Martin Shkreli Not Exactly On Top of His Taxes
As you may have heard, everyone's favorite man-child villain, Martin Shrkeli, is having a bit of legal trouble. He sounds confident that everything will blow over, but now Gawker is reporting that he's also a little behind on his taxes: Last month, the Internal Revenue Service filed a federal tax lien against Martin Shkreli, alleging […]
Donald Trump Tweeted Something About Tax Shelters
Six foot circus peanut Donald Trump has an issue with Amazon or the Washington Post or tax shelters or something: The @washingtonpost, which loses a fortune, is owned by @JeffBezos for purposes of keeping taxes down at his no profit company, @amazon. — Donald J. Trump (@realDonaldTrump) December 7, 2015 The @washingtonpost loses money (a […]
Tax Nerds Set Record Straight on Tax Code vs. NFL Rulebook Complexity
If there's one thing tax people can't stand, it's other people saying incorrect things about taxes. I know this because I used to be a tax person who spent lots time listening to superiors correct me (and others) constantly on nuances of the code. But, it's fine! Taxes are hard and people like showing off. […]
A Three-Page Tax Code Would Keep Accountants Plenty Busy
The US tax code is too complicated. This is known. In the race for president, like all races for president in recent memory, candidates promise a simpler tax code. Close this loophole, eliminate that credit, CUT EVERY RATE IN SIGHT. It's all just theater, albeit, incredibly boring theater. Taxes are boring and complicated and they […]
Rand Paul Supports Gun Violence Against the U.S. Tax Code
To get himself psyched up for tonight’s Republican presidential candidate debate, Rand Paul exercised his right to bear arms and literally shot holes in the U.S. tax code. Apparently he’s unaware that they have another copy. Either that or he was expecting a bigger refund. Back in June, he wrote an op-ed piece for the […]
September 15th Is the Worst Tax Return Filing Deadline
Much like Ben Affleck, April 15th is overrated and overexposed. As a tax return filing deadline, April 15th enjoys media attention and is ubiquitous in the minds of the average American when (s)he thinks about big, scary filing deadlines. This is wrong. April 15th is merely a pitstop, a formality; it is wholly inconsequential in […]
Donald Trump’s Tax Policy: Destroy H&R Block
In case you hadn't heard, Sunkist-epidermic galoot Donald Trump has taken some lumps in recent days in his pretend run for president. However, in order to milk this thing for all it's worth, DJT has kept up appearances and in an effort to avoid talking about how Megan Kelly handed him his ass, discussed the […]
The Boredom of Tax Reform, Explained
TBH, if tax reform were a sport, it would be soccer because everyone thinks something is about to happen, and then it doesn't. — Richard Rubin (@RichardRubinDC) August 6, 2015
Your High Tax Rate Doesn’t Make You More Patriotic, Presidential Candidate Dummy
Jeb Bush recently released 33 years of his personal tax returns. Why 33 years of 1040s? For the youth vote. Millennials are sure to vote Jeb once they see his return from 1989 — you know, because the Taylor Swift album. But Bush 3.0 pissed me off when, in his tax return release, he made […]
AICPA Fails to Take an Adequate Dig at Congress in Tax Extenders Press Release
The AICPA "commends" Congress for a lot of things that it shouldn't, among them, dragging its feet on renewing the godforsaken extenders bill. What's amusing is that every so often, the AICPA tries to get all high and mighty about what they've recommended Congress do, when they know full well that those legislative cretins will […]
Chris Christie: Friend or Foe to CPAs?
