Taxes

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, […]

Corporate America Encouraged By Rhetoric From Presidential Candidates

Yesterday we attempted to make some sense of President Obama's statement about ending "tax breaks to companies that are shipping jobs overseas." His was attempting to discuss corporate tax reform, although Mitt Romney had never heard of any such thing and wondered aloud if he needed to gleefully fire his accountant. Anyhoo, in the first […]

Let’s Try to Make Some Sense of President Obama’s “Tax Breaks for Companies Shipping Jobs Overseas” Statement

One other major point of contention (that relates to taxes) in last night's debate was President Obama mention of "tax breaks [given] to companies that are shipping jobs overseas." It's not entirely clear what he was talking about, so let's do our best to sort this out. From the transcript of the debate, here's what […]

Mitt Romney Left Tax Policy Wonks Feeling a Little Unsatisfied Today

Maybe you didn't hear about it, but last night Mitt Romney and Barack Obama were on TV engaging in a war of words. LOTS OF WORDS. The consensus is that Willard emerged the big victor while remaining pretty vague on details: Romney fiercely objected to Obama’s characterization of his tax plan as a $5 trillion […]

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 […]

Summing Up Tax Policy in This Presidential Election

Tax Analysts' Chris Bergin doesn't like what he heard from Mitt Romney yesterday: In a taped interview, host [Meet the Press host] David Gregory repeatedly asked Romney for details of his tax plan. He ended up practically begging for just one detail – any morsel, please. He got zip, zilch, nothing. […] I can think […]

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 […]

Have We Reached the Nadir of Tax Policy Discourse?

Politics is a dirty sport and while name-calling is certainly standard operating procedure, it seems extra petty when we're discussing about tax policy: Mitt Romney on Tuesday defended his tax plan after President Obama said it amounted to “Romney-hood” by taking from the poor and giving to the rich, labeling the charge “Obamaloney.” Since politics […]

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 […]

Poll: Americans Would Rather the Next President Get Some Jobs Up in This Piece Rather Than Stick the Rich with Higher Taxes

Surely most people wouldn't mind if the 1% were paying a little bit more in taxes but when compared to other issues, Gallup found that it's a pretty low priority: Creating good jobs, reducing corruption in the federal government, and reducing the federal budget deficit score highest when Americans rate 12 issues as priorities for […]

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]

George and Barbara Bush Appear Confused About Who This Grover Norquist Fellow Is

Old people are great. Sure, their driving endangers the rest of us and they make funny noises but their endearing wit and wisdom is something that we should all appreciate. Yes, even "GET OFF MY LAWN" has a sliver of charm to it. George and Barbara Bush have gotten to the age where you might […]

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]

Bubba Sparxxx’ Tax Situation Gets Ugly

According to TMZ, Georgia rapper Bubba Sparxxx (real name Warren Anderson Mathis) owes $29,266.88 in back taxes to the state from 2006. If you recall, the now 35-year-old came on the scene with 2001's "Ugly" and hasn't really been heard from since his biggest hit "Ms. New Booty" with the Ying Yang Twins peaked at […]

Jesus’ No-show Proving Terribly Inconvenient for Convicted Tax Evader

When the second coming of Christ is imminent, one needs to be prepared. Sure, there's the whole "accepting Jesus as your savior" thing, but there are financial considerations to be made as well. Like making large deposits in Swiss bank accounts! This was the strategy of "doomsday prophet" Ron Weinland, who used his church's money […]

Tax Pros Don’t Need to Sweat the IRS Budget Cuts

This is the first post from our slew of freelancer candidates. The following is by Jeremy Woodward. The House Appropriations Committee has settled on an IRS budget, and it’s not good news for everyone’s favorite group of suits and ties. The $11.8 billion allocation is $1.2 billion below what they requested. Probably not enough for […]

FYI: Going Off the Grid for Your Personal Safety Does Not Constitute a Legitimate Reason for Not Paying Taxes

Last week, we learned that musician Lauryn Hill was a little behind on her taxes. Not unusual for a celebrity, many of whom are artists first and taxpaying citizens of the United States second. However, on her Tumblr, Ms. Hill set the record straight that her noncompliance was not willful and malicious, but rather 100% […]

