The Kansas City Star reports that, Health and Human Services nominee Kathleen Sebelius has corrected three years of tax returns and paid more than $7,000 in back taxes after finding “unintentional errors” — the latest tax troubles for an Obama administration nominee. The Kansas governor explained the changes to senators in a letter dated today [...]
Tags: Legislative Watch · News · Opinion
As the U.S. continues to intensify its investigation of offshore banks and their U.S. taxpayer customers, the IRS has announced that it will be more lenient with holders of offshore banks accounts who come forward voluntarily, Tax-News.Com reports: IRS Commissioner Doug Shulman has announced that a partial amnesty program being launched by the agency will see account holders avoid heavy [...]
Tags: Announcements · IRS Penalties · Tax Crimes
This is a follow up post to my recent posts Harvard Professor, Lawrence Tribe, on the Legality of Taxation of AIG Bonuses and Is Congress’ Plan to RetroactivelyTax AIG Bonuses Constitutional. Kay Bell of Don’t Mess With Taxes wrote the following in a post titled AIG Bonus Tax Effective Sans Enactment: Laurence H. Tribe, a professor [...]
Tags: Legislative Watch · Tax Policy · The Economy
The IRS uses a pay-as-you-go system of tax collection that requires taxpayers to pay their taxes throughout the tax year. If you fail to pay make the appropriate payments during the year, either through federal withholding or through voluntary estimated tax payments, the IRS will assess an underpayment penalty against you. The Safe Harbor Rules In order to provide [...]
Tags: IRS Penalties
Tax News.Com reports that legislation has been introduced in the House of Representatives that would facilitate new business formation by increasing the maximum tax deduction for small business start-up expenses: The Small Business Formation and Job Creation Act, introduced by Rep. Frank Kratovil, a Maryland Democrat, and Rep. Chris Lee, a New York Republican, will increase [...]
Tags: Deductible Expenses · Legislative Watch
The results are in from our extremely unscientific poll “Who is Most Qualifed to Decide How AIG Bailout Funds are Spent?” Here they are: AIG Board of Directors – 71% Treasury Secretary, Timothy Geithner – 12% Congress - 12% The Taxpayers – 5% President Obama – 0% It’s comforting to see that most Americans understand [...]
Tags: The Economy
Whenever things get a little rough in the world of tax law, I remember the words of Hymen Roth: Bookmark & Share:
Tags: News
