Posts tagged with: "tax"
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16 Apr 2014, 5:00 pm by Bryan Fears
A Chapter 13 bankruptcy is a three to five year commitment between the debtor, his attorney, the trustee, and the bankruptcy court. This relationship does not stop once the debtor’s proposed repayment plan is confirmed by the court. The debtor is expected to cooperate with the trustee’s requests and the requirements of the bankruptcy throughout the case. In a Chapter 13 case the debtor is prohibited from obtaining credit without prior approval from the trustee and bankruptcy court. An… [read post]
17 Apr 2014, 10:20 am
Sales taxes are an inevitable part of life in New Jersey, and indeed, across the country. Sales taxes make it possible for the state to fund important government programs and operations such as transportation infrastructures, aid to schools (to the extent that it supplements local property tax and other funding sources), health and welfare aid programs, licensing and compliance departments, and other general state expenditures. However, individual taxpayers may also benefit from their payment… [read post]
16 Apr 2014, 2:02 pm by Jeffrey A. Newman
Some American investors have concocted a scheme to evade U.S. taxes by sending their money offshore and then investing from there in U.S. stocks or bonds. A recent study says that this is costing our country billions in unpaid taxes. In order to do the round tripping, an American citizen will set up a bank account in a foreign tax haven like the Cayman Islands. Then they place their moneys into those accounts and use it to purchase stocks and bonds back in the states. Normally an individual who… [read post]
16 Apr 2014, 1:24 pm by Paul Caron
Julie Roin (Chicago) presents Planning Past Pensions at Duke today as part of its Tax Policy Seminar hosted by Lawrence Zelenak: Evidence of state and local government dysfunction surfaces in many areas. One is the operation of their employee pension plans. Free from the strictures of ERISA, some governments failed... [read post]
16 Apr 2014, 1:23 pm by Michelle Cohen
If you have unreported income from offshore accounts, now may be the best time to come forward and report those earnings; otherwise, you may be susceptible to criminal prosecution. The IRS initially began this open-ended Offshore Voluntary Disclosure Program (OVDP) in 2009 and later renewed it in 2011. Due to strong interest from previous years, […] [read post]
A lot of people think that an estate tax and an inheritance tax are one and the same, but in fact they are two different things and we would like to clear up the distinctions here. The estate tax is levied on the entirety of the estate before it is passed along to the heirs. It should be noted that there is a federal estate tax which is applicable in all 50 states. At the present time the maximum rate of the tax is 35% and the exemption amount is $5.12 million. But in addition to this some states… [read post]
16 Apr 2014, 12:02 pm by Paul Caron
FiveThirtyEight: The Fluctuating Math Errors in Americans’ Tax Returns: Seeing as Tuesday night is the deadline for filing tax returns, and seeing as data is FiveThirtyEight’s raison d’être, I was excited to find a set of statistics titled “Math Errors on Individual Income Tax Returns, by Type of Error.” Even... [read post]
16 Apr 2014, 12:00 pm by Gerry W. Beyer
The decedent died from injuries sustained in a motor vehicle accident. In the subsequent wrongful death suit, the plaintiffs asserted, among other claims, one for economic damages equal to the difference between the federal estate tax paid in the decedent’s... [read post]
16 Apr 2014, 11:59 am by doug
With April 15th of 2014 in the rear view mirror, it is now open season on discharging 2010 income tax debts (both state and federal) in bankruptcy court. Income taxes may not be usually dischargeable in bankruptcy, but the rules change once the debts get old. Debtors who filed a return on time, but who ended up owing money they couldn’t pay anyway, can eliminate the tax debt once three years have passed from the day the return was due. So 2010 taxes were due on April 15th of 2011, and three… [read post]
16 Apr 2014, 11:00 am by Paul Caron
