Looks like another Obama cabinet appointee has a tax problem. Tom Daschle, ex-Senate Majority leader and Obama’s choice for Health and Human Services Secretary, just paid the IRS $140,000 in back taxes. Business Week reports that Daschle owed back taxes for 2005, 2006, and 2007 based on audit adjustments made by the IRS for his [...]
Tags: Individual Taxation · Legislative Watch · News
TaxNews.Com reports that, Economic recovery legislation made further progress through the United States Congress on Tuesday after the Senate Finance Committee approved approximately $522 billion in tax cuts, incentives, and other investments to stimulate the American economy. The legislation spearheaded by Chairman Max Baucus (D-Mont.) now includes $342 billion in tax cuts for families and businesses, with [...]
Tags: News
I prepared this chart for my law firm website and thought it might make a useful blog post. If there’s anything missing, please let me know. Tax Relief Description Conditions Installment Agreement You pay a monthly amount based on your ability to pay calculated by deducting your necessary living expenses from your monthly income after [...]
Tags: Tax Collections
USA-Tax-News.Com reported today that, Senator Chuck Grassley, ranking Republican on the Senate Finance Committee, has criticized the version of the economic recovery legislation released by the House Ways and Means Committee last week for leaving out provisions that would curtail the reach of the alternative minimum tax for another year. “The tax bill released [...]
Tags: Alternative Minimum Tax · Legislative Watch
The Associated Press reports that embattled Illinois Governor, Democrat Rod Blagojevich, has said he will not defend himself in the upcoming Illinois House impeachment trial because the system is fixed against him by people who want to raise taxes: Launching an all-out media blitz as his impeachment trial draws near, Gov. Rod Blagojevich compared himself [...]
Tags: Legislative Watch · News
Paul Caron of TaxProf Blog wrote this today: Treasury Secretary nominee Timothy Geithner implied at his confirmation hearing that the mistakes in his tax returns were caused by his use of the TurboTax software program. Of course, as any tax professional knows, TurboTax (and any of the other leading software programs) easily calculates self-employment tax (as well as [...]
David Loeb v. Commissoner of Internal Revenueand Harold Molaison v. Commissioner of Internal Revenue (Consolidated) – The issue for decision in these consolidated cases was whether the statute of limitations barred the IRS’ issuance of the Notices of Deficiency. IRC § 6501(a) provides, Except as otherwise provided in this section, the amount of any tax imposed by [...]
Tags: IRS Penalties · Statutes of Limitation