For reasons unfathomable, New Jersey Governor Chris Christie is running for president. Apparently, one loud-mouthed Republican from the tri-state area wasn't enough for this race. Anyhoo, Greg Kyte pointed us to this video of Jon Stewart welcoming Christie to the race in true Daily Show fashion, noting a strange comment from the Governor around the […]
NFL Deems Its Tax-Exempt Status to Be Immaterial
NFL Commissioner Roger Goodell informed team owners that the league would give up its tax-exempt status, saying the move would eliminate a "distraction," and that, "the change in filing status will make no material difference to our business." For some context, for giving up the exemption will cost the league $109 million over 10 years. However! It […]
Hillary Clinton Could Use a Hand Here
Anyone with experience amending heavily scrutinized 990s is welcome to chime in: Hillary Clinton's family's charities are refiling at least five annual tax returns after a Reuters review found errors in how they reported donations from governments, and said they may audit other Clinton Foundation returns in case of other errors. What was the problem, […]
#TBT: The First Form 1040
Yes, April 15th was yesterday and I'm sure no one wants to hear about tax returns, but after reading this Journal article on collectors of tax momentos, this seems like a worthy #TBT. 1040_1913 It seems so quaint with just a single page of instructions and nine lines for income and seven for deductions. Maybe […]
Let’s All Enjoy This Story of a Rich Guy Who Procrastinated on His Taxes and Missed Out on a $1 Million Refund
Procrastinating clients are the worst. Well, judging by their performance in GCMMBSP, they're actually not; however, I think we can all agree that clients who wait until the last minute to provide you with necessary info deserve nothing less than waterboarding. That's why it's nice to read this Bloomberg article reporting that some CPAs have […]
Wyden You Go Blaming Tax Professionals for a Crappy Tax Code?
Earlier this month, Senator Ron Wyden (D-OR) released a report titled “How Tax Pros Make the Code Less Fair and Efficient.” Prior to publication, the report’s working title was “I Think Accountants Will Still Vote for Me Even if I Tell Them to Go Fuck Themselves.” What’s really weird is that, apart from the title, […]
Conducting Tax Return Update Meetings at the Gym Maybe Not the Best Idea
If a client requests a meeting at a location where heavy objects are laying around, and there's an off-chance that the news you have may be anything other than positive, may we suggest an alternative venue: A tax preparer was attacked by his clients as they met to discuss the progress of their tax return […]
Here’s Your Perfunctory March 16th Open Thread
Yes, it's just a small bump on the road to April 15th, and both are mere pit stops towards September 15th and October 15th, but it would be remiss if we did not acknowledge the first major tax filing deadline of the year. If this marks the end of your busy season, congrats on surviving. […]
#TBT: The Tax Guy Who Died at His Desk And No One Noticed
We aren't sure why we've been getting tons of tips about this story considering it's only 11 years old and all — perhaps some of you are feeling a bit mortal these days? Dateline – Finland, January 2004: The man in his 60s died last Tuesday while checking tax returns, but no-one realised he was […]
You Won’t Mind if Your Tax Refund Is a Little Late, Will You?
No, you won't mind. The Obama administration said Friday it would allow people to sign up for plans on HealthCare.gov through April, and at the same time acknowledged it had sent some 800,000 people incorrect tax statements about their coverage in 2014. The announcement about the inaccurate forms caps a rough first year for the health-care […]
PwC’s Clever Tax Advice for Caterpillar a Little Too Clever
Caterpillar, maker of enormous sandbox toys, has received some unfun news. After poking around some old tax returns, the IRS has proposed that the company pay tax increases and penalties of $1 billion. They plan to "vigorously contest" the findings in the appeals process. This all began with some international transactions, designed by PwC, that got […]
After Being Convicted of a $100 Billion Tax Fraud, Skipping Your Sentence to Hit the Links Is the Next Logical Step
If you had recently been convicted of a $100 billion tax fraud and it were the day of your sentencing, how would you spend those last hours of freedom? Visiting with friends and family, perhaps? Taking one last tumble in the sack with your beloved? Walking your dog? Eating at your favorite restaurant? Squeezing in […]
AICPA Mansplains Sound Tax Reform to Dudes Trying to Tax Reform
Rep. Paul Ryan (R-Wis.) just took over as chairman of the House Ways and Means Committee, and the AICPA couldn’t resist sending him a letter telling him how to do his job. In his letter, Troy Lewis, the chairman of the AICPA’s Tax Executive Committee, was sure to tell Ryan that “the AICPA supports comprehensive […]
Reminder: Worst Tax Season Ever Starts Today
For months, we've been hearing how bad tax season will be this year. Not just for you poor tax people, but for — gasp — taxpayers, even. See our post in November of last year: The Internal Revenue Service is gearing up to be hated even more than usual due to a “miserable” tax filing […]
This Upcoming Tax Filing Season Promises To Be More Miserable Than Ever
