Preview: Grilled Apple on the Menu

    ... [T] he tax policy issues that are subject of this [week's Senate Permanent Subcommittee on Investigation's [PSI] hearing on multinationals' cross-border profit shifting ] are enormous . Of all the big-money issues for corporations and...

    Scandal, Scandal, Scandal

    ... So, does the IRS's latest debacle rise to the level of scandal? I don't know yet; here's what I see so far. Among the many ridiculous tasks our politicians pile on the tax collector, the agency has been charged with determining whether...

    Lois Lerner Must Resign

    Why is Lois G. Lerner still on the taxpayer's payroll? Lerner is the director of exempt organizations whose failures are at the heart of the furor over indefensible criteria for selecting 501(c)(4) applicants for scrutiny. The Treasury Inspector General...

    Is the IRS Overzealous, Indifferent, or Both? Yes.

    Seems like only yesterday that Tea Party groups were the villains, not the victims, in stories about nonprofit political activity. Because it was yesterday, or close to it. For the last few days, Washington has been consumed by worry and indignation over...

    Lerner's Admission and Apology Ring Hollow

    by Jeremy Scott ... [O]n Friday [May 10th], Lois Lerner, the director of exempt organizations in the IRS Tax-Exempt and Government Entities Division, admitted that, yes, the IRS had been unfairly scrutinizing EO applications from groups using the words...

    CFMA 2013 Annual Conference & Exhibition

    Construction Financial Management Association (CFMA) 2013 Annual Conference & Exhibition Conference Dates June 22-26, 2013 Location Hilton San Diego Bayfront San Diego, CA At CFMA's 2013 Annual Conference & Exhibition , attendees...

    John Doe Summons Issued to Wells Fargo for Records of CIBC FirstCaribbean International Bank Correspondent Account

    DOJ has announced, here , that a district court approved John Doe Summons for records of CIBC FirstCaribbean International Bank's correspondent account at Wells Fargo, N.A. The goal of the summons is to "allow the IRS to identify U.S. taxpayers...

    To Balance the Budget: Tax Sex Appeal

    Sometimes it is said all philosophy is a footnote to Plato. Perhaps it should also be said that all political satire is a footnote to the Irish clergyman Jonathan Swift . In his many works, Swift unmercifully challenges the status quo with unsurpassed...

    Dilemma - The Earned Income Tax Credit

    ... [T]he Obama Administration has demonstrated absolutely no interest in [tax reform]. But then there is the tax code, and the code itself is the biggest single challenge to reforming it. Our politicians have tried to do too much through the tax law...

    Bank Frey Executive and Swiss Lawyer Indicted

    The USA for SDNY has announced, here , the indictment of Stefan Buck, head of "Bank 1" (Bank Frey), and Edgar Paltzer, a partner at a Swiss law firm, a dual U.S.-Swiss citizen, and a registered attorney in NY. (A copy of the indictment is here...

    Valuation of Artwork for Federal Estate Tax Purposes

    Before valuing items of art, [ Estate of Elkins v. Comm'r , 2013 U.S. Tax Ct. LEXIS 6 (T.C. Mar. 11, 2013) ] held that pursuant to IRC Section 2703(a)(2) , the court would disregard an agreement made by the decedent by which he had waived his right...

    Securities Brokers Get Another Reporting Compliance Break

    IRC Section 6045 provides the broker reporting rules for certain securities, including debt instruments and options. Generally, for debt instruments acquired on or after January 1, 2013, brokers are required, when reporting the sale of the debt instrument...

    Promises, Promises

    ... In 2007 Senator Barack Obama, through a spokeswoman, called the AMT " outdated and in need of sustainable, long-term reform. He looks forward to working in a bipartisan fashion to reform the AMT in the future ." In his first budget for fiscal...

    It Just Isn't Fair

    The Government Accountability Office recently released a report on how much government revenue is left on the table because of "special tax provisions that are exceptions to the normal structure of the corporate income tax system." ... The...

    The Charity Deduction and Big Government

    When you filed your tax return, did you claim a deduction for charitable giving? Chances are pretty good that you did, since roughly 80 percent of itemizers do. The charity deduction is one of the oldest provisions of the income tax, dating from 1917...

    The Sentencing Sophisticated Means Enhancement Is Not Easy to Avoid

    The critical Sentencing Guidelines calculations for tax cases require a two step enhancement to the Base Offense Level for "sophisticated means" in the commission of the crime of conviction. S.G. 2T1.1(b)(2), here . Observers of the tax crimes...

    What Should Be in the Obama Budget

    by Jeremy Scott ... [L]et's talk about what should be in Obama's budget. Obama needs to articulate a clear vision on international tax reform... [T]he president must take the lead. Obama needs to decide whether he and congressional Democrats...

    Hate Filing Your Tax Return? Good.

    Is there anything good about filing a tax return? For most of us, of course, it's a necessary ritual if we hope to stay on the right side of the law. And it certainly keeps the wheels turning for the federal government. But is there another, more...

    Two Weeks Left to File FICA Refund Claims

    The deadline for filing 2009 FICA refund claims based on U.S. v. Quality Stores, Inc. is fast approaching. Corporate taxpayers who experienced layoffs, reductions in force, and/or facility closures in 2009 or thereafter may file a protective refund claim...

    Principal Comments on Unclaimed Deductions and Losses in Sentencing Tax Loss Determinations

    The Sentencing Commission has received comments and testimony from principal constituents as to the issue of whether unclaimed deductions and credits should be permitted to reduce the tax loss in the critical tax loss calculation for sentencing purposes...

    A New Proposal to Promote American Manufacturing

    In recent years U.S. multinationals have restructured themselves in a manner that allows them to greatly reduce their worldwide tax bill. This restructuring has been described in detail by the OECD andil and by the Joint Committee on Taxation . In a March...

    Sequester Affecting Bonds

    IRC Section 6431 gives issuers of most qualified tax credit bonds the option of having their interest costs paid directly by the federal government in lieu of allowing federal tax credits to bondholders. The option is exercised through an irrevocable...

    Accuracy-Related Penalties for Tax Preparers

    by Howard Godfrey, Ph.D., CPA The increased emphasis on taxpayer penalties is expected to be accompanied by an increase in the number of preparer penalties assessed. ... [A] preparer who is assessed a preparer penalty may in some cases be referred...

    Ode to the VAT Bastard

    ... I look upon the reporting of my income tax obligations as a serious part of my citizenship. I obsess about it. And this time around that is not helping. But besides driving me nuts, this year's annual aggravation is driving me to another place...

    Polish Up Your Guccis

    Tax reform is all the buzz in Washington these days... ... Tax reform is heating up as an issue to the press. And, the press plays a key role in tax reform, not only as observer but as participant... " Showdown at Gucci Gulch ," a story of...