leading law school, on issues related to timing and legislation. My book from 15 years ago, When Rules Change, is well within the topic range of the new volume, but as it happened I didn't want to return to the issues I discussed there.While the editors have a book contract, I'm not 100% sure this is public information yet, so I will hold off…
  • Aging rock nerds debate "want versus need"

    9 Jul 2015 | 2:43 pm
    Recently, at an informal academic seminar, a colleague quoted the famous Rolling Stones line to the effect that, while "you can't always get what you want, if you try sometimes you just might find you get what you need."I couldn't resist responding after the session with Dylan's take on the Want Versus Need issue: "Your debutante knows what you need, but I know what you want."He struck back with earlier Dylan: "Go 'way from my window, go at your own chosen speed, I'm not the one you want, babe, I'm not the one you need."  He called this classic regulatory command and control - apart from…
  • Speaking metaphorically, of course

    8 Jul 2015 | 7:34 pm
    Here's my EU debt plan: reverse Germany's 1953 debt forgiveness on the ground that they violated the implicit terms by not "paying it forward," call it an equity interest that's deemed to have grown since 1953 at the rate of the German stock market, and then propose a summit meeting covering both the German and the Greek debt.
 
  • add this feed to my.Alltop

    MauledAgain

  • Do Sales Tax Holidays Make Sense?

    James Edward Maule
    3 Aug 2015 | 5:01 am
    As mentioned in several reports, including this one, the state of Massachusetts has set up another sales tax holiday. Under the terms of the provision, for a two-day period, sales taxes will not be imposed on sales of items costing $2,500 or less. The goal of the provision is to generate economic activity. But do sales tax holidays increase spending? I think not.The only way that a sales tax holiday generates increased economic activity is if it causes people to make purchases that they otherwise would not make. Does this happen? Perhaps here and there, but certainly not on any grand scale.
  • Another Problem with Targeted Tax Credits

    James Edward Maule
    31 Jul 2015 | 5:01 am
    Readers of MauledAgain know that I object to using the tax law to accomplish what can and should be accomplished, if at all, through other means. It ought not be the task of the IRS or a state revenue department to administer the health law, supervise the automobile industry, or determine whether appliances satisfy energy-saving requirements. One state tax credit that I find particularly unacceptable is the tax giveaway to “persuade” film companies to do their filming in the state granting the credit. Some of my thoughts on this issue can be found in Are Tax Incentives Worth It?. It was…
  • Changing the Look of Tax Forms

    James Edward Maule
    29 Jul 2015 | 5:01 am
    A reader pointed me in the direction of a three-year-old paper published in the Proceedings of the National Academy of Sciences of the United States of America in the category of Psychological and Cognitive Sciences, and also available here. Normally I don’t comment on old stories, but this paper, which somehow flew under the radar or at least under my radar, deserves more attention. The proposition advanced by the paper is that documents offering the opportunity to commit fraud should be signed at the beginning rather than at the end. The authors give as examples tax returns and insurance…
  • Tax Fraud in The People’s Court

    James Edward Maule
    27 Jul 2015 | 5:01 am
    Every now and then an episode from a television court show touches on taxation. Sometimes it is tangential and sometimes it is direct. At various times during the past four years, I have commented on these cases, beginning 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, Tax Re-Visits Judge Judy, Foolish Tax Filing Decisions Disclosed to Judge Judy, So Does Anyone Pay Taxes?, and Learning About Tax from the Judge. Judy, That Is.Because of my schedule and commitments, I don’t see many of these…
  • Yet More Proof Targeted Tax Breaks Miss the Mark

    James Edward Maule
    24 Jul 2015 | 5:01 am
    In my post earlier this week, Who Benefits from Tax Breaks for the Private Sector?, I shared this thought about tax breaks for specifically targeted individuals and companies:How do they manage to get these tax breaks? They use a dual tactic. One is that they can afford to “own” legislators because they finance legislative campaigns. The other is that they can afford to hire PR experts who excel at convincing the public, and the few remaining independent legislators, that the tax break for a specific individual, entity, or industry is in fact an economic benefit for the public.Now there…
  • add this feed to my.Alltop

    TaxProf Blog

  • WSJ: Law School Courses Explore Nietzsche, Guns And Bible

    Paul Caron
    3 Aug 2015 | 9:29 am
    Wall Street Journal Law Blog, New Law School Courses Explore Nietzsche, Guns and Bible: The law school curricula is always evolving. There will always be courses on torts, property, civil procedure and other core subjects. But other offerings reflect the passions and problems of the day. Law Blog takes a...
  • ABA Rejects Paid Externships, Tightens Reporting Of Law School-Funded Jobs, Repeals Rule Allowing 10% LSAT-Free Classes

    Paul Caron
    3 Aug 2015 | 4:30 am
    ABA Journal, Legal Ed Council Votes to Keep Ban on Academic Credit for Paid Externships: For the second time in little more than a year, the governing council of the ABA Section of Legal Education and Admissions to the Bar has rejected a proposal to lift the ban in the...
  • Manhire: Congress Reduces Home Concrete To Rubble

    Paul Caron
    3 Aug 2015 | 1:54 am
    TaxProf Blog op-ed: Congress Reduces Home Concrete to Rubble; Clarifies Law, by J. T. Manhire (Texas A&M): Last week, two important tax provisions rode on the coattails of H.R. 3236, the “Surface Transportation and Veterans Health Care Choice Improvement Act of 2015,” as it passed both the U.S. House and...
  • The IRS Scandal, Day 816

    Paul Caron
    3 Aug 2015 | 12:05 am
    Forbes: Watchdog Finds Deficient IRS Controls Leave Room For Targeting, by Robert W. Wood: Should you be audited based on your religion? Your political beliefs? How about which charities you support? Plainly, the answer to all these questions is no. Yet there are still questions how our tax system measures...
  • TaxProf Blog Weekend Roundup

    Paul Caron
    3 Aug 2015 | 12:01 am
    Saturday: This Week's Ten Most Popular TaxProf Blog Posts Hillary Clinton Releases Her 2007-2014 Joint Tax Returns Reporting $139 Million Income; 99% Of Charitable Contributions Went To Family Foundation Tax Panel Today At SEALS The IRS Scandal, Day 814 Sunday: ABA Task Force Punts On Law Student Debt Reform Tax...
  • add this feed to my.Alltop

    Texas State & Local Tax Law Blog

  • A big win for the State of Texas in a margin tax apportionment case

    Alan Sherman
    28 Jul 2015 | 8:00 am
    This morning, the State of Texas won a big case involving the revised franchise tax, the so-called  “margin tax.” In Graphic Packaging Corporation v. Hegar, et al., No. 03-14-00197-CV (Tex. App. – Austin, July 28, 2015), the Third Court of Appeals at Austin affirmed a trial court’s decision that the taxpayer, Graphic Packaging, had to use the franchise tax’s single-factor apportionment formula based on gross receipts in apportioning its margin between Texas and everywhere else. Graphic Packaging had argued that it was entitled to use the Multistate Tax Compact’s alternative…
  • The Texas motor vehicle tax marriage-related provisions apply equally to same-sex and opposite-sex spouses

    Alan Sherman
    16 Jul 2015 | 4:00 am
    This past Tuesday, the Tax Policy Division of the Texas Comptroller of Public Accounts stated that the marriage-related provisions of the state’s motor vehicle tax apply equally to same sex and opposite sex spouses, including those in common law marriages. In a letter responding to questions posed by a county tax assessor-collector (the local official responsible for collecting motor vehicle tax when a vehicle is registered), Tax Policy stated that “Same sex spouses are eligible for the $10 motor vehicle gift tax for separate property and for the community property exemptions to the motor…
  • Determining if website “plug-ins” are taxable as “data processing” or “information services” in Texas

    Alan Sherman
    17 Jun 2015 | 7:00 am
    Computer Network with Server Texas imposes sales and use taxes on certain listed “taxable services,” including “data processing” and “information services.” What’s more, some activities that ordinarily would be taxable as one or the other of those services are excluded from tax by the applicable statutory definitions of those activities. Further, services not listed among the taxable ones are generally not taxable at all. A recent administrative redetermination proceeding that followed an audit by the Texas Comptroller of Public Accounts shows how difficult it can sometimes be…
  • A Texas appellate court holds that a “rent-to-own” business is a retailer for margin tax purposes

    Alan Sherman
    12 Jun 2015 | 9:00 am
    Yesterday, in Rent-A-Center, Inc., v. Hegar, et al., No. 03-13-00101-CV (Tex. App. – Austin, 2015), the Texas Third Court of Appeals at Austin issued its opinion reversing a trial court’s judgment and holding that a “rent-to-own” business was primarily a seller of merchandise and thus engaged in “retail trade.” As a result, the business, Rent-A-Center, Inc., was entitled to report and pay its revised franchise tax, the so-called “margin tax,” by deducting its cost-of-goods-sold (COGS) in an amount to be determined by the trial court on remand and, more importantly, to use the…
  • Some changes are coming to Texas’ state tax administrative hearings on September 1st

    Alan Sherman
    2 Jun 2015 | 4:00 am
    The end of the regular session of the 84th Texas Legislature means that the comprehensive revisions to state tax hearings and administration as contemplated by Senate Bill 1291, and its companion, House Bill 4005, are dead for now. However, the Legislature did make some limited alterations to the framework of the state tax hearings process in House Bill 2154 that was passed by both houses and recently signed by Governor Abbott. Those changes will become effective on September 1st. House Bill 2154 was the Legislature’s response to the Texas Sunset Commission’s review of the Tax Division of…
 
  • add this feed to my.Alltop

    Roth & Company, P.C

  • Tax Roundup, 8/3/15: Due date scramble edition, with extendable FBARs!

