Posts tagged with: "tax"
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19 Jun 2013, 9:34 am
Here. (Hat Tip: Anyd Morriss.) [read post]
19 Jun 2013, 7:13 am
The Archbishop of York, John Sentamu (Image credit: Getty Images via @daylife)
On the last day of the G8 summit in Northern Ireland, a number of major world leaders agreed on new measures meant to ensure tax compliance by individuals and companies. The focus on tax evasion was a major part of the agenda set by British Prime Minister David Cameron: tax, trade and transparency, or the three Ts.
According to members of the G8, in the future, those who attempt to avoid taxes by setting up shell… [read post]
19 Jun 2013, 7:05 am
Two Sister States are Worlds Apart on Juvenile Justice Issues, Social Justice Solutions
California and Florida are practically sister states. Both are major tourist destinations and home to numerous celebrities. Aside from that, they have thriving multi-billion dollar agricultural interests with oranges, avocados, etc. jockeying for coveted market share. These states are also remarkably long with different community influences, biospheres, and terrain to contend with. In fact, both are so long that… [read post]
19 Jun 2013, 6:25 am
Today TaxMama® hears from Raj in the TaxQuips Forum, with a common issue. Let me summarize. (You can read the discussion here ) His tax return is being audited and the IRS auditor wants copies of receipts for his hotel stays for all his travel. But he used the IRS per diem rates, so he didn’t keep receipts. Can she disallow all his travel if he can’t produce the receipts?
… [read post]
19 Jun 2013, 6:00 am
All estate planning attorneys know that Congress raised the applicable exclusion to $5.25 million for federal purposes. Years and years ago, the majority of states had “pick-up” taxes. In other words, they only had a tax to the extent of a federal credit for state death taxes. The federal credit was phased out about a decade ago, as part of EGTRRA. Thus, state estate taxes in those states were phased out along with the credit.
However, many states “decoupled” from the federal… [read post]
19 Jun 2013, 5:27 am
Some interesting tax news out of Miami this week. A South Florida man is looking at nearly $3.5 million in tax penalties for failing to report a Swiss bank account on IRS Form TD F 90-22.1, Report of Foreign Bank and Financial Accounts ("FBAR"). This is according to a lawsuit filed by the Department of Justice ("DOJ") in the Southern District of Florida. See United States v. Zwerner, S.D. Fla., No. 1:13-cv-22082, complaint filed 6/11/13).
According to the complaint, Miami-Dade County resident… [read post]
19 Jun 2013, 5:05 am
Gary North, Taxation, Tyranny, and Theocracy: A Biblical Response to Susan Hamill, 14 J. Accounting, Ethics & Pub. Pol'y 331 (2013): I respond to Prof. Hamill’s assertion that she is not recommending the exercise of theocratic power, as defined by Rev. Gregory Boyd. [Susan Pace Hamill (Alabama), Tax Policy Inside... [read post]
19 Jun 2013, 4:31 am
By Pierre-Jerome Bouchard and David Roulx
A case recently decided by the Federal Court of Appeal reiterates the very high standard of good faith to which the Minister of National Revenue (the “Minister”) must be held when dealing with the courts in the context of an ex parte application provided by the Income Tax Act (“ITA”). For example, the Minister cannot ignore and omit to mention internal evidence which it knows weakens its position, or hide ulterior motives.
