Rumors have been swirling for months that a settlement between UBS and the Justice Department would be announced in mid-July. Specifically, The New York Times had implied that the feds were backing off demands for the Swiss bank to release the names of more than 50,000 Americans with secret accounts. The idea that no names…
I know, I know… It’s still summertime. But retailers are counting on the fact that parents are already thinking about school for fall. My newspapers and inboxes have been stuffed to the gills already with “back to school” ads and specials. In a tough economic climate, retailers are hoping for every extra incentive they can…
In an effort to recover income from funds that might have been hidden offshore, the US introduced a Voluntary Compliance Program that offers reduced civil penalties and no criminal penalties. At the time, IRS Commission Doug Shulman described the program as stating: The goal is to have a predictable set of outcomes to encourage people…
Taxpayer asks: Hi taxgirl, I love reading your blog. I think you’re funny and insightful. I’ve learned more from your site than from a whole semester of tax law. I actually just graduated from law school and I am really interested in writing for your site. I checked out the “about” and “find me” tabs…
You’re so vain, I’ll bet you think this blog is about you, don’t you? That’s because Americans spent $10.3 billion on 12.1 million cosmetic procedures last year. And Congress thinks it’s time to cash in. The Senate is currently considering imposing a 10% excise tax on cosmetic procedures that are not medically necessary. These would…
Though the health care reform bill has officially been tabled until after the break, there is still work to do in Congress before a vote can be scheduled. At the top of the list? Find a way to pay for the bill. The Senate Finance Committee has considered a number of funding options but nothing…
The folks at LexisNexis are looking for notable new tax attorneys who deserve recognition for a notable accomplishment. “New” is defined as practicing for ten years or less (*sob*, that means I’m out). “Notable” could mean a bunch of things. I think it’s how Justice Potter Stewart describes porn: you’ll know it when you see…
Cities are getting mighty creative in their efforts to fight rising deficits. No run of the mill income/wage/salary/vocation tax increases here. Philadelphia wants to raise its sales tax; Oakland is taxing marijuana and now DC is considering raising… its gas tax? DC Council Member Tommy Wells (D) has suggested a gas tax hike of 3.5…
Taxpayer asks: Recently my father-in-law passed away. My Mother-in-law is planning on selling her home and giving each child $10,000 and then putting the rest in CDs and she is planning on doing this before the end of the year. How will this affect the income tax that we have to pay? My husband says…
Earlier today, I blogged the case of the Herbstreits who have sued the IRS for denying a charitable deduction for donating their home (but not the related property) to the local fire department for training purposes. Since then, I’ve had a few interesting conversations (including on twitter) about the value of the deduction. The IRS…