    Joe Kristan
    3 Aug 2015 | 6:25 am
    Highway bill scrambles business return due dates. A “short term highway funding bill” (HR 22) has switched some tax return filing due dates from what they have been pretty much forever. The bill, signed last week by the President, responds to complaints that K-1s are arriving too late by accelerating the partnership return due date and delaying C corporation due dates — with one bizarre exception. The changes, which take effect for years beginning after December 31, 2015: 1065 (Partnership) returns: Currently due April 15, or 3 1/2 months after year-end, with a five-month…
  • IRS issues Applicable Federal Rates (AFR) for August 2015

    Joe Kristan
    1 Aug 2015 | 12:24 pm
    The IRS has issued (Rev. Rul. 2015-16) the minimum required interest rates for loans made in August 2015: -Short-Term (demand loans and loans with terms of up to 3 years): 0.48 -Mid-Term (loans from 3-9 years): 1.82% -Long-Term (over 9 years): 2.82 The Long-term tax-exempt rate for Section 382 ownership changes in August 2015 is 2.82 Historical AFRs may be found here or from prior Tax Update posts.
  • Kiitos, Finland, and Danke, Germany.

    Joe Kristan
    31 Jul 2015 | 5:17 am
    I’m back in the office today after a terrific vacation trip to Finland and Germany to visit two of our old exchange students. The trip included stops in Sweden, Belgium, Luxembourg, and Austria. Estonia had been on the agenda, but the schedule with our friends there didn’t work, so we took  an extra day in Finland. The trip included a visit to the U.S. military cemetery in Henri-Chappelle, Belgium, to decorate the grave of my dad’s first cousin and childhood partner in crime. That was a great experience, but one I’ll recount in another blog. I’ll fire up the Tax…
  • IRS issues Applicable Federal Rates (AFR) for July 2015

    Joe Kristan
    8 Jul 2015 | 12:21 pm
    The IRS has issued (Rev. Rul. 2015-15) the minimum required interest rates for loans made in July 2015: -Short-Term (demand loans and loans with terms of up to 3 years): 0.48 -Mid-Term (loans from 3-9 years): 1.77% -Long-Term (over 9 years): 2.74 The Long-term tax-exempt rate for Section 382 ownership changes in July 2015 is 2.74 Historical AFRs may be found here or from prior Tax Update posts.
  • Tax Roundup, 7/6/15: Road-trip edition.

    Joe Kristan
    6 Jul 2015 | 6:29 am
    It’s vacation time. The family will be visiting our former exchange students in Finland and Germany, with a day trip to Estonia to visit a long-ago student visitor, and a few days to tromp through ancestral villages and war sites. That makes this the last regular tax roundup until month-end. I may post a few items while in Europe, but other than that, the wonderful Tax Nerds in the blogroll will keep you informed while I am gone. Samantha Jordan, Scott Drenkard, Map of State Spirits Excise Tax Rates in 2015 (Tax Policy Blog): Interesting. Two states with no personal income tax have…
  • add this feed to my.Alltop

    RUBIN ON TAX

  • No Four Year Statute of Limitations for Fraudulent Conveyance

    Charles (Chuck) Rubin
    2 Aug 2015 | 7:04 am
    Florida Statutes Section 726.110 generally provides for a four year statute of limitations in regard to fraudulent conveyances (or if longer, 1 year after the transfer was or could have reasonably been discovered by the claimant). Fraudulent conveyance law generally allows a creditor to pursue a third party that received assets from a debtor if the transfer was a fraudulent conveyance. In a recent Florida case, a judgment holder sought to collect a judgment against a transferee on assets transferred by the debtor. This was done under proceedings supplementary under Florida Statutes Section…
  • Tax Court Voids Portion of Code Section 482 Cost Sharing Regulations

    Charles (Chuck) Rubin
    28 Jul 2015 | 6:51 pm
    There are tax advantages for U.S. taxpayers to jointly develop intangible personal property with related non-U.S. entities. For an overview, see my prior post here. Treasury Regulations provide detailed guidance on what costs must be shared between the co-developers if they want the IRS to respect the cost sharing arrangement. Under those regulations, stock-based compensation of one of the parties, such as restricted stock, nonstatutory stock options, statutory stock options (ISOs and ESPPs), stock appreciation rights, and phantom stock, must be shared. The Tax Court has stricken as invalid…
  • No Need to File §83(b) Election with Tax Return

    Charles (Chuck) Rubin
    25 Jul 2015 | 10:35 am
    Not a big item, but a helpful one – under proposed regulations a taxpayer need no longer file a copy of their Code §83(b) election with their income tax return for the year of the election. Normally under Code §83, a taxpayer who receives property in connection with performing services does not include that property in income until the property is transferable or not subject to a substantial risk of forfeiture. Since it may be advantageous to bring that property into income when received (when it may have a lower value than later), taxpayers can nonetheless elect to include it when…
  • Applicable Federal Rates - August 2015

    Charles (Chuck) Rubin
    22 Jul 2015 | 4:17 pm
    Follow @crubincrubin
  • Article Abstract: CPA Contingency Fees

    Charles (Chuck) Rubin
    18 Jul 2015 | 10:30 am
    TITLE CIRCULAR 230 UNDER ATTACK: COURT STRIKES DOWN RESTRICTION ON CPA CONTINGENT FEES AUTHOR(S) ROGER W. DORSEY PUBLICATION Practical Tax Strategies, Jul 2015 PUBLISHER WG&L ABSTRACT In Ridgely v. Lew (2014), the court found the IRS exceeded its statutory authority when it prohibited tax practitioners (including CPAs) from charging contingent fees for preparing and filing "ordinary refund claims."   The IRS sought to regulate such refund claims under Circular 230 regulations and under 31 USC 330 which gives the IRS authority to regulate what that statute terms "representatives" of…
  • add this feed to my.Alltop

    Tax Problem Attorney Blog

  • How Long of a Prison Sentence Can Someone Face for Tax Fraud?

    Dennis N. Brager
    28 Jul 2015 | 6:00 am
    As many tax controversy attorneys can state, tax problems can lead to major issues including a tax audit and even criminal tax charges. Even though tax problems are typically serious matters there are certain tax crimes that stand out even among serious offenses. Tax Evasion and tax fraud involving the use of stolen identities and stolen personal information is not only one of those crimes that can be punished particularly severely, it is also a major enforcement focus for both the Department Of Justice and the IRS. Taxpayers facing tax fraud or tax evasion charges should consult a tax lawyer…
  • How Many Years Back Can the IRS Go in its Search for Tax Fraud?

    Dennis N. Brager
    22 Jul 2015 | 6:00 am
    The IRS and Department of Justice have cracked down on tax fraud and tax evasion regardless of its form. However, in recent announcements the Department of Justice has revealed its targeted enforcement focus on business payroll tax fraud, offshore tax fraud including non-compliance with FATCA & FBAR, Stolen Identity Tax Return Fraud (SIRF), and other forms of tax fraud. Beyond the enforcement focus, Acting Assistant Attorney General Caroline Ciraolo revealed that the Department of Justice’s Tax Division averages around 6,000 active matters. These cases are worked by approximately 340…
  • IRS Issues New FBAR Penalty Guidance (SBSE-04-0515-0025)

    Dennis N. Brager
    1 Jun 2015 | 10:28 am
    On Friday the IRS released new guidance on how examiners should determine the amount of any penalty for the failure to file an FBAR (Report of Foreign Bank Account, FinCEN Form 114). The guidance is effective for all open cases as of May 13, 2015. It does not appear to apply directly to cases in the Offshore Voluntary Disclosure Program (OVDP), but it will impact clients’ decisions as to whether or not to opt-out of OVDP, or whether or not to enter OVDP in the first place. Under the guidance examiners are instructed to make a determination of willfulness for each year of the examination. If…
  • Have You Received a Deficiency Notice or Another Letter Regarding Tax Problems From the IRS?

