Tax Law

Recent Posts

Final Regs on Income Ordering Rules for Payments to Charitable Beneficiaries
Posted on 24 Apr 2012 by Patricia Tyler

For a trust to qualify for the charitable deduction, a charitable contribution must be made from gross income. [ See IRC § 642(c) .] IRC Section 642 requires tracing since the source of the charitable contribution must be gross income rather than... Read More

Illinois Amnesty Period Double Interest Penalty Restricted
Posted on 4 Apr 2012 by Sean Craig

The Illinois Court of Appeals, First Division, held that a taxpayer was not subject to a double interest penalty provided under an amnesty program for additional income taxes that could not be determined at the time of the amnesty period. Metro. Life... Read More

A Time Bomb of a Tax Code
Posted on 7 Apr 2012 by Christopher Bergin

There's a lot of serious news out there - tragedy, health care, a nuclear Iran. It seems the news of the day roars at us. But if you turn down the sound, you can hear it: tick, tick, tick. What is it, you say? It's the federal tax system,... Read More

Taxing the Rich, and Missing the Point
Posted on 30 Jul 2012 by Christopher Bergin

The hot tax news is that President Obama has proposed extending the so-called Bush tax cuts but only for the middle class, not for the people the President thinks are rich. (If he gets what he wants can we start calling them the Obama tax cuts?) Apparently... Read More

The Truth About Who Pays Income Taxes
Posted on 11 Nov 2011 by Marc Soss

" Nonpayers " - IRS figures show that in 2009, a record 58.6 million tax filers (42 percent of all tax filers) had no income tax liability after taking their credits and deductions. When Congress's Joint Committee on Taxation added to this... Read More

U.K. Road to Competitiveness Is Paved With Tax Increases
Posted on 26 Apr 2012 by Martin A. Sullivan

It has been the stated policy of the United Kingdom's Conservative-led coalition government "to create the most competitive corporate tax regime in the G20." Chancellor of the Exchequer George Osborne reiterated this policy -- expanded to... Read More

State Net Capitol Journal – September 22, 2014; States Keeping Eye On Billionaires
Posted on 22 Sep 2014 by State Net

Budget & Taxes STATES KEEPING EYE ON BILLIONAIRES: When the wealthiest Americans sell large quantities of stock or suffer big losses, it can have a significant impact on the finances of the states where they reside, especially if those states are... Read More

Morrison & Foerster LLP: Charities, S Corporations and UBIT: Why a Charitable Gift of S Corporation Stock May Not Be the Best Option
Posted on 1 Feb 2012 by Morrison and Foerster LLP

Not all charitable gifts are created equal, and a charity is not required to accept any and all donations of property, especially property that may be difficult to own or liquidate in furtherance of the charity's purpose. For instance, before a charity... Read More

Trust Fund Tax Convictions Affirmed
Posted on 27 Apr 2012 by Jack Townsend

In United States v. DeMuro, ___ F.3d ___, 2012 U.S. App. LEXIS 8094 (3d Cir. 2012) , enhanced opinion available to subscribers, (Non-subscribers can download the unenhanced official opinion here ), the Demuros, husband and wife, were convicted... Read More

You Can't Get There From Here
Posted on 10 Mar 2012 by Christopher Bergin

The Economic View in Sunday's New York Times by Harvard economics professor N. Gregory Mankiw ( Capital Gains, Ordinary Income and Shades of Gray ) defending special tax rates for carried interest brought to mind the old joke about a tourist asking... Read More

The GOP Offers a Sound Tax Reform Program in South Carolina
Posted on 10 Mar 2012 by David Brunori

The Republicans in the South Carolina House are preparing a significant reform plan that will vastly improve the state's tax system. Although details are sketchy, the plan will broaden the sales tax base by eliminating two thirds of the exemptions... Read More

State Net Capitol Journal - May 21, 2012
Posted on 23 May 2012 by State Net

Budget & taxes CONGRESSIONAL REPUBLICANS CALL OUT STRUGGLING US STATES: As economic turmoil returned this month to Greece and Spain, key Republicans in Congress issued a tough message for struggling U.S. states. "Recent experience on Wall Street... Read More

State Net Capitol Journal--November 14, 2011
Posted on 14 Nov 2011 by State Net

SUPPORT GROWS FOR ABOLISHING INCOME TAXES: On September 24th, 1980 then-Alaska Gov. Jay Hammond (R) signed a bill into law abolishing the state's personal income tax. In the 31 years since, not a single governor has duplicated that action. But that... Read More

State Net Capitol Journal – March 12th, 2012
Posted on 12 Mar 2012 by State Net

c Budget & Taxes FL JUDGE SIDES AGAINST STATE IN PENSION CASE: A Florida circuit court ruled last week that Gov. Rick Scott (R) and Republican legislative leaders' decision last year to cut public employee salaries to offset the state's... Read More

State Net Capitol Journal – June 17, 2013
Posted on 19 Jun 2013 by State Net

Budget & Taxes STATE REVENUES SURGE IN 1Q: States experienced a surge in tax collections in the first quarter of 2013, according to an alert released this month by the Nelson A. Rockefeller Institute of Government. Compared to the first quarter... Read More