Woman’s Absurdly Unsophisticated Tax Scheme Still Managed to Dupe The Oregon Department of Revenue

As we've witnessed, perpetrators of tax fraud oftentimes utilize very simple methods. Slapping a dead person's name, birthdate, social security number, isn't terribly difficult once the data is obtained; throw some minors on there as dependents and you've got yourself a nice little refund at the expense of some grieving family members. Not complicated. You […]

Memo to “I’m-not-a-good-test-taker” Tax Preparers: The IRS Asks That You Take Their Competency Exam Sooner Rather Than Later

No one is saying that you can't pass this thing, but if tests aren't your bag, maybe you should move on this. So far, more than 4,800 people have become Registered Tax Return Preparers, according to the IRS. The IRS is urging an estimated 340,000 preparers required to take the test to do so as […]

Arkansas Governor Questions Anyone’s Patriotism Who Can’t Get Behind Tax Breaks for Wind Energy

Today in let's-make-asinine-statements-in-regards-to-tax-policy-news, Arkansas Governor Mike Beebe recently told a large crowd that, “[a]nyone standing in the way of [the wind] industry, frankly, they’re unAmerican.” Right. Because anyone that opposes federal tax dollars being redistributed into the hands of specific corporations and industries are clearly communists. [The Cabin via David Brunori]

Hemp and Cannabis Foundation Director Prefers Using Taxpayer Dollars for ‘Corporate Growth’ Rather Than Investing in Wall Street

The Daily reports that the Hemp and Cannabis Foundation owes nearly $3 million in back income, foundation, and payroll taxes, citing "IRS documents." Foundation director Paul Stanford claims that things will be straightened out this year although the Foundation and Stanford have had their share of financial troubles. Regardless! Stanford argues that there were far […]

And Here You Thought It Was Just Peasants Not Paying Any Income Taxes

  Our income tax system is joke. This is known. One of the most controversial results of the current system is, with all its complexities, millions of people still manage to pay no income tax. And it's not just the poors getting away with it!   The percentage of U.S. taxpayers reporting adjusted gross income […]

Oddly, Chuck Schumer Didn’t Appreciate the Nazi Comparison

Last week, tax slayer Grover Norquist chimed in on the Ex-PATRIOT Act, legislation that was introduced by Senators Chuck Schumer (D-NY) and Bob Casey (D-PA). The Senators were concerned that ultra-rich dudes who no longer fancy American citizenship – namely Facebook co-founder Eduardo Saverin – were turning their backs on the USofA to avoid taxes. This […]

Casey Poking Boehner to Like the Ex-PATRIOT Act

After the world discovered that Facebook co-founder Eduardo Saverin had high-tailed it for Singapore and wasn't interested in being a citizen of the USA, Senators Chuck Schumer (D-NY) and Bob Casey (D-PA) introduced the Ex-PATRIOT act. They did so in order to teach Eddie and other rich, tax-dodging Benedict Arnolds what happens when you bolt […]

Apparently Some People Filed Tax Returns In Their Pets’ Names

Everyone knows that the IRS makes silly mistakes from time to time, but presuming that the Service employees who look at these tax returns won't be fooled by a 1040 from "First Name: Mr." and "Last Name: Bojangles" seems a little reckless:  According to an indictment obtained by CBS4, Mathew and Sandra Zuckerman are accused […]

Eduardo Saverin’s Spokesman: Don’t Go Believing That My Client Would Leave the U.S. Just to Save $67 Million in Taxes

As was noted last week, Facebook co-founder Eduardo Saverin renounced his U.S. citizenship, according to an IRS report. Some people speculated that the cause for this GTFOOTUSA was the savings in federal income tax because, as you may have heard, the Facebook is going public and ES is probably going to do okay when this thing […]

IRS: Facebook Co-founder Is Gonna Take Off Now

So to speak. Bloomberg reports that Eduardo Saverin has renounced his U.S. citizenship ahead of Facebook's IPO. This has a number of obvious advantages – the lack of Kardashians, Nickelback, and NBA playoffs to name a few. But also, there are the tax advantages to consider, which it appears Saverin may have done: Facebook plans to […]

