Phil Ting: Corporate loopholes make Prop. 13 crippling for state Jun 21, 2009
Such a steady funding source has disappeared from the California budget because of the illogical patchwork of California tax law ... One of the most important tax reforms we can make is to amend Proposition 13, the foundational tax law in California that, by restricting one of our most important funding streams, has contributed to so many of the problems facing our state. (Sacramento Bee -- Opinion)
U.S., Swiss Complete Tax Treaty Talks Jun 20, 2009
"This treaty will increase our ability to enforce our tax law and will help bring an end to an era of offshore accounts and investments being used for tax evasion," Geithner said in a statement. Besides Switzerland, Treasury also recently concluded tax information exchange agreements with Gibraltar and Luxembourg. (CBS News)
Judging John Yoo Jun 20, 2009
This is akin to Al Capone teaching tax law or Dom DeLuise teaching diet classes. I don't know what the students do in his class. (Slate)
U.S., Switzerland agree to crack down on tax evaders Jun 20, 2009
"This treaty will increase our ability to enforce our tax law and will help bring an end to an era of offshore accounts and investments being used for tax evasion," Geithner said. The protocol, which the two countries are expected to sign in the next few months, would revise the existing U.S.-Switzerland treaty to allow for a greater exchange of information as permitted by a model income tax convention adopted by the Paris-based Organization for Economic Co-operation and Development. (USA Today -- Money)
Vegas newspaper to comply with narrowed subpoena Jun 19, 2009
The defendants claim ignorance of tax law as to the handling of gold or silver coins minted after 1985. Such coins are allowed to circulate as money. (Yahoo News -- Technology)
Money Sports stars richer after High Court ruling Jun 18, 2009
The key question for Chief Justice Robert French and justices William Gummow, John Heydon, Susan Crennan, Susan Kiefel and Virginia Bell was whether the management fee deductible under tax law was incurred in gaining or producing the players' assessable income. The judges said the Full Court of the Federal Court was in error to conclude the management fees were not deductible. (Sydney Morning Herald -- Australia)
Texas law should reduce franchise taxes for small businesses Jun 17, 2009
The legislation modifies the franchise tax law that went into effect in 2006. The new legislation is set to take effect on Jan. 1, 2010. (San Antonio Business Journal, TX)
IRS Backtracks on Cell Phone Tax Law Jun 17, 2009
Wednesday June 17, 2009 5:06 AM ET. Published June 16, 2009 3:49 PM. (SmartMoney)
Our view: Exxon and the gas line Jun 16, 2009
Won't the Legislature have to pass a new tax law to give the gas holders what they want. Not based on what we know now. (Anchorage Daily News)
Numbers crunchers shape health reform Jun 16, 2009
Another group of analysts at the congressional Joint Committee on Taxation estimates whether changes in tax law will raise or decrease revenue. Together, the CBO and the Joint Tax Committee staffs wield enormous influence. (MSNBC -- Health)
Column: Estate tax changes on the way Jun 5, 2009
Federal estate taxes are scheduled to be eliminated in the year 2010 based upon a tax law put in place in 2001, dubbed the Paris Hilton Benefit Act ... Married couples with estates in excess of $1 million would be well advised to review their estate tax plan and those with larger estates should be watching for the changes in the upcoming federal tax laws to ensure that they take advantage of the potential estate tax savings available to married couples ... He also holds Masters in accounting and... (Saugus Advertiser, MA)
The Marital Is Political, ctd. Jun 5, 2009
Federal tax law and Social Security benefits could no longer apply to married couples, because it just wouldn t do if a Gay couple who was married in Iowa, for instance, became automatically UN-married once they moved somewhere else ... The rights under tax law, Social Security, etc. (The American Conservative)
Need to review policy on oil and gas - Oteng-Adjei Jun 3, 2009
Dr Oteng-Adjei said Government would periodically review and revise the Petroleum Exploration and Production Law and the Petroleum Income Tax Law to maintain an attractive investment environment for oil companies. "We also need to create a friendly environment to encourage investments in the oil and gas industry value chain through fiscal incentives and even handed regulations," he added. (Ghana Web, Ghana)
NC Legislature approves tax law change for company Jun 2, 2009