These are not words you want to hear from the guy in charge at the IRS. Maybe your clients think it's miserable, or maybe you think it's miserable around March 30th when you still don't have the damn receipts you asked for two months ago, but the IRS is not supposed to think it's miserable. […]
PwC’s Tax Work in Luxembourg Is Getting Some Unwanted Attention
There's nothing quite like an enormous international corporate tax scheme, am I right? Sure, there are no shoot-outs or car chases, but that's the beauty of it — it's a heist that's not technically a heist and the villains aren't sociopaths, they're just bureaucrats and accountants with families and paychecks just doing their day […]
Grover Norquist Will Take Candy From Little Girls to Teach About Taxes
You're never too young to learn about taxes, I suppose. And if your dad is Americans for Tax Reform President Grover Norquist, you can bet dad is going to be taking his 25% from your Halloween candy just to help you learn: Tonight as daughters accumulate candy I must provide life lesson on marginal […]
CPAs Point Back After Obama’s Accountant-Blaming Fingerpointing
Poor Obama doesn't have a lot of friends these days, and as we know from last week, he just managed to piss off every accountant in the country by implying it's the accountants' fault businesses are using legal avenues to avoid corporate taxes. New York State Society of CPAs president Scott Adair had something to […]
President Obama Is Mad at Accountants For Being Accountants
Talk about scaping the wrong goat.
The New York Times Compares Americans for Tax Reform to Terrorists
When you think of "extremist groups," you probably think of grainy videos shot in a cave with Arabic text scrolling across the bottom. But here at home, we have a different kind of extremist group. The conservative kind. I just got this note from Americans for Tax Reform: Dear Taxpayer, The New York Times editorial […]
The Tax Foundation Is Concerned About the Tax Implications of Potato Salad
Zack Danger Brown's potato salad fundraiser is still racking up the simoleons, and those ever diligent defenders of tax justice at the Tax Foundation have calculated exactly what he might owe in taxes when all is said and done: As of 2:30pm on July 9, 2014, Zack Danger Brown has amassed over $70,000 in pledges […]
Tax Superhero and George Michael Among Those Caught Using Tax Shelter in the UK
News recently came out that a few well-known celebs — among them, George Michael, the Arctic Monkeys, Sir Michael Cane and a loan shark convicted of rape — took to a (legal) tax scheme called Liberty in the UK to avoid taxes. 1,600 people are believed to have sheltered £1.2 billion in Liberty. The Times […]
Americans for Tax Reform Wishes You a Happy Cost of Government Day
In 2014, Cost of Government Day falls on July 6.This day marks the point during the year when the average American has earned enough income to pay for his or her share of the spending and regulatory burdens imposed by government at the federal, state and local levels. While Americans may be celebrating Independence Day […]
Kidnapping Prostitutes Is Not a Good Way to Claim Dependents for Tax Purposes
Some people might say that a Florida CPA imprisoned three prostitutes and used them as sex slaves, but others could say he increased his number of dependents using an innovative strategy that complies with both the U.S. Tax Code and the AICPA Code of Professional Conduct. I'm sticking with the former – false imprisonment and […]
Berry Bad Tax Policy
There's a thorny issue in the legislation approved by the House of Representatives last month that would revive bonus depreciation. Marc Heller of BNA discovered that while fruits and nuts that come from trees and vines will qualify under this version of the bill, bushes are losing out due to an omission in the language. […]
Man Learns It’s Probably Best to Just Pay Your Taxes and Not Threaten to Kill IRS Agents
While many of us were running off for a 3 day weekend, one Andrew A. Calcione of Rhode Island was found guilty in U.S. District Court of one count each of threatening to assault and murder an IRS revenue agent and threatening to assault and murder the agent’s family. Chief Judge William E. Smith delivered […]
H&R Block Produces Music Videos That You Can Buy On iTunes To Give Your Billion Back
I'm not a music snob, but I have my preferences. Listening to Abba makes me want to punch a kitten. But I don't. Partly because I'm afraid of Adrienne, and partly because my subjective preferences don't justify violent acts towards animals that use their sandpaper tongues to clean their buttholes. [Ed. note: I will personally […]
New Jersey Sends Erroneous Note to Taxpayers Telling Them to Pay Up, Forgets to Say Oops
Around 2,000 New Jersey taxpayers were sent a note from the state saying they underpaid their 2013 tax liabilities. OK, that happens. Thing is, they didn't actually owe any money: Meg Bracelin of Long Valley received one of the warnings. "I knew I made all of my estimated tax payments per my accountant’s instructions," she […]
Over a Third of Accountants Would Rather Get Divorced Than Experience a Sales Tax Audit, Says This
Fun statistic of the day courtesy Avalara: 37% of accounting professionals said a sales tax audit would be more stressful than a divorce. And here's a funky graphic from that same research report: Yeah, no wonder they think it would be stressful, then.