You’ve Got the Tax Code All Wrong

Christopher Bergin explains: Our tax code isn’t about collecting revenue. It’s about taking care of political friends and being used as a campaign election issue to divide and conquer the electorate.  Okay, I think I understand. And sooooo, what about tax reform?   The point of Washington is to get reelected. And “can-kicking” – which […]

David Cay Johnston’s Plan to Save Social Security Has Some Really Big IFs

David Cay Johnston has a story with the counterintuitive headline "Social security is not going broke."  How does that work? With the coming bulge in retirees, Social Security will start to pay out more than it takes in 2021, according to projections in the latest annual report. Under current law the program would be able […]

Here Are a Couple of Corporations Whose Taxes (or Lack Thereof) Are Actually Worth Bitching About

Over the weekend, I aired some grievances that I've had with The New York Times and its tax shaming. One commenter on the thread mentioned a Times article on AIG from a few months back that exposed that companies tax dodgy ways. I had a chance to dig it up today, but it's worth noting that article was […]

Memo to The New York Times: The Tax Shaming Has Gotten Old

Last weekend, the New York Times ran an exposé on Apple and its "sidestepping" of taxes. Since it's been a week-ish, I think things have quieted down enough so we can take this discussion in a new direction. Specifically, how the Times' tax coverage, of late, has been the equivalent of ten pounds of monkey shit stuffed […]

Stephen King Gives You a Frightening Visual of How The Rich Feel About Paying More Taxes

The man does know a thing or two about imagining ghastly scenes: The majority would rather douse their dicks with lighter fluid, strike a match, and dance around singing “Disco Inferno” than pay one more cent in taxes to Uncle Sugar. If you think you can one-up SK, leave your best effort below. Stephen King: […]

Layoff Watch ’12: H&R’s Post-Tax Season Chopping Block

Three hundred fifty preparers and two hundred locations won't be included in any future tax seasons: Kansas City-based H&R Block said the company plans to eliminate 350 positions and close about 200 underperforming offices. The announcement was part of a broad strategic realignment that the company announced Wednesday. H&R Block said the plans were designed to […]

Supreme Court Rules That IRS Will Have to Hustle If It Wants to Bust Tax Shelters

Aspiring wolf packs will want to take note:  The justices, voting 5-4, said the IRS has only three years to challenge so-called Son-of-BOSS tax shelters. Lower courts had disagreed on the question, with some saying the IRS had up to six years. Justice Stephen Breyer wrote for the court that the case is governed by a 1958 […]

Here’s Audio of Jon Lovitz Bitching About Taxes, President Obama (NSFW)

It's obviously a slow day when a number of media outlets are concerned with what Kevin Smith and Jon Lovitz think about taxes. This audio is NSFW, so use headphones unless someone yelling "fucking asshole," amongst other things at your workplace is considered kosher. [via TaxProf]

Tax-Shaming Has Become Quite the Popular Thing

So you're an egregious tax delinquent. You're not necessarily proud of that fact but you know, these things happen and your intention is to make things right…just after you rob a bank or something. Well perhaps you should come up with that plan fast, lest you end up a victim of the latest craze in […]

Tax Day Means Paying Very Little for a Fast Food Feast

It's finally tax day, which calls for celebration. If you're a tax professional, this means not being shy with the bottle in your desk drawer and looking forward to leaving the office some time before dark. If you're simply a taxpayer, it could mean that you woke up today, realized it's tax day, freaked out, […]

Our Thank You Captain Obvious Tax-Related Quote Of the Day

“All taxes have to be paid by somebody at some point,” said Steve Wamhoff, legislative director at Citizens for Tax Justice, the liberal lobbying arm of the Institute on Taxation and Economic Policy, a research group. “The corporate tax is paid by the owners of corporate stock and business assets.” Taxes: Are you paying your […]

The AICPA’s Top 10 Tips For Procrastinating Taxpayers

Happy almost April 17th, people! Home stretch here, home stretch. Those helpful folks at the AICPA have issued some tips for trudging slowly toward tax day that probably won't do most of you any good but might serve some procrastinating taxpayers well. Let's put aside our superiority complex for a moment and share. My useless […]