FYI if you’re looking for a little extra cash this busy season.
Sorry, auditors – don’t even try it.
Related Posts
Idaho Congressman Latest to Waste Everyone’s Time by Introducing a Bill That Would Terminate the Tax Code
Mike Simpson has represented Idaho’s 2nd Congressional District since 1999 and in that time he has cosponsored legislation that would abolish our beloved Internal Revenue Code. And even one time, in 2000, the House of Representatives managed to pass a bill that did exactly that by a vote of 229-187. It’s safe to say that, if similar legislation had been passed by the Senate and then followed up by the signature of the President, you would have heard about it. Since we haven’t heard any such news or seen any reports of this monumental legislative achievement, we can only assume that it has always been, and thus, always will be a failure and complete waste of everyone’s valuable time.
No matter! Congressman Simpson will press on for this all-important goal and making another run at ending the tyranny once and for all:
Idaho Congressman Mike Simpson is an original cosponsor of H.R. 462, the Tax Code Termination Act. This legislation would abolish the Internal Revenue Code and call on Congress to fundamentally reform the federal tax system.
“Over the last few years there have been several proposals to curtail the Internal Revenue Service’s (IRS) intrusion into the American homes. These include proposals to implement a flat tax or a national sales tax,” said Simpson. “I believe the most effective course of action is to sunset the current complex and unfair federal tax code and replace it with a simple and fair alternative.”
[via State Column]
Meticulous Records Save Billionaire $27 Million in Taxes
So you’re Julian Robertson and you’re a billionaire right? You’re on the Forbes list &mdash right behind that cheater Raj but ahead of Wilbur Ross! &mdash and you don’t have many worries.
Except for the City of New York trying to nab $27 million dollars from you! Subways stations falling apart, government employees being laid off. Bah. That’s over 1% of your net worth (based on Forbes’ latest count) and you’ll be damned if the City is going to get their grubby mitts on it.
WSJ:
At issue was Mr. Robertson’s whereabouts on four days during [2000]: April 15, July 23, July 31 and Nov. 16. The other 362 days were accounted for, with documentary proof of 183 days spent in the city and 179 spent outside. The New York State Department of Taxation and Finance argued that because he didn’t have documentary proof for the four days, he was therefore a resident and owed city taxes of $26,792,341.
Four days. Four days standing in between you and $27 million. As we mentioned, it’s not like this is a substantial amount but this was one of those qualitative over quantitative decisions: “$27 million, an amount important enough to the hedge-fund manager that he and his staff spent hours and developed a complicated calendar system to track his whereabouts.”
See? It’s the principle. Robertson is bending over backwards to play by the rules since he once told an assistant — who meticulously tracks New York City days and non-New York City days — that crossing the GW Bridge at 11:45 pm is considered a New York City day.
Between the human GPS and Robertson’s wife saying there was no way he was in the City — she doesn’t stand for him being ‘in her hair’ prior to vacay — the court was convinced that he wasn’t a New York City resident. Can’t say Robertson didn’t work for it.
In Tax Case, 4 Days Save Robertson $27 Million [WSJ]
One of the Guys That Wrote the Mother of All Corporate Tax Textbooks Has Died
[caption id="attachment_29325" align="alignright" width="260" caption="Some interesting interpretations have occurred here."]
[/caption]
[/caption]
James Eustice, who co-authored Federal Income Taxation of Corporations and Shareholders with Boris Bittker, died yesterday at 77. He was a Gerald L. Wallace Professor of Taxation Emeritus at NYU and counsel at Cooley LLP.
This epic book is more appropriately referred to as a “treatise” but it probably served as your primary source of information for your corporate tax classes.
For anyone not familiar with B&E, it’s quite the impressive piece of work and would be an excellent weapon of choice in a tax nerd duel. I personally never assaulted anyone with my copy but it did come in handy when I had trouble sleeping in grad school.
Anyone else with fond memories of B&E are invited to share them.
Death of Jim Eustice [TaxProf Blog]