The IRS Is Asking Tax Preparers to Trust but Verify (Because You Might be an Alien)
This from our pal Joe Kristan who grinds away at the Tax Update Blog: It’s not enough that you’ve done business with me forever. I need some ID. The invaluable Russ Fox yesterday threw light on new requirements for electronic filing from the IRS. These requirements, found in their new Publication 1345, were issued with no public comment […]
IRS Commish Reminds Senator That Hill Staffers Have Worse Tax Compliance Than IRS Employees
U.S. Senators are the type of narcissistic windbags who revel in the opportunity to scold bureaucrats. It gives them the opportunity to fabricate the appearance of being "tough" or "no-nonsense" or whatever on big government waste that irks their constituents. This is especially true when those bureaucrats work for a punching bag like the IRS. For whatever […]
The IRS Is Ready For Five Million and One Amended Returns
Amended returns happen. The IRS is preparing for it: As of April 18, almost 46 million returns were e-filed from home computers, more than the total from home computers for all of 2013. The IRS has received more than 131 million returns, of which 88 percent were e-filed. The IRS also projects that almost five […]
Your Fantasy Football Results Might Have a Few Tax Consequences, Tough Guy
Face it. Fantasy football is Dungeons & Dragons for people who used to beat up people who played Dungeons & Dragons. Now I don't think there was much crossover between future accountants and D&D enthusiasts in high school, but I do think they all sat at the same lunch table. But now those jocks — […]
Utah Man Discovers Liberty Tax Not as Effective as Maury Povich in Determining Paternity
Do you remember how Greg went to Liberty Tax to get his taxes done? No? Fine, read this. Surely you remember this at least: You didn't think Greg just put on the outfit for absolutely no reason, did you? He actually had them do his taxes. Poorly, at that. Well, let's say Greg wasn't totally […]
“The New IRS” Lets You Allocate Your Tax Dollars Your Way
This is pretty much BS. "The New IRS" isn't the "New and Improved Internal Revenue Service," it's a gimmicky website that lets you play with your tax dollars until they are allocated just the way you want. Imagine including this on your tax return: "Hey, guys, I want no money going to pay interest on […]
Research Shows Peer Pressure Effective in Convincing People to Pay Their Taxes
Most Americans comply with the tax laws, but every year many of our fellow citizens don't. The result is the “tax gap” — the amount of revenue that the government loses because people are cheating. In one recent year, for example, the tax gap was $450 billion. That’s a lot of money — more than […]
Texas Woman Angered at Tax Office Grunts Accused of Trying to Burn the Place Down
OK seriously, people, what is in the freaking water? Thank goodness the end is close, poor tax office grunts must be extra terrified this year what with the stabbings and shootings and nonsense. From Click2Houston: A woman is in jail, charged with arson after investigators say she became upset with employees of a tax office […]
You Can Get Just About Anything Free on Tax Day
Almost there! By now, you and every cheap taxpayer know all about the many freebies out there on Tax Day from fries to tax-free hotel stays. But this has to be the strangest offer yet: MVPee.com. MVPee.com is giving out 1,000 “Abolish the IRS” apple scented urinal screens FREE to the first 1,000 people that […]
PSA: If You Pay $20,000 To Someone Who Calls Himself The “Tax Doctor,” You Deserve Whatever Happens Next
Screw up on your tax return that’s due next week, and you may be subject to any number of civil penalties. For example, if you understate your income by more than the greater of $5,000 or 10% of the correct tax liability, and you’ll pay an additional 20% of the liability as penance under Section […]
GAO Went Undercover to Discover Tax Preparers Are Terrible at Tax Preparing
Mind you, it was a small sample of 19 but of those, 17 were wrong: GAO found significant preparer errors during undercover site visits to 19 randomly selected preparers — a sample which cannot be generalized. Refund errors in the site visits varied from giving the taxpayer $52 less to $3,718 more than the correct […]
Milwaukee Man Killed for Tax Refund Offers Another Reason to Adjust Withholding
The violent filing season of 2014 continues: A Milwaukee man was charged Tuesday in connection with a homicide on the city's south side in which the victim was targeted for his tax refund. Doneal Bell, 21, was charged with felony murder in the fatal shooting of Mario D. Towns, 23, on March 1 in the […]
