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Tax Q&A
Our incomes are the same except one of us has two jobs. I get a refund my friend owes - why?
Question from Cameron February 1, 2010 at 5:14pm Kathy, I did my taxes through turbo tax. I am 25. I work one job, and made around 9000 in a year. I claimed "1" on my forms. I am receiving......
Question from John February 1, 2010 at 2:53pm Kathy, I'm 30,have 8 and 6 year old children, single and have shared custody with other parent. We were never married. I had no income other than a student grant and......
Question from John February 1, 2010 at 2:38pm Kathy, I live in Wash St and recvd unemployment compensation from Oregon St during 2009. Is this reportable income for my Federal Tax return for 2009 filing? Answer: John - Good......
Does my 17 year old have to file a return? She only made $1,222.
Question from Kathy February 1, 2010 at 12:12pm Kathy, My 17 year old high school student had a gross income of 1222.46 for 2009 and had 8.44 federal income tax withheld. Does she have to file a tax return?......
I am trying to find out if we will be taxed for capital gain and if so, how much?
Question from Stacia February 1, 2010 at 11:13pm Kathy, We own 10 acres that we are currently trying to sell. We paid $40,000 for it and it is listed at $89,900. I am trying to find out if we......
Do I put nontaxable income on my return?
Question from stacey February 1, 2010 at 10:21am Kathy, Do i still have to report non-taxable income some where on my tax return? I received 75,000 for physical damages and i an reporting all money eared from the 75,000......
Offer in Compromise Blog
The Internal Revenue Service (IRS) offers a variety of tax settlement options for Maryland taxpayers who would like to settle their IRS tax debt. Offer in Compromise is one these options and may allow Maryland taxpayers to settle their debt for a fraction of the total amount owed. Offer in Compromise...
Offer in Compromise for Alabama Taxpayers
Offer in Compromise (OIC) is an agreement between the taxpayer and the Internal Revenue Service to negotiate and pay a tax liability for less than the total amount owed. The Internal Revenue Service will agree to an Offer in Compromise if a taxpayer meets certain criteria and is not in...
Offer in Compromise For Idaho Taxpayers
The IRS offers a variety of tax settlement options for Idaho taxpayers who are unable to pay IRS tax debt and Offer in Compromise is one of the most popular options. Offer in Compromise or OIC allows an Idaho taxpayer to make an offer to the IRS to settle past...
Offer in Compromise in Connecticut
The Internal Revenue Service has the authority from the federal government to collect taxes to fund government activity. Connecticut residents who owe federal tax liability may be able to negotiate with the Internal Revenue Service to settle their federal tax debt for less than the full amount owed. The Internal Revenue...
Offer in Compromise For Pennsylvania Taxpayers
Offer in Compromise or OIC is a popular IRS tax settlement option which Pennsylvania taxpayers can use to settle outstanding IRS tax debt. OIC allows taxpayers to propose a tax settlement amount to the IRS to settle federal tax debt. In some cases, the amount offered and accepted by the...
Georgia taxpayers who owe federal back taxes have several IRS tax settlement options available to settle the debt. One of the most common programs is Offer in Compromise or OIC. Offer in Compromise allows the taxpayer to make an “offer” for less than the full amount of tax debt owed...
California Tax Attorney Blog
The Best And Most Wealth Friendly States For Trusts
A post on January 23, 2010 in Wills, Trusts & Estates Prof Blog provides a chart listing the best states for trusts. The ranking factors considered are (1) state income tax in the state, (2) directed trust statute, (3) asset......
Dying In California Without A Will Or Heirs
Don't let your property go to the State of California when you die. Learn more about Wills, living trusts and other estate planning documents that may help....
Getting A Transcript Of Your Tax Information
Here are some things to know if you need copies of your federal tax return information from the IRS. There are2 options for obtaining free copies of your federal tax return information — tax account transcripts and tax return transcripts.......
California's Largest Tax Scofflaws
Don't be on California's list published by the Franchise Tax Board of the top 250 taxpayers with liened state income tax delinquencies greater than $100,000. You can check for names in this posting....
How "the rich" avoid gift and esate taxes....
