BREAKING: Rich People Make the Most of Tax Breaks
I'm shocked. Shocked, I tell you: Tax breaks will cost the American treasury nearly a trillion dollars this year. And most of that money goes to people at the top of the heap — the very top. That's the conclusion of a new study by the Congressional Budget Office, a non-partisan unit of the U.S. […]
Tim Cook Is Sorry He’s Not Sorry
Apple Inc Chief Executive Tim Cook made no apology on Tuesday for the iPad maker saving billions of dollars in U.S. taxes through Irish subsidiaries and told lawmakers that his company backs corporate tax reform, even though it may end up paying more. The Senate Permanent Subcommittee on Investigations has found that Apple in 2012 alone […]
Last Year Was a Very Unfortunate One to Be Wealthy and French, Even By French Standards
More than 8,000 French households' tax bills topped 100 percent of their income last year, the business newspaper Les Echos reported on Saturday, citing Finance Ministry data. The newspaper said that the exceptionally high level of taxation was due to a one-off levy last year on 2011 incomes for households with assets of more than 1.3 […]
The IRS Scandal Has Made the Long Odds of Passing Tax Reform Even Longer
Until last Friday, tax reform seemed to be working a steady pace towards…something. I mean, Max & Dave have both a Twitter account and a website dedicated to the cause so you know they were getting serious about the thing. This kind of effort is enough to get the ghost of Ronald Reagan wandering around DC […]
Maybe Mitt Romney Can Recommend a Savvy Tax Planning Professional for Al Gore
Former Vice President Al Gore recently became a very wealthy man (well, wealthier). Good for him, right? This is America after all, where the rich are important and the important are rich and if you're neither then, well, you're probably not working hard enough. Anyway, if you're wondering how Vice Prince Albert made his […]
Why Yes, Tax Reform Can Get More Complicated
Juggling all the aspects of income tax reform is quite a task. Here's a mind dump of a few of the elements involved: Credits Deductions Tax-exempt income The treatment of pass-throughs How much marginal rates should be cut If more revenue should be raised How carried interest is treated The capital gains rate Transfer pricing […]
Maryland Does Love Itself Some Mortgage Interest Deduction; North Dakota a Little Less So
[A] report issued by the Pew Charitable Trusts – an independent nonprofit organization and the sole beneficiary of several trusts established by heirs of Sun Oil Company founder Joseph N. Pew – determined that the percentage of tax filers deducting mortgage interest ranged from nearly 37 percent in Maryland to only 15 percent in West […]
Senators Look to Expand Eligibility for a Successfully Dysfunctional Tax Credit
Today, Senators Dick Durbin (D-IL) and Sherrod Brown (D-OH) introduced legislation that will not only extend the Earned Income Tax Credit, but will also expand its eligibility. Both men are keen on the idea: “Enhancing the earned income tax credit should be a bipartisan goal, as President Reagan called EITC the most effective tool in fighting […]
After Filing Snafu, H&R Block Making It Up to Customers in Most Superficial Way Possible
Kinda like a thoughtless relative or friend who completely forgot your birthday: “H&R Block appreciates that the issue involving the filing of Form 8863 this past tax season may have frustrated and inconvenienced impacted clients,” a statement from the Kansas City-based company said. “H&R Block recently sent those clients who had their tax returns prepared and filed […]
Lauryn Hill Could Use a Hand Here
Actually, Judge Madeline Cox Arleo knows that Ms. Hill is a person with "substantial assets" so she's not sure why it has taken so long to come up with the $504k that she owes in criminal tax liability. Nevertheless, Judge Arleo is giving her two weeks to cough it up and Hill's attorney, Nathan Hochman […]
It’s Rarely a Good Sign When a Tax Prep Business Closes Its Doors Three Days Prior to April 15th
A Sunset Hills accounting business closed abruptly last week just days before the tax deadline. Its owner was sentenced to five years in prison for stealing $19,869 from a client. Mary Beth Gable, 55, owner of MEG Accounting and Tax Services at 10345 Watson Rd., pleaded guilty to the theft charge in February. Gable, of the […]
Intuit Loves That You Hate Doing Your Taxes
In the last five years, Intuit, the maker of TurboTax, has spent $11.5 million lobbying the federal government. One of the things they're lobbying against is something called "return-free filing." Never heard of it? That's weird. It's been successfully implemented in Denmark, Sweden and Spain, and only one of those countries is on the verge of financial […]
Social Media’s Ideas for Tax Reform Can’t Be Worse Than Anything That’s Been Kicked Around So Far
