Tax Law

Recent Posts

State Net Capitol Journal – February 16, 2015; Severance-Tax States Suffer In Oil-Price Slump
Posted on 17 Feb 2015 by State Net

Budget & Taxes SEVERANCE-TAX STATES SUFFER IN OIL-PRICE SLUMP: Motorists across the country have welcomed the more than 50 percent drop in oil prices since last summer, from over $100 a barrel in June to $50 this month. But the same can't be... Read More

State Net Capitol Journal – March 2, 2015; Red and Blue States Considering Tax Cuts For Middle-Class
Posted on 2 Mar 2015 by State Net

Budget & Taxes RED AND BLUE STATES CONSIDERING TAX CUTS FOR MIDDLE-CLASS: Republican- and Democrat-dominated states are polls apart on most issues. But there appears to be some agreement about the need for tax cuts for low- and middle-income taxpayers... Read More

State Net Capitol Journal – November 17, 2014; High Court Considers Double Taxation Issue
Posted on 17 Nov 2014 by State Net

Budget & Taxes HIGH COURT CONSIDERS DOUBLE TAXATION ISSUE: The U.S. Supreme Court heard arguments last week in a case involving a Maryland couple who sued that state over how it taxed the income they earned outside the state. The couple alleges... Read More

State Net Capitol Journal – December 8, 2014; Necessity Of Georgia’s Income Tax Cap
Posted on 8 Dec 2014 by State Net

Budget & Taxes NECESSITY OF GA'S INCOME TAX CAP: Last month Georgia became the first state in the nation to make it unconstitutional to raise its income tax, when voters overwhelmingly approved Amendment A, capping the state's top rate... Read More

The Sentencing Sophisticated Means Enhancement Is Not Easy to Avoid
Posted on 10 Apr 2013 by Jack Townsend

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... Read More

State Net Capitol Journal – March 4, 2013
Posted on 4 Mar 2013 by State Net

Budget & Taxes VA PASSES TRANSPORTATION FUNDING OVERHAUL: On the final day of their legislative session, Virginia lawmakers approved a plan overhauling the way the state will pay for its roads, highways and mass transit. Under the plan... Read More

State Net Capitol Journal – March 18, 2013
Posted on 18 Mar 2013 by State Net

Budget & Taxes SOME LAWMAKERS PUSH FOR 'SIN TAX' ON GUNS: To some lawmakers in Congress and at least a half dozen states - particularly since the Newtown, Connecticut elementary school shooting - guns are a sin against society, like... Read More

State Net Capitol Journal – April 1, 2013
Posted on 1 Apr 2013 by State Net

Budget & Taxes REBOUND SPURRING RAINY DAY DEBATE: During the recession, states raided their rainy-day funds to help plug budget holes. Now, with the economy rebounding, some states are running surpluses. Governors in several of them are pushing... Read More

Bank Frey Executive and Swiss Lawyer Indicted
Posted on 24 Apr 2013 by Jack Townsend

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... Read More

State Net Capitol Journal – April 15, 2013
Posted on 15 Apr 2013 by State Net

Budget & Taxes STATES' TRANSPORTATION FUNDING NEEDS TRUMPING TAX AVERSION: This month Virginia's Republican-controlled House and GOP-Democrat-split Senate gave final approval to a $6 billion transportation funding overhaul proposed by... Read More

John Doe Summons Issued to Wells Fargo for Records of CIBC FirstCaribbean International Bank Correspondent Account
Posted on 30 Apr 2013 by Jack Townsend

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... Read More

State Net Capitol Journal – April 22, 2013
Posted on 22 Apr 2013 by State Net

Budget & Taxes KS TAX REFORM WORST IN NATION: Joe Henchman of the conservative Tax Foundation and Nick Johnson of the left-leaning Center on Budget and Policy Priorities rarely agree on anything having to do with taxes. But when Governing magazine... Read More

Statutes of Limitations for FBAR Noncompliance Related to Tax Noncompliance
Posted on 12 Mar 2013 by Jack Townsend

A person commenting on an earlier blog asked the following question (modified slightly for clarity): Does the statute of limitations for the FBAR penalty (both civil and criminal) toll if the taxpayer is outside the U.S.? I answered at least the... Read More

State Tax Essentials: Corporate Income Tax Computations
Posted on 1 Apr 2013 by LexisNexis Tax Law Community Staff

by Robert Desiderio * Although there is some measure of conformity with the federal corporate income tax base, every state's statute makes its measure of tax corporate income different from the federal base. Typically, there are additions and subtractions... Read More

Principal Comments on Unclaimed Deductions and Losses in Sentencing Tax Loss Determinations
Posted on 27 Mar 2013 by Jack Townsend

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... Read More