The National Tax Association gave this year’s Dan Holland Medal for outstanding contributions to the study and practice of public finance to MIT professor Jim Poterba. Jim, who is also president of the National Bureau of Economic Research, is a terrific economist and one of the nicest people you’ll ever meet. Show More Summary
If you spend big on luxuries while stiffing the IRS, is that willful tax evasion? The IRS might say so, but a recent court case says you can spend away.
Maybe the pundits shouldn't be so shocked by Republican Larry Hogan's win in the Maryland governor's race. Blue state voters have done it before, when tax hikes got out of hand.
Congress is in recess through the mid-term elections. The Daily Deduction will post each Monday until then. Counting devices before they hatch? Should the GOP take the Senate in November, medical device makers may see a renewed push to repeal the 2.3 percent excise tax on their products. Show More Summary
Alexander's Horrible, Terrible Very Bad Day is the Flip Side of Ferris Bueller's Day Off. Lois Lerner Just had a Bad Day Too, Not Unlike Many Taxpayers. Maybe She'll Move to Australia?
In June 2014, the Internal Revenue Service released a “Taxpayer Bill of Rights” at the recommendation of the Taxpayer Advocate Service. The publication attempts to clearly outline the fundamental rights a taxpayer has when filing their...Show More Summary
Most taxpayers know that deductions are available for businesses which suffer a loss as a result of a theft or casualty (like a natural disaster). But did you know that individual taxpayers can claim a tax deduction for those losses, too?
Tax Excuses Can Get Stale, But a French Minister Used "Administrative Phobia" Why He Failed to Pay Taxes for Years.
When images of the police in Ferguson, Missouri, wearing camouflage, wielding assault weapons and navigating military-style vehicles, many Americans were shocked by the sheer amount of military equipment on the streets. Where did it come from? And how could a relatively small suburb in middle America afford it?
On July 17, 2014, officers from the NYPD attempted to arrest 43 year old Eric Garner for allegedly selling untaxed cigarettes. Garner was no stranger to the charges, as he had heard it all before. The day, however, didn't end as it had before. Moments after officers attempt to cuff Garner, and he refused, he was dead.
“Holy Taxation, Batman!” Yes, even Batman was aware of his civic duty. Robin uttered those words in Batman (Season 2, episode 4, The Cat and the Fiddle) in response to Batman’s request for money for the parking meter. But that wasn’t Batman’s most famous brush with taxation. Believe it or not, one of Gotham City’s [...]
Lost IRS Emails? Turns Out Lois Lerner's Texts Might Show Even More. When Lerner Asked If Texts Were Saved, They Said No. "Perfect," said Lerner.
IRS tries “voluntary” end run around the law. The IRS yesterday announced that it doesn’t need no stinking law (IR-2014-75): […]
Donald Sterling Agreed To Sell the Clippers to Steve Ballmer for $2 Billion But Has Reneged. Are Taxes Still Due Even if He Won't Sell?
At happy hour tonight, I had a vodka martini. My liquor of choice? 1681 Penn vodka crafted by Philadelphia Distilling. 1681 Penn has only recently landed in state stores. In Pennsylvania, you can’t buy liquor outside of state stores. Or wine. Or have wine shipped to you. While our state produces great beers from the [...]
Good news: despite concerns about meager retirement savings, the baby boomers aren’t going to have to work into old age. The catch is, they’ll pull off that trick by redefining what's "old."
The Iowa House of Representatives has adjourned for the year. That makes it official: Iowa will continue to have the […]
Rep. Michael Grimm (R-NY) made news in a campaign year but not for the reasons that he wanted. The 44 year old Congressman representing New York’s 11th Congressional District, which includes Staten Island and parts of Brooklyn, was hit today with a 20 count indictment. The indictment includes five counts of mail fraud, five counts [...]
The beleaguered tax collection agency will need years and maybe a Republican President to recover.
In 2003, country singer went all the way to #1 with his mega-hit, “I Love This Bar.” The incredible popularity of the song inspired a chain of restaurants called Toby Keith’s I Love This Bar & Grill with fifteen locations across the country including a spot in Keith’s hometown of Oklahoma City, Oklahoma. Today, it [...]