Homebuyer’s Extension To Cost…

30 October 2009

Get ready for it… $10.8 billion.
This is an estimate for the extension portion only – the initial credit cost just over $8 billion.
Call it welfare, a bailout, an “incentive plan” – I call it bad policy.

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First Time Homebuyer’s Credit Likely Expanded

29 October 2009

You know what they say in Congress, if it’s not broke (enough), keep trying until it is…
So, with that in mind, Senate Majority Leader Harry Reid (D-NV) has announced an extension of the first time homebuyer’s credit.
Despite evidence that the credit has been used inappropriately – and perhaps criminally – lawmakers have agreed to extend [...]

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Ask the taxgirl: Donating an Engagement Ring

28 October 2009

Taxpayer asks:
Hi Tax Girl!
I got rid of the husband and now I would love to get rid of the engagement ring. I have thought about donating it to a non-profit animal rescue group for them to auction at one of their charity events. What kind of deduction will I be able to claim [...]

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Ask the taxgirl: Wedding Dress Donations

28 October 2009

Taxpayer asks:
Hi Taxgirl,
Like many women this year, I got married and now I would like to donate my dress to charity. What do I need to do for tax purposes? I paid 1000 for it new and only wore it once. It is in good condition. Do I need it [...]

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My Anniversary

28 October 2009

About a year ago, I was notified by the ABA Journal that my blog was nominated as one of the top 100 legal blawgs for 2008. I was, needless to day, extremely honored.
One of my colleagues in Pennsylvania, Neil Hendershot, wrote about my nomination, including some really kind commentary. He also suggested his [...]

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Crack out the Binoculars, Chicago: Mayor Daley Will Pay You to Spy on Your Neighbor

28 October 2009

Times are tough in Chicago. You can only tax the citizenry so much – and Chicago already shares the distinction of being one of the most taxed cities in America.
The solution? Enforcement. No big surprise there.
But enforcement costs money. What if you could get your enforcement for free? [...]

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IRS Targets Wealthy for Enforcement

27 October 2009

So, who among us didn’t see this coming? IRS Commish Doug Shulman has announced the establishment of a new enforcement unit targeting the very wealthy. The group, called the Global High Wealth Industry, will specifically investigate partnerships, offshore trusts and other techniques used by the wealthy to hide income.
How wealthy is wealthy? [...]

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Driver Kidnaps Tax Officials to Avoid Paying Tax

26 October 2009

Here’s a novel way to avoid paying tax: kidnap the tax collectors.
In what may be the oddest tax news I’ve read recently, the online paper, Sindh Today, has reported that an Indian man may be charged with kidnapping after he allegedly attempted to abduct two excise officers. According to reports, the [...]

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Israel Tax Authority Raids Basketball Club Offices

26 October 2009

Israeli tax authorities have acknowledged a raid on the management offices of the Maccabi Tel Aviv basketball team. The team, known as מ.כ. מכבי אלקטרה תל-אביב in Hebrew is a professional basketball team based in Tel Aviv, playing in the Israeli and European basketball First league. It is the basketball division of the Maccabi Tel [...]

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More Sunday Mailbag

25 October 2009

That yellow ball in the sky this morning threw me for a loop. They say it’s called the sun. At any rate, I was thrilled to see it. I grabbed a cup of coffee and cozied up to the computer for another edition of “Sunday Mailbag.” Here’s a couple of “nontax” [...]

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