Hey, everybody, those extended 1040s are due Monday!
Doug Shulman steps down November 9. (TaxProf). Meanwhile, his legacy lives on:
Federal authorities Wednesday stepped up their assault on the viral-like crime of identity theft and tax fraud, arresting dozens of South Florida suspects on charges of filing fake returns totaling millions of dollars.
Three homes were raided Wednesday in an effort to crack down on rampant tax fraud in the Tampa Bay area.
Under Commissioner Shulman’s watch, identity theft tax refund fraud has reached epidemic proportions. The IRS mails perhaps $5 billion of your hard-earned tax dollars to thieves annually, while creating nightmares for taxpayers whose tax lives are disrupted and refunds held up.
Meanwhile, Commissioner Shulman has spent his time terrifying innocent Americans who have foot-faulted their obscure information reporting responsibilities and imposing a useless but expensive preparer regulation regime. Way to go, Commissioner.
Attorney for West Des Moines payroll service says firm will catch up on unremitted client taxes (West Des Moines Patch)
No. If Europe Adds a Financial Transactions Tax, Will We Follow? (Linda Beale)
Patrick Temple-West, Essential reading: Romney pledges to keep tax deductions for mortgages, and more
Peter Reilly, Three Candidates And Carried Interest:
I sometimes think that I am the only person who writes about taxes in a non-technical publication, really understands what “carried interest” is all about and does not find it particularly upsetting.
I guess that makes the Tax Update a technical publication. I don’t think carried interests — profits interests in partnerships — are bad things, and I think the proffered “cures” are.
Daniel Shaviro, 1986-style tax reform: a good idea whose time has passed
Kay Bell, 5 tax-saving deductions & credits
Ain’t that the truth: Return Still Not Done (Trish McIntire)
Need continuing education? Registration is open for this year’s fall tax schools at the ISU Center for Agricultural Law and Taxation. I’m on the Day 1 teaching schedule. Yes, there’s farm stuff, but there’s plenty for us city folk too.
News you can use: If You Equate Long Hours with Hard Work Then You Aren’t “Committed” But You May Be a Dumbass (Going Concern)
This won’t work out well. From Post-Gazette.com
Joseph E. Gump’s trial for evading taxes from 2003 through 2006 had been set to start Tuesday. But Mr. Gump told the court last week that he would plead guilty, prompting the judge to cancel a call for 50 prospective jurors.Then Mr. Gump wrote to U.S. Judge Terrence F. McVerry’s staff saying that a guilty plea “would be a lie” and demanding a trial.
He said he understood that any prison sentence will likely be less if he pleads guilty, but said he did not believe he engaged in any evasion.
Mr. Gump was accused in a 2011 indictment of indicating “none” as his taxable income for four years during which he earned a total of $250,333 and owed a total of $49,370. He has argued in court filings that the income tax can only be legally levied on federal lands.