Calendar Year 990s and 990-PFs are due tomorrow. The penalties for late filing can reach $100 per day ($20 per day for smaller organizations), and three years of non-filing will cost an organization its exempt status. Three-month extensions are available onf Form 8868.
Aside from avoiding U.S. compliance nightmares for the rest of his life, what are the real tax consequences to the Facebook guy for giving up his U.S. Passport? (TaxProf). Plus a TaxProf roundup!
Phil Hodgen on Why the Facebook dude expatriated. Also: “Only an elected official would fail to predict such events.”
John Tamney, Forbes: For De-Friending The U.S., Facebook’s Eduardo Saverin Is An American Hero (Via Instapundit)
Roger McEowen rounds up the recently-ended Iowa legislative sesssion.
But if you’re still married, Jason Dinesen covers Community Property Allocations for Same-Sex Married Couples
More than a Little Trouble for Michael Little: British Lawyer Charged in Swiss Bank Mess Related to UBS Account (5/11/12) (Jack Townsend)
Blaming dishonesty on complexity is totally off the mark. Complexity might enhance the temptation, but it does not create the noncompliant tax evader.
He’s wrong to let complexity entirely off the hook. While most tax cheats aren’t doing it to avoid complexity (they usually end up making their lives far more complicated, because it’s hard to keep track of your lies), at some point staying in compliance can get so difficult that some taxpayers give up trying.
So do lots of thieves in Tampa: LifeLock CEO Offers Identity Theft Service to IRS (Accounting Today)