There’s just one month left to do end of the year tax planning for the 2009 tax year so you’d better get on the stick. The IRS website lists 35 tax changes for 2009. Here are 9 of the most significant of those changes: 5-Year Carryback of 2008 Net Operating Losses (NOLs) for Eligible Small Businesses (ESBs) – [...]
Tags: Tax Tips
David Boaz of the Cato Institute alerts us to an article in the Washington Post about efforts by two Virginia counties (Fairfax and Loudon) to put a surtax on dining out: Despite the recession, a growing number of Northern Virginia officials say they think people would be willing to pay more when dining out to avoid further [...]
Tags: State Taxes · Tax Policy
The easier it is for taxpayers to file their returns and pay their taxes on a timely basis the better it is for the government. That’s s why in 2002 the IRS established the Office of Taxpayer Burden Reduction (OTBR). What is “taxpayer burden” you ask? Well, according to the IRS website, Taxpayer Burden is the time and [...]
Tags: IRS procedure
Robert W. Wood writing for Forbes.com says that the IRS wants to tax your bartering transactions: The IRS starts with a down-home definition. Bartering is trading one product or service for another, whether informally and one-on-one or with multiple parties in a commercial setting. [Barter] has a storied, even ancient tradition. “Our ancestors may have exchanged [...]
Tags: Gross Income
The New York Times says that plastic surgeons and their patients are angered by Senate proposal of a 5% surtax on certain types of elective surgery: The tax, which would be paid by the customer but collected by doctors, would be levied on any cosmetic surgery that is not necessary to address deformities arising from [...]
Tags: healthcare reform · Tax Policy
WebCPA reports Wesley Snipes is appealing his sentence of 3 years imprisonment after his 2008 conviction for failing to file his 1999, 2000 and 2001 federal income tax returns: Snipes’s lawyers are claiming that the trial should have occurred in New York instead of Florida, as they had argued before the first trial. In addition, Snipes’s attorneys [...]
Tags: Court Cases · Tax Crimes
The St. Petersburg Times has an op-ed piece on government waste titled Florida Taxpayers Get Played for Turkeys: Gluttony isn’t limited to the Thanksgiving table this holiday season. Seminole Community College president Ann McGee is set to become the latest official in Florida overfeeding at the public trough by double-dipping. She and the college’s board [...]
Tags: News · Opinion · State Taxes