    Dennis N. Brager
    28 May 2015 | 6:00 am
    You filed your taxes like you were supposed to and you should be able to spend the rest of the year free from worries about taxes. But, then one day it appears. The envelope is fairly nondescript except for the name and address of the Internal Revenue Service emblazoned upon it. Maybe you tear it open immediately or maybe you wait until you are feeling a little braver, but in either case your mind starts racing and you can’t quite shake the feeling that you’ll soon be facing major tax problems. However, not every notice from the IRS represents a major issue or concern. But, if you do…
  • U.S. Expatriates and International Workers: Beware of Exceptions to the Foreign Income Exclusion

    Dennis N. Brager
    21 May 2015 | 6:00 am
    U.S. citizen, resident aliens and others who are U.S. taxpayers face a unique mode of taxation in the United States. That is, U.S. taxpayers are taxed on their worldwide income regardless of where it was earned. Predictably and understandably, this method of taxation results in many expatriates worrying about whether they will face double taxation – paying taxes on their income to both the nation they are living in and to the IRS. While there are provisions in the U.S. Tax Code, and various tax treaties to address the issue of double-taxation, these provisions can be difficult to…
 
  • add this feed to my.Alltop

    Taxable Talk

  • Deadline Changes for 2016 Tax Returns and 2016 FBAR

    Russ
    2 Aug 2015 | 8:17 pm
    Congress passed and President Obama signed the Surface Transportation and Veterans Health Care Choice Improvement Act of 2015 in late July. That law’s primary function has nothing to do with tax; however, it will have a major impact on entity tax returns for 2016 and for the 2016 FBARs: Partnership tax returns will be due on March 15th, not April 15th (for calendar year partnerships); C Corporation tax returns will be due on April 15th, not March 15th (for calendar year C Corporations); S Corporation tax returns remain due on March 15th (unchanged); and FBARs (FINCEN Form 114) will be…
  • Judge Threatens IRS, Justice Department; IRS Closely Monitored Tax-Exempt Applications; IRS Responses to Exempt Organizations Were Designed to Stop Inquiries to Congress

    Russ
    29 Jul 2015 | 9:57 pm
    Yes, I’m still on vacation. But twin developments in the IRS scandal force me to post. Yesterday, the IRS released documents to Judicial Watch regarding the IRS scandal. Judicial Watch had sued the IRS under the Freedom of Information Act (FOIA) to obtain the documents. I need to be brief (I am on vacation), so I’ll just include the summary page: “These recovered Lois Lerner emails had to be dragged out of the Obama IRS, which is still resisting a federal court order requiring disclosure of Lerner’s ‘lost’ emails,” said Judicial Watch President Tom Fitton. “This…
  • Vacation

    Russ
    25 Jul 2015 | 3:36 pm
    It’s time for my annual vacation. If something earth-shattering in the tax world happens while I’m relaxing, I’ll take time out to post on it. Otherwise, enjoy the fine bloggers listed in the blogroll on the right. I’ll be back on Tuesday, August 4th.
  • Judicial Watch: IRS Used Donor Lists to Target Audits

    Russ
    25 Jul 2015 | 3:34 pm
    Remember the IRS Scandal? Well, the nuggets continue to drip out. On Friday, Judicial Watch announced that “New Documents Show IRS Used Donor Lists to Target Audits.” Here’s an excerpt: But then, in February 2011, at least five donors of an unnamed organization were audited. The documents show that Crossroads GPS, associated with Republican Karl Rove, was specifically referenced by IRS officials in the context of applying the gift tax. Seemingly in response to the Crossroads focus, on April 20, IRS attorney Lorraine Gardner emails a 501(c)(4) donor list to former Branch…
  • FTB Disables “MyFTB” Registrations Until 2016

    Russ
    24 Jul 2015 | 3:26 pm
    California’s Franchise Tax Board announced yesterday that they disabled registration for “MyFTB,” the online interactive FTB system, until 2016. Beginning July 23, 2015, we disabled the ability to register for a MyFTB account while we enhance the registration process. This also impacts the ability to register for CalFile and Web Pay for Businesses. We will reactivate online registration in January 2016 when we launch our enhanced version of MyFTB… The following services do not require registration and are still available to practitioners or their clients: Check refund…
  • add this feed to my.Alltop

    » Blog

  • Tampa Gets a Little Greener

    Darrin Mish
    2 Aug 2015 | 5:34 pm
    Coast Bike Share, a local Tampa company that offers an affordable bike rental program, recently announced they reached over 10,000 members. For over seven months now, Coast Bike Share has been working to provide 300 rentable bicycles to the public at around 30 hubs in Tampa. Specially, they offer hubs in Tampa, Hyde Park, Ybor City and the Channel District. In a few months, there are plans to cooperate with the University of South Florida to offer a bike share program on its Tampa Campus. At the beginning of the project, cynics were quick to point out that high summer temperatures and unsafe…
  • Tampa Bay Customers Up Set With Allegiant’s Insurance Program

    Darrin Mish
    2 Aug 2015 | 5:30 am
    Allegiant Air has had a fair number of complaints in recent days, but one of the more dominant ones that has been rising repeatedly is an issue surrounding its offered trip insurance. While on the surface this seems like a low cost option to prevent problems if a passenger is unable to make a flight, customers say that the information is misleading at best and fraudulent at worst. The problem surfaces because customers state that they are unable to get refunds for the missed or cancelled flights and they have no recourse to recoup the lost funds. Those surveyed with this issue have indicated…
  • Tampa Police Notice Spike In Calls Over This Cell Phone Case

    Darrin Mish
    1 Aug 2015 | 5:24 am
    Law enforcement in Pasco County, Florida, have recently noticed a spike in a new type of cell phone carrying case that can potentially create a disastrous consequence. These modified cell phone cases are shaped to look like guns, and often, when individuals carry them tucked in a back or side pocket while out traveling or shopping, passersby become alarmed and call police. When the police respond to these types of calls, they are then faced with someone who may or may not have a firearm, and may or may not begin shooting, and as such the situation can possibly turn deadly if officers have to…
  • Tampa-Area Man Punched And Kicked Baby

    Darrin Mish
    31 Jul 2015 | 5:21 am
    Since July 5, police have been looking for a Tampa man accused of kicking, punching and biting the head of an 11-month-old baby boy in Pinellas Park. The Pinellas Park Police Department has probable cause to arrest the 31-year-old man, Glen Franklin Neal Jr. The infant was transported to All Children’s Hospital where he was treated for a severe head injury that caused bleeding on his brain. According to Sgt. Adam Geissenberger of the Pinellas Park Police Department, the baby has been heavily sedated and currently relies on the assistance of a ventilator. He remains in serious condition…
  • Tampa Apartment Complex Residents Report Scorpion Invasion

    Darrin Mish
    30 Jul 2015 | 5:18 am
    Residents of a Tampa apartment complex are having to deal with a scorpion invasion. The invasion is bad enough that the property manager said he would have an Orkin take a look, but only after a local news station got in touch with him about the problem. One resident said that her calls to him have gone unanswered since last week. That property manager seemed to downplay the seriousness of the issue by saying scorpions are commonplace in the area. One of the residents in the complex said that she is afraid to let her children play downstairs in her apartment because of the pests. She has…
  • add this feed to my.Alltop

    L & R Tax Preparation LLC RSS Feed

  • Tax Planning for Small Business Owners

    1 Aug 2015 | 7:00 am
    Tax planning is a process of looking at various tax options to determine when, whether, and how to conduct business and personal transactions so that taxes are eliminated or considerably reduced. This guide presents you with some essential strategies for small business tax planning.
  • Eight Ways Children Lower your Taxes

    1 Aug 2015 | 7:00 am
    Did you know that having children can decrease your tax burden? Check out the top eight ways having kids can mean lower taxes for your family.
  • Changing Jobs? Don't Forget your 401(k)

    1 Aug 2015 | 7:00 am
    One of the most important questions you face when changing job is what to do with your 401(k) money. Making the wrong move could cost you thousands of dollars or more in taxes and lower returns.
 
