LexisNexis® Legal Newsroom
    Pepper Hamilton LLP Tax Update: Cut Unjustified Tax Loopholes Act Would Favor Foreign Fund Managers Over U.S. Managers

    By Steven D. Bortnick and Timothy J. Leska , Attorneys, Pepper Hamilton LLP In March 2009, Sen. Carl Levin (D-Mich.) introduced the Stop Tax Haven Abuse Act (S. 506) (the 2009 Act) to "stop tax cheats" and target "off-shore tax abuses...

    Charity vs. Taxes and the Destruction of the State

    From the FT this week, a story on John Paulson's $100 million donation to the Central Park Conservancy. The article focuses on the idea that charitable organizations can step in for government to provide public goods, and why that idea is pernicious...

    Capital Gains: The Missing Link to Tax Reform?

    The big stir about Romney's tax plan --that if you fill in the blanks with likely revenue raisers the plan will result in tax increase for the middle class--all stems from the fact that tax breaks are not evenly spread over income categories . Proportionately...

    Decoding the Fiscal Cliff

    By Alvin D. Lurie November 29, 2012 Decoding The Fiscal Cliff By Alvin D. Lurie November 29, 2012 Executive Summary The waning days of 2012 and of President Obama's final days of his first Administration provide him and the Democratic...

    The Rich Will Pay for Our Sins

    More and more Republicans in Congress are distancing themselves from their promise never to raise taxes. In fact, it's been "Throw Grover Under the Bus Week" in Washington. I am no fan of the pledge never to raise taxes. It's not...

    Fiscal Surrender

    As part of the discussion about the budget time bomb that Congress tied around itself, and the rest of us, is a debate on what to call it. Is it a fiscal cliff or more like a fiscal slope (and a slippery one at that)? Maybe it's gone to another stage...

    Permanent Insanity

    Things have been positively dizzy in Washington since the New Year - dizzy from all the spinning coming from Democrats and Republicans on how they saved us from the fiscal cliff. My personal favorite: we now have a permanent tax code. Even the great,...

    Do CA and NY Get the ALEC–Laffer Message? Is the Message Believeable?

    In the first full week in December, "wealthy" New Yorkers and Californians found themselves to be a step closer to seeing their income tax liabilities (state, not federal) rise. This trend appears to be counterintuitive to anyone that respects...

    Wipe-Out - What Surfing and Our Tax System Have in Common

    ... Tax Analysts and Pepperdine School of Law held a symposium on federal income taxes... titled "Tax Advice for the Second Obama Administration," (you can watch the video here) but it could have been called "What's Wrong with Our Tax...

    New Current Awareness Sources - 2011 Tax Legislation and Analysis and Trusts & Estates

    In order to supply a growing demand within the market for timely and relevant tax and estate resources, we have just released the 2011 Tax Legislation and Analysis and Trusts & Estates sources on lexis.com and Tax Center. As in previous years, 2011...

    IRS Becomes More Aggressive in Enforcing Employment Classifications

    By Steven M. Packer, CPA and Brian K. Adams, CPA Businesses employing Independent Contractors beware, the IRS is becoming more aggressive in enforcement of employment classification and is scrutinizing the distinctions between employees and independent...

    Revenue Laws Study Committee Considers Changes to Forced Combination Legislation

    BY: Charles B. Neely Jr. , Nancy S. Rendleman , Robert W.Shaw The Revenue Laws Study Committee met on November 2 to review the status of recent legislation dealing with the Department of Revenue's authority to require corporations to file combined...

    The End of an Era -- And Your Taxes Are Going Up

    An era is coming to a close. Since the dawn of electronic commerce, the famous Quill case cast a pall over state public finance. We in the business know the story well. If a vendor did not have a physical presence in a state, that vendor could not be...

    The Income Tax Is Inquisitorial - Get Over It

    Apparently, the Italians have found a way to make their unpopular income tax even more unpopular . In the face of rampant cheating, they've adopted a new enforcement technique. Now, instead of just pawing through paychecks, bank statements and the...

    Stifling Lefty - Political Correctness in the Tax Debates

    Phil Mickelson, the great golfer, caused quite a stir recently when he said (and this is really all he said) that the new higher taxes at the federal level and in his home state of California " doesn't work for me right now ." ... Mickelson...

    Corporate Tax: Why Disclosure Is the Key to Reform

    Two columns of interest emerged today [January 31, 2013] on the issue of corporate tax disclosure, plus another interesting public hearing in the UK, this time with the big four in the hot seat. Put all of this together and we can see very clearly the...

    Guns and Tax Returns

    Earlier this month, a district court judge for the District of Columbia basically shut down the IRS's registered tax return preparer program . The purpose of the program was to better regulate hundreds of thousands of people who prepare tax returns...

    The Payroll Tax Deal Will Get Done

    ... My not-so-bold prediction over the last couple of weeks has been that the temporary payroll tax cut will be extended, and, on time. Why? Because there is too much danger for the politicians on all sides - Democrats in Congress, Republicans in Congress...

    Payroll Tax Politics

    By Robert Goulder The GOP never met a tax cut they didn't like ... until now. That's how Democrats portray Republican reluctance to extend the payroll tax breaks scheduled to expire at the end of the year. Casual observers of U.S. tax policy...

    Simpson-Bowles Try Again

    by Jeremy Scott ... [T]he details of the Simpson-Bowles plan, originally released in December 2010, have gradually become distorted - so much so that even reform efforts supposedly inspired by the commission's report aren't all that similar...

    ... A Menace to the State

    by Alvin D. Lurie * The full quotation, of which the above title is a segment, goes "Every law not based on wisdom is a menace to the State." It is graven in stone on a pillar outside the entrance to the storied courthouse of the New York...

    A Century of Soaking the Rich

    ... Americans will celebrate - or mourn - the 100th birthday of the 16th Amendment to the Constitution . On February 25, 1913, Secretary of State Philander Knox formally certified ratification, establishing once and for all that Congress had the to power...

    Tax Reform? Just Don’t See It

    So let me see if I have this right. If you allow the so-called Bush tax cuts to expire, which they were designed to do, it's a huge tax increase (the GOP). If you allow the temporary cut in payroll taxes to be temporary, it's a huge tax increase...

    Super Committee Gridlock: In Celebration of Failure

    We're being told America's future has suddenly grown more bleak because the Joint Select Committee on Deficit Reduction has dropped the ball . I'm not sold on that conclusion. The failure of the Super Committee might be exactly what America...

    Government Bubbles

    Funny how the mind works. I read Jeremy's and AMT Buff's comments to my earlier post Fair's Fair . I read the post by Robert Goulder entitled Greece's Inability to Tax Itself . For some reason, I started thinking about bubbles. In recent...