Will Smith talks about being rich poor – when you make a lot of money but you can’t keep it. At age 19, he owed almost $3 million to the IRS. So, for the first three years of “Fresh Prince”, his wages were garnished by 70% by the IRS. You can watch him talk about it on 60 Minutes:
http://www.cbsnews.com/videos/will-smith/
(Hat tip: Tax Prof)
Voting and paying taxes are still hand in hand. The IRS has admitted that it has collected information on the political party affiliations of taxpayers in 20 states while vowing that it has never used the information. This, of course, begs the question “why do it?” The states for which political party affiliation data were…
It’s Getting To Know You Tuesday! Today’s guest is CPA Kevin Foley. Interestingly, Kevin has his CPA but doesn’t actively practice tax now. Read on… 1. Where are you now? In my office, in my home in Freehold, NJ 2. What’s your official title and what does it mean? Depends on the audience… Dad for…
Real Housewives of New Jersey star Teresa Giudice turned herself in to the Federal Correctional Institution in Danbury, Connecticut, early this morning to begin serving a 15-month sentence for bankruptcy fraud. Teresa was sentenced to 15 months in prison by a federal judge for her role in the Giudices’ financial and tax fraud cases. Her…
Former Italian Prime Minister Silvio Berlusconi, who still enjoys a great deal of popularity among Italians, found out today that his prison sentence on tax fraud charges was upheld by the country’s highest court. His ban on public office remains in question. And Berlusconi awaits the outcomes of at least two other trials. So what’s next?
Last December, Congress pushed through a whole set of changes meant to make them look good on Election Day things easier for taxpayers. One of the changes was the new portability provision which allows spouses to “share” their federal estate tax exclusion amounts with each other. Each person is allowed an exclusion for federal estate…
It’s Fix the Tax Code Friday! This week, Warren Buffett continued to be all over the news for his statements about taxes for the very wealthy. In case you’ve missed it, Buffett has amped up the rhetoric on tax reform by suggesting that those in higher brackets benefit disproportionately from existing breaks in the Tax…
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OK. I think I’m just plain poor.