Billionaire’s Tax Status Remains At Heart Of Cameron Tell-All Book Scandal

Playwright John Osborne noted, “In London, love and scandal are considered the best sweeteners of tea.” If true, right now, Londoners must be in sugar shock. Londoners – and indeed most in the U.K. – were rocked earlier this week by lurid allegations about Prime Minister David Cameron’s past following the release of Call Me … Read more

Vet Group That Endorsed Trump Lost Tax Exempt Status Months Ago

Sen. Rand Paul wasn’t the only presidential candidate hoping to generate some publicity in the run up to the GOP presidential debate. On Tuesday, presidential candidate and businessman Donald Trump made a policy speech in advance of the debates aboard the retired battleship USS Iowa. The USS Iowa, now a museum, was built 75 years ago. Due … Read more

Rand Paul Takes Aim At The Tax Code, Literally, With An AR-15

Nobody, it seems, is a fan of the current Internal Revenue Code. Yesterday, however, presidential hopeful Sen. Rand Paul (R-KY) took to a California gun range to literally blow away our current tax system. Sen. Paul shot about 10 shots into boxes holding the approximately 80,000 page long Tax Code using a modified AR-15. Calling it … Read more

Congressional Hearing On IRS Authority To License Tax Preparers Is Postponed

The hearing originally announced by Senate Finance Committee Chairman Orrin Hatch (R-UT) and Ranking Member Ron Wyden (D-OR) to mark up an original bipartisan bill to curb identity theft and tax refund fraud on today, Wednesday, September 16, has been postponed. The bill to be marked up included a number of provisions that were a … Read more

AICPA Weighs In On Proposal To Allow IRS Authority To License Tax Preparers

Today, the American Institute of CPAs (AICPA) sent a letter (downloads as a pdf) to the Senate Finance Committee reacting to a proposal which would provide the Department of the Treasury and the Internal Revenue Service (IRS) the authority to regulate “all aspects of Federal tax practice, including paid tax return preparers.” In the letter, … Read more

Marketplace Health Insurance Funded By Tax Credits In Most States: How About Yours?

Nearly 10 million Americans signed up for health insurance through the Marketplace exchanges in 2015, according to data released this month by the Centers for Medicare & Medicaid Services (CMS). As of the end of June 2015, approximately 9.9 million consumers had enrolled: 7.2 million through the federal Marketplaces and the so-called Healthcare.gov states and … Read more

Treasury Secretary Lew Warns Again On Debt Ceiling: What You Need To Know

I am writing to provide an update regarding the Treasury Department’s ability to continue to finance the government, the extraordinary measures we have undertaken to avoid default, and our current levels of cash on hand. And so begins a letter from Jacob Lew, U.S. Secretary of the Treasury writing about the United States. Not Greece. … Read more

Making It Rain: Alabama Considers Porn Tax On Strip Clubs, Magazines & More

Raise taxes or else. Those were the marching orders issued to the Alabama House of Representatives from Gov. Robert Bentley (R) earlier this year. Specifically, the “or else” included a threat to cut a number of services to taxpayers including closing prisons. Kicking up the rhetoric, he warned taxpayers in April, “You might not care about … Read more

Over 2,000 Businesses Send Letter To Congress Demanding Attention To Tax Extenders Bill

Last year, the Senate waited until just over two weeks left in the calendar year to pass a bill that extended certain tax provisions through December 31, 2014 (retroactive to January 1, 2014). In contrast, this year it felt like Congress was getting a jump on things when they began contemplating a tax extender package … Read more

Trump To H&R Block: You’re Fired!

GOP presidential candidate Donald Trump prides himself on speaking his mind. And what he has on his mind is getting rid of Kansas City-based tax preparation company H&R Block. When asked on “Fox & Friends” about tax policy, Trump offered up a few words, “Put H&R Block out of business.” Trump was referring to efforts … Read more