On Thursday the IRS announced a special withdrawal process to help those who may have […]
Tag: Tax Credits
The IRS Has Stopped Processing ERC Claims Because ERC Mills Are Scamming the F*ck Out of Them
The IRS announced today that it has issued an immediate moratorium on processing new employee […]
Utah Accounting Firm and Dudes Who Work There Busted For ERC Fraud
BUSTED. Get it? The report from KSL-TV in Salt Lake City we are about to […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
Some in New Jersey Aren’t Crazy About This Film Tax Credit Situation
A chorus of angry politicians and a national coalition of Italian-Americans called on Gov. Chris Christie Thursday to veto a controversial $420,000 film tax credit awarded to the hit MTV television show “Jersey Shore.” “The governor needs to step up for decency and veto this. If the show wants to go somewhere else, let ‘em,” said state Sen. Joseph Vitale (D-Middlesex), who said it includes negative stereotypes of young Italian-Americans. “Let us just hope against hope that New Jersey taxpayers don’t end up paying for ‘Snooki’s’ bail the next time she is arrested. What a terrible, terrible and misguided waste.” said State Sen. Paul Sarlo (D-Bergen). [NJ.com via DMWT]
Here Are the Tax Breaks That Obama Wants Cut to Pay for the Jobs Bill
If you’re in the $200k+ club, a hedge fund manager or corporate jet owner, you won’t be pleased. From Reuters:
— A limit on itemized deductions and certain exemptions on individuals who earn over $200,000 and families who earn over $250,000, which would raise roughly $400 billion over 10 years.
— A proposal to treat carried interest earned by investment fund managers as ordinary income rather than taxing it at capital gains rates, which would raise $18 billion.
— Eliminating certain oil and gas industry tax breaks that would raise $40 billion.
— A change in corporate jet depreciation rules that would raise $3 billion.
Right. Can’t forget the oil companies.
Obama seeks $467 billion in tax changes to fund jobs plan [Reuters]
A Romantic Tragedy: The Iowa Film Tax Credit Scandal
Once upon a time a little farm state was feeling sad. The state wasn’t poor. It wasn’t lonesome – strange, handsome and glamorous men were always courting her – but something was missing. What could it be?
Then a man whispered in her ear: you need glamor! And it’s in your grasp!
The little state blushed. “How can I, a little farm state, be glamorous like Hollywood?”
The man said: “You can buy glamour!” And he burst into song:
You’ve got glamor
Right here in River City!
Movies start with cash;
If I can be so brash;
Give me some tax credits!
So the smitten little state gave the man transferable film tax credits. She was so excited about glamor, she gave the tax credits away freely, and the glamor came:
We’ve relied on caucuses every four years to bring action and celebrities to town. Now, sightings are anytime, any place.
But something was wrong. The little state sensed amid the cocktail party laughter that the glamorous were laughing at her, not with her. She noticed that the glamorous people were driving away with shiny new cars that she was paying for. And she noticed that the tax credits were getting rather expensive.
So she cut off her tax credits. This made the glamorous people mad, and some of them sued her. But she caught some of the hapless glamorous people and had them locked up. She made the man who whispered in her ear about film credits confess that he had done a bad thing. She got mad at the man who handed out the tax credits for her and tried to put him in jail.
So the little state is sadder, but perhaps wiser. Which has an attraction of its own:
I flinch, I shy, when the lass with the delicate air goes by
I smile, I grin, when the gal with a touch of sin walks in.
I hope, and I pray, for a Hester to win just one more “A”
The sadder-but-wiser girl’s the girl for me.
The sadder-but-wiser girl for me.
The moral of our story? If you fund it, they will come. And loot your purse. And laugh at you.