Unintended Consequences
Some basketball fans may remember the 1988 Summer Olympics in Seoul when, for the first time since the earth cooled, Team USA did not bring home a basketball gold medal. But NBA Commissioner David Stern had a plan: assemble a roster stocked with future Hall of Famers and allow them to run roughshod over any […]
Foreign Account Disclosures Soar To Over 1 Million
The IRS published a News Release on March 15, 2016 entitled, Foreign Account Filings Top 1 Million; Taxpayers Need to Know Their Filing Requirements that readers of this blog might find interesting. Below are some snippets: WASHINGTON — Strong and sustained growth of taxpayers complying with foreign financial account reporting reflects improving awareness and compliance of this important […]
Penny Wise And Pound Foolish
Philip Wrigley had a problem. As the notoriously parsimonious owner of the Chicago Cubs in the 1970s, Mr. Wrigley did not want to spend big money to attract top players. But, as the savvy owner of a successful confectionary business, he also knew that no one would buy tickets to see a perennially second-division ballclub. […]
Cheap Shelf Or Top Shelf?
Many people make purchase decisions based on cost, and little else. “Motor oil is motor oil,” they insist. In the minds of many, it is pure folly to pay X dollars per month for auto insurance when another company provides the same service for a mere Y dollars. Or, they ask rhetorically, what moron would […]
It’s All In The Name
Some events are so seminal that they need no explanation. When someone says “Holocaust” or “9/11” or “Hindenburg,” no further explanation is needed. Some sports stars share similar fame. There is only one Michael, one LeBron, and one Wilt. While he admittedly does not rise to that level – some scouts shake their heads and […]
Slow Boat To Somewhere
Ancient Greek thinker Heraclitus is famous, at least in some circles, for his rather perplexing observation that “the only constant in the universe is change.” Murphy’s Law, a much more familiar axiom, states that “if anything can go wrong, it will.” If these two phrases are combined into some sort of latter-day Frankenstein’s monster of […]
Trouble In Paradise
Former Congressman Barney Frank recently remarked that the financial reform law that partially bears his name is in a unique position, because “No program in American history could more clearly combine two elements: great success and absolute unpopularity.” While the jury is still out on the “great success” of Dodd-Frank, there is no doubt that […]
‘I Wish I May Never Hear Of The United States Again!’
In a classic example of “be careful what you wish for,” the fictional Lt. Philip Nolan uttered these famous words during his treason trial as Aaron Burr’s accomplice, in Edward Everett Hale’s 1863 propaganda short story – “The Man Without A Country.” As the narrative progresses, and Lt. Nolan is quite literally adrift on an […]
FBAR Due Date Changed
The short-term highway funding extension was passed by the Senate and the House of Representatives and was signed into law by President Obama on July 31, 2015. It contains several important tax provisions (H.R. 3236 (https://www.congress.gov/114/bills/hr3236/BILLS-114hr3236ih.pdf)). The bill changes the due dates for several common tax returns, overrules the Supreme Court’s Home Concrete decision, mandates the reporting of additional information on […]
Uncle Sam Enlists Another Collections Agent
India and Pakistan are basically the geopolitical Odd Couple, with a few important differences. First and foremost, Felix and Oscar are fictional. Any conflict between the two is resolved with an exchange of funny one-liners and forgotten by the time the end credits roll. Secondly, despite the show’s title, they do have some things in […]