Senator Max Baucus (D-MT) and Representative Dave Camp (R-MI) report in a Wall Street Journal op-ed that since Congress has spent ample time listening to interest groups, it's about time they got really serious about tax reform: In the coming weeks, we will give you the opportunity to provide your input as well. No need to […]
Americans for Tax Reform: Playing Professional Football in Texas to Save Taxes > Working for Jerry Jones
Tony Romo will make a lot of money playing quarterback for the Dallas Cowboys under his new contract. How much money that contract is actually worth depends on how you look at the situation. Americans for Tax Reform looks at the situation in the following terms: if, you opt to play for a team in a state […]
Maybe Dave Camp’s Pass-through Proposal Doesn’t Address Carried Interest So It Won’t Invite Unfortunate War Analogies
Victor Fleischer writes at DealBook that Michigan Congressman Dave Camp's proposal to simplify partnership and S-Corp tax law may be too simple. It's not that Professor Fleischer doesn't like simple, it sounds like he does. And he also likes that Camp gave everyone a couple of options. But Camp's more "radical" option is missing some details […]
The Worst of Tax Season Commercials
I spent half my afternoon pulling up the worst tax commercials out there after we received this tip: is it me or are these h&r block commercials infuriating? No, no it is not just you. In fact, I don't think I've ever seen a good tax commercial, have any of you? Let's take a peek […]
Never Fear, The U.S. Senate Is Here! (To the Rescue Tax Preparer Regulations)
Earlier this year, a DC judge threw out the IRS' ability to regulate unlicensed preparers and then, in a bit of added insult, when another judge denied the agency's request to suspend the injunction. Anti-regulation types were happy; the IRS was sad. Despite the setback, you kind of knew that the Service wasn't going to […]
CPA Problems: Never-ending Revenue Modules, Waking Before Dawn, and Brat Taxes
With only three weeks until April 15th, some of you might like to be reminded that there are other people out there who are going through busy season pains just like you are. Unlike you, they have taken their suffering to Twitter and smartly labeled their problems as #CPAproblems which allows us to share them […]
Members of Congress Seem Surprised That Tax Reform Meetings with Interest Groups Would Arouse Cynicism
Last month, the House Ways and Means Committee announced that it was creating eleven working groups to kickstart this tax reform idea that's been thrown around. At the time the effort was described as a "fact-finding mission" which is funny because facts are not something Congress is known to have a firm grasp of. REGARDLESS! This […]
BREAKING: Incompetent Tax Advisers May Get Fired
The Wall Street Journal is on it, you guys: Plenty of accountants make errors on tax returns from time to time but most manage to remain on good terms with their affected clients. Make a big mistake or too many, however, and the tax pro can be out of a job. Financial advisers often help […]
Tax Nerds Feeling Vindicated After Their Long-held Viewpoints Are Paid Lip Service
Tax Policy Center co-director Eric Toder is feeling good today. Why? Some people known for not doing much of anything productive are saying things that sound remarkably like some people who plan to do something productive! The House Ways and Means Committee, in a letter signed by all its Republican members to Budget Committee Chairman […]
Most Americans Disapprove of Cheating On Taxes; Some Want to Cheat Like Tiger Woods
A recent poll, commissioned by the IRS, found that the overwhelming majority of taxpayers think that it's never okay to cheat on their taxes. It's an interesting data point, but what does it really tell us? More than anything, it tells us that the IRS is an insecure little bitch. Like Stacey, that girl in ninth grade who […]
A Few Hip-Hop Artists Are Claiming That They Can Deduct ‘Making-it-rain’ Expenses for Tax Purposes
As you might expect, TMZ has the scoop and it quotes a number of artists who are currently considering tips for strippers as a legit deduction and therefore a serious tax strategy. And who doesn't love creative tax planning? But how might they rationalize this idea? Well, Bizzy Bone considers these young ladies to be […]
If a Symbolic Gesture Doesn’t Convince You That John Boehner Is Serious About Tax Reform, Then Nothing Will
If there's one thing that members of Congress love to pretend to be serious about, it's tax reform. They talk a lot about the importance of tax reform; they pledge to do such-and-such with regards to tax reform; they say tax reform is their "top priority." But, as we have seen, little action has been […]
Happy 100th Birthday, Federal Income Tax!
