Posts tagged with: "tax"
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4 Jan 2013, 11:26 am
If you believe the gossip, law-makers at the 112th Congress’ farewell/New Years party took their questionable choices very seriously, going so far as to wear lampshades on their heads to better block out inconvenient distractions like economic reality and the … Continue reading → [read post]
13 Jun 2010, 8:43 am
One of my favorite sin taxes of all time is the tanning tax, partly because I find it ironic that it was signed into law by a black President who, I think its safe to assume, does not frequent tanning booths.¹
Seriously, though, I anticipate a constitutional challenge to the tax along the following lines:
It discriminates against women who comprise [...] [read post]
30 Jun 2010, 5:47 am
From the Associated Press by way of Paul Caron:
Hip-hop star Method Man pleaded guilty to a tax-evasion charge Monday, writing a check on the spot for the final $40,000 restitution payment after owing about $106,000.
The former Wu-Tang Clan member was arrested Oct. 9 on charges he failed to pay state and personal income taxes. He [...] [read post]
22 Jan 2010, 10:05 pm
"Every absurdity has a champion to defend it." - Oliver Goldsmith - When the only competitive advantage a tax preparer thinks he has over his competition is that he is cheaper, he's in deep guano right from the starting block. Yet, amazingly, some tax preparers believe price is the most important factor taxpayers should consider before hiring a tax preparer. Unfortunately, tax preparers who think this, by virtue [...] [read post]
1 Jun 2010, 3:23 pm
Sheena Iyengar of Slate writes that sin taxes don’t work because people don’t like to be told what not to do:
Most scientific evidence suggests that an increase in price does lead to a decrease in consumption. For soda, it’s estimated that a 10 percent markup would reduce intake by about 8 percent (PDF). (Assuming that [...] [read post]
19 Apr 2010, 8:38 am
Ezra Klein of Newsweek writes that the IRS should expend it’s new resources¹ on going after tax cheats:
A report released by Citizens for Tax Justice shows that between 1995 and 2005, the IRS’s budget was slashed by a fifth. Between 1995 and 2003, its enforcement division lost 36 percent of its staff. They were barred [...] [read post]
31 Jan 2010, 8:34 pm
Honolulu ABC affiliate KITV reports (emphasis added):
A state House committee on Friday killed a bill to put a new tax as high as 12 cents on each can of soda.
The bill would have slapped a tax of up to 1 cent per ounce on sodas, meaning a 12-ounce can of soda would cost 12 cents [...] [read post]
15 Jun 2009, 12:51 am
Los Angeles Tax Attorney:
Congratulations Los Angeles Lakers #15
Los Angeles Lakers 2009 World Champions Game Highlights [read post]
26 Feb 2010, 10:03 am
This may be satire, but it’s as good a tax idea as I’ve seen bandied about in D.C. lately:
Bookmark & Share: [read post]
16 Aug 2011, 2:20 pm
Warren Buffett...apparently not a believer is Reagonomics. [read post]
12 Jan 2010, 10:21 am
Roger Russell, Senior Editor of Accounting Today reports that the IRS will be targeting incompetent and fraudulent tax preparers and their clients in 2010 (emphasis added): Tax return preparers who claim inflated personal or business expenses, false deductions, unallowable credits or excessive exemptions on returns prepared for their clients are a major concern for the Internal Revenue Service [...] [read post]
26 Feb 2010, 7:50 am
Two of my favorite tax bloggers have published posts today that should be read by everyone. They illustrate nicely the tenor of our times.
In Taxes and Disgust Professor James Maule illustrates the absurd complexity of our federal and state tax laws. In Aviva Girls in Tax Trouble CPA Joe Kristan sounds a warning about the ubiquitous dangers of the Internet.
Here’s Maule [...] [read post]
12 Jan 2012, 12:54 pm
“Most of the states are still in pretty poor shape, and if the economy doesn’t improve you might see more action by state legislatures seeking other sources of revenue,” says James Walschlager, an analyst with tax publisher CCH, a Wolters Kluwer business. [read post]
10 Mar 2010, 5:11 am
Taxes have consequences.
WebCPA reports that Amazon.com has severed ties with affiliates in Colorado in response to a Colorado law that requires Web retailers to send statements to their customers apprising them of their use tax liability on online purchases:
“The regulations are burdensome and no other state has similar rules,” the company wrote in an e-mail to the [...] [read post]
22 Mar 2012, 11:19 pm
Holding on to your 2011 IRS and California tax refunds when you’re filing a Chapter 7 bankruptcy is a matter of careful timing and tactics. In most cases we can help you keep your refunds, but we have to work closely together to make that happen. Be aware that when your Chapter 7 bankruptcy is [...] [read post]
26 Aug 2010, 8:34 am
Jacob Gershman says that New York imposes a special sales tax depending on how you eat your bagel:
What’s the tax on a bagel? It depends how you slice it — or in the case of New York, if you slice it, The Wall Street Journal reported Tuesday.
State tax officials, under orders from cash-strapped Albany to [...] [read post]
18 Feb 2010, 8:27 pm
Looks like naked money grabs have consequences after all.
Leslie Kwoh of the Star Ledger writes about the massive flight of the wealthy from the state of New Jersey (emphasis added):
More than $70 billion in wealth left New Jersey between 2004 and 2008 as affluent residents moved elsewhere, according to a report released Wednesday that marks a swift [...] [read post]
2 Nov 2012, 8:42 am
George Lucas was likely motivated by the looming 2013 tax increases when he chose to sell LucasFilm in 2012, according to this Wall Street Journal Article.
As I previously posted here, there are unprecedented estate tax and capital gains tax savings opportunities that are set to expire as part of the “fiscal cliff” at the end of 2012. Capital gains tax rates are increasing, estate tax rates are increasing and estate tax exemptions are decreasing. Plus, the Affordable Care Act (aka… [read post]
17 Jan 2011, 11:47 am
7 Jul 2010, 7:44 pm
Bill Bradley (not the ex-Knick hoopster) of the Sacremento Bee says that sports franchises in low tax states like Florida and Texas have a decided edge in signing big ticket free agents:
The absence of state income tax in Florida and Texas is a big reason the Miami Heat and Dallas Mavericks can be active in free agency.
Compare [...] [read post]