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TAX LAW NEWS - TAX LITIGATION
From the category archives:
According to a recent report in the Huffington Post, Illinois ranks in only the eighth position of the top ten highest sales tax States in the United States. That may come as a surprise to many residents of Cook County and perhaps even more of a surprise to residents of the City of Chicago where [...]
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With tax season in full bloom, a little reminder to avoid making false or fraudulent claims on your tax return is in order.
If you want to see what a criminal tax case looks like, the IRS makes it easy – here are the fact patterns and sentencing results of over 50 criminal tax cases from [...]
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House Democrats’ version of the $825 billion recession rescue package would end billions of dollars in tax breaks the Bush administration quietly gave to banks last fall.
Already almost exclusive beneficiaries of a $700 billion Wall Street bailout, banks are largely left out of the House stimulus package that President-elect Barack Obama wants passed quickly through [...]
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The first thing on ,new president elect, Obama’s plate will be jump-starting the ailing U.S. economy, economists and tax experts say. “Most bets are out the window until we get the economy and the financial markets straightened out,” said William Gale, an economist.
Though a ballooning deficit has some expecting the government to increase revenues by [...]
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The new Census Bureau data on income and poverty reveal that many of the economic trends in this country are a lot more favorable than America’s detractors seems to think. In 2007, overall real median family income increased to $50,233, up $600 from 2006. The real median income for intact families — mother and father [...]
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The Obama campaign has released this detailed tax plan, along with this summary, key facts, and comparison with the McCain tax plan. The tax plan has attracted a lot of attention in the media and blogosphere:
U.S. News & World Report: With Polls Close, Obama Blinks on Taxes, by James Pethokoukis:
This is a pretty big change [...]
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Professor Burke proposes extending the look-through rules of under § 1(h)(9) to partnership distributions as well as sales of partnership interests to prevent conversion of unrecaptured § 1250 gain and potentially indefinite deferral.
The proposal addresses flaws in the distribution rules as illustrated by Countryside Limited Partnership v. United States allowing tax-free treatment of a distribution [...]
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In August 2007, a federal court in Rhode Island quashed an IRS summons seeking tax accrual workpapers pertaining to a taxpayer’s investment in abusive tax shelters. The court held in United States v. Textron that the documents at issue were protected under the work-product doctrine, which immunizes from discovery documents prepared “in anticipation of litigation” [...]
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New York City property tax owners will find out over the next few months whether they will get a 7 percent property tax cut for the second year in a row, Mayor Michael Bloomberg said on Monday.
New York City’s economy is sliding with Wall Street’s profits and the independent mayor tried but failed to persuade [...]
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The Senate today passed, by a 72-13 vote, the housing stimulus bill (H.R. 3221, The American Housing Rescue & Foreclosure Prevention Act). The House on Thursday had approved the measure by a 272-152 vote after President Bush earlier in the day dropped his veto threat and urged Republicans to support the bill. There are four [...]
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