The King’s KPMG Had a Little Tax and Payroll Problem
Sky News received some insider info that KPMG UK had a bit of a tax problem last week, relating to the firm’s legal structure and employee contracts. This is on top of a payroll issue last week that meant staff checks arrived late. Sky News: The fiasco is understood to have arisen as a result […]
The AICPA Has Written a Strongly-Worded Letter to the Treasury Department on Remote Work (UPDATE)
If you thought the AICPA’s only job is gatekeeping the CPA exam and selling you insurance offers you are WRONG. They also write strongly-worded letters, sometimes on behalf of our nation’s CPAs or, as in the case of this latest letter, on behalf of American taxpayers. Let’s see what they’ve been up to. From the […]
Whoops! Tax Law Gaffe Puts Restaurants’ Renovation Plans on Hold
Back in December, White Castle Vice President Jamie Richardson was singing the praises of the GOP tax bill, calling it “the biggest good thing for small business in three decades and a generation.” But I think he might be changing his tune. The “House of Sliders” is among the fast-food restaurants and retailers that have […]
UPDATED: Ready or Not, Here Comes the Postcard-Sized 1040
Update, June 29, 2018: As expected, the Treasury Department and the IRS officially unveiled a draft version of the new postcard-style 1040 form, which will replace the current Form 1040, Form 1040A, and Form 1040EZ for the 2019 tax season. “As part of the historic Tax Cuts and Jobs Act, this administration committed to making taxes […]
Some Cryptocurrency Traders Opting for ‘Screw It’ Tax Compliance Approach
Here’s an amusing New York Times column by Kevin Roose that features a rafter of cryptocurrency traders distressed about their tax situations. As we noted earlier this year, some crypto traders got mad/sad upon learning that taxes were a thing they had to deal with. And according to Laura Walter, aka Crypto Tax Girl, some […]
Let’s Cool It With All the ‘CPAs Should Run for Office Because Taxes’ Talk
Crazy enough to think that people will care that he can look at a 1040 and not soil himself. Should CPAs run for office? According to this gushy post at the AICPA, the answer is a resounding: YAAAAS. When you’re a CPA, you have a solid understanding of the many issues that power government: taxes, […]
Cryptocurrency Traders Learning That Taxes Are a Thing
Here’s an amusing MarketWatch story by Shawn Langlois on how cryptocurrency traders, presumably having no concept of income, are all bent out of shape about the taxes they owe on their trading gains. The lead kvetcher, latex_man, posted a thread entitled “I just did my taxes and it turns out I lost almost everything” and […]
EY Thought the Weatherford Audit Could Turn Out Badly; It Turned Out Badly
I'm not sure if there's a pattern or not, but it sure seems like the Big 4 take turns being the poster child of sloppy auditing. Sometimes the stretch is long and sometimes it's short, but it's inevitable that something blows up and one firm will be back on top as the King of Failed […]
Exposure Drafts: Paying No Taxes Makes Donald Trump Rich, Not Smart
Exposure Drafts appears every other Wednesday. Send comments and suggestions to [email protected].