This month marks the 100th anniversary of the ratification of the 16th Amendment or – as some of you consider it – the thing that keeps you in a job. Back in 1913, the personal income tax would get you at 1% on incomes above $3,000 and maxed out at 7% on incomes over $500,000. […]
Charlie Rangel Told Sean Hannity He Needs a Good Accountant
Last night, New York Rep Charlie Rangel made his way to Colin's favorite fair and balanced news channel to sit down with Sean Hannity and Hannity's hair to talk taxes. Newsbusters has the transcript: SEAN HANNITY, HOST: Out of every dollar one of those rich people in New York make, how much should they be […]
Cleverly Named Tax Bill Probably Kept Senate Staffers Up All Night
Senators Carl Levin, D-Mich., and Sheldon Whitehouse, D-R.I., introduced the Cut Unjustified Tax Loopholes Act, also known as the CUT Loopholes Act, or S. 268, on Monday. The bill was introduced in the midst of a congressional and White House showdown over the impending budget sequestration and growing calls for corporate tax reform, but builds […]
Born-Again Christian Learns What People Mean When They Say Taxes Are Evil
A Tennessee man – who became a born-again Christian a decade ago – has quit his job over the number 666 appearing on his W-2: Walter Slonopas, 52, resigned as a maintenance worker at Contech Casting LLC in Clarksville after his W-2 tax form was stamped with the number 666. The Bible calls 666 the […]
The Situation Around the Registered Tax Return Preparer Program Has Become a Really Bad Soap Opera
In case you weren't paying attention, the IRS's Registered Tax Return Preparer (RTRP) program just got shit-canned by a federal judge. Of course, as CPAs we don't really have to care about the RTRP program because we're exempt, as are our minions, as long as we promise to micromanage them. Regardless, schadenfreude feels pretty damn […]
What Do We Make of Phil Mickelson’s 62% Tax Rate Claim?
This morning we shared Tony Nitti's story at Forbes about walking-KPMG billboard Phil Mickelson considering "drastic changes" because he is "in that zone that has been targeted both federally and by the state and, you know, it doesn’t work for me right now." "It" being a combined tax rate that's pushing 62 or 63 percent, […]
How We Averted the Fiscal Cliff: As a CPA, People Might Expect You To Know This Crap
I don’t care if you’re a Republican or a Democrat; you’re an accountant, and the avert-the-fiscal-cliff legislation that the federal government crapped out at the last minute hooks you up. Sure, you’re going to pay more in taxes, but Congress was actually able to bang out some long-term solutions to the expiring tax cuts which is going to make your life easier1.
Tax Case Shows It’s Better To Give Than To Receive Notification of an IRS Audit
The Bible says God loves a cheerful giver, and the U.S. Tax Code says a cheerful giver loves the charitable contribution deduction. But according to the outcome of the recent case Durden v. Commissioner, the Tax Court hates both God and cheerful givers. According to an article in The Tax Adviser, here's what happened. In […]
The Corporate Income Tax Is Like Mother’s Milk for Tax Professionals
Corporate tax lawyers like the tax – a lot. Corporate tax managers can’t live without it. The Big Four accounting firms have an army of partners who have become rich working on corporate tax issues. State revenue departments are full of people who earn their living working on corporate taxes. Most of them would like […]
Acting IRS Commish Warns That Tax Season Calendars May Need Adjusted
He just wanted to get this out there sooner rather than later: IRS Acting Commissioner Steven T. Miller warned Congress on Wednesday that if lawmakers fail to extend the traditional alternative minimum tax patch, up to 100 million American taxpayers could be affected, and most taxpayers might not be able to file their tax returns […]
Grover Norquist Gives the All-clear on ‘Plan B’
Here's the official word from ATR: ATR has consistently maintained that individual Members of Congress make a pledge to their constituents to oppose and vote against tax increases. The House this week will vote on a tax bill. This legislation—popularly known as “Plan B”–permanently prevents a tax increase on families making less than $1 million […]
The IRS Was Just Kidding About Not Providing Interstate Migration Data
Last week, a number of conservative media outlets got a little bent out of shape when the IRS said that it would no longer be providing interstate migration data. The reason being that the data provided was immensely valuable because it shows how people "vote with their feet" — leaving states with high income tax […]