Context:… [read post]
19 Jun 2013, 4:00 am
Recently, Congress passed the American Tax Relief Act of 2012, or “ATRA”. The Act affects only already existing provisions, but has many new tax implications. Some of the provisions included in the act will positively affect estate planning. One of... [read post]
19 Jun 2013, 2:01 am
Yair Listokin (Yale) & Zev J. Eigen (Northwestern), Do Lawyers Really Believe Their Own Hype, and Should They? A Natural Experiment, 41 J. Legal Stud. 239 (2012): Existing research suggests that practicing litigators are too confident in the merits of their clients’ cases. But practicing attorneys often self select (1)... [read post]
19 Jun 2013, 12:41 am
Zachary Fox (Harvard University, Edmond J. Safra Center for Ethics), Tax-Exempt Corruption: Exploring Elements of Institutional Corruption in Bond Finance: This paper will apply the theory of institutional corruption to the world of private-activity bonds, which offer private entities access to tax-exempt borrowing, which generally provides lower interest rates. The... [read post]
19 Jun 2013, 12:06 am
American Thinker: What the IRS Has Become Atlanta Journal-Constitution: Democrats' IRS Testimony 'Bombshell' Is a Big Nothingburger The Atlantic: The Great Battle Over the IRS Scandal Enters the Please-Let-It-End Phase Bloomberg: How IRS Says One Tea Party Application Goaded Controversy Business Insider: Darrell Issa Furious After Democrat Releases IRS Transcript... [read post]
19 Jun 2013, 12:05 am
Curtis S. Dubay (Heritage Foundation): PEP and Pease Hurt Larger Families Most and Slow Growth: "In the fiscal cliff deal, President Barack Obama and Congress surprisingly reinstated two long dormant tax policies: the personal exemption phaseout (PEP) and “Pease,” a cap on itemized deductions. The 2001 Bush tax cuts rightfully... [read post]
18 Jun 2013, 7:39 pm
Spain's Duke of Palma and son-in-law of Spain's King Juan Carlos, Inaki Urdangarin (2R), arrives with his wife Spain's Princess Cristina (C) and their four children at San Prudencio church in Vitoria, on May 12, 2012, to attend a funeral ceremony for his father. (Image credit: AFP/Getty Images via @daylife)
Spain is making tax news again but not for the right reasons: the Spanish tax authorities now say they made a huge mistake in a high profile tax case. Authorities now claim they have found… [read post]
18 Jun 2013, 5:41 pm
In Vodafone Americas Inc. and Vodafone Holdings LLC v. Indiana Dept. of State Revenue, a 9-page opinion, Judge Fisher writes:Vodafone... [read post]
18 Jun 2013, 4:59 pm
Structured settlements are funded with fixed annuities, making periodic payments, by law [see (IRC 130(c)(2(A)] that fixed and determinable as to amount and time of payment"issued by life insurance...
This is a content summary only. Please click on the title for the full content, If you find yourself on FAEMM community, back out and type in www. structuredsettlements.typepad.com
[read post]
18 Jun 2013, 3:15 pm
There are six bills before the California Legislature that seek to change the way local governments levy taxes. Currently, the California Constitution states that taxes levied by local governments are either general taxes, subject to majority approval of its voters, or special taxes, subject to 2/3 vote (Article XIII C). Proposition 13 of 1978 required a 2/3 vote of each house of the Legislature for state tax increases, and 2/3 vote of local voters for local special taxes. … [read post]
18 Jun 2013, 2:34 pm
* As we noted last week (third item), Judge Rosenbaum recognized that the government was bound to have phone records of the defendant since they were dragnetting the whole friggin’ country. Now the government has responded and predictably claims that this is all classified. [Southern District of Florida Blog] * Speaking of follow-ups, remember how NYU Law was using non-profit slush funds to pay for housing for professors? Well, they also provided sweetheart loans for summer houses. [New York… [read post]
18 Jun 2013, 1:43 pm
Posted by Jennifer BendaU.S. taxpayers with foreign accounts whose aggregate value exceeded $10,000 at any time during 2012 must file Treasury Department Form TD F 90-22.1 (Report of Foreign Bank and Financial Accounts) with the Treasury Department by June 30, 2013. The form must be received by the Treasury Department on or before June 30, 2013. This year, June 30 is a Sunday, therefore, taxpayers must ensure that Treasury receives the form before June 30.
The civil… [read post]
18 Jun 2013, 1:21 pm
English: A picture of Lvivske beer served at a restaurant in L'viv, Ukraine. (Photo credit: Wikipedia)
Hold on to your Carlsberg: it’s about to get a lot more expensive to drink a pint in the Ukraine.
Ukraine, which is the largest country wholly in Europe, borders Russia and Poland. At the turn of the 19th century, the country was poor and largely ignored by its bordering countries. Conflicts within Europe following World War I consumed Ukraine and it was eventually swallowed up by the… [read post]