There are a lot of little gems buried within the four corners of the Housing and Economic Recovery Act of 2008. Here’s another one. IRS Notice 2008-95 allows taxpayers who claimed losses for damage to their primary residences caused by Hurricanes Katrina, Wilma or Rita to elect to amend their returns to reduce those losses by [...]
Tags: News
If you are in the highest tax bracket, your “tax freedom day” is April 23, 2009. Bookmark & Share:
Tags: Tax Humor · Tax Policy
Joe Kristan blogged yesterday in a post titled Congress Eyes Reversal of Section 382 Bank Notice that, Ways and Means Democrats introduced legislation to repeal the IRS notice (Notice 2008-83) that exempts bad loans from the Section 382 “built-in loss” rules. The legislation would repeal the notice effective on the earlier of passage by Ways and [...]
Tags: C Corporations · Legislative Watch · News
I wonder what convicted tax felon, Wesley Snipes, thinks about this story: The ABA Journal’s Law News Now reports in Lawyer Pleads to Tax Misdemeanors; Feds Say He Didn’t File Tax Returns Since 1994 that, A Mississippi attorney who allegedly hasn’t filed a federal tax return since 1994 has avoided a trial in the felony tax evasion case [...]
Tags: Tax Crimes
In a column written for the Wall Street Journal, former Speaker of the House, Newt Gingrich, says he wants Obama and the 111th Democratic Congress-Elect to put their money where their mouths have been and slash middle-class tax rates rather than give refundable credits to the poor who pay no income tax: For a real middle-class tax [...]
Tags: Legislative Watch · Tax Policy
West Covina Motors, Inc. v. Commissioner (T.C. Memo. 2008-237): There were five issues involved in this case, three which dealt directly with the deductibility of legal fees, one which dealt with the write down of inventory and one which dealt with the abatement of penalties. This post deals only with the legal fee issues. Judge Diane [...]
Tags: Deductible Expenses
This blog comes to you courtesy of Reverend Pete: Devlin Barret of the Associated Press reports, Federal auditors have concluded the Rev. Al Sharpton’s 2004 campaign owes the government nearly $500,000 for illegal donations and other financial improprieties. Sharpton has been feuding with the Federal Election Commission (FEC) for years over his accounting in his failed run [...]
Tags: News
