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The following story is proof that we cannot escape paying taxes by dying. AolNews: “It could easily have been the plot for a ‘Sanford and Son’ episode: a bizarre money-making scheme cooked up by a well-meaning but possibly misguided man that seems destined to go comically awry. But in this real-life case, it’s [...] The February 15, 2010, New York Times has a special section with a number of stories on federal taxes. The stories are entitled: With Rules in Flux, It’s a Tough Time for Tax Strategies Reuters: “The Obama administration’s plan to cut more than $1 trillion from the deficit over the next decade relies heavily on so-called backdoor tax increases that will result in a bigger tax bill for middle-class families. In the 2010 budget tabled by President Barack Obama on Monday, the White House wants to let [...] Wall St. Journal: “if the Democratic economic policies continue nevertheless, this year will be nothing like the bitter economic January we will be living in a year from now. Government spending has already hugely increased, and so has the size and scope of government, but next year there will also be substantial tax [...] The Alternative Minimum Tax bomb exploded January 1, 2010, because Congress failed to pass legislation that would have prevented the tax from affecting millions of taxpayers. The number of taxpayers affected by the AMT will jump from 4 million in calendar year 2009 to 27 million in 2010. As the reach of the [...] The Blog of Legal Times: “Your chances of winning a fight with the IRS are about as great as your chances when fighting City Hall. National Taxpayer Advocate Nina Olson, in her recently-released annual report to Congress, listed the 10 tax issues most litigated in the federal courts. Of the 923 cases involving [...] The Tax Lawyer’s Blog: “President Obama has famously defined the rich as those making in excess of $250,000 per year. Well, now we find out from the Associated Press that the IRS rarely audits anyone who makes less than $200,000.” The Tax Lawyer’s Blog: “Each year the IRS publishes examples of its non-filer enforcement actions. Below are the examples for fiscal year 2010. They are excerpts from public record documents on file in the court records in the judicial district in which the cases were prosecuted.” Forbes.com: “High-income taxpayers, even those without offshore accounts, are now targets. Here’s how to protect yourself. If you’ve picked up a newspaper lately, you’re probably aware that the Internal Revenue Service has created a new enforcement unit to target high-net-worth individuals with complex financial holdings. To read these accounts, you might be led to believe [...] The Enterprise Blog: “The top 1 percent of taxpayers paid 40.42 percent of all income taxes collected in 2007 ($451 billion), the highest share in modern history for that group, and more for the first time ever than the entire bottom 95 percent of taxpayers, who paid $439 billion, or 39.4 percent of [...] TaxProf Blog: “The Joint Committee on Taxation has published a list of the 17 tax increases in the Senate health care bill, which are estimated to raise $370.2 billion in revenues over ten years.” The Tax Lawyer’s Blog: “Here is more evidence (as if we needed it) that supports the soundness of our recommendation that small business owners should incorporate or form an LLC rather than operate as a sole proprietorship. Back in October we reported that the IRS is considering placing limits on the amount [...] Tax Resolution: “John T. Minemyer, 49, of Casper, Wy., was sentenced to 12 months in federal prison for tax evasion. Minemyer was also ordered to pay a $25,000 fine and restitution totaling $200,918.22.” The Tax Foundation’s study estimates that to eliminate the federal deficit, tax rates for couples filing joint returns in 2010 must more than double. The following list shows income levels, current marginal tax rates and the increased marginal tax rates needed to erase the deficit. $0 to $16,750 increase from 10% to 27.2% Harvard University Professor of Economics Greg Mankiw believes that Senator Max Baucus’ healthcare bill will impose a staggering tax on Americans of all income tax levels. Jim Capretta looks at the Baucus healthcare bill and concludes that, because the subsidies phase out as income rises, it imposes an effective marginal tax rate [...] BNA: “The U.S. Tax Court ruled in a Sept. 29 opinion that a Roth individual retirement account is not an eligible shareholder of an S corporation, and therefore a corporation whose sole shareholder is a Roth IRA must be taxed as a C corporation (Taproot Administrative Services Inc. v. Commissioner, T.C., No. 15396-07, [...] As the federal government continues to grow, it provides less service at a higher cost. During the 2009 income tax filing season 75.7 million people tried to call the IRS toll-free telephone lines. Although the IRS answered 35.8 million (47.3%) calls, 22.4 million calls were not answered because taxpayers hung up, were [...] Congress created the Alternative Minimum Tax (AMT) in 1969 because of a story in the Wall St. Journal about 100 millionaires who paid no income tax. The primary reason they did not pay any income tax was because they had invested in tax free municipal bonds, a type of investment that produces earnings [...] |
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