New Bill Calls for Drug-Testing Taxpayers Claiming More Than $150k in Itemized Deductions
A big part of politics, I think, is trolling. And, just like on the internet, it works! Look no further than the presumptive nominee of the Republican Party. He's basically the Fox Nation comment section incarnate and yet, he could be the next President of the United States! From a legislative standpoint, this works too. […]
Paying Taxes Now as Convenient as 7-11
I'm somewhat nonplussed by this: In a program aimed at individual taxpayers who lack checking accounts or credit cards, the IRS has unveiled a partnership with retail stores (currently only 7-Eleven) to allow these taxpayers to pay their federal tax bill in cash (IR-2016-56). Called PayNearMe, taxpayers can pay up to $1,000 a day at […]
Tax Season Scares Millennials
A NerdWallet/Harris survey found that 80% of taxpayers aged 18-34 "are fearful about some aspect of preparing their taxes." That's the largest percentage of any age group. Millennials are also most worried about "leaving tax-refund money on the table" and "more likely than other age groups to ask key questions before hiring help." Here's some […]
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. […]
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 […]
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 […]
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 […]
Mad Scientist Gets Prison Time for Using His Dog and Cat in a Tax Avoidance Scheme
You know, I often joke that my cats Buck and Cash are interns, assistants, accountants, and CEOs of the fictional company that is my home office. But this guy clearly took that too far when he used his pets to avoid taxes: [Scientist Mathew] Zuckerman's tax-avoidance schemes included naming his dog and cat as directors […]
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 […]
The IRS Quietly Tweaked Your Rights as a Taxpayer
You may have noticed some buzz about the recently released Taxpayer Bill of Rights, a list so basic it's a wonder it has to exist at all. But this is the IRS we're talking about so probably better we have it. The most recent version is pretty cut and dry: 1. The Right to Be […]
“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 […]
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 […]
Philly Man Uses Selfies to Prove Residency to Tax Man, Daughter Shares With the World
No, this isn't a case of a stupid daughter oversharing on social media. Anne Jarvis' dad Andrew is like a lot of folks who split their time between Philadelphia and NYC. Bewildered by his long commute, Andrew rented a place in NYC closer to work but kept his Philly homestead. In order to prove to […]
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, […]
Happy First Day of the Tax Filing Season!
LET'S DO THIS THING! pic via the AICPA on Pinterest Don't Mess With Taxes has the usual countdown clock up so you can keep track of just how many days remain in filing season, though we're pretty sure you don't need a clock, maybe just some ticks scratched into the wall like a criminal doing […]
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 […]
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, […]
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.
PwC Partner Who Built a Career Out of Making Ireland a Tax Haven Could Fix Everything Over Lunch, FYI
Over at Bloomberg, Jesse Drucker has a lengthy profile of PwC Partner Feargal O'Rourke, the head of the firm's tax practice in Ireland. As you know, Ireland figures quite prominently into tax planning strategies for companies like Google, Facebook, Twitter, Microsoft, Apple and untold others who solemnly swear that they're in full compliance with the tax law. […]
How to Pay Off a $17 Trillion National Debt (Hint: Pumpkin Spice Lattes Are Involved)
My favorite charity is the United States of America. I love America. That sounds pretentious. It's like saying, “I love Nickelback” or “I’m a Yankees fan.” But it’s true. I’m profoundly fucking grateful that I was born in America. Remember the Occupy Wall Street movement? I know. It’s hard to remember things that […]
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 […]
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.
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 […]
Oregon Department of Revenue Sensitive to the Fact That Some Religious Groups Think Filing Tax Forms Electronically Is of the Devil
Are there any accountants out there that moonlight as religious scholars? I know you're out there. If you could help put the sixth question on the FAQ page of the Oregon Department of Revenue's website into some kind of context, we'd all be grateful: I am a member of a recognized religious group. My religious group […]
Keep Your Pants On: D&G Probably Won’t Spend Time in Jail for Tax Evasion
As all we know, when Italian men want to protest the injustice of taxes, they proudly drop trou. And I'm sure Domenico Dolce and Stefano Gabbana, who were convicted of evading millions of euros in taxes and sentenced to 20 months in prison, would appreciate nothing more than an army of their countrymen ditching their […]
The Olds Don’t Get the Internet and All Tax Collectors Are Evil, Say Younger, More Paranoid Republicans That Oppose Online Sales Tax
