New York Times DealBook: Mortgage Interest Deduction, Once a Sacred Cow, Is Under Scrutiny, by Peter Eavis: A tax break that has long been untouchable could soon be in for some serious scrutiny. Many home buyers deduct their mortgage interest when assessing their tax bill, a perk that has helped… Go to Source Author: Paul [...]
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WSJ: Republicans, the Fiscal Cliff, and Grover Norquist
Following up on yesterday’s post, Grover Norquist and the Fiscal Cliff: Wall Street Journal editorial, Republicans and the Tax Pledge: Grover Norquist Is Not the Problem in Washington: One of the more amazing post-election spectacles is the media celebration of Republicans who say they’re willing to repudiate their pledge against… Go to Source Author: Paul [...]
WSJ: Year-End Tax Moves
Weekend Wall Street Journal Tax Report: Tax Moves to Make Now, by Laura Saunders: The annual scramble to make smart tax moves before Dec. 31 is proving especially vexing this year. Congress still hasn’t settled 2013 tax rates on income, investments, large gifts and estates. Deductions and other breaks are… Go to Source Author: Paul [...]
Top 5 Tax Paper Downloads
There is a bit of movement in this week’s list of the Top 5 Recent Tax Paper Downloads on SSRN, with a new paper debuting on the list at #5: 1. [288 Downloads] James Couzens, Andrew Mellon, the ‘Greatest Tax Suit in the History of the World,’ and Creation of… Go to Source Author: Paul [...]
College Cuts Adjunct Faculty Hours to Avoid ObamaCare
Huffington Post: CCAC Cuts Adjuncts’ Hours to Avoid Obamacare Requirements: Community College of Allegheny County will cut the hours some instructors to avoid paying for their health insurance coverage under new Affordable Care Act rules. CCAC President Alex Johnson announced in an email to employees last week that the school… Go to Source Author: Paul [...]
Taxpayer Advocacy Panel (TAP) Releases 2011 Annual Report
The Taxpayer Advocacy Panel (TAP) recently released its 2011 Annual Report, highlighting the 41 recommendations and 25 projects TAP provided to the IRS for improving customer service and satisfaction. TAP is a Federal Advisory Committee that makes recommendations to the IRS and the National Taxpayer Advocate. More information about TAP’s 2011 accomplishments is available on [...]
NY Times: LSAT Takers and Law School Enrollments Plunge Amidst Poor Placement Prospects
Following up on Tuesday’s posts: Number of LSAT Test-Takers Falls 16.4% (Nov. 20, 2012) The Job Market for Law Grads Has Been Declining for a Long Time (Nov. 20, 2012) New York Times: Law School Admission Testing Plunges: The number of people taking the Law School Admission Test … offered… Go to Source Author: Paul [...]
IRS Releases Fall 2012 SOI Bulletin
The IRS’s Statistics of Income Division has released (IR-2012-97) the Fall 2012 SOI Bulletin (Vol. 32, No. 2), with these articles: Individual Income Tax Returns, 2010 (p.5), by Justin Bryan Partnership Returns, 2010 (p.79), by Nina Shumofsky, Lauren Lee & Ron DeCarlo Nonprofit Charitable Organizations, 2009 (p.169), by Paul Arnsberger… Go to Source Author: Paul [...]
IRS Releases 2013 Standard Mileage Rates
The IRS has released (IR-2012-95) the standard mileage rates for 2013 (Notice 2012-72): Beginning on Jan. 1, 2013, the standard mileage rates for the use of a car (also vans, pickups, or panel trucks) will be: 56.5 cents per mile for business miles driven [up 1 cent from 2012] 24… Go to Source Author: Paul [...]
Gerzog: Valuation Discounting and the Lottery Cases
Wendy C. Gerzog (Baltimore), Valuation Discounting and the Lottery Cases, 137 Tax Notes 917 (Nov. 19, 2012): The article describes the valuation discounting in [Dickerson v. Commissioner, T.C. Memo. 2012-60] and contrasts it with the discounting by circuit courts [Negron v. United States, 553 F.3d 1013 (6th Cir. 2009); Anthony… Go to Source Author: Paul [...]
51% of Law Schools Cut 1L Enrollment
Kaplan Press Release (Nov. 19, 2012): Responding to the reality that the toughest job market for new lawyers in 20 years may be the new normal for the foreseeable future, law schools are taking unprecedented steps to course correct. According to Kaplan Test Prep’s 2012 survey of [123] law school… Go to Source Author: Paul [...]
NY Times: Europe Seek More Taxes From U.S. Multinationals
Following up on last week’s post, Starbucks Pays Demi Taxes on Trenta Sales: New York Times, European Countries Seek More Taxes From U.S. Multinational Companies: Google reported sales of more than $4 billion in Britain last year. It paid less than $10 million in taxes. Some tax collectors, lawmakers and… Go to Source Author: Paul [...]
Possible Delay to Filing Season Due to Late-Passing Legislation, IRS Warns
The IRS may need to delay the start of the 2013 filing season, and taxpayers may experience delays in being able to file or delays in having their tax returns processed, because of any tax legislation that is passed in the final two months of 2012. However, if no new tax legislation is passed, the [...]
