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TAX LAW NEWS - TAX LITIGATION
From the category archives:
As New Jersey looks to fill another budget hole (by the way, the sun came up today too), there is currently much debate along political lines over whether or not New Jersey’s recent income tax hike in 2004 led to high-income people fleeing the state.
Did at least one person move because of it? Almost assuredly [...]
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The I.R.S. finally published Form 8804, Annual Return for Partnership Withholding Tax (Section 1446). Form 8804 is used by partnerships with U.S. effectively connected income that is allocable to foreign partners. Although the 2008 form is now completed, the instructions to this year’s form have not yet been released.
It is remarkable that the I.R.S. is [...]
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The costliest item in the economic stimulus plan passed by Congress is a tax credit of up to $400 for individuals earning less than $75,000 year.
Married couples earning less than $150,000 could claim a benefit of up to $800 under the provision, which has a price tag of $116 billion over 10 years, according to [...]
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If you’re unemployed, your tax bill will probably decline:
Deduction for medical expenses. Co-payments, deductibles and other unreimbursed medical expenses are deductible only if they exceed 7.5% of your adjusted gross income.
The income cut-off prevents most people with jobs and employer-provided health insurance from deducting medical expenses. But if your income has declined and you’re paying [...]
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Make sure to get your maximum refund. Why should the IRS get to keep a penny of your money?
For 2007, you got to take off as much as $3,400 from your income for each qualified exemption you have, up from $3,300 in 2006. (The level rises to $3,500 in 2008.) Despite myths to the contrary, [...]
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If you, your spouse, or your children attended college in 2000, you may be able to take advantage of the Hope Scholarship Credit or the Lifetime Learning Credit on your 2000 federal income taxes.
The Hope Scholarship Credit provides a tax credit for 100% of the first $1,000 and 50% of the second $1,000 of qualified [...]
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In 1913, the Sixteenth Amendment to the U.S. Constitution was ratified. It empowered Congress to tax “incomes, from whatever source derived, without apportionment among the several States, and without regard to any census or enumeration.” The Internal Revenue Code is today embodied as Title 26 of the United States Code (26 U.S.C.) and is a [...]
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As of 2007, there are about 138 million taxpayers in the United States. The Treasury Department in 2006 reported, based on Internal Revenue Service (IRS) data, the share of federal income taxes paid by taxpayers of various income levels. The data shows the progressive tax structure of the U.S. federal income tax system on individuals [...]
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The federal government of the United States imposes a progressive tax on the taxable income of individuals, partnerships, companies, corporations, trusts, decedents’ estates, and certain bankruptcy estates. Some state and municipal governments also impose income taxes.
The first Federal income tax was imposed (under Article I, section 8, clause 1 of the U.S. Constitution) during the [...]
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