Linda Sugin (Fordham), Payroll Taxes, Mythology, and Fairness, 51 Harv. J. on Legis.___ (2014): As the 2012 fiscal cliff approached, Congress and President Obama bickered over the top marginal income tax rate that would apply to a tiny sliver of the population, while allowing payroll taxes to quietly rise for... [read post]
16 Apr 2014, 9:48 am by Paul Caron
Following up on my previous posts (links below): Fox News, IRS Considers Taxing Work Perks Like Food, Gym Memberships: In competitive job markets like Silicon Valley, companies are doing everything they can to entice the best and brightest -- offering freebies that have become the stuff of legend. Employee perks... [read post]
16 Apr 2014, 8:22 am by David C. Gair
The IRS recently released a chief counsel memorandum AM2014-003 on LLC Member Guarantees of LLC Debt and “Qualified Nonrecourse Financing.”  These memorandums are very helpful because they provide the IRS’ interpretation of complicated issues.  These memorandums do not have the force and effect of law – thus a taxpayer is not bound by them.  However, it is wise to thoroughly consider them. The at-risk rules are complicated, but in a nutshell, these rules… [read post]
16 Apr 2014, 5:00 am by Frank L. Brunetti
Senator Car Levin opened an April 1 subcommittee hearing by denouncing Caterpillar, Inc. for reducing its tax liabilities by shifting profits to a Swiss subsidiary, The Wall Street Journal reported. Caterpillar held about $17 billion in offshore profits as of the end of 2013, which are shielded from U.S. taxes as long as they aren't repatriated, up from $15 billion a year earlier. The company has allegedly deferred or avoided $2.4 billion of U.S. taxes by utilizing a corporate restructuring to a… [read post]
16 Apr 2014, 3:18 am by Frank Dodge
The headline is not meant to be insulting to Donald Rumsfeld or provocative. Rather, it merely states the thrust of Rumsfeld’s letter to the IRS. On April 15, 2014, Rumsfeld sent a letter to the IRS to complain about the complexity of the tax code: Rumsfeld’s letter is concise, yet it courageously states what so many of us feel: Confusion when confronted with the tax code. Rumsfeld is right: The tax code must be simplified. Otherwise, even intelligent people who strive to pay their fair… [read post]
16 Apr 2014, 3:08 am by Paul Caron
Robert J. Peroni (Texas) presented Formulary Apportionment in the U.S. International Income Tax System: Putting Lipstick on a Pig? (with J. Clifton Fleming (BYU) & Stephen E. Shay (Harvard)) at UNLV yesterday as part of its Faculty Enrichment Series: [T]he authors argue that formulary apportionment and the current standard, arm's... [read post]
16 Apr 2014, 2:00 am by Paul Caron
Business Insider, Donald Rumsfeld Says He Has 'Absolutely No Idea' If He Paid His Taxes Properly MSNBC, Rumsfeld and a ‘Sad Commentary on Governance’ USA Today, Donald Rumsfeld Gets Cranky with the IRS Wall Street Journal, Donald Rumsfeld to IRS: My Taxes Are a Known Unknown Washington Post, Did You... [read post]
16 Apr 2014, 1:00 am by Frank Dodge
Maybe, and the question is certainly worth considering. Sasha Volokh’s blog post, Improving private prisons through the tax code links two two articles on the issue: We Tried to Make Them Offer Rehab, but They Said, “No, No, No!”: Incentivizing Private Prison Reform Through the Private Prisoner Rehabilitation Credit, by Cassandra Monique Davilmar (NYU Law Review) Prison Accountability and Performance Measures, by Sasha Volokh (Emory Law Journal) Volokh’s post reviews the NYU… [read post]
16 Apr 2014, 12:18 am by Paul Caron
Calls Grow To Give Lois Lerner 'Immunity' To Testify: Biz Pac Review: Elijah Cummings Declines Fox News; Appears on ‘Face the Nation’ to Zero IRS Questions Daily Caller: After IRS Stonewalls, Tea Party Patriots Sues for Documents on Targeting Daily Caller: In True the Vote Case, Targeting IRS Staff ‘Did... [read post]
Estate planning frequently aims to do more than simply provide a roadmap for the distribution of estate assets after death. For anyone with a moderate to large estate, minimizing the impact of gift and estate taxes is a primary goal of estate planning. One tool that can significantly help reach that goal, yet that is often overlooked, is the annual exclusion. The annual exclusion will allow you to gift up to $14,000 each year to your children tax-free. Gift and estate taxes are levied on the estate… [read post]