Warren Buffett & Friends Talking Estate Tax Policy Now
A group of wealthy people that includes Warren Buffett, George Soros and former President Jimmy Carter is pressing Congress to roll back estate tax parameters, saying the current set-up leaves “too much revenue on the table.” The group of roughly three dozen people released a statement on Tuesday calling for both the current estate tax exemption […]
A Maine Woman’s Illiteracy Will Be a ‘Fact of Significance’ in Her Tax Fraud Case
Not having a firm grasp on taxes is rarely an acceptable defense for committing tax-related crimes. HOWEVER, a woman in Maine is employing a slightly different angle for her defense: Carole Swan testified Wednesday during a suppression hearing in U.S. District Court in Bangor that she’s basically illiterate. Swan’s inability to read much more than names […]
New York, California in a Horse Race for Sending Most People to States with God-Awful Heat, No Income Tax
Hot off the Twitter, New York Times' Catherine Rampell shares some interesting data about movers in 2012: nation’s overall mover rate increased from a record low of 11.6 percent in 2011 to 12.0 percent in 2012, per US Census — Catherine Rampell (@crampell) December 10, 2012 Okay maybe that's not so interesting, but this helps: most common […]
Tax Shaming Works
Martin Sullivan cites a KPMG study from 2005 that was ahead of its time: "The main point is not that accusations are often unjustified, but the fact that they are made at all. Tax has news value now and, although often unfounded, 'naming and shaming' attacks on alleged tax avoiders can damage their reputations in the eyes […]
Politicians Incorrectly Demonizing “Tax Loopholes” Is Old Hat
Today, Christopher Bergin explains how our elected officials butcher the term "tax loophole": For now, let’s look at the Republicans (trust me, I plan to get to the Democrats, too). When Republicans talk about tax reform, they say they mean that they want to close loopholes to increase revenue and make the system better. OK, […]
Stop with All the Sensible Tax and Financial Planning Advice for Mega-Jackpot Lottery Winners, You Idiots
With every ginormous lottery jackpot comes the inevitable stream of articles discussing the tax implications of such a windfall. Yes, someone who wins a gazillion dollars will probably need a small platoon of financial advisers to make the best decisions possible with regard to their dumb fucking luck, but the best part about winning a […]
Mo’ Money Taxes Founder Won’t Let Mo’ Problems Keep Him From Serving Clients
Somehow we missed the saga of Mo' Money Taxes. Here are a few stories that should get you up to speed on some of the haps at Mo' Money: A Mo' Money Taxes franchise owner in St. Louis and four of his employees were arrested on fraud charges last month. Back in February a bunch of […]
Chuck Schumer Has Been Waiting Out This Bad Marriage a While
As more and more Republican lawmakers say they are willing to break the Taxpayer Protection Pledge, Chuckles can't help but think that the time has come: “For three decades a right-wing lobbyist has exercised a stranglehold on Republican lawmakers,” Schumer said on the floor Tuesday. “Today one Republican after another have been rebuking this lobbyist. […]
ICYMI: WFT’s Tax Accounting Is Still a Giant WTF
By its own admission, Weatherford International has pretty awful internal controls. Back in March 2011, the company's disclosed that controls (and employees) for its tax function were virtually non-existent and it led to a $500 million error. The team in the C-suite was pretty disappointed with this development and the company replaced their Chief Accounting […]
The Fiscal Cliff: As a CPA, People Expect You to Know this Crap
You spent five (or more) years studying to be an accountant, passed the hardest professional licensure exam that exists, and people expect you to know some shit about taxes. They don't care that you're "an auditor" because they don't know what that means. Now when you go to parties, somebody will be like, "Hey, Mark, […]
John Boehner Is the Most Reasonable, Responsible Person in Washington, Says John Boehner
The other day, Speaker of the Hizzous John Boehner got a lot of people got lot of people hot and bothered when he said that Republicans were "willing to accept new revenue, under the right conditions.” For some odd reason, these people – including Senators Chuck Schumer (D-NY) and Kent Conrad (D-ND) – thought that meant […]