  • add this feed to my.Alltop

    Taxation RSS Feed | JD Supra Law News

  • German Investment Taxation – Reform Ahead

    Dechert LLP
    3 Aug 2015 | 11:19 am
    The German Ministry of Finance (Bundesfinanzministerium) circulated a discussion draft bill on the reform of fund taxation (‘Draft Bill’) on 22 July 2015. The Draft Bill contains significant changes to the German tax environment regarding funds...By: Dechert LLP
  • IRS-State Information Sharing Agreements

    Sanford Millar
    3 Aug 2015 | 11:18 am
    The IRS published a list of Information Exchange agreements it has with state agencies, a copy of which is available here IRS State Information Exchange Table.pdf The disclosure of this list may help taxpayer's and practitioner's determine when...By: Sanford Millar
  • Tax Blog: NFL Decides to Give up Tax-Exempt Status

    Davis Brown Law Firm
    3 Aug 2015 | 10:59 am
    Football season is just around the corner. In case you missed it, the National Football League (NFL) announced earlier this year it decided to voluntarily end its tax-exempt status. Why did the NFL do this and what does it mean?...By: Davis Brown Law Firm
  • New Jersey Tax Court Eliminates Non-Profit Hospital’s Property Tax Exemption

    BakerHostetler
    3 Aug 2015 | 10:00 am
    On June 25, 2015, a New Jersey Tax Court issued a significant opinion in the case of AHS Hospital Corp. d/b/a Morristown Memorial Hospital v. Town of Morristown, upholding the Town of Morristown’s denial of Morristown Memorial Hospital’s (the...By: BakerHostetler
  • Australian Taxation Office issues new Practice Statement on Advance Pricing Arrangements

    DLA Piper
    3 Aug 2015 | 9:25 am
    The tax and in particular the transfer pricing arrangements of multinationals is currently under the spotlight both internationally, through the OECD/G20 BEPS project, and domestically in Australia, by way of the Senate inquiry into corporate tax...By: DLA Piper
  • add this feed to my.Alltop

  • State Won't Let Stores Open on Nov. 22

    3 Aug 2015 | 11:32 am
    State Won't Let Stores Open on Nov. 22WMTW Most people flock to stores on Thanksgiving for last-minute items or pre-Black Friday steals -- but one state's law doesn't allow that.Where big box stores will be closed In Case You Missed ItSchool Bus Driver's Terrifying Close CallShocking Thing Opens Up in Man's LawnOfficial 'Disgusted' by What Happened to Car
  • General's Emails More Than 'Flirtatious'

    3 Aug 2015 | 11:32 am
    General's Emails More Than 'Flirtatious'APGen. John Allen, the top US commander in Afghanistan, exchanged countless emails with a woman at the heart of the Petraeus scandal.Source reveals explicit messagesMore NewsPlane Crashes Into Mississippi HomeWashington Post Editor Steps DownHusband Finds Teacher in Act With Boy
  • Reason This Ad Is Making Waves

    3 Aug 2015 | 11:32 am
    Reason This Ad Is Making Waves Marks & SpencerIt looks like any other holiday clothing ad for kids, but something about this one is different -- and it's not an accident.How a Facebook post started it allMore StoriesPreterm Birth Rate Drops to New LowPossible Risk Factor for Autism Found?Stranger I Wish I'd Stopped to Talk With
  • Soap Star Says Goodbye After 25 Years

    3 Aug 2015 | 11:32 am
    Soap Star Says Goodbye After 25 YearsCBSSusan Flannery left 'The Bold and the Beautiful' after two and a half decades -- and she's not the only star with a very long TV tenure.Actress who spent 41 years on her showMore to See'X Factor' Singer Says Sexuality Was a RiskActress Opened Up About Bipolar DisorderStreisand's Son Sings for Gay-Friendly Film
  • Take a Look at Where JFK Was Born

    3 Aug 2015 | 11:32 am
    Take a Look at Where JFK Was BornNational Park ServiceYou'll find the late president's very first belongings inside this New England home -- which is being opened to the public for the first time.Famous items the living room is 'filled with'More to SeeStar Has Rose Named After HerCommon Heating Mistake Could Cost YouThe Best Pillow for Your Sleep Style
  • add this feed to my.Alltop

  • State Won't Let Stores Open on Nov. 22

    3 Aug 2015 | 11:32 am
    State Won't Let Stores Open on Nov. 22WMTW Most people flock to stores on Thanksgiving for last-minute items or pre-Black Friday steals -- but one state's law doesn't allow that.Where big box stores will be closed In Case You Missed ItSchool Bus Driver's Terrifying Close CallShocking Thing Opens Up in Man's LawnOfficial 'Disgusted' by What Happened to Car
  • General's Emails More Than 'Flirtatious'

    3 Aug 2015 | 11:32 am
    General's Emails More Than 'Flirtatious'APGen. John Allen, the top US commander in Afghanistan, exchanged countless emails with a woman at the heart of the Petraeus scandal.Source reveals explicit messagesMore NewsPlane Crashes Into Mississippi HomeWashington Post Editor Steps DownHusband Finds Teacher in Act With Boy
  • Reason This Ad Is Making Waves

    3 Aug 2015 | 11:32 am
    Reason This Ad Is Making Waves Marks & SpencerIt looks like any other holiday clothing ad for kids, but something about this one is different -- and it's not an accident.How a Facebook post started it allMore StoriesPreterm Birth Rate Drops to New LowPossible Risk Factor for Autism Found?Stranger I Wish I'd Stopped to Talk With
  • Soap Star Says Goodbye After 25 Years

    3 Aug 2015 | 11:32 am
    Soap Star Says Goodbye After 25 YearsCBSSusan Flannery left 'The Bold and the Beautiful' after two and a half decades -- and she's not the only star with a very long TV tenure.Actress who spent 41 years on her showMore to See'X Factor' Singer Says Sexuality Was a RiskActress Opened Up About Bipolar DisorderStreisand's Son Sings for Gay-Friendly Film
  • Take a Look at Where JFK Was Born

    3 Aug 2015 | 11:32 am
    Take a Look at Where JFK Was BornNational Park ServiceYou'll find the late president's very first belongings inside this New England home -- which is being opened to the public for the first time.Famous items the living room is 'filled with'More to SeeStar Has Rose Named After HerCommon Heating Mistake Could Cost YouThe Best Pillow for Your Sleep Style
 
  • add this feed to my.Alltop

  • State Won't Let Stores Open on Nov. 22

    3 Aug 2015 | 11:32 am
    State Won't Let Stores Open on Nov. 22WMTW Most people flock to stores on Thanksgiving for last-minute items or pre-Black Friday steals -- but one state's law doesn't allow that.Where big box stores will be closed In Case You Missed ItSchool Bus Driver's Terrifying Close CallShocking Thing Opens Up in Man's LawnOfficial 'Disgusted' by What Happened to Car
  • General's Emails More Than 'Flirtatious'

    3 Aug 2015 | 11:32 am
    General's Emails More Than 'Flirtatious'APGen. John Allen, the top US commander in Afghanistan, exchanged countless emails with a woman at the heart of the Petraeus scandal.Source reveals explicit messagesMore NewsPlane Crashes Into Mississippi HomeWashington Post Editor Steps DownHusband Finds Teacher in Act With Boy
  • Reason This Ad Is Making Waves

    3 Aug 2015 | 11:32 am
    Reason This Ad Is Making Waves Marks & SpencerIt looks like any other holiday clothing ad for kids, but something about this one is different -- and it's not an accident.How a Facebook post started it allMore StoriesPreterm Birth Rate Drops to New LowPossible Risk Factor for Autism Found?Stranger I Wish I'd Stopped to Talk With
  • Soap Star Says Goodbye After 25 Years

    3 Aug 2015 | 11:32 am
    Soap Star Says Goodbye After 25 YearsCBSSusan Flannery left 'The Bold and the Beautiful' after two and a half decades -- and she's not the only star with a very long TV tenure.Actress who spent 41 years on her showMore to See'X Factor' Singer Says Sexuality Was a RiskActress Opened Up About Bipolar DisorderStreisand's Son Sings for Gay-Friendly Film
  • Take a Look at Where JFK Was Born

    3 Aug 2015 | 11:32 am
    Take a Look at Where JFK Was BornNational Park ServiceYou'll find the late president's very first belongings inside this New England home -- which is being opened to the public for the first time.Famous items the living room is 'filled with'More to SeeStar Has Rose Named After HerCommon Heating Mistake Could Cost YouThe Best Pillow for Your Sleep Style
  • add this feed to my.Alltop