The General Assembly on Monday approved changing the state's tax law with hopes it will result in Apple Inc. announcing a $1 billion investment within days. . (Herald Sun)
MLB Notebook: Dodgers' Ramirez drops to 5th in NL All-Star voting Jun 2, 2009
Brodsky claimed the Yankees' deal appeared to manipulate the tax law and included $1 million to cover free tickets for city officials. Indians. (Pittsburgh Post-Gazette, PA -- Sports)
Financial slip-ups can pack a punch May 31, 2009
"The tax law contains exceptions to the 10 percent additional tax, but the exceptions can be complicated and the rules can differ between IRAs and 401(k)s," Scharin said. Reach Wiles at. (AZCentral -- Business)
Much is given by hospitals, more is asked May 31, 2009
Tax law is complex and nonprofit hospitals would, like other businesses, adjust their finances to minimize taxes if they were not tax-exempt. But most of the hospitals agreed that the Globe's figures, and the means used to calculate them, are reasonable and close to their own internal estimates. (Boston Globe)
GM Bailout Has Future Tax Break Worth Billions May 30, 2009
Tax law allows money-losing corporations like GM to use current net operating losses to offset future taxable income, reducing their tax bills for up to 20 years after the losses occur. Corporations can also use current losses to offset profits from the previous two years, getting a tax refund. (Newsmax)
Elder Law: More free cash coming for seniors May 30, 2009
He also holds a master s in accounting and a master s in tax law. He serves on the board of directors of the Friends of the Saugus Senior Center and is a member of the Massachusetts Chapter of the National Academy of Elder Law Attorneys. (Georgetown Record, MA)
Liberty Counsel Set to File Complaint Against Americans United For Separation of Church and State May 29, 2009
"By banning a Democratic club while permitting a Republican club to exist and offering funding to the latter but not the former, university officials appear to be operating in violation of federal tax law," the letter stated. Staver said Liberty, as a private institution, can decide to lend its name or fund student groups of their own choosing. (PR Newswire)
Second home? May 29, 2009
However, the ability to sell a second home, avoiding tax on all the recent capital gains, relies on a new bit of the tax law which was extended during the last recession to help individuals forced to move home to find work ... But let's hope that any changes to the tax law are well thought through. (BBC News -- UK)
Progressive Legislation from 1913 -... May 28, 2009
In December of 1913, Wilson followed up on the controversial income tax law with the Federal Reserve Act, which is still debated today. Chief among the debates are whether or not Congress can legally delegate its currency generating powers, whether or not the Act caused or worsened the Great Depression, and that the Federal Reserve does not successfully stop inflation or maintain price stability. (Suite101.com)
Grant Writing for a Nonprofit Organ... May 28, 2009
In many cases, the tax law binds foundations. Foundations receive special tax considerations based on the fact that they are required to give a portion of their assets to the community in which they reside annually. (Suite101.com)
Taxman probes ministers' returns May 27, 2009
A Revenue and Customs spokesman told the BBC: "It's a general principle of tax law that accountancy fees incurred in connection with the completion of a personal tax return are not deductible. "This is because the costs of complying with the law are not an allowable expense against tax. This rule applies across the board. (BBC News -- UK)
NC House votes for changing tax law for Apple May 27, 2009
Durham, Chapel Hill and the Research Triangle Region. EMERY P. DALESIO : AP BUSINESS WRITER May 26, 2009. (Herald Sun)
Judge says no to taxes on Indian cigarettes May 26, 2009
Judge Rose Sconiers issued a preliminary injunction Jan. 2 barring the state from enforcing controversial tax amendments to Tax Law Section 471-e. She found that the tax law was not in effect due to the state's failure to create a fair tax exemption system for Native Americans and other deficiencies ... In the case of Day Wholesale Inc. and Scott B. Maybee v. State of New York, it is stated that "the order to show cause seeks a preliminary injunction enjoining enforcement of Tax Law Section... (Buffalo Business First, NY)
The Presidential Circus May 25, 2009
If this werent the case, how come the learned tax law professor kept fumbling at his inauguration when he had the script in his hand ... How did the learned tax law professor contrive to come up with the above gaffes. (Ghana Web, Ghana)
