Fri, 30 Sep 2016 19:00:00 GMT2016-09-30T15:00:00ZBy Earl Anthony Wayne
Fri, 30 Sep 2016 14:16:00 GMT2016-09-30T10:16:00ZIn 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.
Fri, 30 Sep 2016 12:54:00 GMT2016-09-30T08:54:00ZYou 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.
Fri, 30 Sep 2016 11:43:00 GMT2016-09-30T07:43:00ZWhy you need to keep track of your workplace retirement benefits.
Thu, 29 Sep 2016 19:33:00 GMT2016-09-29T15:33:00ZIf 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.
Thu, 29 Sep 2016 19:28:00 GMT2016-09-29T15:28:00ZChances 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.
Thu, 29 Sep 2016 18:36:00 GMT2016-09-29T14:36:00ZIn the most recent How America Saves For College report, only 37% of college savers are using 529 plans. Find out why.
Thu, 29 Sep 2016 18:01:00 GMT2016-09-29T14:01:00ZHoping to have your student loan debt wiped away? You might be holding out for Public Service Loan Forgiveness (PSLF).
Thu, 29 Sep 2016 17:55:00 GMT2016-09-29T13:55:00ZThe 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.
Thu, 29 Sep 2016 17:29:00 GMT2016-09-29T13:29:00ZMy 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.?
Thu, 29 Sep 2016 13:06:00 GMT2016-09-29T09:06:00ZReturning compensation hurts tax-wise too. Unless you're careful, your employer and the IRS can leave you holding the bag.
Wed, 28 Sep 2016 16:35:00 GMT2016-09-28T12:35:00ZThe 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.
Wed, 28 Sep 2016 16:35:00 GMT2016-09-28T12:35:00Z
Wed, 28 Sep 2016 14:16:00 GMT2016-09-28T10:16:00ZThe 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.
Wed, 28 Sep 2016 13:57:00 GMT2016-09-28T09:57:00ZNew 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.
Wed, 28 Sep 2016 09:00:00 GMT2016-09-28T05:00:00ZOn 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.
Tue, 27 Sep 2016 19:21:00 GMT2016-09-27T15:21:00ZIn 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).
Tue, 27 Sep 2016 19:07:00 GMT2016-09-27T15:07:00ZThe 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.
Tue, 27 Sep 2016 16:06:00 GMT2016-09-27T12:06:00ZDavid 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.
Tue, 27 Sep 2016 16:06:00 GMT2016-09-27T12:06:00Z
Tue, 27 Sep 2016 15:35:00 GMT2016-09-27T11:35:00ZThe Fed argues that low rates have worked. The economy emerged from recession. Unemployment drifted back down. “Yay for us,” said the Fed.
Tue, 27 Sep 2016 13:52:00 GMT2016-09-27T09:52:00ZFootball 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.
Tue, 27 Sep 2016 13:14:00 GMT2016-09-27T09:14:00ZTrump may have said "pay my Foundation," violating tax rules. But if he did, was he just emulating the Clinton Foundation?
Tue, 27 Sep 2016 00:02:00 GMT2016-09-26T20:02:00ZWelcome 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.
Mon, 26 Sep 2016 23:50:42 GMT2016-09-26T19:50:42ZGiven 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.
Mon, 26 Sep 2016 20:34:00 GMT2016-09-26T16:34:00ZToday?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.
Mon, 26 Sep 2016 18:29:00 GMT2016-09-26T14:29:00ZGiven 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.
Mon, 26 Sep 2016 18:28:00 GMT2016-09-26T14:28:00ZHillary 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.
Mon, 26 Sep 2016 18:15:00 GMT2016-09-26T14:15:00ZAs 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.
Mon, 26 Sep 2016 17:02:00 GMT2016-09-26T13:02:00ZLast 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.