Chuck Schumer Is Willing to Give John Boehner a Few Days to Warm Up to Higher Taxes
“You can’t expect the Speaker to turn on a dime in 24 hours and embrace everything, higher taxes, higher taxes on the wealthy, but I think privately that he’s seen the handwriting on the wall and it makes me very hopeful that we can do something big in the next month and a half. It’s […]
Hold the Phone, John Boehner Didn’t Say Anything About Taxes Going Up
Admittedly, The Speaker sounds like he's ready to deal but you'd be a damn fool to think that he's going to roll over: With President Obama reelected and Republicans returned to a slightly smaller majority in the House, Boehner (R-Ohio) said Tuesday’s election amounted to a plea from voters for the parties to lay down […]
Alternative Career Paths for Disgruntled Accountants (or You’d Probably Be Really Good at Tax Fraud)
Your bonus sucked. Your raise didn't meet your expectations. You're tired of working for the Man. Maybe you should consider the exciting world of tax fraud. As CPAs, our knowledge, training, and experience has positioned us strategically to do fraud right. But do you really have what it takes to commit tax fraud? And by […]
The AICPA Presses The IRS To Give a Bigger Break To Hurricane-Affected Taxpayers and Tax Preparers
The IRS has put a few measures in place to soften the blow from Hurricane Sandy but the ever digilent AICPA says that is not enough. And what about the tax preparers also affected by the storm? The AICPA is on it: The American Institute of CPAs has asked the Internal Revenue Service (IRS) to […]
Grover Norquist: No Matter What, Taxes Aren’t Going Up
GOP drum major Grover Norquist was interviewed by the Washington Post's Suzy Khimm and you'll be absolutely FLOORED to learn that they discussed taxes. Mostly, the discussion focused was on what would happen to various taxes after the election – what happens if Romney is elected, what happens if Obama is re-elected, what happens in […]
Dumb: Iowa Once Tried to Implement a Pumpkin Tax
We've noted in the past that states try to levy taxes on many silly things. Literally. Maine taxes jugglers, comedians, and clowns for crying out loud. States also try to tax other things that simply don't make a lot of sense. It seems that legislators, rather than improve tax systems with reform, like complicate things […]
Understanding the Estate Tax: The Rich Lose Because They Have To Pay It, and the Poor Lose Because They’re Poor
If I've learned anything from the Pirates of the Caribbean ride at Disneyland, it's that dead men tell no tales; however, the rich ones still pay taxes which is good news, especially for those who can't afford Disneyland. Some Americans are in favor of radically increasing the taxes on the rich while others want to […]
Majority of New York Court Rules Lap Dances Taxable; Questions the Artistic Integrity of Strippers Everywhere
In an ongoing battle to prove that taking your clothes off for money is not only a dramatic, artistic performance but one that should not be subject to the state rules of revenue that apply to far less artistic venues like amusement parks, Albany strip club Nite Moves has lost its appeal in New York's […]
(UPDATE) Oh Look, The Romney Campaign Doesn’t Like the Tax Policy Center’s Most Recent Analysis of Its Tax Plan
Those mischievous little number crunchers over at the Tax Policy Center are at it again! They pulled out their calculators and concluded that even with a cap on tax deductions, Mitt Romney's tax plan won't raise enough money to pay for his 20% across-the-board tax cuts and repeal of the alternative minimum tax. Naturally, the […]
Tax Professionals To Be Released Into the Wild Later Today
Many CPAs, who tirelessly put their clients' interests before their own, actually will wait until the final mail call later this afternoon to drop their returns. Only then will tax season officially end for 2012. Despite all the talk of counting down the days until the deadline, when that moment arrives, the surreality can still […]
Chuck Schumer Won’t Have Any of This Tax Cuts for the Wealthy Talk
Sen. Charles Schumer (D-N.Y.) noted that many of the reform plans that are under discussion in Washington would cut tax rates for everyone by eliminating or reducing deductions — the same model that was used during the last major rewrite of the tax code in 1986. “But in the upcoming talks on the fiscal cliff, […]
What Are People Saying About Mitt Romney’s Tax Deduction Cap Idea?