Selling Pot Out of Your Tax Prep Business Named ‘420 Multi Services’ Will Only Fool People for So Long
Remember awhile back when we looked at some unusual tax offices? Well even longer ago, we wrote about a Bronx joint called 420 Multi Services. I know what you’re thinking. What you’re thinking is not what anyone else was thinking because apparently 420 operated as a totally inconspicuous tax prep office for 10 years. I […]
Save the Date: Senate Hearing on Protecting Taxpayers from Incompetent and Unethical Return Preparers
I may have blown off the PCAOB public meeting this week but this I can totally get with. Mostly because they used the word "incompetent" so brazenly (the irony of which is obviously lost on the Senate). The Senate Finance committee will be tackling the all important topic of "Protecting Taxpayers from Incompetent and Unethical […]
Mississippi to Implement Tax Holiday For Hunters Because America
I'm all for the Constitution and all but folks in Mississippi are ALL for the Constitution and all, y'all: Gov. Phil Bryant signed a bill Wednesday creating an annual tax free holiday in for Mississippi sportsmen each fall. The Mississippi Second Amendment Weekend holiday will occur on the first Friday of each September until midnight […]
Maryland Lawmakers Prepared to Take Their Tax Credits Back From House of Cards
Oh, Maryland, you're so funny: Members of the Maryland House of Delegates are still stewing over a threat from the “House of Cards” producers to leave the state if they don’t get millions more dollars in tax credits. So on Thursday afternoon, delegates issued a threat of their own: Sure, go ahead, leave this beautiful […]
This Person Really, Really Loves Tax Season
For all your misery as you drag yourself ever closer to April 15th, you have people like this on the opposite side of the spectrum: Y'all still ballin or nah? #TaxSeason I counted $3500 but I have bad eyes and am not that good at counting either so might need one of you to check […]
When You Inevitably Get Laid Off, Your Severance Payments Will Be Subject To FICA Taxes
Yesterday, the Supreme Court gathered to decide an issue that had drawn the attention of tax advisors and subpar employees the country over: Is severance pay pursuant to an involuntary layoff subject to FICA employment taxes? The answer was a resounding “yes,” a reversal from the rulings previously handed down by the District Court and […]
TIGTA Reveals There Are Still Stupid People Falling for Fake IRS Phone Scams
Despite having warned taxpayers over and over that the IRS does not and will not call you and demand you wire over some cash, apparently some people are still falling for this. So much so that TIGTA felt compelled to send out a friendly reminder: The Treasury Inspector General for Taxpayer Administration (TIGTA) today issued […]
Suburban Cleveland Councilman Denies Getting in Brawl With Liberty Tax Sign Spinner
Continuing with today's theme of tax violence, avoidance and straight up creepiness, here's a strange story from (where else) Cleveland: A man paid to dress as the Statue of Liberty and promote a Brook Park tax business says City Councilman Tom Troyer shoved him Monday during a tussle over the business’ street side advertising. The […]
Missouri Man Assaults H&R Block Employee Because Tax Return
Is this turning into the most violent tax season ever or what? First the guy in Detroit shooting people over his lady friend not getting her refund in cash and now this. A Missouri man is facing a third degree assault charge after he allegedly choked the shit out of an H&R Block employee. Guess […]
Let’s Just Call Everything We Don’t Like a Tax to Get People Upset
No one likes taxes, that much we know. So if you're raging against a particular issue, it's best to call any exchange of money a "tax" to hammer home your point about how awful and terrible and unfair the collection of that money is. Case in point: Union dues are a tax. They are a […]
Angry Guy Who Hates Tax Season Having an Even Worse Tax Season Than You
Ladies and gentlemen, we have an early contender for worst client of the 2014 filing season: A 19-year-old Detroit man has been charged with a slew of felonies stemming from a shooting at a tax business on the city’s east side Friday. Xzavier Tyrone Mazyck was arraigned on 30 counts today in 36th District Court, […]
Americans for Tax Reform’s Grover Norquist Finally Exposed as a Hipster
As if the beard and the "I hated taxes before it was cool" mantra wasn't proof enough, now we know for sure Grover is a big ole hipster: Do you even tax reform, bro?