  • State Won't Let Stores Open on Nov. 22

    3 Aug 2015 | 11:32 am
    State Won't Let Stores Open on Nov. 22WMTW Most people flock to stores on Thanksgiving for last-minute items or pre-Black Friday steals -- but one state's law doesn't allow that.Where big box stores will be closed In Case You Missed ItSchool Bus Driver's Terrifying Close CallShocking Thing Opens Up in Man's LawnOfficial 'Disgusted' by What Happened to Car
  • General's Emails More Than 'Flirtatious'

    3 Aug 2015 | 11:32 am
    General's Emails More Than 'Flirtatious'APGen. John Allen, the top US commander in Afghanistan, exchanged countless emails with a woman at the heart of the Petraeus scandal.Source reveals explicit messagesMore NewsPlane Crashes Into Mississippi HomeWashington Post Editor Steps DownHusband Finds Teacher in Act With Boy
  • Reason This Ad Is Making Waves

    3 Aug 2015 | 11:32 am
    Reason This Ad Is Making Waves Marks & SpencerIt looks like any other holiday clothing ad for kids, but something about this one is different -- and it's not an accident.How a Facebook post started it allMore StoriesPreterm Birth Rate Drops to New LowPossible Risk Factor for Autism Found?Stranger I Wish I'd Stopped to Talk With
  • Soap Star Says Goodbye After 25 Years

    3 Aug 2015 | 11:32 am
    Soap Star Says Goodbye After 25 YearsCBSSusan Flannery left 'The Bold and the Beautiful' after two and a half decades -- and she's not the only star with a very long TV tenure.Actress who spent 41 years on her showMore to See'X Factor' Singer Says Sexuality Was a RiskActress Opened Up About Bipolar DisorderStreisand's Son Sings for Gay-Friendly Film
  • Take a Look at Where JFK Was Born

    3 Aug 2015 | 11:32 am
    Take a Look at Where JFK Was BornNational Park ServiceYou'll find the late president's very first belongings inside this New England home -- which is being opened to the public for the first time.Famous items the living room is 'filled with'More to SeeStar Has Rose Named After HerCommon Heating Mistake Could Cost YouThe Best Pillow for Your Sleep Style
  • add this feed to my.Alltop

  • State Won't Let Stores Open on Nov. 22

    3 Aug 2015 | 11:32 am
    State Won't Let Stores Open on Nov. 22WMTW Most people flock to stores on Thanksgiving for last-minute items or pre-Black Friday steals -- but one state's law doesn't allow that.Where big box stores will be closed In Case You Missed ItSchool Bus Driver's Terrifying Close CallShocking Thing Opens Up in Man's LawnOfficial 'Disgusted' by What Happened to Car
  • General's Emails More Than 'Flirtatious'

    3 Aug 2015 | 11:32 am
    General's Emails More Than 'Flirtatious'APGen. John Allen, the top US commander in Afghanistan, exchanged countless emails with a woman at the heart of the Petraeus scandal.Source reveals explicit messagesMore NewsPlane Crashes Into Mississippi HomeWashington Post Editor Steps DownHusband Finds Teacher in Act With Boy
  • Reason This Ad Is Making Waves

    3 Aug 2015 | 11:32 am
    Reason This Ad Is Making Waves Marks & SpencerIt looks like any other holiday clothing ad for kids, but something about this one is different -- and it's not an accident.How a Facebook post started it allMore StoriesPreterm Birth Rate Drops to New LowPossible Risk Factor for Autism Found?Stranger I Wish I'd Stopped to Talk With
  • Soap Star Says Goodbye After 25 Years

    3 Aug 2015 | 11:32 am
    Soap Star Says Goodbye After 25 YearsCBSSusan Flannery left 'The Bold and the Beautiful' after two and a half decades -- and she's not the only star with a very long TV tenure.Actress who spent 41 years on her showMore to See'X Factor' Singer Says Sexuality Was a RiskActress Opened Up About Bipolar DisorderStreisand's Son Sings for Gay-Friendly Film
  • Take a Look at Where JFK Was Born

    3 Aug 2015 | 11:32 am
    Take a Look at Where JFK Was BornNational Park ServiceYou'll find the late president's very first belongings inside this New England home -- which is being opened to the public for the first time.Famous items the living room is 'filled with'More to SeeStar Has Rose Named After HerCommon Heating Mistake Could Cost YouThe Best Pillow for Your Sleep Style
 
  • add this feed to my.Alltop

  • State Won't Let Stores Open on Nov. 22

    3 Aug 2015 | 11:32 am
    State Won't Let Stores Open on Nov. 22WMTW Most people flock to stores on Thanksgiving for last-minute items or pre-Black Friday steals -- but one state's law doesn't allow that.Where big box stores will be closed In Case You Missed ItSchool Bus Driver's Terrifying Close CallShocking Thing Opens Up in Man's LawnOfficial 'Disgusted' by What Happened to Car
  • General's Emails More Than 'Flirtatious'

    3 Aug 2015 | 11:32 am
    General's Emails More Than 'Flirtatious'APGen. John Allen, the top US commander in Afghanistan, exchanged countless emails with a woman at the heart of the Petraeus scandal.Source reveals explicit messagesMore NewsPlane Crashes Into Mississippi HomeWashington Post Editor Steps DownHusband Finds Teacher in Act With Boy
  • Reason This Ad Is Making Waves

    3 Aug 2015 | 11:32 am
    Reason This Ad Is Making Waves Marks & SpencerIt looks like any other holiday clothing ad for kids, but something about this one is different -- and it's not an accident.How a Facebook post started it allMore StoriesPreterm Birth Rate Drops to New LowPossible Risk Factor for Autism Found?Stranger I Wish I'd Stopped to Talk With
  • Soap Star Says Goodbye After 25 Years

    3 Aug 2015 | 11:32 am
    Soap Star Says Goodbye After 25 YearsCBSSusan Flannery left 'The Bold and the Beautiful' after two and a half decades -- and she's not the only star with a very long TV tenure.Actress who spent 41 years on her showMore to See'X Factor' Singer Says Sexuality Was a RiskActress Opened Up About Bipolar DisorderStreisand's Son Sings for Gay-Friendly Film
  • Take a Look at Where JFK Was Born

    3 Aug 2015 | 11:32 am
    Take a Look at Where JFK Was BornNational Park ServiceYou'll find the late president's very first belongings inside this New England home -- which is being opened to the public for the first time.Famous items the living room is 'filled with'More to SeeStar Has Rose Named After HerCommon Heating Mistake Could Cost YouThe Best Pillow for Your Sleep Style
  • add this feed to my.Alltop

  • State Won't Let Stores Open on Nov. 22

    3 Aug 2015 | 11:32 am
    State Won't Let Stores Open on Nov. 22WMTW Most people flock to stores on Thanksgiving for last-minute items or pre-Black Friday steals -- but one state's law doesn't allow that.Where big box stores will be closed In Case You Missed ItSchool Bus Driver's Terrifying Close CallShocking Thing Opens Up in Man's LawnOfficial 'Disgusted' by What Happened to Car
  • General's Emails More Than 'Flirtatious'

    3 Aug 2015 | 11:32 am
    General's Emails More Than 'Flirtatious'APGen. John Allen, the top US commander in Afghanistan, exchanged countless emails with a woman at the heart of the Petraeus scandal.Source reveals explicit messagesMore NewsPlane Crashes Into Mississippi HomeWashington Post Editor Steps DownHusband Finds Teacher in Act With Boy
  • Reason This Ad Is Making Waves

    3 Aug 2015 | 11:32 am
    Reason This Ad Is Making Waves Marks & SpencerIt looks like any other holiday clothing ad for kids, but something about this one is different -- and it's not an accident.How a Facebook post started it allMore StoriesPreterm Birth Rate Drops to New LowPossible Risk Factor for Autism Found?Stranger I Wish I'd Stopped to Talk With
  • Soap Star Says Goodbye After 25 Years

    3 Aug 2015 | 11:32 am
    Soap Star Says Goodbye After 25 YearsCBSSusan Flannery left 'The Bold and the Beautiful' after two and a half decades -- and she's not the only star with a very long TV tenure.Actress who spent 41 years on her showMore to See'X Factor' Singer Says Sexuality Was a RiskActress Opened Up About Bipolar DisorderStreisand's Son Sings for Gay-Friendly Film
  • Take a Look at Where JFK Was Born

    3 Aug 2015 | 11:32 am
    Take a Look at Where JFK Was BornNational Park ServiceYou'll find the late president's very first belongings inside this New England home -- which is being opened to the public for the first time.Famous items the living room is 'filled with'More to SeeStar Has Rose Named After HerCommon Heating Mistake Could Cost YouThe Best Pillow for Your Sleep Style
  • add this feed to my.Alltop

