Walter Olson of PointofLaw.Com writes about a tax break that is in the works for trial lawyers: [T]he litigation lobby is quietly preparing to push through a $1.6 billion (with a “b”) tax break for contingent-fee lawyers that would let them deduct expenses as made, rather than in the year of settling a suit. Current Law [...]
Tags: Deductible Expenses · Legislative Watch
I previously blogged about the state of Rhodes Island’s aggressive pursuit of small businesses who have collected but failed to remit state sales taxes. In this companion post, I illustrate how theft of state funds laws unfairly punish average, well-intentioned small business owners while letting the swindlers go free. An Example Let’s take the hypothetical [...]
Tags: Florida Sales & Use Tax · State Taxes
Andrew Morse of Anchor Rising reports that Rhodes Island taxing authorities visited more than 1200 small businesses this week telling them that if they don’t pay their delinquent sales taxes the state will shut them down. Rhodes Island had initially sent out 3,949 letters to small businesses demanding payment of past due sales taxes. This resulted in the payment [...]
Tags: Florida Sales & Use Tax · State Taxes
Gerald Prante of The Tax Policy Blog published a schedule showing the amounts and the percentages of 12 categories of taxes paid by U.S. taxpayers and businesses: Tax Source 2007 Amount (in bill $) Share of Total Federal Individual Income Tax 1,167.3 30.2% Payroll Taxes (e.g. S.S. taxes) 891.2 23.0% Federal Excise Taxes (e.g. [...]
Tags: News
Paul Caron in Tax Cheats Flock to IRS to Confess Their Sins quotes the following from a Wall Street Journal article: Wealthy taxpayers have inundated the IRS in recent weeks with requests to come clean for past tax evasion, amid a government crackdown on undeclared income from overseas accounts. The volume has been so great that [...]
Tags: News
Eugene Volokh has an interesting article about an Pennsylvania CPA whose license was revoked because he disliked homosexuals. Kevin Allen Ake was a member of a local YMCA and was kicked out for trying to start a Bible study group. He called the excecutive director of the YMCA, who was a lesbian, and lectured her [...]
Tags: News
In the first year of law school would be lawyers are taught never to ask a question they don’t already know the answer to. Left wing economist and militant New York Times Bush basher, Paul Krugman, found out what happens when you don’t obey this rule: (Hat Tip: Glenn Reynolds, Instapundit) Bookmark & Share:
Tags: healthcare reform