Church Sermons Targeted by IRS May 25, 2009
The panel consisted of Benjamin W. Bull, chief counsel for the Alliance Defense Fund and a constitutional law expert, law professor Douglas Laycock from the University of Michigan, Rev. Barry W. Lynn, executive director of Americans United for Separation of Church and State, and tax law expert Donald B. Tobin, associate faculty professor for the Ohio State University law school. Critics of regulations limiting free speech and the practice of religion claim that current regulations violate the... (Human Events Online)
Govt caves in to share scheme criticisms May 24, 2009
" The government insists it was always going to consult widely about the tax policy, which was virtually ignored on budget night but has since attracted some of the most stringent criticism. It indicated it was taking on the board the concerns voiced since the budget. "(We will be) examining the most efficient way of protecting the tax base and cutting down on potential avoidance and confusion at the higher end, while maintaining the current support for employee share ownership schemes,... (Sydney Morning Herald -- Australia)
State Capitol Briefs, Tuesday, May 19 May 21, 2009
Senate Minority Leader Richard Tisei said the "combined reporting" law change was wreaking havoc on business and disputed claims that the tax law change would generate $500 million, adding that companies like ExxonMobil were shutting down operations in Massachusetts because of the change. Sen. (Belmont Citizen Herald, MA)
Pringles are chips, British taxman decides May 21, 2009
Pringles calls its product crisps, but that is apparently close enough under British tax law. QUICK QUESTION. (USA Today -- Money)
Beer tax may be on tap to pay for health care May 21, 2009
The committee has a critical role to play in the health-care overhaul, since it writes tax law and oversees the government's giant medical insurance programs. Baucus wants to write a bipartisan bill, a goal for President Barack Obama. (AZCentral -- News)
NC Appeals Court Upholds Tax Bill for Wal-Mart May 20, 2009
The case has received attention because it may signal the extent in which North Carolina and other states are able to evaluate revenue subject to state tax law even when profits generated in North Carolina are shifted to tax shelters. In the mid-1990s, the Bentonville, Ark. (ABC News -- Wire)
Gregoire signs new $35 billion state budget May 20, 2009
Changes to tax law and other revenue drivers, such as expanded liquor sales, make up the balance. The new budget assumes no general tax increases. (Longview Daily News, WA)
Council may ask voters to continue tax for 6 years May 18, 2009
The capital sales tax law stipulates that council is authorized to create a six-member commission to consider proposals for funding capital projects. Three members are appointed by council and three by the municipalities. (Orangeburg Times and Democrat, SC)
MPs, their expenses and tax by Rebecca Benneyworth May 18, 2009
So the structure of the allowance meets the requirements of tax law, and if paid in accordance with these principles, the amounts claimed are not subject to tax ... If they fall foul of tax law then HMRC would be responsible. (Accounting Web, UK)
Internet tax avoidance hurts jobs, public May 17, 2009
The issue has come to a head over a bill by Assemblywoman Nancy Skinner, D-Berkeley, whose legislation, AB178, is really about enforcing the sales tax law, which the Board of Equalization has failed to enforce. It says, simply, that Internet sellers with agents or representatives in the state have presence sufficient for them to be obligated to collect tax on sales to California and send it to the state. (San Francisco Chronicle -- Opinion)
Turbo Power Systems Inc. (TPS) Announces Results for the First Quarter Ended 31 March 2009 May 15, 2009
"NOTES TO EDITORSAbout Turbo Power SystemsTurbo Power Systems Inc (TSX: - ; AIM:TPS). is a leading UK based designer and manufacturer of innovative power solutions. The Group's products are all based on its core technologies of power electronics and high speed motors and generators and are sold into a number of market sectors including aerospace, rail, and various industrial sectors. The Company's products provide improved efficiency and reduced energy consumption compared to existing... (CCNMatthews Press Releases)
Canada to help pulp firms in tax credit fight May 15, 2009
Canadian producers have expressed anger over a new interpretation of U.S. tax law that has allowed U.S. pulp mills to claim millions of dollars in alternative energy tax credits for burning black liquor in their power plants. The material is a byproduct of pulp production that mills have long reused. (Scientific American)
