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Field of Tax Dreams: Budgets, Taxes, and Takeovers

If you cut it, will it do more? The IRS budget has been cut by $1 billion over the past four years, with a subsequent loss of 10,000 IRS jobs. Late Monday night, the House GOP by voice vote voted to cut $1.14 billion for the next fiscal year, or 13 percent below last year’s budget. […] The post Field of Tax Dreams: Budgets, Taxes, and Takeovers appeared first on TaxVox.

CPAs Sue IRS, Say its 'Voluntary' Regulation of Tax Preparers Lacks Authorization From Congress

Following up on my prior post, CPAs: IRS's 'Voluntary' Regulation of Tax Preparers Lacks Statutory Authorization From Congress, Contravenes D.C. Circuit Decision, and Violates Administrative Procedure Act: the American Institute of CPAs yesterday sued the IRS in the U.S. District Court for the District of Columbia over its new "Voluntary"...

50 Colleges Charge > $60,000/Year

Business Insider, There Are Now 50 Colleges That Charge More Than $60,000 Per Year: As the average cost of higher education in America continues to rise, at least 50 American colleges and universities are now charging students more than $60,000 per year.... Last year, only nine colleges charged more...

The IRS Scandal, Day 433

Forbes: Is the IRS Scandal Microsoft's Fault?, by Gene Marks: Hmm….maybe Microsoft is to blame for this whole IRS-email thing. Just last week, “…a second federal judge has now ordered the IRS to explain under oath how the agency lost emails from former division director Lois Lerner, the woman at...

AICPA Files Lawsuit Against IRS To Stop New Tax Preparer Program

Stop me if you’ve heard this one before… Except, this time, there’s a twist. Just a few weeks after Internal Revenue Service Commissioner John Koskinen announced the launch of the Annual Filing Season program (AFS), a voluntary program to regulate tax return preparers, a challenge has been filed in the U.S. District Court to stop [...]

8th Circuit Orders New Trial in Unsuccessful Republican Faculty Candidate's Discrimination Suit Against Iowa Law School

Following up on my previous posts (links below) about Teresa Wagner's federal lawsuit claiming she was denied a faculty position because of her conservative views: the Eighth Circuit today reversed and ordered a new trial. Wagner v. Jones, No. 13- 1650 (8th Cir. July 15, 2014). Chronicle of Higher Education,...

Governor Nixon Vetoes E-Cigarette Age Restriction Bill Because It Doesn’t Have Taxes

Governor Nixon (D) this week vetoed a Missouri bill that would have prohibited the sale of electronic cigarettes to minors, ostensibly because he was upset that the bill didn’t include new taxes on the products. The bill, SB 841, would...Show More Summary

Minnesota's jock tax to get boost from MLB All-Star Game

The debate among hardcore sports fans and the occasional and newbies that teams always want to attract is whether what we watch on the field (or arena or track) is a competition or entertainment. Realistically, it's a combination of both. Show More Summary

House Votes to Cut IRS Budget 13% (21% Below Obama's Request)

Bloomberg: IRS Budget Sliced 13% as U.S. House Constrains Tax Agency: The House of Representatives voted to cut the IRS’s budget by $1.14 billion in another blow to the tax agency.... The changes would leave the IRS with a budget of $9.8 billion for the fiscal year that starts...

Federal Debt Projected to Exceed 100 Percent of GDP in Next 25 Years

The CBO released their 2014 Long-Term Budget Outlook today. Here are a couple highlights: Federal spending is projected to slowly increase over the next 25 years from 20.4 percent of GDP in 2014 to 25.9 percent of GDP in 2039. Federal...Show More Summary

What’s The Matter With Kansas And Its Tax Cuts? It Can’t Do Math

Kansas Governor Sam Brownback and his state legislature have embarked on a wonderful natural experiment. Once again we are testing the question: Can tax cuts pay for themselves? The answer– yet again– is a resounding no. We’ve tried this experiment time and again. Show More Summary

John Oliver on Income and Wealth Inequality

There is a great discussion of the estate tax beginning at 7:20. (Click on YouTube button on bottom right to view video directly on YouTube to avoid interruption caused by blog's refresh rate.) (Hat Tip: Deborah Schenk.)

Mercatus Center Study Identifies Link Between Low State Taxes and Economic Prosperity

A new paper from the Mercatus Center assessing the relationship between state taxes and economic activity has found that higher, more progressive state income taxes tend to be associated with slower economic growth, lower average incomes, less business formation, and worse migration flows. Show More Summary

Moody's: Negative Outlook for Higher Education Continues Even as Green Shoots of Stability Emerge

Moody's Investor Services, Negative Outlook for US Higher Education Continues Even as Green Shoots of Stability Emerge: We maintain a negative outlook for the US Higher Education sector due to limited revenue growth prospects over the next 12 to 18 months, while expense pressures will constrain the ability of many...

More on the Tax-Driven Inversion Mania

Forbes, Tax Reform, Not Tax Inversions, Will Rescue The U.S. Pharma, Bio, And Medical-Device Industries The Guardian, Corporate Inversion -- Moving the Head Office for Tax Purposes Investor's Business Daily, Mylan, AbbVie News Shows Tax Inversion Boom Continues Los Angeles Times, Corporate Tax Scam Watch: The 'Inversion' Craze Market Watch,...

Mylan Merger Highlights New Corporate Tax Strategy: Spinversions

The developed world’s most punitive corporate tax regime (ours) continues to spawn new ways to escape it. Corporate inversions, in which the U.S. company buys a smaller foreign company and relocates abroad, have become increasingly common. Show More Summary

Back To School Sales Tax Holidays Begin Soon For Many States

Even though it’s the middle of summer, the back to school catalogues have arrived at my house: they’ve been dutifully dog-eared and starred. And yes, while I was shopping for a router this weekend, my kids were already begging for notebooks and planners. Despite the fact that school doesn’t start in our county for another [...]

The Highway Bill "Pension Gimmick:" A Primer

The United States Highway Trust Fund is set to run out of money in less than a month. Congress has been working to address this problem; some long-term solutions have been proposed, but the House and the Senate appear to be converging...Show More Summary

“Six Californias” Initiative Submits Signatures for November 2016 Ballot

Venture capitalist Tim Draper announced yesterday that he has gathered the 808,000 signatures necessary to place his proposal to split California into six states on the November 2016 ballot: One state, to be called Silicon Valley, would include the tech hub along with the San Francisco Bay Area. Show More Summary

Hidden Cash Or Hidden Bitcoin Discovery Is Windfall To IRS Too

If You Find Hidden Cash or Hidden Bitcoin, Guess Who Is Entitled to a Big Slice? Uncle Sam.

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