The Marketplace Fairness Act is back in the news again, as The Hill reports that some Republicans — Texas Senator Ted Cruz to be precise — are saying that a generational gap is largely the reason that younger GOP Senators opposed the bill. Never mind that four out of the five oldest GOP Senators voted […]
The Tax Man Drumeth
With the sound of the drums echoing off the walls of the surrounding buildings, it feels as if it could be an impromptu street performance – but it's not. This is tax collecting Bangalore-style. Fed up with companies refusing to pay their tax bills, the city has gone one better than merely sending out reminder letters. Instead it […]
Protesting Taxes Seems More Effective When the Focus Isn’t on the the Signs
Granted, we don't want to see an average member of the Tea Party sans pants. But you have to admit, these Italian businessmen are on to something: Five Italian businessmen stripped off their trousers and protested outside parliament on Tuesday, demanding the abolition of a tax collection agency they blame for the suicides of scores of their […]
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 […]
Some Dumb German Dude Thinks We Should Tax Killer Cats
Naturally, my esteemed colleague Colin sent me this Forbes article to write up, presumably because I am the resident crazy cat lady around here. I'll take it. Fortunately Taxgirl took it before I did: Birds in Germany are dying by the millions and Peter Berthold of the Max Planck Institute for Ornithology in Radolfzell, Germany, […]
AICPA Attempts to Tie Expired Payroll Tax Cut to Normal American Behavior
Are you irritable? Sleeping less? Impatient with your friends? Putting on weight? Thinking about divorce? Yes? Sorry to hear, you must be going through a stressful time. Oh, wait, are you an American? Yes?! Whew, you're behaving normally then. If you were to read this AICPA press release, you might be inclined to believe that […]
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 […]
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 […]
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 […]
Depending On How This Gay Court Stuff Goes, Ernst & Young Might Have a Little Extra Pocket Change
According to this recent HuffPo article, a favorable DOMA decision might save a few bucks for big employers like Ernst & Young: After her partner gave birth to triplets in 1998, Chris Crespo began paying closer attention to the employee benefits offered by her company, major accounting firm Ernst & Young. "I wanted to make […]
Dear IRS, Please Make More Parody Videos
Everybody can shut the hell up because I love the IRS's Star Trek and Gilligan's Island videos. Don't get me wrong. I regularly benefit from the IRS being a convenient whipping-boy and joke-butt, and these videos suck major donk. But that's why I love them … because the IRS took a risk.
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 […]
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. […]
Here’s Another Sad Story About a Thief Who Got Dinged By The IRS For Not Reporting Stolen Income
This poor bastard has been sentenced to a year and a day for gyping the IRS out of their chunk of the money he stole from his employer: [Jeffrey] Scher, a certified public accountant, was employed as the chief financial officer at Bodek and Rhodes, a Philadelphia-based T-shirt wholesaler. Scher received cash receipts from Bodek […]
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.
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 […]
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. […]
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 […]
In Case You Missed It: IRS Whistleblower Bradley Birkenfeld Is Fully Aware of His Awesomeness
If you've ever met a whistleblower, or heard one give a speech, you never get the sense that they're too caught up in their 15 minutes, marching around to the beat of their kick ass do-gooderness. Typically, it's more of a matter-of-fact story and less a reflection on the heroic moments that turned an ordinary […]
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 […]
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 […]
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 […]
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 […]
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]
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% […]
Did John Boehner Stutter?
Let's try this again: U.S. House of Representatives Speaker John Boehner on Thursday dismissed suggestions that Republicans were warming to raising revenue as a part of a plan to cut the deficit, adding that tax hikes on millionaires would cost jobs. The top Republican in Congress blasted a proposal from House Democratic leader Nancy Pelosi to […]
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 […]
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 […]
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: […]
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 […]
Gambling, Florida, and Worthless Green Bay Packers Stock: A Sports Fan’s Guide to Taxes
Ed. note: With less than a week until the tax filing deadline, Deadspin asked me to delve into tax wonkery for sports fans. The post appears here with permission. Those of you who are not Darryl Strawberry will be spending the next few days on your tax returns. Here are a few practical things–and a number […]
David Cay Johnston Has a Plan to End Tax Fraud