  • State Won't Let Stores Open on Nov. 22

    3 Aug 2015 | 11:32 am
    State Won't Let Stores Open on Nov. 22WMTW Most people flock to stores on Thanksgiving for last-minute items or pre-Black Friday steals -- but one state's law doesn't allow that.Where big box stores will be closed In Case You Missed ItSchool Bus Driver's Terrifying Close CallShocking Thing Opens Up in Man's LawnOfficial 'Disgusted' by What Happened to Car
  • General's Emails More Than 'Flirtatious'

    3 Aug 2015 | 11:32 am
    General's Emails More Than 'Flirtatious'APGen. John Allen, the top US commander in Afghanistan, exchanged countless emails with a woman at the heart of the Petraeus scandal.Source reveals explicit messagesMore NewsPlane Crashes Into Mississippi HomeWashington Post Editor Steps DownHusband Finds Teacher in Act With Boy
  • Reason This Ad Is Making Waves

    3 Aug 2015 | 11:32 am
    Reason This Ad Is Making Waves Marks & SpencerIt looks like any other holiday clothing ad for kids, but something about this one is different -- and it's not an accident.How a Facebook post started it allMore StoriesPreterm Birth Rate Drops to New LowPossible Risk Factor for Autism Found?Stranger I Wish I'd Stopped to Talk With
  • Soap Star Says Goodbye After 25 Years

    3 Aug 2015 | 11:32 am
    Soap Star Says Goodbye After 25 YearsCBSSusan Flannery left 'The Bold and the Beautiful' after two and a half decades -- and she's not the only star with a very long TV tenure.Actress who spent 41 years on her showMore to See'X Factor' Singer Says Sexuality Was a RiskActress Opened Up About Bipolar DisorderStreisand's Son Sings for Gay-Friendly Film
  • Take a Look at Where JFK Was Born

    3 Aug 2015 | 11:32 am
    Take a Look at Where JFK Was BornNational Park ServiceYou'll find the late president's very first belongings inside this New England home -- which is being opened to the public for the first time.Famous items the living room is 'filled with'More to SeeStar Has Rose Named After HerCommon Heating Mistake Could Cost YouThe Best Pillow for Your Sleep Style
 
  • add this feed to my.Alltop

  • State Won't Let Stores Open on Nov. 22

    3 Aug 2015 | 11:32 am
    State Won't Let Stores Open on Nov. 22WMTW Most people flock to stores on Thanksgiving for last-minute items or pre-Black Friday steals -- but one state's law doesn't allow that.Where big box stores will be closed In Case You Missed ItSchool Bus Driver's Terrifying Close CallShocking Thing Opens Up in Man's LawnOfficial 'Disgusted' by What Happened to Car
  • General's Emails More Than 'Flirtatious'

    3 Aug 2015 | 11:32 am
    General's Emails More Than 'Flirtatious'APGen. John Allen, the top US commander in Afghanistan, exchanged countless emails with a woman at the heart of the Petraeus scandal.Source reveals explicit messagesMore NewsPlane Crashes Into Mississippi HomeWashington Post Editor Steps DownHusband Finds Teacher in Act With Boy
  • Reason This Ad Is Making Waves

    3 Aug 2015 | 11:32 am
    Reason This Ad Is Making Waves Marks & SpencerIt looks like any other holiday clothing ad for kids, but something about this one is different -- and it's not an accident.How a Facebook post started it allMore StoriesPreterm Birth Rate Drops to New LowPossible Risk Factor for Autism Found?Stranger I Wish I'd Stopped to Talk With
  • Soap Star Says Goodbye After 25 Years

    3 Aug 2015 | 11:32 am
    Soap Star Says Goodbye After 25 YearsCBSSusan Flannery left 'The Bold and the Beautiful' after two and a half decades -- and she's not the only star with a very long TV tenure.Actress who spent 41 years on her showMore to See'X Factor' Singer Says Sexuality Was a RiskActress Opened Up About Bipolar DisorderStreisand's Son Sings for Gay-Friendly Film
  • Take a Look at Where JFK Was Born

    3 Aug 2015 | 11:32 am
    Take a Look at Where JFK Was BornNational Park ServiceYou'll find the late president's very first belongings inside this New England home -- which is being opened to the public for the first time.Famous items the living room is 'filled with'More to SeeStar Has Rose Named After HerCommon Heating Mistake Could Cost YouThe Best Pillow for Your Sleep Style
  • add this feed to my.Alltop

    Value Added Tax Blog

  • India: proposed GST explained

    Mark
    31 Jul 2015 | 5:49 am
    It is difficult to find a comprehensive explanation of how the proposed GST in India works. In this brief article, the author discusses two options and provides details of the “Concurrent Dual GST” that is currently on the table. Have a look at http://taxguru.in/goods-and-service-tax/indian-model-goods-service-tax-gst.html  
  • Avoiding VAT fraud

    Mark
    31 Jul 2015 | 5:43 am
    The French tax authorities published a list of “red flags” that identify potential VAT fraud. These flags include: Certain general characteristics of the supplier—e.g., invalid intra-community VAT number, engaging in operations that are not related to its normal activity, operating in a sector prone to carousel-type fraud Characteristics of the transaction—e.g., an abnormally below-market price, no sales contract, large […]
  • A VAT in the U.S., tested

    Mark
    17 Jul 2015 | 12:18 pm
    Tax reform has been the flavor of the year here in the U.S., and Democratic Senator Ben Cardin has thrown his hat into the federal consumption tax arena. Cardin launched a proposal for a “Progressive Consumption Tax” (“PCT”) – see http://www.cardin.senate.gov//pct. The non-partisan Tax Foundation did a thorough job in slicing and dicing the numbers […]
  • ECJ: Only “economic activities” create the right to input VAT credit

    Mark
    17 Jul 2015 | 10:04 am
    As with most rulings of the European Court of Justice (ECJ), the most recent one was not earth-shattering for most member states (Larentia + Minerva mbH & Co. KG – case # C-108/14). The question at hand was whether a holding company that is actively involved in the management of its subsidiaries is entitled to […]
  • Greek debt crisis and VAT

    Mark
    13 Jul 2015 | 7:58 am
    Greece has agreed to “streamline” their VAT system and broaden the tax base to increase revenue – by July 15, which is this week. It looks like supplies of food and entertainment would move to the standard rate, but very little information is currently available or even confirmed. NBC says: “The Greek meal sales tax in […]
 
  • add this feed to my.Alltop

    J. Stefan - EzineArticles Expert Author

  • No Articles Found

    3 Aug 2015 | 11:48 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.
  • add this feed to my.Alltop

    The Dinesen Tax Times

  • New Nebraska Guidance on Same-Sex Marriage and Taxes

    Jason Dinesen
    3 Aug 2015 | 4:30 am
    Image courtesy of user Nemo on Pixabay.com Nebraska recently released new guidance for how couples in same-sex marriage will file Nebraska tax returns. The guidance comes after the June 26th U.S. Supreme Court ruling that same-sex marriage is legal in all 50 states. (Nebraska previously had a constitutional ban on same-sex marriage.) The short version of the guidance is: For 2015 tax returns, a couple in a same-sex marriage will file their Nebraska tax returns as married For 2014 tax returns that are on extension and haven’t yet been filed, a couple in a same-sex marriage must file that…
  • Glossary of Tax Terms: Roth IRA

    Jason Dinesen
    30 Jul 2015 | 4:30 am
    A Roth IRA is a type of individual retirement account where deposits into the account are not tax deductible and withdrawals are generally tax-free (with restrictions). Basic Rules You must have taxable compensation. Compensation is wages and self-employment income. Alimony also counts as compensation. Your adjusted gross income for the year must be less than: $193,000 (in 2015) if your filing status is married filing jointly; $131,000  (in 2015) for single, head of household, or married filing separately (but only if you lived apart from your spouse all year); and $10,000 if your filing…
  • Marriage in the Tax Code, Part 14: The Marriage Penalty Gets Worse Through the 1970s

    Jason Dinesen
    28 Jul 2015 | 4:30 am
    In future parts of this series, I’ll examine the social and legal landscape that may have led to the marriage penalty. But first I want to give some more examples. By the early 1980s, the marriage penalty started affecting couples at lower income ranges. Example In 1982, John has taxable income of $14,000 and Jane has taxable income of $6,000, for combined taxable income on their married filing jointly tax return of $20,000. The tax on $20,000 is $2,773. If John and Jane were single, John’s tax would be $2,100. Jane’s tax would be $528. Total tax owed between the two of them is $2,628.
  • Patient-Centered Outcomes Research Fee Due July 31

