Tax Law News. Crime Stories, Law on News and Legal Publications in October, 2014

Top Picks in News

Prince George's County crime report
Washington PostOctober 1, 2014

(Commercial.) Cherry Hill Rd., 9300 block, 7:45 p.m. Sept. 17. (Residential.) Palco Pl., 5200 block, 6:26 a.m. Sept. 20. (Residential.) Ravenswood St., 2000 block, 5:19 p.m. Sept. 16. (Residential.) Ray Rd., 1500 block, 12:23 a.m. Sept. 20. (Residential.).more »

Democratic Party of Oregon files election complaint against Republican Dennis ...
The Oregonian - OregonLive.comOctober 1, 2014

... ad campaign on pay equity. Meredith Glacken, Richardson's spokeswoman says concerns raised in the complaint are false and simply the Democratic Party's attempt to distract attention from campaign finance questions raised about its own candidate, Gov.more »

Tax Law News and Stories

Audit Defence
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Tax Court Judge Appreciates Art More Than Your Average Revenue Agent
ForbesOctober 6, 2014

Someone with persistent Schedule C losses usually has two other problems with the IRS besides Code Section 183. They both concern Code Section 162, Trade or Business Expense. The two issues are whether the expenses are substantiated and whether ...more »

Irs Filing & Compliance
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Put Another Notch in the DOJ Gun
JD Supra (press release)October 13, 2014

If you are treated as “willful” you should expect possible prosecution, along with civil penalties under the Bank Secrecy Act of the greater of $100,000 or 50% of the annual highest account balance for six year and a 75% tax fraud penalty. By coming ...more »

Corporate Income Taxes
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Income tax can be repaid on 'clawed back' bonuses in some circumstances, tax ...
Out-Law.comOctober 2, 2014

Taxes on employment income, including how the amount charged to tax for a tax year is to be calculated and who is liable for the tax charged, is governed by the 2003 Income Tax (Earnings and Pensions) Act (ITEPA). The dispute centred on whether the ...more »

Personal Irs Disputes
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Seventh Circuit Allows Do-over On Tax Court Stipulations For Deceived Taxpayers
ForbesOctober 2, 2014

They hired Grant Niehus to represent them before the IRS and Tax Court. Mr. Niehus represented himself as being a lawyer and a CPA. It turned out that even though he had been to law school, he had not been authorized to practice law since 2009 and he ...more »

Sales Tax & Use Tax
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Ka-ching! Tourist industry ignites surge in Colorado Springs sales tax collections
Colorado Springs GazetteOctober 17, 2014

September collections of the city's use tax - paid on manufacturing equipment, building materials and other items bought outside the city but used in the city - surged 32 percent from September 2013 to $786,070, the biggest monthly gain since February.more »

Estate Taxes & Gift Taxes
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State Supreme Court upholds legislative fix for estate tax
Yakima Herald-RepublicOctober 2, 2014

The amendment to the estate tax law became a key part of a budget agreement during an overtime legislative session in 2013. At the time, officials said that without a change, the state would have been on the hook for $160 million. That number included ...more »

Tax Evasion Defence
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Former paint & auto body shop owner pleads guilty to tax evasion
WCYBOctober 2, 2014

78-year-old James "Bill" McConnell, the former owner of Bill McConnell Auto Painting and Body Works in Kingsport, pleaded guilty today. McConnell was accused of attempting to evade nearly $31,000 in sales tax by filing false tax returns from January ...more »

International Taxation
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Tax code revision of 1986 had serious impact
Bluffton TodayOctober 1, 2014

There was much bipartisan discussion of how to accomplish this change and on Oct. 22, 1986, the law was passed, eliminating many tax shelters and other major items. The individual tax brackets were reduced to just four, with the top rate coming in at ...more »

Tax Planning
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Wealth Adviser: Planning for a 'Tax Tidal Wave'
Wall Street Journal (blog)October 3, 2014

A morning briefing on coverage of special interest to wealth managers, financial planners and other advisers. Please send tips and comments to kevin.noblet@wsj.com or patrick.graham@wsj.com. By Kevin Noblet. Is it best for clients to defer paying ...more »

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