Late yesterday, Mitt Romney threw out the idea of limiting tax deductions to $17,000 as part of his strategy to keep his tax plan revenue neutral. Up until this point, the Romney campaign had provided bupkis for details and that annoyed quite a few people who like details. Despite everyone's begging, they continued to stall […]
Here’s What the Fiscal Cliff Looks Like
The Tax Policy Center released a new paper today that should be sufficient for scaring the living daylights out of anyone that doesn't like the idea of taxes going up. The paper's abstract states: Almost 90 percent of Americans would see their taxes rise if we topple off the cliff. For most households, the two biggest […]
All of Mitt Romney’s Fancy Schmancy Tax Planning Strategies Should Serve as a Reminder That We Really, Really Need Tax Reform
Yesterday, we told you about Jesse Drucker's stellar report on Mitt Romney's "I Dig It" trust and how it allows his family to pass along wealth to the younger generations with relatively little taxes being paid. It was the latest of many reports and scoops on Willard's finances and really, we shouldn't be surprised. He […]
All This Focus on Mitt Romney’s Taxes Could Ruin Things for All the Wealthy People
Today, a Bloomberg article by Jesse Drucker called attention to Mitt Romney's "intentionally defective grantor trust" aka "IDGT" or "I Dig It" trust. For the seasoned estate tax planning or wealth preservation professional, this is old hat, but for many people this is quite exciting. And by exciting I mean, "Holy shit, they can do […]
Mitt Romney: Yeah, about those tax cuts…
Everyone needs to adjust their expectations: “By the way, don’t be expecting a huge cut in taxes, because I’m also going to lower deductions and exemptions,” Romney said, according to various news media reports. Um, yay? “All the rates come down,” Romney said. “But unless people think there's going to be a huge reduction in […]
Mitt Romney’s 2011 Tax Returns Reveal He’s the Richest Unemployed Dude You’ve Ever Seen
OK, so the Romney campaign released the 2011 tax returns and frankly we here at GC HQ couldn't be happier that they did so on a Friday afternoon, thereby completely cockblocking our plans to be in a drunken coma by 7pm this evening. Thanks for nothing, jerks! Consummate professionals that we are, however, we'll just […]
Mitt Romney Releases 2011 Tax Returns, Everyone Not Voting For Him Still Butthurt
As of this afternoon, Mitt Romney has – AT LAST – released his 2011 tax returns, which means everyone getting worked into a lather over the mystery of the returns he refused to provide can STFU, right? RIGHT?! Maybe not. So, we're looking at a 14.1% tax rate which, for those of us broke asses […]
Ways and Means Committee Isn’t Even Trying Anymore
As you know, the so-called* fiscal cliff is looming* over us all. The prospect of tax increases and spending cuts has everyone freaked. Our elected officials are in full campaign mode, yet still manage to o attend committee meetings to discuss and debate policy of the utmost importance in order to reach a compromise for […]
Tax Professionals: Tell Us the Lame Last-minute Excuses Clients Are Giving You on This Extended Filing Deadline Day
It's circa 4:30 pm on the extended filing deadline day for trust, partnership, corporation, and S-corp tax returns and that means there some piss-poor excuses being thrown your way by your most forgetful and slovenly clients who STILL aren't ready to file. Back in April, if clients were behind on getting their books up to […]
AICPA Exec Under the False Impression That Congress Is Concerned About How Their Stalling Really Messes Things Up
Similar to the Ohio Society of CPAs, AICPA Tax Executive Committee Jeffrey Porter's request of Congress not only to act, but to act quickly, is charming. Charming in an Ernest P. Worrell kind of way, but charming nonetheless. In written and oral testimony, Porter addressed the impact of tax uncertainty in several areas and made recommendations on behalf […]
Michael Bloomberg: Business People Who Obsess Over Tax Rates Will Go the Way of the Dodo
Speaking to "a ballroom full of bankers, corporate executives and financial analysts, with a guest list that ranged from JPMorgan to PriceWaterhouseCoopers to leading lobbyists," Hizzoner downplayed all the attention that some people give to low tax rates: When it comes to improving the business climate, “Usually the pundits think of this as lowering taxes,” […]
Bonus Watch ’12: IRS Whistleblowers
