The Associated Press reports that the man who played Iceman to Tom Cruise’s Maverick in the movie 1986 blockbuster Top Gun has a tax problem: Val Kilmer owes nearly $500,000 in federal taxes, and a lien has been placed on the “Batman Forever” actor’s property, including a New Mexico ranch he’s trying to sell. The Internal Revenue Service [...]
Tags: IRS Liens and Levies · News
Kevin McNormally of Kiplinger has a neat little chart that shows the percentage of the nation’s taxes paid by each economic class: Here it is in narrative form: 1% of the people pay 38% of the taxes 5% of the people pay 50% of the taxes 10% of the people pay 70% of the taxes [...]
Tags: Politics of Taxes · Tax Policy
We’ve written before about the tax-hiking brain surgeons running the State of Oregon. Now CNN Money reports that, Oregon drivers may get an unpleasant shock when they pull up to the pump in the new year. Drivers there are already paying an average of $3.06 per gallon, but in the new year the state Department of [...]
Tags: State Taxes
Here’s one of the entries I found on a fledgling website called IRS Doghouse that tells you all you need to know about the indecency and possible criminality of the site (the emphasis is mine): IRS Employee Name: Mr. [I Removed the Name] Employee Position: Tax Compliance Officer Characteristics: Antagonistic, Arrogant, Been a Government Employee “Too Long”, Belligerent, Can’t [...]
Tags: IRS procedure · Tax Crimes
It takes a serious set of balls for an actor whose principal achievement in life is being Matt Damon’s best friend to accuse others of being overpaid. Here’s the latest howler from Newsbusters: On Tuesday’s Morning Edition, actor Ben Affleck was selling his new movie about corporate layoffs, Company Men, and anchorman Steve Inskeep carefully led the [...]
Tags: News · Politics · Satire
Paul Bonner of The Journal of Accountancy reports that IRS Commissioner Doug Shulman said the Service would probably provide relief from proposed testing and continuing education requirements for nonsigning tax preparers working under the supervision of a CPA or other federally authorized tax practitioners, such as an attorney or enrolled agent, in a CPA or other [...]
Tags: News · Regulation of Tax Preparers
CPA Charles J. Reichert writing for the Journal of Accountancy says that the Tax Court in James P. and Joan E. Kennedy v. Commissioner, TC Memo 2010-206 has ruled that in some cases a sale of business assets will generate ordinary rather than capital gain income (emphasis added): The Tax Court held that payments to a taxpayer from the sale [...]
Tags: Business Transactions · Court Cases
