Recent Updates
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Obama to crack down on business taxes
Lawyer News 05/04/2009President Barack Obama plans changes to tax policy certain to be unpopular with corporations with international divisions and individuals who use tax havens. Obama's two-part plan, which he will announce later Monday at the White House, also embraces...
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Appeals court rejects tax case of McVeigh's lawyer
Lawyer News 03/31/2009An appeals court affirmed Timothy McVeigh's lawyer cannot claim a charitable tax deduction for donating prosecution materials from the Oklahoma City bombing case. The three-judge panel of the 10th Circuit Court of Appeals on Friday upheld a tax court...
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I.R.S. Plans a Deduction for Madoff Victims
Lawyer News 03/17/2009The Internal Revenue Service will allow victims of Bernard L. Madoff’s investment fraud to claim a lucrative tax deduction related to the bulk of their losses, the I.R.S. commissioner testified Tuesday morning before the Senate Finance Committee . Th...
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Ex-US congressman from Oregon faces tax charges
Lawyer News 01/30/2009A former Oregon congressman was indicted Thursday on federal money laundering and tax charges that prosecutors said were related to an investment fraud scheme that bilked victims out of more than $10 million.Former Rep. Wes Cooley, who represented Or...
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Calif. court rejects lawsuit against tax increases
Lawyer News 01/09/2009An anti-tax group will consider new legal action after a California appeals court tossed out a lawsuit that sought to block tax increases passed by Democrats in the state Legislature, the group said Thursday.Citing separation of powers, the state's 3...
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Race driver Castroneves heads to court in tax case
Lawyer News 10/03/2008Two-time Indianapolis 500 winner and "Dancing With the Stars" champion Helio Castronoves was set to appear in court Friday to face allegations he used offshore accounts to hide millions of dollars in income from the Internal Revenue Service.The 33-ye...
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Lone accountant takes on IRS and wins
Lawyer News 08/25/2008It took seven years, but Charles Ulrich did something many people dream about, but few succeed at: He beat the IRS in a tax dispute.Not only that, but tax experts say potentially millions of other taxpayers could benefit from his victory.The accounta...
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Marlboro-maker backs NY bid to tax Indian sales
Lawyer News 08/15/2008Cigarette-maker Philip Morris, supports a New York state Assembly bill that would solve a long battle over collecting taxes on cigarettes sold by Indian reservation stores by making wholesalers pay the levy, a company spokesman said on Thursday.The I...
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Most companies in US avoid federal income taxes
Lawyer News 08/12/2008Two-thirds of U.S. corporations paid no federal income taxes between 1998 and 2005, according to a new report from Congress.The study by the Government Accountability Office, expected to be released Tuesday, said about 68 percent of foreign companies...
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In California, Retro-Tech Complicates Budget Woes
Lawyer News 08/06/2008Faced with a $15 billion budget shortfall and a testy State Legislature, Gov. Arnold Schwarzenegger is dealing with a host of critics, including pro-tax Democrats, tax-averse Republicans and a public increasingly displeased with him. Now, even the st...
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IRS Warns About Donor-Advised Funds
Lawyer News 08/06/2008The Internal Revenue Service has issued a guide sheet for organizations that maintain donor-advised funds to help safeguard against abuses.Donor-advised funds allow organizations to make contributions that are generally treated similarly to contribut...
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New Tax Laws Dry up Car Donations
Lawyer News 07/14/2008Car donations have plummeted since Congress in 2004 tightened the tax rules for claiming charitable deductions, according to a Grant Thornton analysis of new IRS data. Before 2005, taxpayers who donated a vehicle were allowed to deduct its fair marke...