Because why would they do something simple and sensible? Tax Analysts reports ($link):
Practitioners should not expect a simplified estate tax return for electing portability, said James Hogan, branch 4 chief, IRS Office of Associate Chief Counsel (Passthroughs and Special Industries), on July 23.
The current estate tax law, which expires at year-end absent Congressional action, allows a surviving spouse to use a deceased spouse’s unused lifetime estate tax exemption — but only if an estate tax return is filed electing the carryforward for the deceased spouse’s estate. In many cases neither spouse will owe estate tax, but there’s always the chance that the widow will win the lottery, so executors are filing a lot of these otherwise unneeded estate tax returns in self-defense. It looks like that silly state of affairs will continue.
Casting Call. Attorneys interview prospective jurors in Iowa film tax credit trial (Rod Boshart, QCTimes.com). The report says the trial is expected to take about two weeks, with the panel to be seated today. The charges against film-credit broker Chad Witter can be found here.
What happens when non-taxpayers run the show (Tax Foundation):
Desperate to gain outside funding, Schilling used his fame to gain meetings with investors “practically every week for the company’s first three or four years.” But no one bought in, scared off by the company’s amateurish business plan and lack of experience. So when Rhode Island came calling with a sweetheart business development loan, 38 Studios jumped at the chance—even if it meant opening up a new office and hiring more employees, which hastened its demise.
If a business plan is any good, it will probably find funding without government help. If it needs government help, it probably isn’t a great idea to start with.
No, the government doesn’t really have a big pot of cash waiting for you to claim it. Two more taxpayers have pleaded guilty for their involvement in a Missouri-based scheme to claim $100 million in fraudulent refunds under the “1099-OID” scam.
Overruled. Las Vegas Lawyer Pleads Guilty to Tax Evasion (USDOJ)
Steve Sink explains why rising tax rates may make this the year to sell your business (IowaBiz.com).
Eh? Is the American Girl Really (Gasp) Canadian? (TaxGrrrl)
Firms Pass Up Tax Breaks Due to Hassles and Costs (Paul Neiffer). The elaborate “targeting” of tax breaks often misses the mark.