Dave Camp’s Tax Reform Plan Cuts Lots of Breaks, Trees
The top Republican tax-writer in Congress proposed restructuring the U.S. tax code to eliminate dozens of breaks to pay for reductions in the corporate and individual rates. The 979-page plan from Representative Dave Camp would mark the biggest changes to the U.S. tax system since 1986, affecting every part of the U.S. economy. The proposal includes new […]
Meanwhile in Canada, You Get a Tax Credit For Not Stinking the Joint Up
Apparently my Canadian pal Krupo is playing around with some tax software and tipped me off to an interesting tax credit for the farmers of Manitoba. The aptly-named Odour Control Tax Credit (translation for our fellow Americans who don't understand what in the hell that word means when there is a stray U thrown in […]
Americans for Tax Reform Suggests You Get Fat Because Obamacare
Listen, Grover Norquist, just because you don't take your own health seriously doesn't mean the rest of us should boycott the gym: Like many people you’ve probably noticed your wallet feeling a little lighter than usual lately. Sorry, but it’s not because you work your biceps every day at the gym. It’s because while you’ve […]
Pot Taxes May Not Be Such a Cash Cow Due to, Well, the Cash
I was originally going to talk about how Colorado's pot tax revenues are in trouble due to federal laws restricting banks from accepting drug money but the best part of the Fox article I planned to link to is actually this part: “The large cash deposits smell like marijuana, so some of the businesses are […]
The Key To Improving America’s Infrastructure is Kidnapping Grover Norquist
I mean really, that's going to be the only way to get anything done in Washington, obvs. From the Washington Examiner (yeah yeah, I know): Without more money to fix America’s roads, ports and airports, “our backs are against the wall,” said former Pennsylvania Gov. Ed Rendell, the Democratic Party leader from 1999-2001. “What alternative […]
It’s Form 1040, In Excel—Need I Say More?
You people with a predilection for tax forms. At least you’re not Glenn Reeves, the guy who has slavishly recreated Form 1040 in Microsoft Excel for the past 17 years. Sick of Lacerte, ATX, Creative Solutions, and their ilk? Figure out how deep the gubmint’s hand is going in your pocket in a spreadsheet instead. […]
With Tax Time Nearly Upon Us, Let’s Look at Some Unique Tax Service Locations
My ex used to get his taxes done in the back of the same place where he got his hair cut (no wonder he had IRS problems all the time) which I guess is a big thing in San Francisco among the immigrant set. And it's not just San Francisco. We dug up a few […]
There Are Plenty of Good Reasons to Hate Facebook, But Tax Breaks Are Not Among Them
When you write about tax law, you interact with a lot of commenters, most of them of the angry variety. Of course, most people are of the angry variety, so it adds up. But I’ll say this – when it comes to tax law, at least the anger is often justified. It can be very […]
Eli Manning Is Determined To Destroy Everything He Touches, Like a Washington State Car Dealership For $420,000
Look, I’m not much of a businessman. As a kid, my lemonade stand was shut down for egregious environmental violations. In high school, I was removed as Treasurer of the senior class after I got bilked out of our prom fund by the deposed Prince of Nigeria. And as an adult, my great American novel […]
Can’t Get a Home Loan but Still Paying Someone’s Mortgage? Beware the Interest Deduction Rules
Here's the latest post from our new tax guy, Tony Nitti. See his first post on Robinson Cano kicking the New York Yankees to the curb and you can find him tweeting from @NittiGrittyTax. Tony wrote a similar post on this subject last March but current events called for a update. Enjoy. The lending market […]
Money Can’t Buy You Everything But It Can Buy Robinson Cano From the Yankees
Ed. note: Today, we're introducing you to the new guy. Tony, meet Going Concern; Going Concern, meet Tony. Alright, now that we got that out of the way… Tony Nitti is a tax partner at WithumSmith+Brown in Aspen, CO. When he isn’t writing or teaching about tax policy, you can find him skiing, mountain biking, […]
