Recent Updates
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NY Wants Online Sales Tax
Lawyer News 02/13/2008Amazon.com is fighting Gov. Eliot Spitzer's plan to require online companies to collect sales tax from shoppers in New York, whether the companies are in New York or not.Several other money-strapped states have mulled going after the taxes.Spitzer's ...
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How tax rebates work in stimulus package
Lawyer News 02/12/2008[##_1L|1389090326.jpg|width="128" height="81" alt=""|_##]On Wednesday, President Bush is expected to sign the economic stimulus bill that provides tax rebates to most low- and middle-income Americans. Here are details of the plan, along with answers ...
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Bush Budget Sets Stage For Battle on Tax Cuts
Lawyer News 02/05/2008President Bush's tax-and-spending blueprint calls for making 2001 and 2003 tax cuts permanent but assumes that tens of millions of taxpayers eventually will be paying higher alternative minimum tax rates.Those two assumptions could affect some $1 tri...
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Supreme court rules tax break unconstitutional
Lawyer News 01/31/2008The state Supreme Court has found a tax break given to land developers and builders is unconstitutional.The tax break has allowed developers and builders to save money on property taxes because it froze the taxable market value of the land at the tim...
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Snipes Trial Offers IRS Perfect Script
Lawyer News 01/30/2008Even Hollywood couldn't have written a more ideal script for the Internal Revenue Service than actor Wesley Snipes' tax-fraud trial.At a time when millions of Americans are buckling down to prepare their taxes, Snipes is being cast as a villainous ex...
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Bush and House in Accord for $150 Billion Stimulus
Lawyer News 01/25/2008Congressional leaders announced a deal with the White House Thursday on an economic stimulus package that would give most tax filers refunds of $600 to $1,200, and more if they have children.House Speaker Nancy Pelosi said Congress would act on the a...
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IRS says Enron stock can't be deducted as theft losses
Lawyer News 01/24/2008[##_1L|1313277619.jpg|width="128" height="81" alt=""|_##]Q: We still own Enron stock and qualify for the reimbursement package that was mailed to investors this week. My question: Can we deduct the losses not covered by the reimbursement as theft los...
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Don't throw away your tax-exempt status
Lawyer News 01/23/2008Small tax-exempt organizations have a new filing requirement. The Pension Protection Act of 2006 made some big changes to the tax law as it affects charities, particularly the operation of tax-exempt charitable organizations. It included new rules fo...
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IRS audited 1 out of every 11 millionaires in 2007
Lawyer News 01/18/2008There's at least one advantage to not being a millionaire — less chance of being audited by the Internal Revenue Service.The tax agency said Thursday that in the 2007 budget year it audited one out of every 11 with incomes of $1 million or more. Amon...
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Late Tax Law Changes Affect Some Workers
Lawyer News 01/17/2008[##_1L|1379409163.jpg|width="128" height="81" alt=""|_##]Americans who claim tax credits for child care expenses, college costs or home energy updates may have to wait a while for their refund checks from the IRS this year. That's because Congress di...
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Court Limits Trusts' Tax Deductions
Lawyer News 01/16/2008[##_1L|1186341207.jpg|width="130" height="94" alt=""|_##]The Supreme Court upheld limits Wednesday on income tax deductions for trusts and estates, ruling against the family that created Pepperidge Farm. The court said trusts ordinarily may not deduc...
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IRS offers guidance on tax preparer penalties
Lawyer News 01/03/2008The U.S. Internal Revenue Service has issued temporary guidance about tax return preparer penalties until the agency completes an overhaul of the regulations later this year.The notice, issued by the IRS on Monday, provides guidance about the standar...