Don't expect this to be the standard result for any future snitches on corporate tax evaders, but the IRS did make good for at least one informant: The Internal Revenue Service awarded tax whistleblower and former UBS AG banker Bradley Birkenfeld $104 million for providing the agency with insider information in UBS's illegal encouragement of […]
David Cay Johnston Sticks Up for Tax Nerds Being Picked on By the Romney Campaign
The Romney campaign isn't crazy about the Tax Policy Center's critique of their tax plan presumably because it casts a bit of an unflattering light on it (i.e. isn't mathematically possible, leaves out a lot of details). Yes, some people with the campaign or the Wall Street Journal editorial board might tell you different, that […]
Tax Policy Center and Wall Street Journal Still Trying to Out-nerd Each Other Over Mitt Romney’s Tax Plan
Remember how the tax wonks at the Tax Policy Center wrote a paper that said, "Hey! Mitt Romney! Your tax plan is great and all but it's mathematically impossible for you do everything you say you want to do and could result in a tax increase on the middle class," and the Wall Street Journal […]
Romney Tax Returns to Be Released By October 15th Advisor Says, To Which We Respond, “Duh”
Ed Gillespie, "a senior Romney advisor," provides precisely zero insight as to the timing of when his boss's tax returns will see the light of day: "Look, October 15 is the deadline for the IRS on an extension. We have said as soon as they're ready we're going to release them. And I believe they'll […]
Mitt Romney Dug Out Some Old Tax Returns and Crunched Some Numbers
Are you happy, rubes? Mitt Romney said on Thursday that he had not paid less than 13 percent of his income in taxes during the past decade, but he called the continued focus on his personal tax returns “small-minded” in the face of the nation’s problems. Speaking to reporters during a stop in South Carolina, Mr. […]
The Wall Street Journal, For One, Has No Problem Making Mitt Romney’s Tax Plan Mathematically Possible
Late yesterday (or for you nostalgic types, in today's print edition), the Wall Street Journal published an editorial that goes after the Brookings Institution and Tax Policy Center for their analysis of Mitt Romney's tax plan. The long-short of the analysis is that, given what has been said by Mittens re: tax reform, there is […]
Running a Marijuana Dispensary Isn’t Really All It’s Cracked Up to Be Once You Remember That Tax Compliance Is Kinda Important
It’s awesome when the Commissioner of the IRS calls the tax code “a monstrosity” like he did in a speech back in May but it’s even more awesome when the tax code messes with stoners worse than an assistant principal who still has something to prove to his dad. The Vapor Room Herbal Center […]
You Can Safely Assume That Jenna Jameson Is a Fan of Tax Cuts
And by extension, might be willing to sign the Taxpayer Protection Pledge should she ever run for office: "I'm very looking forward to a Republican being back in office," Jameson said while sipping champagne in a VIP room at Gold Club in the city's South of Market neighborhood. "When you're rich, you want a Republican […]
Democrats Concerned That Republicans Want to Take Their Tax Reform Ball and Go Home
In case you weren't already aware, our nation's tax code is a mess. And not your run-of-the-mill mess that can be tidied up before company comes over; this is more of a dirty-dishes-on-the-floor-ring-around-the-entire-bathroom-kitchen-smells-like-the-dumpster-what-the-hell-is-that?-is-that-dog-piss? mess. Both political parties believe that reform is needed, but that's where the agreement ends. The Republicans would like to cut tax […]
Marco Rubio Manages to Introduce the Most Unimaginative, Transparent, Populist Tax Legislation Possible
Jesus. I know the guy is angling for VP, but this…this is trying WAY too hard: Rubio introduced the Olympic Tax Elimination Act, which exempts Olympic medal recipients from having to pay taxes on the medals they won. When athletes win Olympic medals they also win honorariums. Gold medal winners receive $25,000, silver medal winners […]
Mitt Romney Is Pleased with PwC’s Tax Services
In an interview with ABC News yesterday, Willard shared a few new tidbits about his life as a taxpayer: 1) He's not sure if he's ever payed less than a 13.9 effective tax rate 2) he's had the distinct pleasure of being audited by the IRS and 3) the crack squad in PwC's Boston* office […]
Kirsten Gillibrand Shows Mitt Romney How It’s Done
