Posts Tagged ‘TaxBreak’

Tax Roundup, 6/7/2012: tax advice in the wrong places; the Daugerdas do-over; DOMA doomed?

Thursday, June 7th, 2012 by Joe Kristan

Best advice?  Don’t take advice from the wrong place (Robert D. Flach):

 I have given it much thought and decided the best piece of tax advice I can give anyone is DO NOT ACCEPT TAX ADVICE FROM ANYONE OTHER THAN A PROFESSIONAL TAX PREPARER.

I usually continue my answer by saying “don’t listen to your brother-in-law, your cousin Manny, your auto mechanic, your neighbor or co-workers, or a guy you ride to work with on the train”.
But I also mean don’t listen to a broker, banker, insurance salesman, or other “financial professional”.
Some of the most awkward conference calls are with non-tax financial people who have advised clients to do things that don’t work.

DOMA Ruled Unconstitutional (Again) in an Estate Tax Case  (Jason Dinesen)

Maybe it should get out of profession-creating and jaywalker-shooting so it can do its job. Overseer: IRS Could Face ‘Serious Problems’ (Via TaxBreak)

Kay Bell: Film tax incentives sometimes lead to extra state costs for criminal prosecution.  Plus bonus history of drive-ins!

Paul Neiffer: Present is Better Than Future!  Present interests in property for gift tax purposes, that is.

TaxDood: Another Former Madoff Employee Pleads Guilty.  A Madoff employee cheating on taxes?  Hard to believe, I know.

Dan Meyer: USCoC: US Corporate Income Tax Rate is World’s Highest


Tax Roundup, 5/31/2012: marketing your worries away; playing favorites in Kansas, and exciting new Section 83 regulations!

Thursday, May 31st, 2012 by Joe Kristan

Flickr image courtesy jnn1776 under Creative Commons license

The TaxProf notes a hilarious academic effort from Richard Lavoie, Akron University,  Patriotism and Taxation: The Tax Compliance Implications of the Tea Party Movement:

Given the rise of the tea party movement, which draws strength from the historical linkage between patriotism and tax protests in the United States, the role of patriotism as a general tax compliance factor is examined in light of the extant empirical evidence. The existing research suggests that patriotism may be a weaker tax compliance factor in the United States than it is elsewhere. In light of this possibility, the tea party movement has the potential to weaken this compliance factor even more. Further, when considered in light of the broader tax morale factors that contribute to tax compliance, the tea party movement also poses a risk of destabilizing the social contract framework that underlies our established taxpaying ethos. In order to strengthen the impact of patriotism on tax compliance and lessen any adverse impact of the tea party movement on the country’s taxpaying ethos, the government should take steps to disentangle American patriotism from its anti-tax roots. Important first steps in this regard are outlined in this Article, including the creation of a voluntary “Patriotic Remittance Tax.” Making such changes will strengthen the bond between taxpayers and the government and help promote a vision of American patriotism that is positively associated with taxation rather than antithetical to it.

That’s just wonderful.  If you think that spending the country into bankruptcy is a bad thing and you organize against it, it “poses a risk of destabilizing the social contract framework that underlies our established taxpaying ethos.”  So you just do some marketing.  A voluntary Patriotic Remittance Tax!   Strengthening the bonds between taxpayers and government!  That should be all it takes to convince the rubes that spending their grandchildren into penury is a terrific idea.

You want to know what really bonds the taxpayer and the government?  The IRS.  The federal prison system is full  of people who are truly bonded to the government like with Superglue, including that supervised release when they get out.


Tampa car dealer faces 32 tax counts related to identity theft:

A car dealer accused of nearly $9 million in tax refund fraud whose freedom vexed Tampa’s police chief for months was arrested Monday on 32 federal criminal charges

Authorities say Russell B. Simmons Jr., 42, owner of Simmons Auto Sales on North 34th Street, used the proceeds of tax fraud to buy a $60,000 Bentley coupe and a lot of diamond jewelry, including a $30,000, 18-karat gold Rolex perpetual date watch with a diamond dial; a 14-karat gold men’s bracelet with 2,420 diamonds; a 14-karat chain and “RS” pendant with 703 diamonds; and a 14-karat ring with 110 diamonds.

But rest assured, Commissioner Shulman will be right on this, as soon as he finishes shooting the offshore jaywalkers and administering the open-book competency tests to preparers.

Another Swiss bank customer pleads guilty: Plea for Defendant Charged with Tax Crimes (including FBAR) (Jack Townsend)

TaxGrrrl: Small Business Owners Weigh In On Tax Cuts, the Buffett Rule and the Election

TaxBreak, Tax Foundation: Kansas tax cut plays favorites

Anthony Nitti, Examining the Proposed Section 83 Regulations

Stacie Kitts, Foreign Filing Requirements – Forms 8938 and TD F 90-22.1 Handy Chart

News you can use: Get tax help covering combined business, pleasure travel (Kay Bell)

Peter Reilly, Couple Denied Homebuyer’s Credit – You Are Not Your S Corporation And Your S Corporation Is Not You.  It’s talks about the case I covered here.

Yes! Dewey Think an Accounting Firm Could Go Bankrupt? (Going Concern)

Yes again! Are New Yorkers Fleeing Higher Taxes? (Tax Policy Blog)