IRS Audits Used To Collect Employment Tax Data
ALERT! The IRS is about to randomly audit 2,000 taxpayers to conduct comprehensive examinations to help it select and examine future employment tax returns posing a compliance risk. The IRS wants to obtain statistically valid information to gauge more accurately the extent to which businesses properly comply with employment...
TaxProf Blog
FIN 48 and the IRS-Taxpayer Relationship
Andrew W. Jones (Andrew W. Jones PC, Marietta, GA) has published Note, FASB--The IRS's New Best Friend: How FIN 48 Affects the Taxpayer-IRS Relationship and Potential Taxpayer Challenges, 25 Ga. St. U. L. Rev. 767 (2009). Here is the part of the Conclusion: Why is FIN 48 so problematic? After......
Redistributive Taxation and Personal Bankruptcy
Charles Grant (University of Reading, Department of Economics) & Winfried Koeniger (Queen Mary University of London, Department of Economics) have published Redistributive Taxation and Personal Bankruptcy in U.S. States, 52 J.L. & Econ. 445 (2009). Here is the abstract: Personal bankruptcy regulation and redistributive taxes and transfers vary considerably across......
Obama's Budget Would Increase Penalties Five-Fold on Tax Protesters
Government Bytes (Official Blog of the National Taxpayers), Raising the Penalty for Tax Protesters/Deniers: Under current law, the willful failure to pay taxes is a misdemeanor. You could go to jail for up to a year and pay a maximum fine of $25K (for individuals, $100K for corporations) for each......
IRS Debunks Tax Protester Arguments
The IRS today released (IR-2010-80) an 80-page memorandum, The Truth about Frivolous Tax Arguments, which debunks many of the frivolous arguments made by individuals and groups that oppose compliance with federal tax laws. Among the frivolous arguments the IRS rebuts are: The Voluntary Nature of the Federal Income Tax System......
George K. Yin (Virginia) has posted Publicly Traded Partnerships, Closely Held Corporations, and Entity Classification for Tax Purposes on SSRN. Here is the abstract: This comment, presented as part of a November, 2009, tax program on publicly traded partnerships, argues for the adoption of two classification lines to facilitate the......
Seattle Hosts International Tax Workshop Today
Seattle University School of Law hosts an International Tax Workshop today: Karen Brown (George Washington), Promoting Gender-Aware International Tax Policy Michael Knoll (Pennsylvania) & Ruth Mason (Connecticut), What Is Tax Discrimination? Incubator Sessions: Reuven Avi-Yonah (Michigan) Yariv Brauner (Florida) Kim Brooks (McGill) Karen Brown (George Washington) David Duff (British Columbia)......
IRS - Hitman
Offer in Compromise Facts and Tips
The Harsh Truth: The IRS wants the entire tax liability paid in full. After all, millions of Americans manage to do this every year, why shouldn’t you? The IRS will evaluate every single detail of your IRS case and situation before they even consider your offer. Here’s what you need...
Tax Filing Frequently Asked Questions
An IRS-Hitman Special: Tax time is around the corner. This is that special time of the year when my inbox get flooded with questions from worried taxpayers all across the Nation. It's time to give the people what they want, answers to their IRS Tax Filing questions!What are the legal...
Extension of Time to File, Step by Step Guide
There's still plenty of time to file your Taxes before the deadline in April, but if you feel like you won't make it in time, it's possible to file for an extension to file your taxes. Here's the step-by-step guide:Step One: Pull your head out the sand and get to...
Top Tips for Choosing the Right Tax Preparer
Preparing taxes is a daunting task. And although it feels like they were just filed, it's time to take another look at filing taxes. Small Business owners have a limited amount of time to take advantage of some special deductions this tax year. That’s why many business owners choose to...
Tax Defense Network Career Fair is Tomorrow!
Tax Defense Network is hosting a Career Fair tomorrow, January 30, 2010. It will be held from 9AM to 1PM. Here's the Scoop:Contact: Rod DeMontmorency/Erin BaileyTax Defense Network(904)309-8180In this challenging and competitive job market, Tax Defense Network’s need for qualified employees remains in demand. This company is experiencing a growth...