Releasing tax returns, that is: Sen. Kirsten Gillibrand (D-N.Y.) has released five years of federal and state income tax returns on her website — the first senator to release returns from her entire public career, according to her office. Spokesman Glen Caplin said that Gillibrand wanted to contribute to the “ongoing national debate” about releasing returns. […]
It’s Nice to Know That Tax Credits Aren’t Going Completely to Waste
This is what happens when tax breaks are used as political favors: Tax consultants estimate that eligible businesses obtain as little as 5% of the main domestic tax breaks that they are entitled to claim. That means firms are leaving tens of billions of dollars on the table every year. Out of 1.78 million corporate […]
Report Goes Out on a Limb, Suggests That Democrats Will Use Study Findings to Their Advantage in Tax Cut Debate
From Reuters: Letting tax rates for the wealthy rise will not put a short-term damper on the economic recovery, according to a report by the non-partisan research arm of the U.S. Congress. The study by the Congressional Research Service is likely to be used by Democrats in the looming battle over whether to extend tax cuts […]
If Mitt Romney Releases His Tax Returns He Could Be the Next Richard Nixon
As we all know, 1% posterboy and GOP presumptive presidential nominee Mitt Romney hasn't released any of his tax returns. Check that – he hasn't released in tax returns that anyone cares about. Mittens is of the opinion that 2010 and 2011 are the only tax returns we need to see. Many people disagree. As […]
Sandy Levin Will Try (and Fail) to Get Mitt Romney’s Tax Returns the Old Fashioned Way
You almost get the sense that ol' Sandy is wagging a finger at Mitt and saying, "A real Michigan man offers up twelve years of tax returns. But in your case, I'll settle for ten." Rep. Sander Levin, D-Mich., the ranking Democratic member of the tax-writing House Ways and Means Committee, plans to introduce legislation […]
FYI: Mitt Romney Doesn’t Get to Use Form 1040EZ
Have you heard? People want to see Mitt Romney's past tax returns ASAP. Some people are so desperate to get questions about his taxes answered that they're throwing digits at the presumptive GOP nominee. Mittens has said that he'll release his 2011 return just as soon as it's ready (that task presumably falls to PwC's David Feheley, […]
Bill Clinton Is Stumped By Mitt Romney’s Tax Returns (or Lack Thereof)
"It's typical, I think — we all release 10 or 11 years," he told NBC's "Today" show. "I am a little surprised that he only released a year's worth of tax returns. … That's kind of perplexed me." [The Hill]
IRS Whistleblower Gets the IRS Audited, IRS Does Not Find This To Be Entertainment
Indianapolis TV station WTHR is reporting IRS tax examiner Howard Antelis has apparently developed some concerns about the way his esteemed employer handles Individual Taxpayer Identification Numbers and, more importantly, what possible abuse and fraud mean for the Service's flawless record. "I'm horrified and ashamed and embarrassed by what I've seen. It's not supposed to […]
Is There Life Outside Public Accounting for Tax Accountants?
Are you considering a line of work that’s not so heavy on the Excel? Does your co-worker’s audible humming drive you crazy? Is it possible that you’ve been working too hard and are just hearing things? Email us your questions and we’ll make it stop. Hey GC, There have been a lot of articles lately about […]
According to This Maryland Group, Rich People Don’t Like Taxes
Self-described non-partisan group Change Maryland is convinced the 31,000 individuals who left Maryland from 2007 to 2010 did so due to the state's increasingly burdensome tax rates. Surely it has nothing to do with Pepco's unreliable service, bad traffic, swampy summers, sandy crabs, the proliferation of Natty Boh or any other number of annoyances that […]
Just Admit It, Choosing the IRS to Enforce ObamaCare Was Smart
One of the many beefs that people have with ObamaCare is that the IRS will be tasked with enforcing the penalty assessed to those that choose not to purchase health insurance. Joe Kristan laments: Maybe the most depressing aspect of the [SCOTUS] decision is the way it seems to endorse using the tax law as the […]
David Cay Johnston Would Just Like to Confirm That Mitt Romney Isn’t Like Richard Nixon, That’s All
And he's so excited to do it, he's throwing digits in Willard's face! Visit msnbc.com for breaking news, world news, and news about the economy [via TaxProf]