Error suspends taxes on tobacco May 14, 2009
Pipe and cigar smokers along with those who buy snuff and chewing tobacco in Hawaii are getting a four-month, $400,000 state tobacco tax holiday because of an error in a tax law written by the state Legislature ... Pipe and cigar smokers along with those who buy snuff and chewing tobacco in Hawaii are getting a four-month, $400,000 state tobacco tax holiday because of an error in a tax law written by the state Legislature. (Honolulu Star-Bulletin)
Is there a future for tax havens in view of recent developments? May 12, 2009
Thus the thrust of the message is that bank secrecy and other confidentiality laws are no longer considered appropriate as they are not in line with non-tax laws such as those against money laundering, terrorism financing and corruption ... They are involved in legal tax avoidance and hope to take advantage of the varying laws of different countries plus loopholes in their own tax law to minimise their taxes. (The Star Online, Malaysia -- Business)
Obama Targets Financiers to Close `Unfair Loopholes' in U.S. Tax System May 12, 2009
6 percent and theyre trying to make that work better, said New York University tax law professor. It makes sense to make that rate be less porous. (Bloomberg -- US)
EuroBancshares, Inc. Reports Earnings for the First Quarter Ended March 31, 2009 May 12, 2009
Puerto Rico income tax law does not provide for the filing of a consolidated tax return; therefore, the income tax expense/benefit reflected in our consolidated income statement is the sum of our income tax expense/benefit and the income tax expenses/benefits of our individual subsidiaries. Our revenues are generally not subject to U.S. federal income tax, with the exception of interest income from interest-bearing deposits in other financial institutions in the United States, which is not... (PR Newswire)
Bristol is brave May 12, 2009
EdwardfromAZ wrote on May 11, 2009 9:03 PM:" jp to EdwardPelosifromAZ wrote on May 11, 2009 " i guess they didn't cover tax law in the "turbo Tax, deluxe edition " dvd rom , eh Ed ... jp to EdwardPelosifromAZ wrote on May 11, 2009 4:45 PM:" i guess they didn't cover tax law in the "turbo Tax, deluxe edition " dvd rom , eh Ed ? " ... Edward wouldn't know tax law if it hit him upside of his head. (Wasilla Frontiersman, AK)
County seeks $20K refund May 9, 2009
The sales tax law is very, very complex, Cross said. But it is up to each individual business, each individual person, each individual entity to know what to research and find out whats exempt for them. (Paragould Daily Press, AR)
Patrick pulls from reserves, future budgets to close '09 gap May 8, 2009
The governor wants to decouple state tax law from segments of the federal recovery package, which officials said would save $100 million. The House has already approved a similar provision. (Cambridge Chronicle, MA)
'Special Report' Panel May 7, 2009
Special Report' Panel on Israeli-Palestinian Relations. Wednesday, May 06, 2009. (Fox News)
OBAMA'S TAX DODGERS . . . May 6, 2009
Still, one problem lingers: Rangel, despite multiple ongoing ethics probes, is chairman of the House committee charged with writing tax law. And Geithner oversees the IRS.. (New York Post -- Opinions)
Tesco Corporation Reports Q1 2009 Results May 6, 2009
6 million resulting from a change in the Canadian tax law ... During the first quarter of 2009, a new Canadian tax law was passed, and the effect was a one-time tax benefit of $1. (PR Newswire)
Religious bodies are to pay tax on investments - Commissioner May 6, 2009
Accra, May 5, GNA - Major Daniel S. Ablorh-Quarcoo (Rtd), Commissioner of Internal Revenue Service (IRS) on Tuesday said religious bodies that engaged in activities of trade, employment or investment are taxable under the tax law ... Maj Ablorh-Quarcoo said this at a day's seminar organized jointly by IRS and the Value Added Tax (VAT) Service on income tax laws for religious bodies with the theme: "Render unto Caesar the things that are Caesar's.". (Ghana Web, Ghana)
Obama announces int'l tax law reforms May 5, 2009
Obama administration announces int'l tax law reforms to close loopholes_English_Xinhua. Obama administration announces int'l tax law reforms to close loopholes ... WASHINGTON, May 4 (Xinhua) -- The Obama administration on Monday unveiled a plan to reform the U.S. international tax laws, a move to close taxation loopholes through offshore tax havens. (Xinhuanet, China)
