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

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Rick Ross' House Site of Murder Investigation by Miami Police
ReutersMarch 1, 2012

Investigators are also likely to be interested to know if Nesbitt has any connection to Ross' less than legal activities. He's been arrested on gun, assault and marijuana charges, and once claimed to be affiliated with Carol City Cartel and other local ...more »

Banking/Court win for Lehman Europe clients
The IndependentMarch 1, 2012

It declared they had rights to reclaim the money, even though Lehman Europe had not kept it separate from the rest of the bankrupt firm's operations. Hedge funds feared they would have to take their place along with other unsecured creditors, ...more »

Tax Law News and Stories

Audit Defence
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In most cases, accused embezzlers are women
The MissoulianMarch 4, 2012

The credit union, a small-town Little League program, a labor union, an attorney, a university, a tribal government, a hospice organization, a shipping company, a collection agency, other relatives. “There are three basic motivations involved,” says ...more »

Irs Filing & Compliance
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Concerned Organization of Americans Abroad Writes to IRS About Unfair IRS...
Yahoo! Contributors NetworkMarch 9, 2012

MaryLouise Serrato, Executive Director of ACA and co-signatory of the letter to Shulman, explained, “By imposing large penalties for a simple filing omission, the IRS has adopted a camouflaged policy of taxing assets of Americans abroad through ...more »

Business Audit Defence
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Springwater gets another strike from state auditor
Dansville-Genesee Country Express (blog)March 1, 2012

The audit outlined a timeline of payments related to the property. On Dec. 17, 2008, the town's former supervisor, Nori Buckley, paid $6500. However, there is no record of approval in an open meeting, as required by state law.more »

Personal Irs Disputes
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IRS's New 2012 Voluntary Disclosure Program Brings in Taxpayers: U.S. Clients ...
DigitalJournal.com (press release)March 6, 2012

Mr. Thorn emphasizes that the risk of the IRS discovering a US client's undisclosed offshore accounts at Credit Suisse increases with every passing day. The consequences for failure to comply with the proper disclosure requirements and filing...more »

Property Taxes
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Channahon school tax refund no sure thing
Joliet Herald NewsMarch 2, 2012

In addition, Senate Bill 2073 could cost the district around $7 million over the next five years if it becomes law, Evans and Schroeder explained. It passed the House last week. It now goes to the Senate. The bill would amend the property tax code.more »

Corporate Income Taxes
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Idaho House Approves $36M Income Tax Cut
Twin Falls Times-NewsMarch 2, 2012

BOISE • The House on Thursday approved the governor's proposed $35.7 million income tax cut for high-earning individuals and businesses, pushing Idahoans another step closer to having more cash in their pockets at the end of the year.more »

Sales Tax & Use Tax
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BOE Releases Top 500 Tax Delinquencies Total $555.7 Million
YubaNet (press release)March 2, 2012

Since the BOE and the Franchise Tax Board (FTB) began posting the State's largest tax delinquencies in 2007, more than $100 million has been collected by BOE and FTB combined. Signed into law in 2011, AB 1424 (Perea, Stats. 2011, Ch. 455) increased the ...more »

Estate Taxes & Gift Taxes
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New law firm to focus on taxes, bankruptcy
Buffalo NewsMarch 10, 2012

By Jonathan D. Epstein Two small tax-focused law firms have combined and simultaneously brought on a bankruptcy expert, creating a new firm that will specialize in federal and state tax controversies, litigation and bankruptcy services.more »

Tax Evasion Defence
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Lotte Tour CEO faces probe for tax evasion
The Korea HeraldMarch 4, 2012

Lotte Tour chief executive Kim Ki-byung has been indicted without detention on charges of tax evasion. According to the Seoul Central District Prosecutors' Office, Kim is suspected of having evaded 47.6 billion won in gift taxes when transferring ...more »

International Taxation
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Facebook IPO highlights tax break for options
The Deal PipelineMarch 1, 2012

He said that under current law, options Facebook has provided to founder and CEO Mark Zuckerberg may be booked against earnings at 6 cents a share while at the same time valued at their expected $40 offering price for tax purposes.more »

Tax Planning
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Kasich Planning Tax Hike On Oil Drilling
NBC4i.comMarch 9, 2012

John Kasich will outline the specifics of a plan to raise severance taxes on oil and gas companies related to shale drilling. The new tax revenue would offset a planned cut in the state's personal income tax. The state is in the earliest stages of what ...more »

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