Tax News.com reports that financial institutions in the United Kingdom say they will stop accepting American clients if the U.S. approves President Obama’s planned changes in the reporting and withholding tax rules: Banks and wealth managers are warning that it will no longer be cost effective for them to service US clients if tough new [...]
Tags: News · Tax Policy
The Orlando Sentinel reports today that, The IRS wants the governments that run [The Villages] to pay off $355 million in loans after an investigator concluded they improperly issued tax-free bonds to buy recreational facilities such as golf courses and swimming pools. In addition, the IRS wants the two Villages governments to pay $2.8 million in back taxes and [...]
Tags: IRS Audits · News
Paul Caron of TaxProf Blog reports that the IRS has scrapped it’s plan to create a new website after investing $19.5 million dollars of taxpayer funds in it. According to a report from the Treasury Inspector General on Tax Administration (TIGTA), The IRS planned to complete the new portal environment by November 2008; however, in June [...]
Tags: Announcements · Tax Policy
What is it about God and taxes? First we had Kent Hovind, the creationist who said the IRS couldn’t force him to pay payroll taxes because he was “God’s employee.” And now we have one Frank Amodeo (“Amo” is Latin for love and “deo” Latin for God, hence, Frank Lovegod) who, according to Amy Edwards of the Orlando [...]
Tags: Payroll Taxes · Tax Crimes
I’m in Wichita today celebrating my nephew Kyle’s high school graduation. These eighteen years have flown by and it got me to thinking about what’s truly important in life. Here’s a famous Robert Frost poem that sums it up better than I ever could. I dedicate it to the best nephew an Uncle ever had: The Road Not [...]
Tags: Announcements · Poems
Nobody reads H.L. Mencken anymore, but that’s not because they shouldn’t. Henry Louis Mencken – the Sage of Baltimore – was an early 21st century journalist, newspaper man, editor and author, who invented the op-ed and aneviscerating prose style feebly imitated today by the likes of admitted plagiarizer Maureen Dowd, and not so feebly by British born contrarian Christopher [...]
Tags: Literature and the Law
The IRS has issued announced IR-2009-51 summarizing the tax breaks made available to small businesses and the self-employed under the American Recovery and Reinvestment Act (“ARRA”). Here’s the preamble: Small Business Week is May 17 to 23, and the Internal Revenue Service urges small businesses to act now and take advantage of tax-saving opportunities included in [...]
Tags: Announcements · Self-Employed Taxpayers