    Jason Dinesen
    24 Jul 2015 | 4:30 am
    Image courtesy of Pixabay.com It’s that time of year again for certain employers and insurance companies to pay the “Patient Centered Outcomes Research Fee.” The fee is imposed on health insurance plans, and amounts to $2.08/participant. In almost all cases for the typical small business that maintains health insurance for its employees, the insurance company will pay the fee and file the necessary forms. Beware of HRAs There is one place where small businesses can get caught needing to pay the fee, and that is if the business maintains a health reimbursement arrangement.
  • Who Claims the Kids When a Single Parent Dies Mid-Year? Part 2

    Jason Dinesen
    22 Jul 2015 | 4:30 am
    Tax situations often turn into complex mazes. Here’s the scenario and question I pondered in Part 1: Husband and wife have 4 kids. The wife passes away. Five years later, the husband unexpectedly dies. Two of the kids are adults in their 20s, but the other 2 kids are teenagers under the age of 18 and still in high school. The oldest 20-something gets custody of the teens. In the year the father died, who claims the teens: the deceased father on his final tax return, or the eldest adult child who now has custody? Analysis: Qualifying Child or Qualifying Relative? Both of the teens are…
  • add this feed to my.Alltop

    IncomeTaxReturnIndia.com

  • How to do Electronic Verification of ITRV

    Tax Dost
    20 Jul 2015 | 6:13 am
    Good news! Income Tax payers are no longer required to sign ITR-V and send ITR V To Banglore CPC. ITR-V can not now be verified online using Aadhar card and / or net banking. This is a much awaited initiative from Income tax department which is welcomed by all income … Continue reading →
  • Difference b/w TIN or TAN

    Tax Dost
    23 Jun 2015 | 1:32 am
    Tax Deduction And Collection Account Number (TAN) TAN stands for Tax Deduction and Collection Account Number. It  is a unique 10 digit alpha numeric number allotted by the Income Tax Department (ITD) of India. Compulsorily required to all the persons who are accountable for tax deducted at source (TDS) or tax … Continue reading →
  • UAN Number

    Tax Dost
    13 Jun 2015 | 1:32 am
    What is UAN number? UAN is Universal Account Number. The UAN is a 12-digit  number allotted to employee who is contributing to EPF. Universal number is a big step towards shifting the EPF services to online platform and making it more user-friendly.  Please note that The universal account number remains same … Continue reading →
  • Only Air-Conditioned or Air-Heated Restaurants to Pay Service Tax

    Tax Dost
    10 Jun 2015 | 12:14 am
    Clarification Issued in the Matter of Service Tax; Only Air-Conditioned or Air-Heated Restaurants to Pay Service Tax; Restaurants, Eating-Joints or Messes Which Do Not Have the Facility of Air-Conditioning Or Central Air-Heating in Any Part of the Establishment are Exempt from Service Tax. At present, Service Tax is chargeable on … Continue reading →
  • How to claim PMJJBY & PMSBY

    Tax Dost
    9 Jun 2015 | 12:32 am
    How to claim PMJJBY & PMSBY – Download Claim Forms Online Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) and Pradhan Mantri Suraksha Bima Yojana (PMSBY) are 2 super hit insurance schemes launched by Govt of India recently. Both the schemes are getting massive promotion to bring more people under insurance … Continue reading →
 
  • add this feed to my.Alltop

    Philadelphia Estate and Tax Attorney Blog

  • Small Businesses Can Get IRS Penalty Relief for Unfiled Retirement Plan Returns

    STEVEN J. FROMM, ATTORNEY, LL.M. (TAXATION)
    19 Jul 2015 | 11:17 am
    Minimize Penalties For Failure To File Returns For Retirement Plans Have you failed to file your retirement plan reporting form for your retirement plan? If you have failed to do so, the Internal Revenue Service on July 14, 2015 provides eligible small businesses a low-cost penalty relief program enabling them to quickly come back into compliance with IRS filing rules. The program is designed to help small businesses that may have been unaware of the reporting requirements that apply to their retirement plans. In most cases, retirement plan sponsors and administrators need to know that  a…
  • Philadelphia Use & Occupancy Tax Rate Change Effective July 1, 2015

    STEVEN J. FROMM, ATTORNEY, LL.M. (TAXATION)
    9 Jul 2015 | 9:11 am
    Lit Brothers: Back in the Day Philadelphia has just increased its Use and Occupancy Tax as of July 1, 2015. The new Use & Occupancy Tax rate will be 1.21%. This is an increase from the prior rate of 1.13%. This new rate will be effective with the July 2015 Use & Occupancy tax Return that is due July 27, 2015.  Remember that as of January 2015, all U&O tax returns must be filed and paid on-line through the Philadelphia Department of Revenue website.  So when filing in July, 2015 be aware of this increased tax rate and resulting tax increase. Assessment Exemption: Also, beginning…
  • The City of Philadelphia Department of Revenue Announces Wage Tax Reduction for July 1, 2015.

    STEVEN J. FROMM, ATTORNEY, LL.M. (TAXATION)
    30 Jun 2015 | 9:30 am
    Philadelphia business owners and those that withhold taxes on employees that live in Philadelphia should take notice that the City of Philadelphia has reduced the City Wage Tax rate effective July 1, 2015. • The new Wage Tax rate for residents of Philadelphia is 3.9102% (.039102). • The new Wage Tax rate for non-residents of Philadelphia who are subject to the Philadelphia City Wage Tax is 3.4828% (.034828). What does this mean to you as an employer of Philadelphia employees? Any paycheck that you issue with a pay date after June 30, 2015 must have Philadelphia City Wage Tax withheld at…
  • Philadelphia Estate and Tax Blog Named The Best Tax Blog in America For 2015

    STEVEN J. FROMM, ATTORNEY, LL.M. (TAXATION)
    17 Mar 2015 | 1:21 pm
    My very own Philadelphia Estate and Tax Attorney Blog has just won as the Best Tax Blog In America for 2015! I am most appreciative of all of you who took the time to vote for my blog.  You can see the final voting results by going to: http://wallethub.com/blog/best-tax-blog/10470/?user=sjfpc. Thanks so much to everyone who voted!Filed under: Philadelphia Business Attorney, Philadelphia Corporate Attorney, Philadelphia Estate Attorney, Philadelphia Tax Attorney Tagged: Best 50 Tax Blogs, Philadelpia Tax and Estate Attorney Blog, tax attorney blog, tax law
  • Philadelphia Businesses Must Now Provide A New Tax Notice To Employees and Non-Payroll Workers

    STEVEN J. FROMM, ATTORNEY, LL.M. (TAXATION)
    20 Jan 2015 | 10:37 am
    Philadelphia notice Requirements for Businesses for 2015 If you are a business that has employees or independent contractors who live in Philadelphia, the City of Philadelphia is now imposing new notice requirements. Beginning January 1, 2015, Title 19, Chapter 19-4000, of the Philadelphia Code, entitled “Income Inequality Initiative – Earned Income Tax Credit,” requires all employers to provide notice of the federal Earned Income Tax Credit (“EITC”) program to all Philadelphia resident employees and non-payroll workers at the same time as their W-2, 1099, or…
  • add this feed to my.Alltop

    Bankrate.com » Taxes

  • $4,575 tax bill for online cigarettes

    Kay Bell
    30 Jul 2015 | 8:50 am
    An Arizona man got an almost $5,000 tax bill for cigarettes he bought online years ago. He's not alone. States are getting creative to get added revenue.
  • Moving to escape state estate taxes

    Kay Bell
    28 Jul 2015 | 7:51 am
    Most estates won't face the federal tax, but it's a different story in states that still collect them. Would you relocate to protect your estate from taxes?
  • Same-sex marriage to boost state tax revenue

    Kay Bell
    23 Jul 2015 | 11:00 am
    A few states resisted same-sex marriage. Now that it's the nation's law, however, it could help boost their states' tax collections.
  • Tax evasion is a global problem

    Kay Bell
    21 Jul 2015 | 7:04 am
    Greece's financial troubles are partially due to the country's widespread tax evasion. It's a worldwide problem, even in the United States.
  • Tax ID theft victims need one IRS contact

    Kay Bell
    16 Jul 2015 | 11:33 am
    Tax identity theft can be a mess to fix. That's why the National Taxpayer Advocate says the IRS needs a single point of contact for tax ID theft victims.
  • add this feed to my.Alltop

