Estate Taxes & Gift Taxes. Legal news and articles for February 24 - 25, 2012

Don't complicate tax filing by getting scammedPayroll Tax Cut Extended, Revised Payroll Tax Form AvailableHousing: Mortgage relief at risk if Congress doesn't actMortgage relief faces a nightmareObama Courts Business Vote With Tax PlanHawaii: Tax increase targets smokeless productsDOMA ruled unconstitutional; using tax dollars, House Republicans plan to appealPrivate Equity Avoids Tax on Stake Sales as Obama Backs OffObama's tax proposals would make the tax code more complicated, less fairRomney's association with corporate tax shelter schemesAmendment to tax law will not include amnestyLaw firm probing bogus tax memoRomney Tax Plan Relies on Growth Paired With Missing DetailsPrivate Equity Avoids Tax Rise on Stake SalesHomeowners Who Negotiate Debt Relief Could Soon Face Massive Tax Bill

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Rick Snyder Says His Approach Differs From Other Midwest GOP Governors (POLL)
Huffington PostFebruary 2, 2012

Since taking office in 2011, Snyder has taken advantage of a Republican-dominated legislature to push through an agenda that's included an overhaul of Michigan's tax code, changes to the state's education policy that included cuts in funding and ...more »

Tax season brings new federal rules
Iowa City Press CitizenFebruary 6, 2012

Federal rules new to this year's tax season will seek to close the tax gap, the unreported income that often comes from selling items on eBay or informal transactions such as mowing neighbors' lawns. “There is, in general, a lot of misunderstanding ...more »

Estate Taxes & Gift Taxes. News and Stories

Don't complicate tax filing by getting scammed
Kansas.comFebruary 25, 2012

Find out how to contact the preparer in the event that your taxes are audited by the IRS. • Check with the BBB to find out if there have been complaints about the preparer in the past. Consumers in need of quick cash may be tempted to get a refund ...more »

Payroll Tax Cut Extended, Revised Payroll Tax Form Available
Compensation.BLR.comFebruary 25, 2012

On Wednesday, President Obama signed the Middle Class Tax Relief and Job Creation Act of 2012, which extends the 2 percent payroll tax cut through 2012. In response, the IRS has released a revised Form 941. For a Limited Time receive a FREE ...more »

Housing: Mortgage relief at risk if Congress doesn't act
Arizona Daily StarFebruary 25, 2012

The law, first enacted in 2007, allows homeowners who have received principal reductions on their mortgages as the result of loan modifications, short sales or foreclosures to avoid income taxation on the amounts forgiven. Loss of that tax help would ...more »

Mortgage relief faces a nightmare
Richmond Times DispatchFebruary 25, 2012

Given the huge public and private resources now being devoted to helping financially distressed homeowners — including the recently announced $25 billion national mortgage settlement with five major banks — you might assume that a key federal tax law ...more »

Obama Courts Business Vote With Tax Plan
Wall Street JournalFebruary 25, 2012

By DAMIAN PALETTA The Strategy: The White House released a long-awaited plan to revamp the corporate-tax code on Wednesday—the same day GOP presidential hopeful Mitt Romney offered a tax-cut plan of his own for individuals and some businesses.more »

Hawaii: Tax increase targets smokeless products
CBS NewsFebruary 24, 2012

(AP) HONOLULU — A loophole in Hawaii's tobacco tax law makes smokeless tobacco products and "little cigars" cost-friendlier alternatives to cigarettes. As a result, increased tobacco taxes only impact smoking rates, but have not led to any significant ...more »

DOMA ruled unconstitutional; using tax dollars, House Republicans plan to appeal
God DiscussionFebruary 24, 2012

On Wednesday, the Defense of Marriage Act (DOMA) was ruled unconstitutional by a federal court. The ruling was issued by a California District Court conservative judge appointed by George W. Bush named Jeffrey White. The case was brought by Karen ...more »

Private Equity Avoids Tax on Stake Sales as Obama Backs Off
BusinessWeekFebruary 24, 2012

The two took advantage of rules that allow corporations to write down the value of goodwill to offset taxes they paid on the gains. The industry has labeled the increase in the enterprise value rate as unfair because it singles out private equity ...more »

Obama's tax proposals would make the tax code more complicated, less fair
Daily CallerFebruary 24, 2012

He says that he wants to abolish “dozens of tax loopholes,” but he also proposes a boatload of new special-interest tax breaks. The president says that he wants everyone to “play by the same rules.” His tax plan does the opposite.more »

Romney's association with corporate tax shelter schemes
Business InsiderFebruary 24, 2012

Even John McCain was aghast at Marriott's wanton use of tax shelters, when he complained about the federal tax credits Marriott claimed in an accidental loophole in the law on synthetic fuels. As the piece notes, McCain called Marriott's use of this ...more »

Amendment to tax law will not include amnesty
Agenzia Giornalistica ItaliaFebruary 24, 2012

(AGI) Rome - According to a government statement, the amendment on property tax for the Catholic Church that the government is about to present in the deregulation decree, may result in increased revenue from tax expected to reduce fiscal pressure.more »

Law firm probing bogus tax memo
Belfast TelegraphFebruary 24, 2012

The Government has insisted the charge is only temporary and that a property tax will eventually be introduced. A group of TDs and councillors objecting to the tax has distanced itself from the memo and said it informed the law firm its name was being ...more »

Romney Tax Plan Relies on Growth Paired With Missing Details
BusinessWeekFebruary 24, 2012

Romney's plan would retain the 15 percent top rates for capital gains and dividends while eliminating taxes on investment income for those making less than $200000 a year. It would repeal investment taxes and other levies in the 2010 health-care law.more »

Private Equity Avoids Tax Rise on Stake Sales
BloombergFebruary 24, 2012

The two took advantage of rules that allow corporations to write down the value of goodwill to offset taxes they paid on the gains. Potential Compromise The industry has labeled the hike in the enterprise value rate as unfair because it singles out ...more »

Homeowners Who Negotiate Debt Relief Could Soon Face Massive Tax Bill
Minyanville.comFebruary 24, 2012

In order to avoid foreclosure, you negotiated a short sale for half of what you paid, ruining your credit rating for years and draining your bank account. But there is a tiny silver lining: Thanks to a 2007 law, you don't have to pay taxes on the ...more »

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Katherine H DempsAttorney at LawPRACTICE AREA: Personal Injury, Family Law, Elder Law, Administrative Law, Real Estate Law, Landlord & Tenant Law, Criminal Defense, Wills & Probate, Constitutional Law & Civil Rights, Trusts & Estate Planning, Aviation, Workers Compensation, Military Law & Military Benefits
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