IRS Tax Debt: Learn the IRS's System and Rid Yourself of IRS Debt
Deep in Debt? You're not alone. Most everyone experiences a problem with the IRS. Even if you pay on time, the IRS can still come knocking. How can that be? Why do innocent Taxpayers have the IRS on their back? Because the IRS's system is flawed.The Flawed System: Unreliable Technology:...
Texas State & Local Tax Law Blog
The Combs v. Chevron opinion is out, and it's big news for the Texas state tax world
Today's sales tax opinion from the Texas Third Court of Appeals in Austin, Combs v. Chevron USA, Inc., No. 03-07-00127-CV, is big news for its treatment of both substantive tax law and tax procedure....
Too much product modification could cost a seller its favorable tax rate
As mentioned in a previous post captioned "Amended Comptroller rules solve the rental income flow-through problem and make other changes," the Texas Comptroller of Public Accounts recently amended several administrative rules applicable to the revised franchise tax, or "Margin Tax." One of the amended regulations, Rule 3.584 ("Margin: Reports and...
Predicting some Texas tax developments in 2010
Now that the New Year has begun, it's time to look into our crystal ball and make some predictions about Texas tax developments during 2010. A few developments expected from the Comptroller of Public Accounts, the state Courts and the Legislature are summarized below. Future posts will cover them in...
Amended Comptroller rules solve the rental income flow-through problem and make other changes
The Texas Comptroller of Public Accounts has adopted, effective December 31, 2009, amended versions of eight administrative rules affecting the revised franchise tax or "Margin Tax." As explained below, the big news is how the Comptroller decided to amend (or not amend) Rule 3.582 ("Margin: Passive Entities"), codified at 34...
Attention Texas appliance shoppers: a rebate could be coming your way
Susan Combs, the Texas Comptroller of Public Accounts, recently announced that Texas will use approximately $23 million in federal stimulus funds for a mail-in rebate program for consumers who purchase certain energy-efficient household appliances during a 10-day period next April....
A recent franchise tax refund case is good news for transportation companies
The Comptroller of Public Accounts recently granted a refund to a railroad under the former franchise tax, and that's good news for all transportation companies under the revised version of the tax, the so-called "Margin Tax."...
About.com Tax Planning: U.S.
Comparing the Standard Deduction to Itemized Deductions
For 2009 tax returns, people can take a standard deduction plus additional deductions for property taxes, sales tax on purchasing a new car, or additional amounts if the person is elderly or blind. This new "expanded" standard deduction can add new ways to optimize your tax return, especially if your itemized...
New York No Longer Sending Out Form 1099-G
The state of New York is no longer mailing out Form 1099-G to report how much of a state income tax refund a person received. Not mailing out this document will save the state "approximately $700,000," according to an email notification sent by the Department of Taxation and Finance. Form 1099-G...
Congress Approves Retroactive Charity Deduction for Haitian Earthquake Relief
Individuals and businesses will be allowed to take a deduction for donations given to charities providing relief to the victims of the earthquake in Haiti, if President Obama signs into law HR 4462, Haiti Charitable Deduction Bill. The House passed the bill on January 20, 2010; the Senate approved the...
IRS Commissioner Admits the Tax Codes are "Complex"
An interesting remark from the Commissioner of the Internal Revenue Service. In an interview with C-SPAN, Douglas Shulman admitted that he does not prepare his own tax return and instead hires a tax professional. When asked why, "Shulman smiled and said, 'Uh, I've used one for years. I find it...
Give Wisely for Haiti Relief Charities
People who want to help the earthquake victims in Haiti may be able to get a tax deduction for any cash or goods donated to an approved public charity. The thing to be careful about: the tax deduction for charity is available for donations to US-based non-profit organizations. Here's some...
Estimated Tax Payments for 2009
The deadline for submitting any estimated tax payments for the year 2009 is Friday, January 15, 2010. The actual mechanics of sending in estimated payments are pretty easy. Either mail in a check to the Internal Revenue Service, or submit an online payment using the Electronic Federal Tax Payments Web...
Roth & Company, P.C.
We're freshening up the snowcover at 4th and Court today in Downtown Des Moines.......
Elective deemed death may be the gimmick to break the estate tax deadlock. The Wall Street Journal reports: A proposal......
Self-swappers seek Supreme Court review
A company whose attempted like-kind exchange failed because it replaced the exchange property with replacement party from a related party......
