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Why Did Eisenhower's IRS Commissioner Think The Income Tax Was Evil?

Fri, 30 Sep 2016 14:16:00 GMT2016-09-30T10:16:00Z

In January 1953 President Dwight Eisenhower crossed party lines and named a Virginia Democrat to be the new commissioner of internal revenue. T. Coleman Andrews brought several virtues to the job, including a reputation for toughness and a set of strong convictions. Among other things, he was committed to bureaucratic reform, fiscal austerity, and vigorous enforcement of the revenue laws.

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Closed-End Fund Ratings: Energy Partnerships

Fri, 30 Sep 2016 12:54:00 GMT2016-09-30T08:54:00Z

You can own a master limited partnership directly, engaging a costly accountant to wades through your K-1. Or you can own MLPs via a fund, in which case the fund operator is assigned the task of lightening your wallet.

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PBGC Proposes Lost & Found For 401(k) Money

Fri, 30 Sep 2016 11:43:00 GMT2016-09-30T07:43:00Z

Why you need to keep track of your workplace retirement benefits.

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Clear and Present Inheritance Dispute: The Battle Over Tom Clancy's Estate

Thu, 29 Sep 2016 19:33:00 GMT2016-09-29T15:33:00Z

If you haven't heard of Tom Clancy --  for novels and movies like Hunt for Red October, Patriot Games, Clear and Present Danger -- then your kids have, due to a series of video games inspired by his work. Many of his books featured CIA analyst turned president (a really common career path) Jack Ryan, along the way creating the "techno-thriller" genre with extremely realistic plots that in some cases foreshadowed real-world developments.

12 Fun Facts About Coffee & Tax On National Coffee Day

Thu, 29 Sep 2016 19:28:00 GMT2016-09-29T15:28:00Z

Chances are, you started out the day with a cup (or two) of coffee. It is estimated that 2.25 billion cups of coffee are consumed each day worldwide, making coffee second only to oil as the most valuable legally traded commodity in the world. Here are a few more facts about coffee ? and its relationship to tax ? to help you celebrate National Coffee Day.

6 In 10 Parents Aren't Using A 529 To Save For College

Thu, 29 Sep 2016 18:36:00 GMT2016-09-29T14:36:00Z

In the most recent How America Saves For College report, only 37% of college savers are using 529 plans. Find out why.

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5 Most Shocking Facts From The Latest Report On Public Service Loan Forgiveness

Thu, 29 Sep 2016 18:01:00 GMT2016-09-29T14:01:00Z

Hoping to have your student loan debt wiped away? You might be holding out for Public Service Loan Forgiveness (PSLF).

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Brokering The Brawl When EU Commission Tax Rulings Become State Aid

Thu, 29 Sep 2016 17:55:00 GMT2016-09-29T13:55:00Z

The two-year battle between the United States and the European Commission over the latter?s state aid investigations harkens back to legendary boxing matches, like the 1975 ?Thrilla in Manila? between Joe Frazier and Muhammad Ali. During their third and final match, the two heavyweights slugged it out until Frazier?s corner threw in the towel before the start of the 15th round. Ali won a technical knockout, but both fighters emerged battered and bruised.

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It's Time To Talk About State And Local Pension Debt

Thu, 29 Sep 2016 17:29:00 GMT2016-09-29T13:29:00Z

My colleague Maria Koklanaris recently wrote an excellent article on the pension debt held by state and local governments. It?s worth a read. Those in state and local government should be well aware of the level to which pension plans are underfunded. According to Koklanaris?s article, which was published in State Tax Today on September 20, there ?isn?t a pension fund in America that can earn its way out of its liabilities.?

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Party Like Wells Fargo, But What Happens Tax-Wise If You Forfeit Pay?

Thu, 29 Sep 2016 13:06:00 GMT2016-09-29T09:06:00Z

Returning compensation hurts tax-wise too. Unless you're careful, your employer and the IRS can leave you holding the bag.

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New Tax Foundation Report Highlights Best & Worst States For Business

Wed, 28 Sep 2016 16:35:00 GMT2016-09-28T12:35:00Z

The Tax Foundation has released its 2017 State Business Tax Climate Index, ranking the best and worst states for business tax climate. Who made the top? And who sits at the bottom? Here's what you need to know.

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IRS Private Collection Program Is Fundamentally Flawed

Wed, 28 Sep 2016 14:16:00 GMT2016-09-28T10:16:00Z

The news earlier this week that IRS has announced the four private collection companies that will be going to work on old tax debts in the spring did not seem to have a great impact.  One public company among them Performant Recovery did see a nice boost in its stock price yesterday - up over 15%, but the reaction was not as quick as I thought it might have been.  Pioneer Credit Recovery is a subsidiary of Navient which went up by over 4%.  This is not Pioneer's first try in the IRS rodeo.  Along with CBE Group, which was also named yesterday, Pioneer was one of the players the last time this was tried about a decade ago. ConServe Accounts Receivable Management fills out the quartet. Let's call them the four horsemen.

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IRS Posts New Per Diem Rates For Taxpayers Who Travel For Business

Wed, 28 Sep 2016 13:57:00 GMT2016-09-28T09:57:00Z

New per-diem numbers are out, effective October 1, 2016. These numbers are to be used for per-diem allowances paid to any employee on or after October 1, 2016, for travel away from home on or after that date. The new rates include those for the transportation industry; the rate for the incidental expenses only deduction, and the rates and list of high-cost localities for purposes of the high-low substantiation method.

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Energy-Efficient Tax Credits Set To Expire

Wed, 28 Sep 2016 09:00:00 GMT2016-09-28T05:00:00Z

On Monday, I outlined a few popular tax breaks that are set to expire at the end of 2016. In addition to ones mentioned previously, a handful of credits aimed at promoting energy-efficient property are scheduled to expire this year as well.