Six Year-End Tax Strategies in Light of the Fiscal Cliff
Intrepid CPA blogger Joe Kristan of Roth & Co. PC provides some advice for business owners concerned about how the “fiscal cliff” negotiations in Congress may impact year-end tax planning. Mr. Kristan begins by laying out what is known about 2013 taxes (namely the new Unearned Income Medicare Contribution Tax) and what is not yet [...]
Henderson: How to Increase Your Law School's Academic Reputation in U.S. News
The Legal Whiteboard: How to Increase Your Law School’s Academic Reputation, by William D. Henderson (Indiana): I have uncovered four factors that are associated with statistically significant increases and decreases of USN Academic Reputation. To illustrate, consider the scatterplot below, which plots the 1993 ordinal rank of USN Academic Reputation… Go to Source Author: Paul [...]
Ranchers, Farmers Brace for 'Death Tax' Impact of Fiscal Cliff
Watch the latest video at video.foxnews.com Go to Source Author: Paul Caron
Five Ways to Reduce Exposure to the Medicare Surtax
Tony Nitti, a certified public acccountant, offers five tax planning suggestions for reducing exposure to the Unearned Income Medicare Contribution Tax that will take effect starting in 2013. His five suggestions are: … Read Full Post Go to Source Author:
Google Law Review Rankings
From my friend and colleague Rob Anderson (Pepperdine), Google Ranks Law Reviews: Google has announced an enhancement to its Scholar Metrics that allows users to view citation rankings of journals in various categories. Among the rankings is Google’s ranking of law reviews, as well as a number of specialty law… Go to Source Author: Paul [...]
Top 5 Tax
There is a bit of movement in this week’s list of the Top 5 Recent Tax Paper Downloads on SSRN, with a new #1 paper and a new paper debuting on the list at #5: 1. [251 Downloads] James Couzens, Andrew Mellon, the ‘Greatest Tax Suit in the History of… Go to Source Author: Paul [...]
Tax Foundation: State-by-State Impact of the Fiscal Cliff
Tax Foundation: How Would the Fiscal Cliff Affect Typical Families in Each State?: To illustrate the potential impact on typical families, we have used Census and IRS data to estimate income and deductions for the median two-child family in each of the fifty states. We then ran these returns through… Go to Source Author: Paul [...]
TIGTA: Tax Preparers and IRS Agents May be Stealing Taxpayer Direct Deposit Refunds
The Treasury Inspector General for Tax Administration has released Processes for the Direct Deposit of Tax Refunds Need Improvement to Increase Accuracy and Minimize Fraud (2012-40-118): In 2011, more than 842,000 taxpayers took advantage of this “split refund” option, which the IRS first offered in 2007. They may split their… Go to Source Author: Paul [...]
Tax Consequences of Janeane Garofalo's Forgotten Marriage
Slate: Does Janeane Garofalo Have To Amend 20 Years of Tax Returns?: Comedian and actress Janeane Garofalo revealed on Saturday that she was married, unbeknownst to her or her husband, for 20 years. Garofalo wed writer and producer Rob Cohen in what they both thought was a sham ceremony in… Go to Source Author: Paul [...]
Group Sues IRS for Not Enforcing Electioneering Restrictions on Churches
The Daily Page: Freedom From Religion Foundation Sues IRS for Not Enforcing Electioneering Restrictions on Churches: On the heels of a presidential election in which hundreds of preachers publicly promised to flout IRS rules by endorsing candidates from the pulpit, the Madison-based Freedom From Religion Foundation filed suit against the… Go to Source Author: Paul [...]
NY Times: Charity’s Role in America
New York Times: Charity’s Role in America, and Its Limits: The outpouring of support highlights how central a role charity plays in our social contract — we Americans view ourselves as generous, yet we mistrust the government to help those in need. Our trust in charity is uniquely American. We… Go to Source Author: Paul [...]
Burk: What Matters Most in Legal Education: Jobs, Not Cost or Curriculum
The Faculty Lounge: What Matters Most (in Legal Ed These Days), by Bernard A. Burk (North Carolina): What I’ve mostly been listening to and thinking about is the swelling threnody bemoaning — or in some cases celebrating — the impending Demise of Legal Education As We Know It. … There… Go to Source Author: Paul [...]
Alm & Soled: 60% of Taxpayers Cheat on Deductions for Business-Related Car Expenses
New York Times op-ed: Filling Up on Your Dime, by James Alm (Tulane) & Jay Soled (Rutgers): The next time you fill up your tank, you should know that the person next to you might be paying much less than you for gasoline. By reporting their personal automobile use as… Go to Source Author: Paul [...]
Morse: A Corporate Offshore Profits Transition Tax
Susan C. Morse (UC-Hastings), A Corporate Offshore Profits Transition Tax, 91 N.C. L. Rev. ___ (2013): Congress might repeal the residual U.S. tax imposed when non-U.S. subsidiaries repatriate earnings to U.S. parent corporations. Repeal would raise the transition issue of how to tax the $1 trillion to $2 trillion of… Go to Source Author: Paul [...]
U.S. News Strips George Washington of its Ranking Due to Cheating
Following up on last week’s post, Rankings Scandal at George Washington: U.S. News has stripped George Washington University of its #51 ranking in the 2013 national university rankings because of GW’s admission that it has been inflating the percentage of its incoming freshman class ranked in the top 10% of… Go to Source Author: Paul [...]
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