'Indefinite' doesn't mean 'temporary'
Tough times force us to be flexible. Tough times forced an out-of-work electrician in Lake Mary, Florida to take a......
More on the Tax Court's sex-change decision, from Peter Pappas. My coverage here.......
Kay Bell shows some less-than-full throated sympathy for film credits: I love movies. I get a big thrill when one......
THE WANDERING TAX PRO
THE TWELVE DAYS OF TAX SEASON!
Now it is time for what you have been waiting a year for - the February 1st tradition here at THE WANDERING TAX PRO of posting “The Twelve Days of Tax Season” -On the first day of tax season my client gave to me a Closing Statement for the purchase...
He said, Columbo-like.Just so you know, I will not be responding to, or even reading, emails from non-clients regarding my blogs during the tax season – whether they be comments on posts or appropriate, or inappropriate, tax questions. If you have a question that you need answered in order to...
SO LONG, FAREWELL, AUF WIEDERSEHEN, GOOD NIGHT!
.Joy to the world - tax season’s here.I’ll soon be flush with cash!Let every client be organized,and give me all I need, and give me all I need,and give me all I need to prepare their returns!.My 39th tax season will officially begin tomorrow - the floodgates will soon be...
Does anyone else find it a bit outrageous that H+R Block, as per their ads, charges $68.00 to prepare a Form 1040EZ, truly the simplest of all tax returns, and the corresponding basic state tax return? And God knows how much else for a usurious Refund Anticipation Loan (RAL)!An H+R...
WHAT’S THE BUZZ? TELL ME WHAT’S A HAPPENNIN’
This is the last BUZZ until after the end of the tax filing season! .You can continue to get daily tax tips from my column at MAINSTREET.COM.* Did you catch Kay Bell’s “Tax Twitter Tuesday - 1.26.10” at DON’T MESS WITH TAXES? The first T3 of 2010!* Kudos to Joe...
TAX ISSUES IN THE STATE OF THE UNION ADDRESS
For those of you who missed the State of the Union Address Kelly Phillips Erb posts the text of the speech at TAX GIRL (click here).So what did BO have to say in terms of taxes last night?"I've proposed a fee on the biggest banks. Now, I know Wall Street...
Start Making Sense
I've just posted on SSRN my new paper, occasionally discussed here, called "The Case Against Foreign Tax Credits."Here is the link.Abstract is as follows:In international tax policy debate, it is usually assumed that, if one chooses not to exempt residents’ foreign source income, the preferred system would offer foreign tax...
One but not both of these photos is from the UNC Tax Conference last week. I prefer the rogue, which was distributed to the group by another conference attendee, not just for artistic and sentimental reasons, but also because the actual photo makes me look too short. I...
My e-mail interview with a Polish news magazine
Here are their questions and my answers, the latter composed more or less at the limit of my typing speed. My answers are shown here in italics:1. USA has to deal with budget problems, so does Germany, Greece, Poland, France, Japan, Russia, etc… it seems the public finance is...
I'm just a boy who can't say no
Though over-the-top busy, I've agreed to two perhaps not terribly high-profile Media Appearances.First, tomorrow (Wednesday 2/3) from 10:06 to 10:30 AM on the Kathleen Dunn show on Wisconsin Public Radio, I'm being interviewed live on such topics as "the broader implications of the current tax code, the Bush tax cuts,...
Continental Airlines good, American Airlines bad
Perhaps I am tempting fate by saying this before I actually board my flight. But purely as a matter of their own self-interest, all readers are urged to prioritize Continental Airlines far, far ahead of American Airlines when making travel plans. Ignore my words, and you may be...
It's been hurry-up-and-wait for me the last few days. First I was hurrying up, and now I am waiting.I seem to have overbooked myself a bit. On Wednesday, I presented my new paper "The Case Against Foreign Tax Credits" at Penn Law School. On Thursday, tax policy...
PRO-TAX
New Tax Break for Contributions to Haiti Earthquake Relief
Congress passed a new tax relief law allowing taxpayers who contribute in 2010 to charities......
Okay, so everyone knows that you have to file your Federal Income Taxes by April 15. What......