Grover Norquist May Have Had the Most Awkward Thanksgiving Ever
Some things should not be discussed at the Thanksgiving table. But I guess if you're related to Grover Norquist, what are you going to talk about? Thanksgiving dinner: Nana, mom, aunts telling chldbirth stories. 5 yr old says "so when the baby comes out Mommy's mouth…" Topic changed — Grover Norquist (@GroverNorquist) December 3, 2013
ESPN “Bitcoin Sign Guy” Raises Over $22k, Now Needs Tax Advice
Let no one deter you from flying a wacky sign, as this guy learned over the weekend: Here's the deal: Yesterday on ESPN's "College GameDay" (an ESPN college football show that's filmed at a different college campus each week) some student held the above sign that has both the Bitcoin logo and a QR code. […]
Tax Simplification, Male Prostitution, and Mormon Thrift Stores
Senator Max Baucus presented three tax reform proposals in three days aimed at fixing and simplifying the tax code which is stupid because the tax code is already super simple and works just fine.
Baucus Proposal Would Give ‘Legal Authority’ to Regulate Tax Preparers
Finance Committee Chairman Max Baucus (D-MT) released Part Deux of his tax reform proposal today and it mostly addresses penalties for identity theft as well as securing the Social Security Administration’s Death Master File. As enthralling as all this sounds, Baucus's plan also would give "legal authority" for the IRS to regulate tax preparers. A judge brought […]
CREW Goes After Grover Norquist, Compares His ATR Works to Those of Al Capone
Citizens for Responsibility and Ethics in Washington — or CREW, as they are lovingly and lazily known for those of us who love acronyms and hate organizations with long complicated names — has filed a complaint with the IRS and DoJ in the hopes they will investigate Americans for Tax Reform and, more specifically, its […]
Grant Thornton Isn’t Going to Take This $100 Million Tax Shelter Ruling Lying Down
See, and you guys say we never listen to you. This comes from this morning's open items thread: Is it true that Grant Thornton lost a $100MM lawsuit regarding tax shelters? Accounting Today has the best scoop I've seen so far on this matter: A Kentucky circuit court judge has ruled that Grant Thornton is […]
Here’s a Clip From The Beatles Cartoon Episode ‘Taxman’ for Your Viewing Enjoyment
The Tax Analysts Twitter feed shared this earlier and it's pretty great. It's campy, it's nostalgic, it's a George song. What's not to like?
2014 Tax Season Is Off to a Great Start
IRS delays opening of 2014 tax filing season for 1-2 weeks, citing shutdown…. — Richard Rubin (@RichardRubinDC) October 22, 2013
Anyone Feeling Nostalgic for Tax Reform Today Can Stare at This Photo as Long as They Need To
Our tax system will probably stay a clusterfuck for another 100 years, but we'll always have the Tax Reform Act of 1986! Today is the 27th birthday of the Act and judging by the political climate in DC, it'll have many more happy returns. For anyone longing for resurrections of Ronald Reagan, Dan Rostenkowski or […]
Welp, Here Are Three Big Deductions That Aren’t Getting Eliminated in Tax Reform
Now that our elected officials have finished not doing anything about the budget and debt ceiling, they have ample time to get back to not doing anything about other things. Like tax reform! Senator Max Baucus is the chairman of the Finance Committee meaning he's responsible for getting a bill out of the upper chamber. […]
SEC: Nothing Rotten About Apple
Four months after opening its review of Apple’s finances, the Securities and Exchange Commission has closed it, having found nothing untoward about the company’s handling of its overseas cash and related tax policies. In a September letter to Apple, released late last week, the SEC said it had completed its review of the company’s fiscal 2012 […]
Okay Everyone, We Need a Collective Noun for Corporate Tax Lobbyists