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Tax Court Allows Estate A Theft Loss Deduction For Property Held By LLC

Tue, 27 Sep 2016 19:21:00 GMT2016-09-27T15:21:00Z

In the following case, the Tax Court addressed a matter of first impression: whether an estate could take a theft loss deduction relating to property held by an LLC (and not the estate directly).

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Private Tax Collectors And Taxpayers' Right To Avoid Them

Tue, 27 Sep 2016 19:07:00 GMT2016-09-27T15:07:00Z

The IRS has gone in for private collectors twice over the last 18 years and these programs were not successful. The law now requires?rather than just permits?the IRS to use private collectors. Many people think that having the IRS farm out collection work to private contractors is a bad idea. This article sets forth taxpayer rights when confronted with the private tax collection army.

Billionaire David Tepper Wins In Caesars Bankruptcy Deal As TPG, Apollo Avoid New Legal Battles

Tue, 27 Sep 2016 16:06:00 GMT2016-09-27T12:06:00Z

David Tepper, the billionaire founder of Appaloosa Management, is poised to gain the most from Caesars Entertainment's new bankruptcy emergence plan as the gaming giant completes a multi-year restructuring after a disastrous bubble-era leveraged buyout.

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The Fed Is Leading Us To Economic Hell

Tue, 27 Sep 2016 15:35:00 GMT2016-09-27T11:35:00Z

The Fed argues that low rates have worked. The economy emerged from recession. Unemployment drifted back down. “Yay for us,” said the Fed.

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Six Ways to Improve Your Finances During a Football Game

Tue, 27 Sep 2016 13:52:00 GMT2016-09-27T09:52:00Z

Football season is upon us, and whether you're partial to college ball, the NFL, or are just plain addicted to anything resembling a pigskin, you can expect a lot of couch time.  But you don't have to ignore your finances just because the running backs are slashing, linebackers are taking down opposing quarterbacks and the beer and nachos are plentiful.  You can take time between cheering, dipping, or complaining about a blown call to improve your financial life. Think it can’t be done? Well, here are six ways to take care of your finances during the course of a single football game.

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Trump Diverted Money To His Foundation, Says Report; You Mean Like Clinton Foundation?

Tue, 27 Sep 2016 13:14:00 GMT2016-09-27T09:14:00Z

Trump may have said "pay my Foundation," violating tax rules. But if he did, was he just emulating the Clinton Foundation?

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Live Blog, Fact-Checked: The First 2016 Presidential Debate (September 26, 2016)

Tue, 27 Sep 2016 00:02:00 GMT2016-09-26T20:02:00Z

Welcome to our live coverage of the September 26, 2016, presidential debate. At around 9:00 p.m. EST, the two main presidential candidates, Hillary Clinton for the Democrats, and Donald Trump for the Republicans, are expected to take the stage.

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IRS Announces Private Collection Firms - They Start In The Spring

Mon, 26 Sep 2016 23:50:42 GMT2016-09-26T19:50:42Z

Given the sad and deteriorating state of IRS collections, this move is probably a free lunch for the government, since the accounts would likely otherwise expire with the ten year statute of limitations on collections. The IRS will send written notice to the taxpayer and representatives that their account is being transferred to a collection agency. The private collectors will be able to identify themselves as contractors of the IRS.

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Ask Larry: Should I Take My Retirement Benefit Early To Activate My Wife's Spousal Benefit?

Mon, 26 Sep 2016 20:34:00 GMT2016-09-26T16:34:00Z

Today?s column explores the sequencing of different available benefits, disability, widow(er)'s, spousal and divorced spousal benefits, and coordinating benefit filing dates for married couples.

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IRS Announces Private Collection Firms - They Start In The Spring

Mon, 26 Sep 2016 18:29:00 GMT2016-09-26T14:29:00Z

Given the sad and deteriorating state of IRS collections, this move is probably a free lunch for the government, since the accounts would likely otherwise expire with the ten year statute of limitations on collections. The IRS will send written notice to the taxpayer and representatives that their account is being transferred to a collection agency. The private collectors will be able to identify themselves as contractors of the IRS.

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Hillary Clinton's Phantom Tax Relief Plan

Mon, 26 Sep 2016 18:28:00 GMT2016-09-26T14:28:00Z

Hillary Clinton would like voters to believe she's the candidate most likely to help working Americans. After a surprisingly difficult primary fight with a socialist senator from Vermont, Clinton has adopted a lot of populist economic rhetoric. On her campaign website, she says she has an eight-point plan to help the middle class, with the first point saying, "Hillary is proposing middle-class tax breaks to help families cope with the rising cost of everyday expenses." However, Clinton actually hasn't ever released her plan to cut middle-income taxes (or really any taxes), instead relying on evasive answers and proposals for small-change tax expenditures.

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CLUMP 2016: Between Hillary And Donald, Does It Even Matter?

Mon, 26 Sep 2016 18:15:00 GMT2016-09-26T14:15:00Z

As Clinton and Trump face off in their first presidential debate against each other tonight, many young voters—including first-time voters— are deciding to either not vote or cast a protest vote for a third party. This holds true especially among African American and Latino youth who may feel disenfranchised by both major party candidates.

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Popular Tax Breaks Expiring At The End of 2016

Mon, 26 Sep 2016 17:02:00 GMT2016-09-26T13:02:00Z

Last year, the Protecting Americans from Tax Hikes (PATH) Act made permanent a number of expiring tax extenders. Although that legislation thankfully made planning for 2016 a little more certain, there are still a handful of tax provisions that are due to expire at the end of this year.