You have dutifully filed your tax return and now you have entered the void; that place where you......
Are you Getting More Pay (Or A Smaller Refund) With The "Making Work Pay" Tax Credit?
If you’re like most wage earners last Spring you probably started receiving a larger paycheck (but......
These Days You Need A College Degree, To Learn How To Pay For A College Degree!
If you have a child planning to attend college sometime in the future and you want to pay the......
Strategies for Reducing Your Debt
You DON’T Have To Move To Lincoln, Nebraska To Get Your Credit Card Bills Under Control…Here Are......
Tax Problem Attorney Blog
UBS Offshore Account Owner Wins Case Against Internal Revenue Service (IRS)
The owner of a UBS offshore account has won a lawsuit in the Swiss Administrative Court barring UBS from turning over her name to the Internal Revenue (IRS). The reasoning of the Court was that the only evidence of tax......
Taxpayer Advocate Reports Tax Liens as Serious Tax Problem
The Internal Revenue’s (IRS ) tax lien filing polices were in the Taxpayer Advocate’s 2009 Report to Congress listed as the second most serious tax problem facing taxpayers today. This is not a big surprise to those tax lawyers who......
California Income Tax Evasion Charged
The California Franchise Tax Board (FTB) has arrested an individual for felony income tax evasion. According to the FTB Phillip Leech was the CFO of In & Out Desighns, Inc. which allegedly earned more than $1.3 million over a three......
IRS Issues Fact Sheet on Filing Foreign Bank Account Reports (FBARs)
The IRS has issued a fact sheet on filing Form 90-22.1, Report of Foreign Bank and Financial Accounts (FBARs) to start the New Year. The FBAR fact sheet adds nothing to the sum of our knowledge on FBARs simply stating......
Swiss Court Finds Certain UBS Disclosures of Offshore Accounts Illegal
The Swiss Federal Administrative Court ruled that the order to UBS by the Swiss Financial Market Supervisory Authority (FINMA) to turn over the names of 250 United States UBS customers accused of committing tax fraud or tax evasion was illegal.......
Offshore Tax Havens, Tax Fraud and Senator Carl Levin
I lifted my nose up from filing Foreign Bank Account Reports (FBARs), talking to clients with offshore financial accounts, and filing for tax amnesty under the IRS Offshore Voluntary Disclosure program long enough to notice a speech that Senator Carl......
MauledAgain
Repeals, Expirations, and Reinstatements: A Taxing But Critical Difference
Words are precision instruments, but too often, even in the hands of professionals such as lawyers and journalists, they get used as though they are blunt instruments. In the hands of politicians, lobbyists, and special interest groups, words get transformed into sound bites, twisted assertions, and outright lies. An unfortunate,...
Caveat Emptor, Law Students Seeking Outlines
The title of this post isn’t designed to demonstrate any sort of proficiency in Latin but to alert law students to the dangers of relying on outlines received from other students. The risks posed by using passed-down outlines have been threatening law students for almost as long as there have...
Tax Incentives Can Do Only So Much
Last Wednesday, in his State of the Union address, the President put forth several specific suggestions for changes in the tax law:I'm also proposing a new small business tax credit – one that will go to over one million small businesses who hire new workers or raise wages. While...
Freezing Real Property Tax Reassessments: A Nice Idea
As expected, the continuing story of problems with the Philadelphia real property tax assessment system has turned the page to a new chapter. Although the primary focus in recent months has been on the proposal to replace the Bureau of Revision of Taxes (BRT) and the attempts to get the...
Federal Ready Return: Theoretically Attractive, Pragmatically Unworkable
The New York Times has jumped onto the “federal Ready Return” bandwagon, a theoretically attractive idea that has been floating around for awhile but that is destined to crash on the rocky shores of tax reality. In Why Can’t the I.R.S. Help Fill in the Blanks, business professor Randall Stross...
Surely the Poor Are Not Responsible for the Tax Law Mess
In Wealth, Taxes, Politics, Jim Maule’s Surrebuttal, and the Hierarchy of Needs, Peter Pappas responds to my latest posting in our dialogue arising from the question how disproportional wealth representation in Congress affects tax and other policies. In Is It Any Wonder That the Tax Law is a Mess?,...