On September 24, the Tax Policy Center published a chart estimating the effects HR 6049, the "Energy and Tax Extenders Act of 2008," would have on individual income taxes. The chart can be accessed here.Posted by Shannon Morris, Associate Editor,...
September 2008 Archives
Tax Policy Center Estimates Effects of Energy and Tax Extenders Act of 2008 on Individual Income Tax
US Senator Jim DeMint (R-SC) issued a press release outlining an economic growth plan yesterday. The plan claims that cutting taxes on investment, reforming government failures, and expediting energy exploration will spur real economic growth for American families and businesses....
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The House Ways and Means Committee released a summary of HR 7060, the "Renewable Energy and Job Creation Tax Act of 2008" on September 25.The summary can be accessed on the Committee website.Posted by Shannon Morris, Associate Editor, Wealth Strategies...
On September 25, the Joint Committee on Taxation released a report estimating the cost of HR 7060, the Renewable Energy and Job Creation Tax Act of 2008. According to the report, the Act will raise revenue nearly $1.9 billion between...
The Joint Committee on Taxation ("JCT") released a technical explanation of HR 7060, the "Renewable Energy and Job Creation Act of 2008" on September 25. The JCT separated the report into four sections: energy tax incentives, one year extension of...
Joan Weiner from Tax AnalystsTM interviewed Daniel Luthi from the Organization for Economic Co-operation and Development ("OECD"), 51 Tax Notes Int'l 1026 (Sept. 22, 2008). Luthi chaired the OECD Working Party No. 1 from 1990 to 2002 and became a...
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The Senate Finance Committee issued a press release announcing the Senate passed a tax package created by Chair Max Baucus (D-Mont) and ranking minority member Chuck Grassley (R-Iowa) on September 23. The tax package included clean energy tax incentives, alternative...
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On September 12, Congressional Research Service ("CRS") issued a report on tax basis. The report explained tax basis, described how it is calculated and adjusted, and discussed how it can be used in tax law. CBS defines tax basis...
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On September 12, Congressional Research Service ("CRS") issued a report on tax basis. The report explained tax basis, described how it is calculated and adjusted, and discussed how it can be used in tax law. CBS defines tax basis...
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The IRS ruled in April that an individual's valid disclaimer of a contingent right to receive the corpus of a trust on termination of the trust will not be a transfer subject to the gift tax.Posted by Shannon Morris, Associate...
Continue reading "Disclaimers Aren't Transfers Subject to Gift Tax"
Earlier this year, the Federal Department of Finance established the Swiss Financial Centre Dialogue Steering Committee to discuss ways to strengthen Switzerland's role as a major international financial center. On September 2, the committee approved the first package of measures...
Continue reading "Switzerland Takes Steps to Make Financial Center More Comepetitive"
Swiss Bankers Association (SBA) Chair Pierre Mirabaud sad that Switzerland should not criminalize tax evasion or end its tradition of banking secrecy as a result of pressure from high-tax countries. Swiss law currently distinguishes between criminal tax fraud and tax...
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The IRS issued a legal memorandum where it concluded it would credit responsible persons for trust fund payments made by the employer on August 19. The issue arose when the Service found that two individuals were responsible for the trust...
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In Darcy D. Williamson v. Michael Francis Sherlock No. 07-4145 (D.KS. Sept. 11, 2008), the US District Court for the District of Kansas upheld a bankruptcy court ruling which stated that the doctrine of marshaling could not be applied to...
A US district court in United States v. Roosevelt Kyle (S.D. Cal. 2008), amended a prior default judgment and entered a permanent injunction against an individual. The injunction enjoined him from preparing income tax returns for others under different entities.Posted...
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In United States v. Mark R. Vogt, (N.D. IN. 2008), the district court denied the government's motion for summary judgment to foreclose on tax lines through a forced sale of the couple's home. The court stated that there were unsettled...
The Joint Committee on Taxation estimated that the Energy Improvement and Extension Act of 2008 would cost $6.7 billion over 5 years, but would raise $61 million over 10 years. The Senate is scheduled to consider the act on September...
On September 17, the Joint Committee on Taxation estimated that the proposed Tax Extenders and Alternative Minimum Tax Relief Act would cost $106.4 billion over 10 years. The Senate is scheduled to consider these extensions on September 18. Posted by Shannon...
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On September 17, 2008, the IRS issued Revenue Ruling 2008-49, announcing the applicable federal rates for purposes of Internal Revenue Code Sections 1274(d), 1288(b), 382(f), 42(b)(2), and 7520. The Section 7520 AFR for determining the present value of an annuity,...
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Tax AnalystsTM reports that US billionaire Igor Olenicoff, who pled guilty to tax evasion and submitting a false tax return in December, is suing Swiss bank UBS for fraud. Olenicoff claims that UBS officials misled him on the legality of...
Lee Sheppard reports that Treasury Associate Tax Legislative Counsel Michael S. Novey explained the IRS's choice to excuse some heavily discounted debt securities from the applicable high-yield dept obligation (AHYDO) rules of section 163(i) at the American Bar Association Section...
States and localities are keeping their eyes on a few pieces of proposed federal legislation that might affect their tax revenue.• The Mobile Workforce State Income Tax Fairness Simplification Act (H.R. 3359): This bill would limit states and localities' ability...
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