Tax Law Blog | IRS Tax Attorneys
TAX LAW NEWS - TAX LITIGATION
From the monthly archives:
In a policy change that could benefit thousands of people, the federal government announced Friday that its tax credit for first-time homebuyers can now be used to help pay closing costs on mortgages insured by the Federal Housing Administration.
The economic stimulus bill passed in February allows first-time homebuyers a tax credit equal to 10 percent [...]
{ 0 comments }
Federal tax revenue plunged $138 billion, or 34%, in April vs. a year ago — the biggest April drop since 1981, a study released Tuesday by the American Institute for Economic Research says.
When the economy slumps, so does tax revenue, and this recession has been no different, says Kerry Lynch, senior fellow at the AIER [...]
{ 0 comments }
An investigation by The Daily Telegraph has discovered nine cabinet ministers and more than 30 junior ministers have claimed back the cost of personal tax advice on their expenses, whereas millions of voters forced to complete self-assessment forms are prevented from writing off the cost of employing an accountant.
Ministers have said their expenses claims for [...]
{ 0 comments }
California’s perpetual budget crisis and voters’ rejection of five budget-related ballot measures last week have renewed the perennial debate over whether Californians are, to borrow a comparison from “The Three Bears,” taxed too much, too little or just about right.
Much of the positioning is ideological, and therefore immune to being affected by data and fact.
Any [...]
{ 0 comments }
The North Carolina House has tentatively approved changing the state’s corporate tax laws to make them more attractive to billion-dollar investments.
The House voted 81-31 Tuesday in favor of a bill changed last week to push companies to counties where unemployment is high. A final House vote is scheduled Wednesday.
While the law makes no reference to [...]
{ 0 comments }
US retail giant Wal-Mart has lost a legal battle to reclaim USD33.5m in tax it paid to the state of North Carolina in a case that may have implications for the way in which US businesses organize their corporate structures.
Wal-Mart was appealing the USD33.5m bill for back taxes, penalties and interest imposed by North Carolina, [...]
{ 0 comments }
The Internal Revenue Service’s Advisory Committee on Tax Exempt and Government Entities (ACT) will hold a public meeting on June 10, when the panel will submit its latest round of recommendations to senior IRS executives.
Ten newly named members of the panel (listed below) will also be introduced at the public meeting. They will begin two-year [...]
{ 0 comments }
Most New Jersey homeowners, already paying the highest property taxes in the nation, will not see a property tax rebate check next year under Gov. Jon Corzine’s revised 2010 budget proposal.
The updated budget, released Tuesday by Treasurer David Rousseau, keeps rebates for seniors and the disabled but eliminates them for everyone else.
Corzine’s original proposal, released [...]
{ 0 comments }
The Massachusetts Senate voted last night to increase the sales tax, lift the sales tax exemption on alcohol, and allow cities and towns to raise meals and hotel taxes, brushing aside criticism that higher taxes would hurt Massachusetts businesses by driving consumers over the border, particularly to tax-free New Hampshire.
The Senate plan, which cleared the [...]
{ 1 comment }
An offer in compromise (OIC) is an agreement between a taxpayer and the Internal Revenue Service that settles the taxpayer’s tax liabilities for less than the full amount owed. Absent special circumstances, an offer will not be accepted if the IRS believes that the liability can be paid in full as a lump sum or [...]
{ 1 comment }
