While Congress dilly dallies, the states are racing to come to the aid of families whose estate plans have been thrown into disarray by the Jan. 1 lapse of the federal estate tax. That lapse could, among other things, lead to the unintended disinheritance of spouses, which could in turn lead to expensive legal fights [...]
Governor Felix Camacho Friday signed bill 150 into law.
It will raise the current $1 dollar tax on a pack of cigarettes to $3 dollars. The higher tax taxes effect in 60 days, the first week of April.
Cigars will be taxed at .40 cents per mini cigar, .44 cents per regular sized cigar, and .50 cents [...]
Things are getting a bit heated on Capitol Hill and no, weâre not referring to the ongoing ethics investigation surrounding New York congressman Charlie Rangel.
Online sales taxes were at the forefront yesterday as members of Congress on both sides of the issue squared off to promote competing pieces of legislationâRep. Bill Delahuntâs bill to implement [...]
In plain terms, an IRS audit is to ensure that your tax return is filed correctly — that you’re not claiming too many unwarranted deductions, and that you’re paying what you really owe Uncle Sam. It all starts with a number that the IRS computer assigns to your tax return known as the DIF score. Related posts:
The IRS is pretty hush-hush about how it’s calculated, but the higher your DIF score, the
Taxpayers seeking tax relief from back taxes owed to the IRS have several avenues to pursue, but perhaps the most appealing is the Offer in Compromise tax settlement program. The concept is simple: A properly negotiated Offer in Compromise allows a taxpayer to settle tax debts in full for less than the amount owed, without consequences to credit rating. Related posts:
One of our clients, John P. from Brooklyn, NY owed the IRS
A recent news story has reported a trend that could be costly to life insurance beneficiaries and could risk the stability of the financial system. In order to retain the assets of life insurance proceeds, some insurance companies send checkbooks to beneficiaries, instead of the insurance proceeds. These checkbooks are tied to investment accounts from which the insurance company profits, are not insured by the federal government, and could upset an already unsteady financial system.
This encourages the beneficiary to use the checks instead of receiving the full proceeds of the life insurance policy. Although the money is in an interest-paying account, the insurance company pays the beneficiary only a portion of the investment income and prevents the beneficiary from making his or her own investment decisions.
Since these investment accounts are not insured by the federal government, something that may not be known or understood by the beneficiary, the beneficiary is at risk of losing the whole proceeds if the insurance company goes under. Further, if enough beneficiaries decide to demand all of their money at the same time, the life insurance company may not be able to meet the demand, causing the kind of “run on the bank” government insurance and regulation is intended to prevent.
Dionee Searcy of the Wall Street Journal law blog reports about a recent 9th Circuit ruling that held that plaintiff lawyers could deduct as ordinary and necessary expenses the costs they advance for their plaintiff clients:
The court âheld that attorneys who represent clients in contingency fee cases may treat litigation costs that are paid by [...]
Neutral Switzerland is getting it’s ass handed to it for taking sides with tax cheats.
Jack Townsend of Federal Tax Crimes blog says that Germany is following America’s lead in pursuing Swiss banks for allowing tax scofflaws to evade taxes in their home countries:
German authorities are raiding German offices of Credit Suisse. As noted in one article [...]
ABC News.com reports that,
Actor Wesley Snipes is headed for jail after losing his appeal of a three-year prison sentence for failing to file income tax returns for 1999 through 2001.
A federal appeals court on Friday upheld the 47-year-old actor’s 2008 conviction in an Ocala, Florida, court for three misdemeanors stemming from felony tax charges.
At his [...]
If youâre earning more than the defined sum of money by the IRS, you are liable to pay income tax. Calculating income tax is not an easy task as it contains some deductions and exemptions. For some you would be eligible and for some you would not. But the main concern is getting knowledge about [...]
If tax issues in your life are not taking any halt, you should look out for some good tax attorneys so that you can get rid of these issues as soon as possible. You might be facing issues with your income tax, sales tax, business tax or property tax but there are few common things [...]
Are you looking for ways to get rid of the tax debts? There are legal ways that can greatly reduce the amount of your back taxes. However, you would need to be eligible for these options. Best way to reduce your taxes is by hiring an experienced IRS tax attorney. He/she will let you know [...]
Nearly 12,000 free tax preparation sites will be open nationwide this year as the Internal Revenue Service continues to expand its partnerships with nonprofit and community organizations performing vital tax preparation services for low-income and elderly taxpayers.
The IRS Volunteer Income Tax Assistance (VITA) Program offers free tax help to people who earn less than $49,000. [...]
A legislative tax panel approved a bill Monday that would let state taxpayers deduct donations to Haiti earthquake relief efforts when they file their 2009 taxes this spring.
It would make state tax law match up with a federal law allowing taxpayers to deduct donations made by the end of February from their 2009 tax returns [...]
The owner of a small transportation company on Long Island is arguing that it is not only unfair he has to pay a payroll tax that benefits a competitor of his â the Metropolitan Transportation Authority â but that its adoption was unconstitutional.
William Schoolman, president of Hampton Luxury Liner and Classic Coach, a luxury coach [...]
How does that old saying go? If you can’t beat them, join them.  This message is for all the people who think they can beat the IRS by cheating on their taxes, filing fraudulent tax returns or hiding their income. If I have to spell it out for you, I will. The bottom line is, you can’t beat the IRS. So you might as well join the masses of US citizens Related posts:
Orange County tax attorneys are watching new legislation that has passed the House and is pending in the Senate. Under the proposed law, small service firms classified as S corporations might see a big increase in payroll taxes. HR 4213…