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TAX LAW NEWS - TAX LITIGATION
From the monthly archives:
It just got a little easier for taxpayers to plan around two thorny bits of the Internal Revenue Code: the estate tax and the alternative minimum tax.
The Obama administration budget resolution Congress approved on Wednesday for fiscal 2010 outlines changes for these controversial levies.
It extends the estate-tax top rate of 45% on estates over $3.5 [...]
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The IRS has updated Publication 4681, Canceled Debts, Foreclosures, Repossessions, and Abandonments (for Individuals). I know, you’re thinking “So what?”
Well, the “So what?” is the updated worksheet for determining insolvency, found on page 6 of the Pub (and at the bottom of this post). The worksheet is a handy resource for taxpayers who have been [...]
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The home mortgage interest deduction is probably the single most sacred provision in the Internal Revenue Code. I remember when, in 1986, Congress flirted briefly with the idea of repealing it. The secretaries at my law firm – normally an apolitical bunch – marched through the halls yelling revolutionary slogans. Congress backed down the next [...]
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The IRS whistleblower program allows taxpayers to obtain payment from the IRS for providing information about alleged tax wrongdoing by other taxpayers. According to the new guidance issued by the IRS, there has been a significant increase in the number and quality of informant claims. The guidance sets out a three-step process for handling whistleblower [...]
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The IRS takes the decision to use employee tax withholdings to pay business operating expenses rather than the IRS quite seriously. The owners and managers of the business who make these decisions will find the IRS coming not only to the business, but to them, to recover a portion of the withholdings.
This is an exception [...]
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A Charlotte minister has been indicted for income tax fraud, mail fraud and lying to federal agents.
According to the IRS Criminal Investigation Division in Charlotte, Anthony L. Jinwright was charged on April 21, with five counts of tax evasion, five counts of tax perjury, one count of lying to federal agents, and three counts of [...]
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Anthony L. Jinwright, a native of Wilmington, NC (just outside my hometown) was indicted this week on charges of tax evasion for the years 2001-2005. A federal grand jury in Charlotte, NC indicted Jinwright on 14 counts, including tax evasion, filing false tax returns, mail fraud and making false statements to federal agents. He allegedly [...]
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Prime Minister Gordon Brown’s government laid out plans on Wednesday for more than $1 trillion in deficit spending over the next five years, a scale of public debt that critics say is without precedent in Britain, and ordered a 5-percentage-point increase, to 50 percent, in the top marginal rate of income tax for the country’s [...]
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There is quite a bit of movement in this week’s list of the Top 5 Recent Tax Paper Downloads, with a new #1 paper and new papers debuting on the list at #4 and #5:
1. [250 Downloads]: 2008 Developments in Connecticut Estate and Probate Law, by Jeffrey A. Cooper (Quinnipiac) & John R. Ivimey (Reid [...]
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Helio Castroneves, the two-time Indianapolis 500 winner and Dancing With the Stars champ, will be back on the race track this weekend. A Miami federal jury acquitted him of six tax evasion charges this afternoon.
Castroneves’ sister, Katiucia, was cleared of the same charges. The siblings’ lawyer, Alan Miller, also left the courthouse a free man.
Jurors [...]
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