Tax Planning on the Edge – Ride or Die in the International Tax Arena
The U.S. economy has become more global, lining up in the race to the top. However, with multinational economic activities revving their gears, some tax practitioners are growing fast and furious. To them, it doesn’t matter if you win by an inch or a mile; winning is winning. As a result, some choose to violate […]
A Message From Uncle Same To U.S. Taxpayers: No One Is Above the Law When It Comes to Filing Timely And Accurate Income Tax Returns
Just in time for the April 15, 2015 tax filing deadline, the IRS issued a press release entitled, “Justice Department Reminds Taxpayers that No One Is Above the Law or Below the Radar.” No further commentary is necessary. The title says it all. Click here to read the article.
Facing The Music
When I was a young, fresh-faced criminal defense attorney, there was an aged judge on one of the local benches. Courthouse rumor persisted that this gentleman, whose name I cannot recall, was a finalist to serve as Alf Landon’s running mate in 1936. The judge would occasionally say that his particular fiefdom should be called […]
How Do Taxes Influence Behavior?
Legislators have three needs in mind as they prepare tax laws- -the need to raise revenue, the need to be fair to taxpayers, and the need to influence taxpayers’ behavior. Below are three excise taxes that have affected the economy and consumers’ behaviors. All are direct taxes. A sin tax is used to discourage the […]
How Does the IRS Calculate Interest?
The IRS charges interest on late or unpaid taxes, regardless of cause. The period covered always begins with the original due date of the return, and ends with the receipt of payment by the IRS. You may incur interest expenses for late filing, or simply for making a mathematical error on your tax return. Generally, […]
Don’t Make Yourself A Target
Almost everyone knows the story of William Tell. Back in the days when the Austrian Hapsburgs were the bully of the block, one of the family’s lackeys ran an arrow through a hat and stuck it to a tree with the strict edict that all good Swiss in Uri should remove their hats in the […]
Onward And Upward Towards Corporate Tax Reform
Tony Nitti, a contributor for Forbes.com, wrote a fabulous piece on the Rubio-Lee Proposal For Tax Reform. It is entitled, “Reviewing The Rubio-Lee Proposal For Tax Reform.” Mr. Nitti covers not only the individual income tax reform aspects of the Rubio-Lee proposal but also the corporate tax reform aspects, as only he can. I’ve posted […]
Corporate Tax Reform: An Illusion or a Reality?
It has been a rallying cry that is as old as time and that rivals that of the standing ovation that the Rangers receive after scoring a power play goal: “Corporate tax in this country needs to be reformed.” Who is leading the charge? America’s chief executives. What is responsible for catapulting this into the […]
Staff Reductions & Insufficient Funding Will Dramatically Impact IRS in 2015 And Beyond
Last Tuesday, IRS Commissioner John Koskinen addressed the New York State bar Association Tax Section in New York. His comments provide keen insight into the going-on’s at the IRS. Mr. Koskinen’s most important announcement centered on the agency’s anticipated reduction in the number of rulemaking projects as a result of budgetary constraints. Although releasing guidance […]
The Greatness Of Mickey Mantle And Louis Kovel
The 1961 Yankees occupy a special place in team history because, in my humble opinion, they were the only truly transcendent Yankee team between Joe DiMaggio and Derek Jeter. Mickey Mantle could have been a hero in a Sophocles play. He could have easily broken every offensive record in the book, but a tragic flaw, […]