Tax Law News. Crime Stories, Law on News and Legal Publications in February, 2012

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Court of appeals rules on ship construction contract dispute
International Law OfficeFebruary 1, 2012

"in the Brazilian legal framework there is no legal rule determining that the registration of the vessel construction contract with the respective Maritime Registration Office is a requirement for the validity thereof. The effect of its registration is ...more »

Mandaric: tax charges are an insult to my family
The IndependentFebruary 1, 2012

The former Portsmouth chairman Milan Mandaric claimed that the tax evasion charges against him were an "insult" after 12 years in England in which he has rescued Portsmouth, Leicester City and Sheffield Wednesday from the brink of bankruptcy, ...more »

Tax Law News and Stories

Audit Defence
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Miccosukee tribe says members owe $26M to IRS
MiamiHerald.comFebruary 13, 2012

But the IRS says individual members do have to pay. Lehtinen's attorney told The Miami Herald ( http://bit.ly/y2vd1h) that the Miccosukees are trying to shift blame to him to cover up mistakes by their own leaders. Lehtinen represented the tribe on a ...more »

Irs Filing & Compliance
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Effectiveness of tax amnesty
Hindu Business LineFebruary 5, 2012

The context of the paper is the US, where the Government has engaged in a number of well-publicised enforcement efforts in an attempt to collect back taxes owed on funds in these accounts and encourage future compliance with the federal income tax laws...more »

Business Audit Defence
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Legislative committee will audit Department of Roads
Lincoln Journal StarFebruary 2, 2012

That law earmarks a quarter of 1 cent of the 5 1/2-cent state sales tax to roads. Collection would start in 2013 and continue 20 years. It could bring in $60 million to $65 million annually -- an estimated $1.3 billion over 20 years.more »

Personal Irs Disputes
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Swiss Bank Wegelin Charged in US With Aiding Tax Evasion
BusinessWeekFebruary 3, 2012

“Wegelin Bank aided and abetted US taxpayers who were in flagrant violation of the tax code,” Manhattan US Attorney Preet Bharara said in a statement. The US and Switzerland are in talks to resolve a US probe of offshore tax evasion.more »

Property Taxes
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Thompson & Knight Names Emily Parker as Managing Partner
MarketWatch (press release)February 1, 2012

In response to the Tax Court's decision in that case and because of concerns about the potential loss of revenue resulting from the ruling, the US Congress amended the underlying law. "I'm honored to serve the clients and attorneys of Thompson & Knight ...more »

Corporate Income Taxes
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Governor Quinn encourages working families to apply for tax relief during tax...
Aledo Times RecordFebruary 6, 2012

The law doubles the state's Earned Income Tax Credit (EITC) over two years, saving low-income workers an extra $105 million per year. The new law also benefits all Illinois taxpayers by raising the value of the personal exemption and indexing it to ...more »

Sales Tax & Use Tax
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Japan Tobacco's Net Jumps 67% as Tax Bite Fades
Wall Street JournalFebruary 6, 2012

... profit outlook by 17% due to a steady recovery of its domestic tobacco business while the company said it will consider buying back some of its own shares that the government is planning to unload as part of quake-related reconstruction efforts.more »

Estate Taxes & Gift Taxes
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Turning the 'Buffett Rule' Into Law
New York TimesFebruary 1, 2012

It would operate like the alternative minimum tax, superseding all brackets and the lower rates for investment income, though it would preserve the incentive for charitable donations. Those taxpayers who earn most of their high incomes from salaries ...more »

Tax Evasion Defence
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Harry Redknapp jury retires for day
ESPNFebruary 7, 2012

AP LONDON -- The jury in Harry Redknapp's tax evasion trial deliberated for almost four hours Tuesday before being sent home for the night. Redknapp, the Tottenham manager, is accused along with Milan Mandaric, his former chairman at Portsmouth, ...more »

International Taxation
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Turning the 'Buffett Rule' Into Law
New York TimesFebruary 1, 2012

It would operate like the alternative minimum tax, superseding all brackets and the lower rates for investment income, though it would preserve the incentive for charitable donations. Those taxpayers who earn most of their high incomes from salaries ...more »

Tax Planning
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Planning the Unknowable
Financial-Planning.comFebruary 1, 2012

By Scott Wenger As all savvy advisors know, smart tax planning is not only about choosing the right strategy at the right time, it's also about avoiding bush league mistakes. That's what Financial Planning senior editor Ann Marsh found in preparing ...more »

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