As published in the Winter Park/Maitland Observer, Thursday Jan. 3, 2012 Edition Offers... Read More »
McCain, Hagan Repatriation Tax Holiday Bill
WebCPA reports that Senators John McCain, R-Ariz., and Kay Hagan, D-N.C., introduced legislation Thursday allowing multinational corporations to repatriate their foreign earnings at a reduced tax rate: The bipartisan bill, known as the Foreign Earnings Reinvestment Act, aims to trigger the flow of $1 trillion from the foreign subsidiaries of U.S.-based multinationals at a reduced…
Read Full Article Categorized in: Legislative Watch, News, Tax PolicyProfessor Linda Beale on Why All Law Students Should Study Tax Law
Fellow tax blogger Linda Beale and I disagree so often that when we do agree I feel compelled to dedicate an entire blog to it. Here’s what she wrote in her recent blog post titled Why Tax Law Should be Required of All Law Students (emphasis added): We tax profs have a tendency to tell our…
Read Full Article Categorized in: OpinionSenate Repeals Oppressive 1099 Law, Linda Beale Calls it a Conspiracy
Joe Kristan reports that the United State’s Senate voted to repeal the new 1099 law yesterday: The Senate yesterday voted to repeal the expansion of information reportingcontained in last year’s Obamacare legislation. It’s looking more and more likely that this widely-hated expansion of information reporting will never happen. Kay Bell and TaxGrrrl have more. More…
Read Full Article Categorized in: Employer Issues, Legislative Watch, News, Tax PolicyIRS Cracking Down on Crooked Preparers
Tax law Professor and blogger Linda Beale today wrote exuberantly about the IRS’s crackdown on tax preparer abuse in Tax preparer — old abuses, new procedures. Here’s an excerpt: The days of just anyone becoming a tax return preparer and playing havoc with the rules, as some have, seem to be winding down. The courts, for one,…
Read Full Article Categorized in: Regulation of Tax Preparers, Tax CrimesDo All Smart People Agree that the Deficits are Bush’s and Reagan’s Fault?
With a confidence usually found only in top-gun pilots and NFL wide receivers, Professor Linda Beale of ataxingmatter has categorically concluded that the current budget deficits are all George Bush’s and Ronald Reagan’s fault and if you don’t agree with her you’re ignorant (emphasis is mine): [The] deficits, as anybody who follows the economy well knows, are due to three…
Read Full Article Categorized in: Tax Policy, The EconomyA Win for the Tax the Rich Crowd?
TaxProf Paul Caron owns and operates what I like to call the New York Times of tax blogs. We mortal tax bloggers often get our lead stories from him. Here is yet another Caron-generated story: The Center on Budget and Policy Priorities yesterday released Income Gaps Between Very Rich and Everyone Else More Than Tripled In…
Read Full Article Categorized in: Tax Policy, The EconomySwiss Parliament Ratifies U.S. Disclosure Agreement; Too Late for Voluntary Disclosure Program
Linda Beale reports that the Swiss Parliament has ratified the U.S.-Swiss agreement providing for the release of U.S. account-holder information on about 4,500 accounts: It is likely that the names will start flowing very soon, which moves the ball back to the U.S. The voluntary disclosure program that provided some assurance of limited penalties has ended. But…
Read Full Article Categorized in: Individual Taxation, International Taxation, Tax CrimesProfessors Maule and Beale Respond; Pappas Cowers then Regroups
“Arrogance on the part of the meritorious is even more offensive to us than the arrogance of those without merit: for merit itself is offensive.” - Friedrich Nietzsche – Professors James Maule and Linda Beale have responded on their blogs to my recent post titled Two Professors, an Angry Bear and Hate the Rich Syndrome. I know it’s hard…
Read Full Article Categorized in: OpinionTax Evasion: Queens Painting Contractor Indicted
Professor Linda Beale of ataxingmatter tells of yet another high-profile federal indictment for tax evasion: Maybe, just maybe, the number of high profile indictments for failure to report income and pay taxes will begin to sink in to that minority who thinks they are above the (tax) law. At any rate, here’s another one to…
Read Full Article Categorized in: Tax CrimesUpdate on IRS Compensated Audits
The taxosphere is abuzz with talk about the idea of compensating taxpayers who are audited by the IRS. Here are what two of my favorite tax bloggers have to say about the subject. VITA tax preparer and economist Mary O’Keeffe from the splendid Bed Buffaloes in your tax code blog, in addition to having the unmitigated brass…
Read Full Article Categorized in: IRS AuditsBasis Overstatement is Omission of Income for Statute of Limitations Purposes
Professor Linda Beale of ataxingmatter writes about the a new temporary regulation that provides that an understatement of basis is an “omission from gross income” for purposes of the six year statute of limitations on income omissions: The Internal Revenue Service issued a notice of proposed rulemaking (NRPM) and temporary regulations, effective September 24, 2009, defining an…
Read Full Article Categorized in: IRS Audits5 Best Tax Nerd Blogs: The Second Annual Rick Moranis Awards
The Internet is an egalitarian’s paradise. It has leveled the playing field for professionals of all stripes by allowing the little guy to compete on an equal footing with the big boys. Mostly this is accomplished through blogging. I have been tracking tax blogs for several years and have discovered for myself that there is nothing equal…
Read Full Article Categorized in: Tax Blogging