And it doesn’t appear (at least on the surface) that Warren Buffett put them up to it.
[via TaxProf]
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Louisiana Is Exempting Virtually All Deadly Weapons (and Accessories!) from Sales Tax This Weekend
At midnight this morning, a sales tax holiday began in the Bayou State on anything covered under the Second Amendment and a whole bunch of other stuff too.
Louisiana even went to the trouble of slapping together a 30-second ad:
Shockingly, American flags were completely omitted from this ad, which leads us to believe that there isn’t any political motive here, although this is only the second “Second Amendment Sales Tax Holiday.” You can safely assume that prior to 2009, Louisianians were not in fear of their freedom being taken away from them but since arackbay bamaoay started running things, people are arming themselves to the teeth for the impending roundup of gun snatching by the Feds.
For reference, here’s a list of everything that will be tax free but it boils down to this:
• Accessories designed to be used for hunting.
• Shotguns, rifles, pistols, revolvers or other handguns.
• Ammunition intended to be fired from a gun or firearm.
• Animal feed for consumption by game which can be legally hunted.
• Apparel such as safety gear, camouflage clothing, jackets, hats, gloves, mittens, face masks and thermal underwear for use while hunting.
• Off-road vehicles such as all terrain vehicles designed for hunting.
Not listed above but included in the exemption are “Knives that are manufactured and marketed as being primarily for use in hunting,” in case you’re one of those cold-blooded types that prefer killing with your bare hands. This does not include the amazing Ginsu Knife™ or other kitchen miracle blades.
Also not exempt are hunting dogs (taxed?) nor are “toy guns [Ed. note: wait, guns aren’t toys?] and vessels or off road vehicles utilized as children’s toys.” Additionally, “golf carts, bikes, motorcycles, tractors, or motor vehicles which may be legally driven on highways,” aren’t eligible.
So load up people. Hunting season is right around the corner. Although, for the sake of peace, try to leave the Democrats alone.
2010 Second Amendment Weekend Sales Tax Holiday is Sept. 3rd, 4th, & 5th [LA Dept. of Rev. via Don’t Mess with Taxes]
IRS Checks Sole Proprietorships Off Its “To Audit” List
This morning we shared some best practices on how to keep your ass out of hot water should an IRS audit befall you. The concern is that the government spending is out of control, huge deficits yada yada yada, the IRS will be knocking on more doors.
For the most part, everyone has been covered – large corporations, millionaires, possibly temptresses, the list is thorough.
Well, now it appears that the last entity type standing, the sole proprietorship will join the rest as an IRS target. IRS-criticizer-in-chief J. Russell George’s TIGTA issued another report but this time it cites sole proprietorships for “$68 billion of the $345 billion tax gap in 2001,” in underreported income. Web CPA reports George’s thoughts:
“Sole proprietors who underreport their income can create an unfair burden on honest taxpayers and diminish the public’s respect for the tax system,” said TIGTA Inspector General J. Russell George in a statement. “It is imperative that the IRS institutes policies to address this problem.”
How’s this for addressing a problem? The Internal Revenue Code, you my have heard, is mind-numbingly complex. Sole proprietorships, out of all the entity structures, are the least equipped to ensure compliance with the tax law. Auditing more of them will not result in increased compliance but rather enormous costs to their businesses. As for “diminish the public’s respect for the tax system,” didn’t that ship sail ages ago?
Tax Evasion Convictions Still Work For Chicago Gangsters
Chicago is maintaining it’s decades-long tradition of putting mobsters in prison not for murder, not for racketeering, but for tax evasion.
Rudy Fratto pleaded guilty to tax evasion yesterdy which could result in a sentence of 12-18 months. He admitted to not paying $140,000 in taxes he owed on $800,000 earned from 2001-2007.
Despite being from a family of alleged mobsters, association with crooked cops, and an alleged threat to a government witness in another mob case, Fratto will simply take 2010 off.
It’s unlikely that this particular story will result in a historically inaccurate movie starring Kevin Costner but at least it demonstrates the consistency of Chicago law enforcement.
Reputed mobster admits tax evasion [Chicago Sun-Times via Roth & Company, P.C.]