John Tuzynski, IRS Chief of Employment Tax, SB/SE Speciality Programs, has announced that the IRS is expanding efforts to close the $15 billion dollar tax gap in the employment tax area. Specifically, Tuzynski stated that S corporation shareholder wages and the issue of reasonable compensation for services rendered would be a target area. For a [...]
Tags: Announcements · S Corporations
Acting on Emerson’s maxim “next to the originator of a good sentence is the first quoter of it” here, in no particular order, are my ten favorite quotes about taxation: 1. A government which robs Peter to pay Paul can always depend on the support of Paul. -George Bernard Shaw 2. There is no worse tyranny than to [...]
Tags: Top Ten Lists
The United States has the second highest corporate tax rate of the 30 members of The Organisation for Economic Co-operation and Development (OECD). The U.S. rate is 39.25% compared to the OECD average of 26.6. Japan is first with a corporate tax rate of 39.54%. When asked for his reaction to the findings, Senator Byron [...]
Tags: Corporate Tax
Smart Money has a nice little primer on the Wash Sale Rules at A Sneaky New Twist on the Wash Sale Rules. Kay Bell of Bankrate.Com wrote about retirement plan rollovers at Reporting 401(k) and IRA Rollovers. CNN/Money.com had a nice piece in June titled What Obama Means by Tax the Wealthy. And here’s an [...]
Tags: Tax Blogging
According to a study released by the Scapegoat Society titled, Constructive Inquiry Into the Nature and Nuetralizing of Blame, scapegoating is, [a] hostile social/psychological discrediting routine by which people move blame and responsibility away from themselves and towards a target person or group. A new GAO study requested by Democrat Senators Byron Dorgan (North Dakota) and Carl [...]
Tags: C Corporations · Legislative Watch · S Corporations
On June 20th, the Tax Policy Center issued a report titled, A Preliminary Analysis of the 2008 Presidential Candidate’s Tax Plans in which it found that Barack Obama’s tax plan, if enacted, would cause the U.S. deficit to balloon. Lori Montgomery of the Washington Post reported yesterday in an article titled Obama Tax Plan Would Balloon Deficit, [...]
Tags: Campaign 2008 · Legislative Watch
“Who does your taxes? The internet is an egalitarian’s paradise. It has leveled the playing field for professionals of all stripes by allowing the “little guy” to compete on an equal footing with the big boys. Mostly this is accomplished through blogging. I have been tracking tax blogs for several years and have discovered for myself that there [...]
Tags: News · Tax Blogging
