This week, the death of George Steinbrenner rekindled discussions about the federal estate tax. As you may be aware, there is no federal estate tax for 2010. However, assuming that Congress doesn’t take action, next year the federal estate tax returns with a personal exemption of $1 million and a flat rate of 55%. Under…
It’s the return of Fix the Tax Code Friday! For those of you who are new (or have forgotten), Fix the Tax Code Friday is your opportunity to sound off on hot topics related to tax. This week, there has been a lot of discussion about amnesty programs in various states. Pennsylvania just kicked off…
For the 2011 tax season, the IRS has announced that it will require commercial tax return preparers to register with the agency and pass a competency exam. Commercial tax preparers will also be subject to continuing education requirements and ethics rules. IRS Commissioner Doug Shulman enthusiastically supports the idea, calling it “a game-changing event for…
It’s Fix the Tax Code Friday! This week, I wrote a piece for WalletPop about the possibility of a VAT being imposed in the US. The idea is that the VAT would be similar to those in Europe and Asia and would be imposed at each stage of a transaction in an effort to mitigate…
It’s Fix the Tax Code Friday! This week, there has been a lot of discussion across the internet about “going Dutch” a la the pay-per-kilometer system recently passed in Amsterdam. So today’s Fix the Tax Code Friday question is: Should the US consider a pay-per-mile tax system to pay for roads and other infrastructures? If…
IRS Commish Doug Shulman has not been shy about talking about targeted enforcement. Targeted enforcement – the idea of cherry picking certain target groups to investigate or examine – is nothing new: it’s happened for years. In fact, as a young lawyer, I remember FLPs (Family Limited Partnerships) being called out under the Clinton Administration….
It’s Fix the Tax Code Friday! Buoyed by the popularity of the Cash for Clunkers program – and the perceived success of the First Time Homebuyer’s Credit – Congress is considering whether to extend both programs in 2010. Various bills suggest extending the homebuyer’s credit from six months to a year – and even increasing…
The IRS crackdown on foreign accounts has been generating a lot of discussion in the blogosphere. Some folks argue that it’s a waste of resources, others argue that it’s been a long time coming. Today’s Fix the Tax Code Friday question is: Is the targeting of offshore accounts a fair use of IRS resources? Or…
It’s Fix the Tax Code Friday! Over at Only3Years, Iz contemplated the question of where she might be a year from now. The more I thought about this, the more I thought that it would make a superb Fix the Tax Code Friday… I’m constantly asked what I think will happen with respect to a…
This week, there’s been a considerable focus on a number of proposed “sin taxes” including those on soda, cosmetic surgery and plastic bags. In theory, sin taxes are meant to prevent certain kinds of behavior – whether or not they accomplish it is a whole other story. I realize that nobody wants to pay extra…