Trico Reports First Quarter Results and Favorable Outlook for Subsea Sector May 5, 2009
6 million tax benefit related to a change in Norwegian tax law. Related Quotes. (Primezone Releases)
Road to recovery: Tax law revision may entice firms to expand in the Silicon Valley May 5, 2009
for free extra services. Subscribe to Silicon Valley / San Jose Business Journal. (San Jose Business Journal, CA)
Political Grapevine May 5, 2009
President Obama unveiled a plantoday to eliminate certain tax deductions for companies and consider United Sta 00002A80 tes citizens who use tax havens such as the Bahamas and the Cayman Islands guilty of tax law violations. The President said the plan would help to create U.S. jobs as well as help to generate $210 billion in new. (Fox News)
Mills Cries Wolf, Wolf, When None In Sight May 1, 2009
The body language and gesticulations by the Nations Father, the incessant invectives and aspersions from Ada to Zebilla (A-Z) that were exhibited and witnessed by people who were physically present and those who were glued to their television screens to watch the event live, did not mince words but generally concluded that our president, the learned professor, one time tax law lecturer at the university, must have been at something else but not for nothing. Readers and the general public who... (Ghana Web, Ghana)
U.S. Congress approves compromise budget blueprint Apr 30, 2009
To temper growing concerns among some Democratic fiscal hawks in the House, leaders there made it clear they would let certain tax law changes advance -- like middle-class tax cuts and the estate tax -- only if they were paid for with spending cuts or other tax increases. (Editing by Peter Cooney). (Yahoo News -- Top Stories)
Avatars, attorneys in new world of virtual law Apr 28, 2009
Duranske expects future cases to confront intellectual property issues - as the sex bed dispute did - as well as employment law and tax law. This article appeared on page C - 1 of the San Francisco Chronicle. (San Francisco Chronicle)
Time for TEA and a Fair Tax Apr 20, 2009
It is interesting to note, however, that the income tax law expired 10 years later, was revived in 1894, and then was ruled by the Supreme Court as unconstitutional in 1895 ... Again, as Huckabee says: "The fair tax is a completely transparent tax system. It doesn't increase taxes. It's revenue-neutral. But here's what it will do: It will bring business back to the United States that is leaving our shores because our tax laws make it impossible for an American-based business to compete. ; The... (Human Events Online)
Health Care Policy Analyst Gives SALGBA Attendees a Glimpse of the Future Apr 20, 2009
making US tax law more neutral between employer-provided and individually purchased coverage. O'Connell's presentation is sponsored by. (PR Newswire)
Bank Mutual income up 42 percent Apr 18, 2009
8 million one-time tax benefit recorded against income tax expense as a result of a recent change in Wisconsin tax law. The bank recorded a $2. (Milwaukee Business Journal, WI)
Our views: Collect whats due Apr 16, 2009
Others are turning a blind eye to willfully violate tax law ... But getting the biggest bang from the buck of tax laws already on the books is one way business-friendly group TaxWatch has recommended the Legislature address its own budget ills. (Florida Today)
Harley-Davidson to cut more jobs as 1Q profit dips Apr 16, 2009
4 million in one-time charges during the quarter due to restructuring costs and a change in Wisconsin tax law that occurred mid-quarter. Excluding these charges, the company earned 59 cents per share. (San Francisco Chronicle -- Business)
Still no verdict in Castroneves tax case Apr 16, 2009
U.S. District Judge Donald Graham gave them new definitions for some obscure areas of tax law. advertisement. (MSNBC -- Sports)
What the oil spill of 1989 has taught us Apr 16, 2009
A hardening of Alaska public attitudes toward the industry, which came to be reflected in the state Legislature, tipped the balance toward passage of a major increase in oil production taxes in a revision of an incentive formula in the tax law. Inevitably, complacency settled back into the system, however. (Juneau Empire)
Drop That 1040 Form! Apr 15, 2009
They're tasked with investigating any crime that skirts tax law, which essentially means any crime that involves money ... Then, once you get off the waiting list, you're sent to six months of training at the in Georgia to learn alongside all the other federal agents, including the big boys at the FBI. You're taught how to handcuff, how to execute a search warrant, and, perhaps toughest of all, how to interpret criminal tax law. (Slate)