If you thought that tax hack David Cay Johnston was going to idly stand by while the country's tax system spins into a ferocious web of inexplicable rules and soaring criminal deceit, you'd be wrong! Oh, so wrong. The bearded man has a plan and in his Reuters column, he explains that it's really pretty […]
The IRS Seems To Have Its Priorities Bassackwards
The new preparer regulation system is up and running. Accenture, formerly Andersen Consulting, collects millions to process PTINs, while millions more go to Prometric, to administer the “competency exams.” Everyone, I mean, everything, is under control. Except for the little matter of billions of taxpayer dollars going out the door to identity thieves claiming tax […]
Here’s a Video of Grover Norquist Getting Fastidious About His Beard, Juggling
We know a lot of things about Ronald Reagan soldier boy Grover Norquist. He doesn't care for colorful language. He's one of those bluetooth guys. He's willing to sacrifice all our grandmothers for the sake of keeping marginal tax rates low. But what about the real Grover you ask? You know, the guy who haunts […]
BREAKING: Multinational Corporations Engage in Complex Planning Strategies to Avoid Taxes
Who knew? U.S. companies with offshore operations could be saving billions of dollars by utilizing apparently legal tax maneuvers, according to a new study. The Organization for Economic Cooperation and Development, in a report released Monday, found that companies around the world are using a sometimes complex series of moves to take advantage of differences in […]
Tips For Filing Your Taxes For People Who Don’t File Taxes For a Living From the AICPA
Now, before the trolls rally and start complaining about how this post is stupid and totally useless for 99% of the people who read this website, let us all take a moment to remember that accounting professionals (I use the term loosely) aren't the only ones who read Going Concern. Plus, auditors despise taxes down […]
Warren Buffett Has No Problem Backing the Buffett Rule
The Oracle said as much in a letter to Buffett Rule scribe, Senator Sheldon Whitehouse (D-RI): Billionnaire investor Warren Buffet said in a letter Wednesday that he was “delighted” to support legislation to implement the “Buffett Rule,” which would ensure that those making over $1 million annually pay at least a 30 percent effective tax […]
And Now, the Day After: Two Tales of Love and Taxes Gone Wrong
When they set the date for Valentine’s day, they avoided April 15 for good reasons. True love and taxes often mix badly. Consider: The centerpiece of a multi-state federal investigation into tax fraud and identity theft was sentenced Friday to three years in prison for conspiracy to commit wire fraud and fraudulent use of bank […]
Everybody Relax, Warren Buffett’s Secretary Is Not Making Six Figures
Earlier we discussed how Warren Buffett's secretary and glory hog, Debbie Bosanek, has become a poster child for all of us that have effective tax rates higher than those of wealthy dudes like her boss and GOP Presidential cyborg Mitt Romney. This has caused a number of people to freak out and start wondering aloud how […]
Everyone in Warren Buffett’s Office Pays a Higher Tax Rate Than He Does, Says His Secretary Who Is Obviously Stealing All the Glory
The fact that O^3's effective tax rate is probably lower than yours and mine is pretty ridiculous. We have Congress to thank for that. But this secretary thing is getting played. Why does she get all the attention? Why did she get to go to the State of the Union? I mean she seems like […]
What Are People Saying About Mitt Romney’s Tax Returns?
By now, you've probably heard that ultra-rich dude Mitt Romney released his tax returns last night (and a 2011 estimate this morning) and everyone is jumping on the returns like his grandkids on a decapitated piñata. He's running for office, for Pete's sake, why wouldn't we want to take a peek? The most unsurprising thing […]
Someone Convinced KPMG and GE to End Their Little Loan Staff Arrangement
Last fall, we reported that KPMG had issued an internal preservation notice to its employees in regards to "General Electric's Loan Staff Arrangements." As you may remember, this arrangement consisted of KPMG employees being loaned to GE to help supplement the work of the world's best tax law firm. Oh, and KPMG is the auditor […]
Maybe We Should Wait to Throw More Money at the IRS’s Problems
Wouldn’t life be sweet if our bosses gave us more money when we failed? Gee, I wouldn’t have hit on the client’s daughter at that bar if only you paid me better… Yet that’s just what we’re supposed to do with the IRS. Caleb notes that the Taxpayer Advocate pointed out all sorts of ways […]
Report: Grover Norquist Admits to Being Hot for Taxes
America's Finest News Source has the photos that led to a press conference earlier today. In three particularly salacious shots taken one night during last summer's debt-ceiling standoff, the powerful conservative lobbyist can clearly be seen smiling while doing his taxes in a chair, on top of his desk, and in the hallway against a […]
PwC Gets Something Right, Declines the Opportunity to Tell Everyone “We Told You So.”
P. Dubs is taking the high road on this one. PricewaterhouseCoopers (PwC), which is responsible for auditing Barclays' accounts, is understood to have raised concerns with the bank over the structure of the schemes that would have saved it from paying hundreds of millions of pounds in tax. PwC was not responsible for providing specific advice […]