The Tax Foundation recently released its annual Tax Freedom Day report. Tax Freedom Day is the day when the nation has earned enough money to pay its federal, state, and local tax bills for the year. In 2016, that day is April 24.
Tax Analysts Blog
Sen. Elizabeth Warren, D-Mass., might be a polarizing figure, but she is correct about at least one issue: pre-filled tax returns. Warren introduced legislation April 14 that would require the IRS to fill out tax returns for taxpayers with relatively simple tax situations. This would, of course, deal a major blow to the so-called Free File Alliance, which is primarily led by Intuit (the maker of TurboTax), H&R Block, and Jackson Hewitt.
An April 6 news article out of Sacramento caught the eye of an editor in my office. The story provides details about companies that are applying for tax credits in California. The first company mentioned was Faraday Futures, and the second was Snapchat, but it was the third company that made the story interesting to the editor. According to the story, the online news company, Politico, “would expand its California operation by adding 41 employees in Sacramento — if it received $205,000 in tax credits.”
https://www.law.uconn.edu/faculty/profiles/richard-pomp"Yeah, we're going to study that combined reporting thing," said an Indiana legislator when asked whether he supported combined reporting. In his defense, he's not a tax guy. Perhaps the decision to study combined reporting in Indiana is a good thing. Gov. Mike Pence (R) recently signed legislation directing the Legislative Services Agency to study and report on the feasibility of adopting combined reporting.
In amending the whistleblower statute and establishing a mandatory award in 2006, Congress evidently sought to provide greater incentives for whistleblowers by promising them more certain payments. But the statutory text does not seem to have anticipated FBAR penalties. That, combined with the subsequent delegation of administering the FBAR regime to the IRS, means that whistleblower awards largely continue to remain acts of administrative grace.
In September 2014 Treasury took its first stab at stopping the wave of inversions that some argued were stripping the U.S. corporate base. It issued a finely turned notice targeting the ability of companies to use cash in foreign subsidiaries without paying U.S. tax. Inversions continued. In November 2015 another notice came out, but that same month Pfizer and Allergan announced the largest inversion in U.S. history, a $160 billion deal that incensed some lawmakers.
Former Tax Court Judge Diane L. Kroupa and her husband were recently indicted in Minnesota on multiple tax charges, including conspiracy to defraud the United States, tax evasion, subscribing to false tax returns, and attempting to obstruct an IRS audit. According to the indictment, between 2004 and 2010 Kroupa and her husband deliberately concealed $1 million in taxable income, on which they failed to pay nearly $400,000 in income taxes.
As Bill Maher summed it up recently, the Democrats’ position on immigration has morphed from comprehensive reform to “You get across that river, you're here to stay.” He might as well have added, “And you get to apply for federal public benefits right away.”
Recently, 50 really rich folks wrote a letter to New York Gov. Andrew Cuomo (D), asking him to not only raise their taxes but to raise the taxes of all rich people. Well, maybe they don't want to tax all rich people -- just the top 1 percent of earners in the state. It's always fun to see rich people throw other rich people under the bus.
Which of these things is not like the others: Donald Trump, Hillary Clinton, Bernie Sanders, Ted Cruz, and John Kasich?