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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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Q: Is tax-preparation software, such as TurboTax, for preparing 2010 tax returns current with the last-minute tax-law changes enacted late last year? You recently wrote about these last-minute tax changes and reported that the Internal Revenue Service says it needs time to “reprogram its computers” to accommodate these changes. And, as a result, the IRS [...]
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Gordon Brown is considering following Barack Obama in imposing a fresh tax on banks to compensate for the huge state-funded bail-outs they received during the financial crisis.
Downing Street sources said a plan for an annual insurance fee in Britain remained on the table, despite Alistair Darling yesterday ruling out the move.
President Obama last week introduced [...]
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From the IRS Website:
Most businesses may use losses incurred during the economic downturn to reduce income from prior tax years, under a revenue procedure issued today by the Internal Revenue Service.
The relief provided under the Worker, Homeownership, and Business Assistance Act of 2009 differs from similar relief issued earlier this year in that the previous [...]
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The state tax department is cracking down on dishonest tax preparers and refund-anticipation lenders with a new law.
The measure requires individuals and businesses who meet certain criteria with regard to tax preparation and refund loans to register annually.
Some commercial preparers will also be required to pay an annual $100 fee. Fines for violating these new [...]
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Catholic bishops did nothing wrong in pressing Congress to bar federal funding of abortion in the Democrats’ health care reform bills, and any IRS investigation resulting from the bishops’ stance would be construed as harassment, the Catholic League said on Wednesday.
The Catholic League was responding to a Democratic lawmaker, who questioned whether the U.S. Conference [...]
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Connecticut residents will no longer have to flee to Florida to avoid the Connecticut estate tax because of a new law enacted Sept. 8 (House Bill 6802).
Beginning with deaths occurring on or after Jan. 1, 2010, estates (and gifts) of as much as $3.5 million will be exempt from Connecticut estate (and gift) tax. That [...]
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The U.S. and Switzerland settled a Justice Department lawsuit against UBS AG seeking the names of Americans suspected of evading taxes through 52,000 secret Swiss accounts.
The governments have initialed agreements and will later sign a final accord, Justice Department lawyer Stuart Gibson told U.S. District Judge Alan Gold in Miami today. Gibson didn’t disclose details [...]
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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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A push for new taxes on soda, beer and wine to help pay for Americans’ health care is stirring up more than just the beverage industry.
Advertisers, corn refiners — even addiction treatment centers — have mobilized their lobbyists, reflecting how a tax increase for a handful of popular products can reverberate broadly across Washington’s interest [...]
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