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Puerto Rico: Not Your Father’s Debt Crisis – or Your Greek Uncle’s

In a remarkable statement, Governor Alejandro Garcia Padilla announced this week that Puerto Rico’s debts are “not payable.” Nobody was really surprised. The island can work its way out of this financial mess with a two-pronged strategy:...Show More Summary

Jeb Bush Releases 33 Years Of Tax Returns

Jeb Bush yesterday released 33 years of tax returns, far more than any presidential candidate in history. According to a letter from former IRS Chief Counsel Hap Shashy, the head of King & Spalding's Tax Practice Group, Governor Bush paid an effective tax rate of 36% over those years (summary)....

Tax Policy Helped Create Puerto Rico’s Fiscal Crisis

Yesterday, the governor of Puerto Rico announced that his government’s $72 billion of debts are not payable, in advance of $1.92 billion in debt service payments due on Wednesday. This announcement follows over a year and a half of uncertainty...Show More Summary

Gasoline, diesel taxes hiked in seven states on July 1

Are you hitting the road this long Independence Day weekend? You are not alone. AAA Travel projects 41 million Americans will journey 50 miles or more from home during the Independence Day holiday weekend, with more than 80 percent of them traveling by auto. Show More Summary

Map of State Spirits Excise Tax Rates in 2015

Compared to taxes on alcoholic beverages such as wine and beer, distilled spirits are taxed at much higher rates across the states, ostensibly to adjust for higher alcohol content. Today’s map shows how spirit excise taxes in your state compare. Data for this map comes from the Distilled Spirits Council of the United States. Show More Summary

Morriss: BEPS, FATCA & EU Tax Harminzation: Seeing The Taxman

Andrew P. Morris (Dean, Texas A&M), Seeing Like A Taxman: The world of international financial regulation and taxation is in turmoil. New initiatives from the United States, the OECD and the European Union seek to reign in tax avoidance and evasion through a wide array of measures. These include the...

New Hampshire Corporate Tax Cuts in Limbo

Last week, New Hampshire Governor Maggie Hassan (D) vetoed the State Legislature’s budget bills, HB 1 and HB 2. In her veto message, the governor explained her opposition to the budget, criticizing the proposed business tax cuts: “IShow More Summary

Obamacare Travesty: IRS Fines Employers For Reimbursing Workers

Obamacare is full of taxes and penalties, and many of them make no sense. In particular, penalizing small employers for helping their employees is positively Kafkaesque.

Tax Roundup, 7/2/15: Lives, Fortunes and Sacred Honor Edition. And: why Iowa can’t have nice things.

  Patriotism can be costly. The founders pledged “our Lives, our Fortunes, and our sacred Honor” when they voted for independence 239 years […]

Rethinking Measures Of Quality And Value In The U.S. News Law Rankings

Christopher J. Ryan (Vanderbilt), Crunching the Numbers: Rethinking Measures of Quality and Value in National Law School Rankings: Rankings have become an important, if not essential, element of the law school environment since U.S. News & World Report (“U.S. News”) first began publishing law school rankings in 1987. Since the...

Weidner: Capital Accounts In LLCs And Partnerships

Donald J. Weidner (Dean, Florida State), Capital Accounts in LLCs and in Partnerships: Powerful Default Rules and Potential Tax Significance, 14 Fla. St. U. Bus. Rev. 1 (2015): Balance sheets for limited liability companies and for partnerships differ from corporate balance sheets in one important respect. Accounting for these alternative...

Three Rules for Educating Tomorrow's Lawyers

Michael D. Cicchini, Three Rules for Educating Tomorrow's Lawyers, 34 Miss. C. L. Rev. 1 (2015): Legal education reform is currently a hot topic. The most promising ideas involve elevating skills-based training from its current sideshow status (where it is taught by adjunct and clinical instructors) to a meaningful and...

The IRS Scandal, Day 784

World, Investigators Find Proof IRS Destroyed Evidence in Targeting Scandal: Two Treasury Department inspectors general revealed last week someone erased computer evidence during the investigation into the IRS targeting scandal—months after the agency was ordered to preserve the documents. Timothy Camus and J. Russell George made the disclosure during a...

Swiss Accounts Facing 50% IRS Penalties Balloon To 26 Banks

FATCA demands global banking transparency. Meanwhile, the IRS' OVDP and Streamlined amnesty programs continue. Which is best, and why?

Washington Passes Sweeping Marijuana Tax Reform

Washington has been navigating mostly uncharted waters since the state became one of the first in the country to legalize recreational marijuana. The prospect of legalization has been sweetened by the idea of new tax revenue, and the...Show More Summary

Higher Cigarette Taxes in California?

California might be facing calls for a higher cigarette tax in the near future. This session, the state Senate had been considering SB-591, which would raise the tax to $2 per pack. Despite clearing committee, the bill never made it to the floor and was relegated to the Senate’s inactive file earlier this month. Show More Summary

Palfrey: BiblioTech — Why Libraries Matter More Than Ever In The Age Of Google

John Palfrey (Head of School, Phillips Academy; former Henry N. Ess III Professor of Law & Vice Dean for Library and Information Resources, Harvard Law School), BiblioTech: Why Libraries Matter More Than Ever in the Age of Google (May 2015): Libraries today are more important than ever. More than just...

Tax record keeping rules and tips

Jeb Bush really did have 33 years of tax returns on hand and he opened them up for public inspection yesterday. When the former Florida governor announced that as part of his campaign to be the 2016 Republican presidential nominee that...Show More Summary

Are Academic Law Libraries Doomed?

Yes: James Milles (SUNY-Buffalo), Legal Education in Crisis, and Why Law Libraries are Doomed, 106 Law Libr. J. 507 (2014): The dual crises facing legal education - the economic crisis affecting both the job market and the pool of law school applicants, and the crisis of confidence in the ability...

Pittsburgh Tax Review Publishes New Issue

The Pittsburgh Tax Review has published Vol. 12, No. 1 (Fall 2014): Alan B. Morrison (George Washington) & Randy Haight (J.D. 2013, George Washington), The Tax Treatment of Alternative Litigation Funding: Some Answers, but Mostly Questions, 12 Pitt. Tax Rev. 1 (2014) Benjamin W. Akins, Jennifer L. Chapman & Jason...

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