    Sales Use Tax

  • New Proposed Nexus Legislation – Not Very Helpful

    Jerry Donnini
    29 Jul 2015 | 10:14 am
    As a business owner, you should be concerned about nexus as it relates to your sales and use tax liability. The United States Constitution limits the several states’ power to require a business to pay sales tax based on their … Continue reading →
  • Multi-State Tax Report: 50 Years Later and Sales Tax Debate Continues

    Annette Nellen
    14 Jul 2015 | 12:32 pm
    In 1964 and 1965, the “Willis Commission” issued a four-volume, 1,200+ page report on multistate problems and possible solutions. The commission was named for its chair, Congressman Edwin Willis (D-LA). It was created as part of P.L. 86-272 (9/14/59), more … Continue reading →
  • Remote Transactions Parity Act: Comparing RTPA to MFA

    Sylvia F. Dion
    1 Jul 2015 | 9:28 pm
    After months of speculation and anticipation – a new federal remote seller bill was introduced in the U.S. Congress.  On June 15, 2015, U.S. Representative, Jason Chaffetz (R-UT) introduced H.R. 2775, the Remote Transactions Parity Act (“RTPA”).  If enacted, the … Continue reading →
  • Nexus: Sales Tax HotSpot #1 and Key Sales Tax Consideration

    Michael J. Fleming
    12 Jun 2015 | 10:40 am
    One of the most basic questions that a businesses has when selling into multiple states is where do we have a responsibility to collect and/or pay tax. This question usually relates to sales and use as well as income and … Continue reading →
  • Can Deliveries Create Sales Tax Nexus?

    Jerry Donnini
    10 Jun 2015 | 9:49 am
    With each passing year, states become more aggressive and come up with new creative ways to attribute nexus to a company. Once nexus—or a connection—is created with a state, a host of responsibilities come along with it, including charging collection … Continue reading →
 
  • add this feed to my.Alltop

    US Tax Program for Swiss Banks

  • 3 Swiss Banks Will Continue to Cooperate with the DoJ and Collectively Pay Penalties of More than $8.4m

    admin
    30 Jul 2015 | 11:50 am
    PKB Privatbank AG, Falcon Private Bank AG and Credito Privato Commerciale in liquidazione SA (CPC) have reached a solution with the US Department of Justice (DoJ) under the US Tax Program for Category 2 banks. The institutions will continue to cooperate in any related criminal or civil proceedings with the DoJ, demonstrate its implementation of controls to stop misconduct involving undeclared U.S. accounts, and pay each a fine. In return the DoJ offer them a Non-Prosecution Agreement (NPA) for tax-related criminal offense. In the PKB Privatbank AG’s NPA we learn that the institution…
  • SB Saanen Bank and Privatbank Bellerive Both Had Asset under Management below $70m but Will Pay Very Different Fines

    admin
    29 Jul 2015 | 12:41 am
    SB Saanen Bank and Privatbank Bellerive respectively managed $62m and c.a. $69m of US-related money, but will pay very different fines, i.e. $1.3m for SB Saanen Bank and $57k Privatbank Bellerive. The big difference is explained by the business strategy approach of the two banks says the Agefi. SB Saanen Bank committed a high number of infractions regarding US regulations and actively marketed the market segment. It held 110 accounts, some of which it knew where undeclared and helped hiding money from the Inland Revenue Service (IRS). Privatbank Bellerive on the contrary positioned itself as…
  • UBS and B. Birkenfeld’s Claims Turned Down by California Judge on the Basis of ‘Unclean Hands’

    admin
    28 Jul 2015 | 10:30 pm
    Bloomberg reported that UBS Group AG and Bradley Birkenfeld, a banker-turned-whistle-blower, were deemed by California Superior Court Judge Kim G. Dunning ‘to have too unclean hands to bring a malicious prosecution lawsuit against the real-estate developer Igor Olenicoff who had accused them of duping him into filing a false tax return’. The ruling was based on the legal doctrine that those who commit wrongdoing cannot sue others involved in it. Olenicoff pleaded guilty in 2007 to failing to disclose about $200m in offshore accounts to the Internal Revenue Service (IRS). He was…
  • Explanation on the Differential between Julius Baer’s Provisions and the Analysts’ Forecasts

    admin
    23 Jul 2015 | 11:28 pm
    The Agefi comes back on the statement made earlier this week by Julius Baer announcing it made provision of $350m to settle the tax dispute with the US while analysts expect a fine closer to $800m. The newspaper evokes the strong cooperation of the bank with the US authorities since 2009. A major step in this cooperation is the fact that Julius Baer asked the FINMA in 2009 the authorisation to transfer account data to the US; a request that was denied by the Swiss regulator. As a reminder, Julius Baer  is a Category 1 bank, i.e. institutions that were already under investigation by the DoJ…
  • US Tax Dispute: Another 2 Banks Strike a Deal

    admin
    23 Jul 2015 | 2:33 pm
    The US Department of Justice (DoJ) announced that they reached an agreement with a further two Category 2 Swiss banks. SB Saanen Bank AG and Privatbank Bellerive AG agreed to cooperate in any related criminal or civil proceedings, signed a Non-Prosecution Agreement (NPA), and pay a fine. In the SB Saanen Bank AG NPA we learn that since August 2008, the bank continued to accept undeclared accounts and held a total of 110 US-related accounts with a maximum aggregate value of $62m. The bank will pay a penalty of $$1.365m. In the case of Privatbank Bellerive AG, despite understanding that US…
  • add this feed to my.Alltop

    Botz, Deal & Company, P.C.

  • More than 100,000 tax transcripts stolen from IRS’s online “Get Transcript” application

    Dale Brown
    20 Jul 2015 | 1:32 pm
    More than 104,000 taxpayers are victims of a new identity theft scheme through which criminals used information previously stolen from outside sources to obtain unauthorized access to the IRS’s online “Get Transcript” application. After discovering the scheme in mid-May, the IRS disabled the online application and is taking steps to alert affected taxpayers and to further investigate the perpetrators. The IRS estimated in the meantime that these criminal downloads might result in only 15,000 false tax return filings. The Get Transcript application enables taxpayers to obtain…
  • Expansion of Tax Benefits to Same-Sex Married Couples

    Dale Brown
    9 Jul 2015 | 12:13 pm
    The Supreme Court’s decision in Obergefell v. Hodges (2015-1 ustc ¶50,357) on June 26, 2015 continues what was set in motion in 2013: the expansion of tax benefits to same-sex married couples. In Obergefell, the Court ruled 5 to 4 that the Fourteenth Amendment requires a state to license a marriage between two people of the same sex. The Court further held that states must recognize a marriage between two people of the same sex when a marriage was lawfully licensed and performed out of state. Background In 2013, the Supreme Court decided Windsor v. U.S (2013-2 ustc ¶50,400). Windsor was…
  • Tax Incentives for Families

    Dale Brown
    9 Jul 2015 | 8:23 am
    President Obama released his $3.99 trillion fiscal year (FY 2016) federal budget proposals on February 2, 2015, calling for expansion of tax incentives for families, consolidation of education tax breaks, creation of new retirement savings opportunities… and tax increases for higher-income taxpayers. The President’s proposals did not leave out businesses. As in past years, the President signaled his support for a reduction in the corporate tax rate but only if businesses agree to base broadening measures. The President also proposed a new tax regime on foreign earnings, a permanent…
  • IRS Over and Underpayment Interest Rates

    Dale Brown
    8 Jul 2015 | 12:53 pm
    IRS over and underpayment interest rates hold steady…again, for upcoming quarter The IRS has announced that the interest rates on overpayments and underpayments of tax for the calendar quarter beginning July 1, 2015 will remain unchanged. The rates will be: 3 percent for overpayments, in cases other than corporations; 2 percent for overpayments in the case of a corporation (except 0.5 percent for the portion of a corporate overpayment exceeding $10,000); and 3 percent for underpayments (except 5 percent for large corporate underpayments). The underpayment rate applies to certain…
  • The Saver’s Credit

    Dale Brown
    25 Jun 2015 | 11:38 am
    What is the Saver’s Credit? Under Code Sec. 25B, a low-income taxpayer can claim a tax credit for a portion of the amounts contributed to an individual retirement account, 401(k) plan, or other retirement plan. A credit is allowed for up to $2,000 of contributions to qualified retirement savings plans. The maximum credit is $1,000 for individuals and $2,000 for married couples. A taxpayer’s credit amount is based on his or her filing status, adjusted gross income, tax liability and amount contributed to qualifying retirement programs. However, the percentage of contributions for…
 
Log in