Apparently doesn’t stay in Texas, but clearly has Texan ties… In what can only be described as an interesting pairing, the Bush administration is backing Anna Nicole Smith, the former Playboy playmate, in her fight over her late husband’s assets. Earlier this year, the Supreme Court granted cert to Anna Nicole (admit it, you can’t…
In addition to the obvious (gas savings), buying a fuel-efficient car can put more money back into your pocket. Congress has finally gotten its act together and is offering tax breaks for certain vehicles for 2006. Beginning in January 2006, those who purchase eligible vehicles will receive a tax credit, as opposed to a tax…
Don’t assume that you can just make lemonade. The IRS announced that they will not recognize certain deductions related to the sale/auction of used vehicles. Here’s the PR in its entirety: IRS Warns of Questionable Deductions for Donated Vehicles IR-2005-145, Dec. 22, 2005 WASHINGTON — Internal Revenue Service officials announced today that the IRS will…
As seen on TaxProf blog, this tee shirt is for sale on eBay (I am not intending to promote eBay here, having no experience with the site ever, just passing along the details for your amusement). The print on the shirt says, “IRS: We’ve got what it takes to take what you got” – okay,…
If you’re interested in a comparison of the two tax bills that I blogged about yesterday, you can read a decent paper comparing the two here (it’s a PDF), courtesy of Citizens for Tax Justice.
As previously reported, the Senate approved a version of the tax bill. Not to be outdone, the House did, too (yesterday). The problem? Er, they’re not consistent and it’s not clear when (and if) the two can be reconciled. The top priority of the House in what was a narrow victory, 234-197, seemed to be…
A number of tax revisions were passed in the Senate, but are sure to face new scrutiny in the House. Among the revisions are: Increased income exemption levels in the Alternative Minimum Tax (AMT); Extensions for state and local sales tax deduction through 2006; Above the line deduction for qualified higher education expenses extended through…
From the Department of Justice this week: FOR IMMEDIATE RELEASE TUESDAY, NOVEMBER 8, 2005 WWW.USDOJ.GOV TAX (202) 514-2007 TDD (202) 514-1888 JUSTICE DEPARTMENT SUES ILLINOIS DOWN-PAYMENT ASSISTANCE ORGANIZATION Partners in Charity, Inc. Allegedly Promotes Multi-Million Dollar Housing Program by Falsely Advising Sellers They Can Claim Tax Deductions WASHINGTON, D.C. – The Justice Department announced today…
In one of the most appalling cases (IMHO) to come before the Service in recent years, a church has been warned that it could lose its tax exempt status because of a sermon. Yes, I know you’re waiting for the inevitable statement that politics were involved. And they were. But the ideological kind. Not a…
Uncle Sam, that is. CNN.com reported today that tax audits are up 20%. Key on the Service’s “hit list” are small businesses. It’s difficult to tell whether the increase in small business audits is linked to the focus on s corporations, which I blogged about before but I wouldn’t be surprised. High-income individuals are also…
