Virtual Heads Or Tails: EU Says Bitcoin Is Currency For Tax Purposes While US Disagrees

Bitcoin is money. That was the gist of a ruling this week from the European Court of Justice (ECJ), the highest court in Europe. The ruling was in response to a dispute originally filed in Sweden. In the case, Skatteverket (Swedish Tax Agency) v. David Hedqvist, the ECJ was asked to rule on whether transactions … Read more

Hockey Players Ice High Tax Teams In Favor Of Tax Savings

On Wednesday, October 7, 2015, the National Hockey League will kick off its season with a handful of games including what many consider the main attraction: Toronto Maple Leafs vs. Montreal Canadiens. The matchup, one of the greatest rivalries in league history, is focused on two Canadian teams. That’s not surprising considering that a whopping … Read more

Congress May Give IRS Authority To License Tax Preparers

Last year, Internal Revenue Service (IRS) Commissioner John Koskinen announced the Annual Filing Season Program, a voluntary and temporary program intended to fill the holes left after the IRS lost the right to regulate tax preparers following Loving v. Commissioner. At the time, Commissioner Koskinen called the program “not the ideal solution” and was hopeful … 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

Tax Collections Hit Record Highs With No Dip In Spending

With two more months left to go in the fiscal year, the feds are on a roll. Tax revenues for the first ten months of the fiscal year topped a record $2,672,414,000,000 (report downloads as a pdf). Those numbers represent almost 8% in growth of tax revenues over those collected in 2014. In pure dollars, … Read more

Harper Says No To Netflix Tax In Canada Even Though It Already Exists

No “Netflix tax” in Canada. That was the word from Canadian Prime Minister Stephen Harper. Harper promised not to tax streaming services last week, saying, “I’m 100% against a Netflix tax — always have been, always will be.” He warned, however, that his opponents might do just that, claiming, “Some politicians want to tax digital … Read more

Gun & Ammo Tax Aims At Reducing Violence In Seattle

If you’re a gun owner (or hoping to be) in the city of Seattle, it’s going to cost you: Seattle City Council has unanimously approved a new tax on gun and ammo sales. Under the new law, referred to as the “gun violence tax,” gun and ammo sales in the city are subject to a tax … Read more

Our Current Tax v. The Flat Tax v. The Fair Tax: What’s The Difference?

The GOP Debate last night was big on drama but short on specifics – especially when it came to the economy. Almost all of the candidates touted the need to grow the economy and reform the Tax Code but offered little in the way of details about how to best do this with two exceptions: … Read more