Estate Taxes & Gift Taxes. Legal news and articles for January 31 - 31, 2012

Identity Theft Crackdown Sweeps Across the NationA Tax Reform Proposal That Might Work: Bring On The VATSenate Examines Tax Extenders and Tax ReformUS crackdown stops $1.4 billion in bad tax refundsLa Raza to fight Congress on proposed law closing child tax credit for illegalsThe 10 Most Important Charts in CBO's New Economic ReportLawmaker Introduces Bill to Close Newt Gingrich Medicare Tax 'Loophole'Is Spirit Airlines Over Reacting to New Federal Regulations?Research and Markets: Private Foundations: Tax Law and Compliance 2012 ...Is Spirit Airlines Over Reacting to New Federal Regulations?UA economist finds immigration law could cost Alabama millions in lost taxes...When Is the Best Time to File Your Tax Return?IRS Issues New Rules For Tax-Free Legal SettlementsJohn Bullis: Special tax rules on disaster lossesConfusion reigns over how Milton missed making $3 million in school tax ...

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Tax evaders! there's no way to evade legal action
Business Recorder (blog)January 12, 2012

At a later stage he not only paid the due amount of tax but also deposited penalty under the relevant provisions of the tax laws. It is a classic example of enforcement against the evader where maximum action of arrest has been taken against the ...more »

New Capital Gain Tax Reporting For 2011 Tax Returns
ForbesJanuary 11, 2012

But anything that impacts this most fundamental line in the tax law should make you sit up and take notice. Schedule D is so Last Year! You were used to reporting capital gains and losses on Schedule D. Now, in most cases, use new Form 8949 to report ...more »

Estate Taxes & Gift Taxes. News and Stories

Identity Theft Crackdown Sweeps Across the Nation
Lahontan Valley NewsJanuary 31, 2012

In addition to the law-enforcement crackdown, the IRS has stepped up its internal reviews to spot false tax returns before tax refunds are issued as well as working to help victims of the identity theft refund schemes. The law-enforcement sweep started ...more »

A Tax Reform Proposal That Might Work: Bring On The VAT
ForbesJanuary 31, 2012

A well-designed Value-Added Tax could simplify the tax code for most households and finance significant reductions in corporate and individual income tax rates without adding to the budget deficit. And it could be a key piece of a revenue system that ...more »

Senate Examines Tax Extenders and Tax Reform
Accounting TodayJanuary 31, 2012

By Michael Cohn, Accounting Today The Senate Finance Committee held a hearing Tuesday to examine the growing number of tax extenders in the Tax Code that need to be renewed every year or two, and how there could be greater predictability with overall ...more »

US crackdown stops $1.4 billion in bad tax refunds
ReutersJanuary 31, 2012

By Nanette Byrnes (Reuters) - A US government crackdown on suspected identity thieves filing false tax returns stopped $1.4 billion in bad refunds from being sent out in calendar 2011, the tax-collecting Internal Revenue Service said on Tuesday.more »

La Raza to fight Congress on proposed law closing child tax credit for illegals
Examiner.comJanuary 31, 2012

Behind the scenes, National Council of La Raza continues its work to protect illegal immigrants from US tax law. While the US taxpayers are on the hook for $15 trillion of debt, La Raza would like to give illegals up to $1800 in tax credits.more »

The 10 Most Important Charts in CBO's New Economic Report
The AtlanticJanuary 31, 2012

Conservatives don't want to raise taxes, and liberals don't want to soak up stimulus by $500 billion in one year. So we'll keep having high deficits through the decade. What if we let current tax law rule? Our deficits would fall by more than half ...more »

Lawmaker Introduces Bill to Close Newt Gingrich Medicare Tax 'Loophole'
Accounting TodayJanuary 31, 2012

The bill would close off a wrinkle in the Tax Code that allows self-employed individuals, including lobbyists, to lower their Medicare payroll tax liability by classifying earnings as profits or dividends, instead of as wages.more »

Is Spirit Airlines Over Reacting to New Federal Regulations?
Seattle Post Intelligencer (blog)January 31, 2012

Spirit is not afraid to give their opinion about the new rules on taxes and fees. If you have been on Spirit Airline's website recently, you might have seen a big warning taking over your screen. The warning shows Spirit's disdain for the Department of ...more »

Research and Markets: Private Foundations: Tax Law and Compliance 2012 ...
Business Wire (press release)January 31, 2012

With more than 50000 private foundations in the United States and the increasing scrutiny of the IRS, this much-needed, annually updated manual provides you with a wide range of tax rules and regulations for these foundations.more »

Is Spirit Airlines Over Reacting to New Federal Regulations?
Airline ReporterJanuary 31, 2012

By David Parker Brown, on January 31st, 2012 at 8:00 am Spirit is not afraid to give their opinion about the new rules on taxes and fees. If you have been on Spirit Airline's website recently, you might have seen a big warning taking over your screen.more »

UA economist finds immigration law could cost Alabama millions in lost taxes...
al.com (blog)January 31, 2012

... immigration law by the director of the University of Alabama's Center for Business and Economic Research found that the law will hurt the state's economy, with the potential loss of tens of millions in tax dollars and billions in lost production.more »

When Is the Best Time to File Your Tax Return?
U.S. News & World Report (blog)January 31, 2012

By Barbara Weltman The tax law sets deadlines for filing income tax returns. However, there is room to maneuver, and the time you choose to file depends on your personal situation. Here are some guidelines to help you decide on the best time for you to ...more »

IRS Issues New Rules For Tax-Free Legal Settlements
ForbesJanuary 31, 2012

Which personal injury recoveries are tax-free? For almost 80 years, Section 104 of the tax code has made many injury recoveries tax-free, whether you settle or go to court. Up until 1996, just about anything qualified, including emotional distress, ...more »

John Bullis: Special tax rules on disaster losses
Nevada AppealJanuary 31, 2012

By John Bullis The tax law on presidential-declared disaster areas has some special provisions. Both individuals and businesses that sustain a casualty loss can claim a deduction on their tax returns for damages suffered from fire, floods and other ...more »

Confusion reigns over how Milton missed making $3 million in school tax ...
BurlingtonFreePress.comJanuary 31, 2012

There is some disagreement on what put the town in the position of owing the state more than $3 million in education tax revenue. / GLEN RUSSELL, Free Press MILTON — Confusing, changing laws; misinterpreted statements; and a lack of well-organized ...more »

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