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TAX LAW NEWS - TAX LITIGATION
From the monthly archives:
Disabled military veterans may be eligible to for more tax relief under a bill passed by the Texas Legislature.
House Bill 3613 provides an exemption of the total appraised value of homesteads for Texas veterans who have received a 100 percent disability rating or are considered unemployable by the U.S. Department of Veterans Affairs.
“Texas has done [...]
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This week, President Obama signed into law the Car Allowance Rebate System (C.A.R.S.) – a program that pays consumers up to $4,500 in tax credit for trading in their cars or trucks for more fuel efficient vehicles.
As the New York Times reports, you will need to check if your vehicle qualifies for the trade-in [...]
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From the IRS website:
This month, the Internal Revenue Service asked for comments on ways to simplify compliance with rules related to employer-provided cellular telephones. The current law, which has been on the books for many years, is burdensome, poorly understood by taxpayers, and difficult for the IRS to administer consistently. Some have incorrectly implied that [...]
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Sovereign Bancorp Inc. is suing the IRS to recover $235.2 million in taxes and penalties it says it was “erroneously and illegally’’ required to pay on a loan arrangement with Barclays Bank of England, according to a lawsuit filed Wednesday in US District Court in Boston.
The tax dispute arose from $1.2 billion in financing Sovereign [...]
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-IRS Commissioner Doug Shulman and Treasury Secretary Tim Geithner Tuesday asked Congress to repeal a 20-year old law that would tax personal use of employer-provided cell phones.
The request is a turnabout from last week, when IRS proposed measures to improve enforcement of the law, which is now widely ignored by employers and employees. One option [...]
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The IRS defended its proposals to enforce a law that taxes personal use of employer-provided cellphones, saying the changes are aimed at helping businesses comply, not taxing individuals.
Dow Jones Newswires reported Thursday that an IRS proposal released this week could wind up taxing employees on 25% of the value of their work cellphone. The IRS [...]
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Four Illinois riverboat casinos failed to get the U.S. Supreme Court to hear their challenge to a law requiring them to share their profits with the state’s ailing horse racing tracks.
The court’s Monday decision means Illinois tracks expect to share in an estimated $80 million — money set aside under a 2006 law requiring state [...]
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The General Assembly on Monday approved changing the state’s tax law with hopes it will result in Apple Inc. announcing a $1 billion investment within days.
The Senate voted 40-8 to go along with conditions including that the company invest in a rural area. The final round of debate lasted less than a minute.
Sen. Tom Apodaca, [...]
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Earlier this year when federal lawmakers voted to give first-time homebuyers a tax incentive, they hoped the move would boost home sales.
And that seems to be happening.
The offer of an $8,000 tax credit – combined with low mortgage rates – has lured thousands of buyers to the beleaguered housing market.
Keller resident Joe Palacios is one [...]
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