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Tea Party tax-exempt screenings explained by IRS manager in transcript released by Oversight Committee's top Democrat
Rep. Elijah Cummings finally got tired of waiting for his House Oversight and Government Reform colleague Rep. Darrell Issa to produce evidence that Tea Party groups' applications for tax-exempt status were held up for political reasons. Show More Summary
Billionaire Claims IRS Political Bias in $186 Million Tax Refund Suit
Forbes: Billionaire Seeks $186 Million Tax Refund, Claims IRS Biased By 'Politically Charged Atmosphere', by Janet Novack: Billionaire investor Peter R. Kellogg and IAT Reinsurance Co. Ltd., the Bermuda-based insurance company his family owns, are suing the Internal Revenue Service for refunds of $186 million in taxes and interest they...
Brooklyn President Steps Down, Leaving Dean in Sole Charge of Law School Amidst Tenured Prof's ABA Complaint
Following up on my previous posts (links below): New York Law Journal, Departure of President Leaves Dean in Charge at Brooklyn Law: Joan Wexler [2011 salary: $658,471] will step down at the end of this month as Brooklyn Law School president, a position she took in 2010 after serving 16...
G-8 Nations Take On Tax Evasion, Tax Havens And More
The G-8 nations agree: tax evasion is bad and hurts everyone. More inter-nation cooperation is needed. But exactly what is legitimate and what isn’t aren’t so clear. These days it seems like everyone is jumping on the anti-tax evasion bandwagon. Words like “transparency” and “full disclosure” get thrown around a lot. “Level playing field” [...]
Tax Fraud Allegations Against Princess Said To Be Case Of Mistaken Identity
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 errors in reports that initially indicated that Princess Cristina, the youngest daughter of King Juan Carlos and Queen Sofia of [...]
Tax Client of the Month Saves Over $55,000
Every month at Tax Resolution Services we choose a very special Tax Client Of The Month. It’s our way of acknowledging good friends and saying “thanks” to those who support our business with referrals, word of mouth and repeat business. This month’s Tax Client Of The Month is David & Lynn K. David & Lynn K. Show More Summary
Comparing Housing Markets: US vs. the Rest of the World
A Guest Post from my friend Len - It should be no surprise to anyone that the housing market is not in the best of health. Both those looking to buy and looking to sell are experiencing difficulty as the market disallows people to sell their houses at the needed prices, whilst first-time buyers are [...]
As More Countries Scramble To Fill Revenue Holes, Ukraine Plans To Triple Beer Tax
Hold on to your : 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 [...]
Bitcoin In IRS Crosshairs, Says Government Report
Bitcoin is virtual currency with no central bank or government. What does the federal government think of it? The IRS could do a better job telling people they have to pay tax on Bitcoin transactions, says a recent Government Accountability Office (GAO) report. The report gives a few simple examples too: Bill is a Bitcoin miner. [...]
UK Territories to sign OECD Tax Info-Sharing Agreement, Reveal Beneficial Owners
The UK's David Cameron announced that Britain's 10 crown dependencies and overseas territories--Cayman Islands, Bermuda, Jersey, Gilbraltar, Anguilla, Turks and Caicos Islands, Guernsey, Isle of Man, and the British Virgin Islands--would sign on to the OECD's multilateral convention on Mutual...
NYU Provides Sweetheart Loans to Faculty, Administrators to Buy Vacation Homes
New York Times: NYU Gives Its Stars Loans for Summer Homes: NYU has already attracted attention for the multimillion-dollar loans it extends to some top executives and professors buying homes in New York City, a practice it has defended as necessary to attract talent to one of the most expensive...
The “Other” Social Security Issue: Disability Insurance
Since the George W. Bush Administration, Social Security reform has been atop the federal government’s list of top policy challenges. But when people talk about Social Security, they usually have in mind the Old Age and Survivors piece of the program. There is another critical element, however–Social Security Disability Insurance. And SSDI is suddenly getting lots [...]
Posner, Becker Debate Tax Reform
Richard Posner, Tax Reform: There is a good deal of dissatisfaction with the federal tax system (the state and local systems as well, but I’ll confine my attention to the federal). Most proposals for reform, however good in theory, are totally impractical from a political standpoint. But since politics is...
Is a Nonprofit Hospital Sales Tax Refund Defensible in North Carolina?
One point of contention in the North Carolina tax reform debate has been the fate of one particular tax expenditure—the uncapped sales tax refund for nonprofits. The new Senate plan wouldn’t remove the refund entirely; it would just phase in a cap on the total amount an entity can claim. Show More Summary
CBPP: State Income Tax Revenues Surge 17.6%
Center on Budget and Policy Priorities: States Should React Cautiously to Recent Income Tax Growth April Surge Provides Opportunity to Invest in Infrastructure, Boost Reserves: Recent tax collections are considerably higher than last year in most states and, in many cases, exceed states’ projections when they adopted their current budgets...
Fair Tax advocates want to 'End the IRS'
We went a week without any public hearings on Internal Revenue Service missteps. Did you miss the brouhaha? But we at least have a new television ad attacking the tax agency. The Washington Post Politics blog says the commercial, which calls for the abolishment of the IRS, is airing nationwide and is aimed at Members of Congress. Show More Summary
G-8 Declares War on Corporate Tax Evasion
President Obama announced at th G-8 Summit today a National Action Plan on Preventing the Misuse of Companies and Legal Arrangements to assist law enforcement and tax authorities in their investigations of shell companies set up to illegally avoid paying taxes. White House, United States G-8 Action Plan for Transparency...
Chart: Average Effective Corporate Tax Rate by Industry, U.S. Average 2000-2009
Using firm-level financial data from Shackelford and Markle’s “Cross-Country Comparisons of Corporate Income Taxes,” this chart shows the average effective corporate income tax rate for U.S. major NAICS industries from 2000 to 2009. All rates are statistically significant except for rate for “Real Estate and Rental and Leasing.”
Can Foundation Giving Relate Better to Society’s Needs Over Time?
Charitable organizations form a vital part of America’s safety net. Ideally, foundations would be able to make greater payouts in hard economic times when needs are greatest. Unfortunately, the design of today’s excise tax on foundations undermines and in fact discourages such efficiency. Under current law, private foundations are required to pay an excise tax [...]
Scott Drenkard on Cuomo's "Tax-Free NY" Plan
Scott Drenkard was interviewed last night about Gov. Andrew Cuomo's proposal to set up "Tax-Free New York" zones at colleges and universities around the state. Here he is speaking with a local Fox TV affiliate upstate. Scott has also been cited on the issue by the Washington Post, City and State, Syracuse.com, the Democrat and Chronicle, and Westfair Online.
- Internal Revenue Service
- Earned Income Tax Credit
- Supreme Court
- Acting IRS Commissioner
- National Taxpayer Advocate
- American Taxpayer Relief Act
- The Congressional Budget Office
- Dirty Dozen Tax Scams
- Senate Finance Committee
- Means Committee Chairman Dave Camp
- President Obama
- Marketplace Fairness Act
- Uncle Sam
- Treasury Inspector General for Tax
- Defense of Marriage Act DOMA
- Foreign Account Tax Compliance Act
- Identity Theft
- Social Security
- Offshore Account Holders
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