Should We Abolish the Corporate Income Tax? [BBW via TaxProf]
The short answer from Peter Coy: "No. Bad idea."
Why I Still Think We Should Eliminate the Corporate Income Tax [The Atlantic via TaxProf]
Megan McArdle begs to differ.
Gallup: Accountants’ Reputations Unsullied by Financial Debacles [CPAT]
Leaving lawyers and bankers in the dust (and journalists, strangely).
Freelance? An IRS audit may be in your future [Reuters]
In 2010, 23 million taxpayers filed a Schedule C — which sole proprietors (such as freelance journalists) use to report profit or loss on an unincorporated business. "If you go to the actual IRS statistics, the chances of a Schedule C being audited are twice as great as a corporation being audited," says Keith Hall, a tax adviser for the National Association for the Self-Employed, in Washington D.C. Now, adjust those figures to exclude small businesses under $25,000 in gross receipts, and here's what you'll find: Roughly 3 percent of small businesses under Schedule C get audited, compared to 1 percent of corporations.
And Sweden. And Belgium. And Saudi Arabia.
The Ice Cream of the Future doesn't want to become a thing of the past.
The AICPA is urging the IRS to fix several problems, including the excessive amount of time it takes for the IRS to resolve cases, the difficulties that taxpayers face when trying to contact the IRS about the status of their cases, and the numerous telephone inquiries made by taxpayers or their representatives that are not returned by the IRS.