Don't forget, a "murder" is taken. If a gaggle is a group of geese, what is the word for the group of corporate tax lobbyists/execs that just poured out of Dave Camp's office? — Richard Rubin (@RichardRubinDC) September 19, 2013 What about a "hatchet of lobbyists"? Or a "fatcat"? Is a "Gucci of lobbyists" […]
Friendly Reminder for CPAs Who Live By ‘Carpe Diem Cras’: Today Is a Major Filing Deadline
I'm sure that it doesn't apply to any of our readers, but just in case, be sure to get to those extended corporate, pass-through, and trust tax returns filed by the end of today. Joe Kristan reminds everyone that the penalty for late filing of pass-through returns is $195 per K-1, so that should help motivate the […]
Fiscal Cliff Deal Prevented Millions from Missing Out on AMT Fun
A new study from the Tax Policy Center discovered that more taxpayers will be subject to the alternative minimum tax in the coming years — 6.1 million by 2023 — but man, things could've been really interesting/irritating. Without the fiscal cliff deal, 22.6 million taxpayers would've gotten to know Form 6251 in 2013, growing to […]
People Are Having Babies Earlier to Max Out Tax Benefits
Naturally. Williams’s Sara LaLumia, the University of Chicago’s James Sallee and the Treasury Department’s Nicholas Turner took it upon themselves to figure out if policies like the Child Tax Credit (CTC), the dependent exemption and the Earned Income Tax Credit (EITC, which is more generous for families with more children) are pushing mothers with due […]
Edward Snowden Is Going to Need Some Expert Expat Tax Advice
Any enterprising tax gurus out there should recognize this as an opportunity: Will #Snowden pay U.S. #taxes on Russian income? As U.S. citizen, he's supposed to file. http://t.co/xGnS42gO9D #expats — Janet Novack (@janetnovack) August 7, 2013 There are always loose ends in these situations. Here's hoping one of you can capitalize on this one.
Tanning Tax Is Racist, Says Guy Somehow Elected to Congress
Ted Yoho is calling attention to the injustices in this country on behalf of Florida's 3rd Congressional District: Rep. Ted Yoho (R-Fla.) said the 10 percent tax on the use of indoor tanning facilities was discriminatory, and that he had said as much to Speaker John Boehner (R-Ohio), according to audio posted by Right Wing […]
Go Ahead and Ask Harry Reid if Tax Reform Can Be Revenue Neutral; Just Ask Him
Any tax overhaul “has to be under the total understanding that this can’t be revenue-neutral,” said Reid, a Nevada Democrat. “It can’t be even close to neutral. It has to be a significant tax target.” [Bloomberg]
Americans for Tax Reform Suggesting That Phil Mickelson May Never Play the Open Championship Again Is Stupidly Ludicrous
Yes, someone at Americans for Tax Reform actually wrote this: Over the weekend, Phil Mickelson won the Scottish Open and the Open Championship. While winning even one PGA event is a tremendous feat, Mickelson won’t be left with much to celebrate upon his return from the U.K. In his recent Forbes article, K. Sean Packard, CPA (Director […]
U.S. Senators with Harebrained Tax Reform Ideas Offered an Opportunity
The Senate's top tax writers have promised their colleagues 50 years worth of secrecy in exchange for suggestions on what deductions and credits to protect in tax reform. Finance Chairman Max Baucus (D-Mont.) and the panel’s top Republican, Sen. Orrin Hatch (Utah), are telling skeptical lawmakers that any submission they receive will not be released by […]
Tax Think Tank Reminds Us That There Are a Lot of Bad Parents Out There
Tax Policy Blog: Cigarettes and Preschoolers Don’t Go Together http://t.co/NBHKp7Z0KZ — Tax Foundation (@taxfoundation) July 24, 2013 Got it! But electronic ones are cool, right?
Let’s Be Frank, the ‘Hot Dog Tax’ Didn’t Cut the Mustard
What?! You never heard of the 'hot dog tax'? You need to ketchup! In reality, the hot dog tax was not a tax on hot dogs per se as Kelly Phillips Erb fires things up: In 1971, New York managed to push through a law which imposed a state and city sales tax to restaurant bills that […]