Chicago Tribune

Motorola gets $100M from Illinois to keep HQ in state Chicago Tribune To persuade the maker of mobile devices and cable TV set-top boxes to stay, rather than move to California or Texas, state lawmakers sweetened terms of its tax-credit incentive program as it has for automakers, including Mitsubishi, and truck- and ... Illinois Persuades Motorola to Keep HQ in LibertyvilleChicagoist all 167 news articles »

The Herald | HeraldOnline.com

The Carolinas | SC Gov. Nikki Haley releases 2010 tax returns Myrtle Beach Sun News Nikki Haley and her husband released 2010 tax returns Friday that show their income fell by nearly $40000 as she gave up a hospital fundraising job to run for governor. The tax documents made available to reporters show the family's total income was ... Tax records: Haley family earned approx. $155K in 2010WACH all 210 news articles »

Top US tax policy official to resign Financial Times The top US tax policy official will resign next week, just as the Obama administration is considering whether to press forward with its own plan to transform the taxation of American businesses. The departure of Michael ... Treasury's Top Tax Official Mundaca to Depart as Obama Considers OverhaulBloomberg Mundaca Is Leaving Treasury Tax PostWall Street Journal (blog) all 5 news articles »

Ohio House Of Representatives Passes Estate Tax Repeal Forbes (blog) On May 5, 2011, the Ohio House of Representatives passed a $55.6 billion two-year budget plan that would permanently repeal the estate tax for deaths occurring on or after July 1, 2013. The vote for House Bill 153 was along party lines: ... Coleman: Ohio estate tax repeal push 'immoral'Columbus Business First all 2 news articles »

Uptick in tax revenue alters state budget debate San Francisco Chronicle Rich Pedroncelli / AP Higher-than-expected tax revenue could make it harder for Gov. Jerry Brown's effort to sell the public on tax extensions. The budget fight at the state Capitol has been notably quieter in recent weeks, as everyone waits for May 16 ... Surprise jump in income tax revenue poses dilemma for Calif. governorBellingham Herald Higher tax revenue complicates Brown's tax pitchSan Jose Mercury News Brown's budget director urges caution as tax collections riseLos Angeles Times NBC Bay Area (blog) all 43 news articles »

French Tribune

House gives nod to Amazon tax repeal The Durango Herald DENVER – A repeal of last year's “Amazon tax” on Internet sales gained bipartisan support Wednesday. House Bill 1318 passed the House on an initial vote, with Republicans and most Democrats supporting it. ... Colo. House advances repeal of online sales taxBusinessWeek House passes tax-credit proposalBizjournals.com (blog) Colorado House quickly approves bill to repeal 2010 law on online sales taxDenver Post Denver Daily News -Denver Business Journal all 130 news articles »

Alameda: School parcel tax opponents file lawsuit San Jose Mercury News ALAMEDA -- Opponents of the parcel tax that Island voters approved in March to benefit local public schools are suing the Alameda Unified School District, saying the structure of the tax is unfair. The announcement of the lawsuit ... Measure E Parcel Tax Passes for Los Altos School DistrictPatch.com all 10 news articles »

IdahoReporter.com

April tax revenue boosts optimism on Idaho economy Forbes BOISE, Idaho -- The state collected $377 million in tax revenue in April, topping the month's forecast by $14 million and adding to optimism among leaders that Idaho's economy is recovering from the deepest ... Big April tax revenues exceed expectationsIdahoReporter.com Revenue $74.2M Ahead Of ForecastThe Spokesman Review (blog) all 34 news articles »

New York Daily News

With Budget Unveiling, Bloomberg Draws the Battle Lines WNYC "We are forced to do the best we can with what we've got. The state has shifted the burden from them to us." Following the unveiling of Mayor Michael Bloomberg's final budget, the battle lines are now drawn between the mayor and City ... Bloomberg to cut more than 6000 NYC teaching positionsCNN International Bloomberg's $65.7 Billion New York City Budget Proposes 6000 Teacher CutsBloomberg NYC Mayor's Budget Would Cut 1 Out Of 12 TeachersNPR Brooklyn Daily Eagle -Patch.com -The Associated Press all 331 news articles »

Contributor: Cole Schotz [View: Profile | Documents]

Allen D. Madison (Wyoming) has posted Rationalizing Tax Law by Breaking the Addiction to Economic Substance, 48 Idaho L. Rev. ___ (2011), on SSRN. Here is the abstract: This article presents a critique of the economic substance doctrine and suggests an alternative. The economic substance doctrine under certain circumstances overrides...

Wall Street Journal op-ed, The Tax-Me-More Lobby Doesn't Pay More, by Stephen Moore: I wish I had a dollar for every time a wealthy liberal has declared he thinks he should pay more taxes. That list includes Warren Buffett, George Soros, Bill Gates Sr., Mark Zuckerberg and even Barack Obama,...

Above the Law has named the eight finalists in its Law Revue Video Contest. My favorite remains George Washington's parody of Cee Lo Green's music video, F*** You (language warning):

Los Angeles Times, The Kabbalah Centre in Los Angeles Is the Focus of an IRS Investigation Into Tax Evasion: The Kabbalah Centre, the Los Angeles-based spiritual organization that mingles ancient Jewish mysticism with the glamour of its celebrity devotees, is the focus of a federal tax evasion investigation probing, among...

The IRS has announced that it is accepting applications for the Internal Revenue Service Advisory Council (IRSAC). IRSAC is comprised of up to 35 members who are appointed to three year terms by the Commissioner (currently, that’s Doug Shulman). The Council provides a public forum for IRS officials and the public to discuss relevant issues [...]

USA Today

Budget deficit slows as tax returns flow USA Today President Obama's budget deficit grew slower than predicted in April as a strong economy boosted tax returns. The April deficit was $41 billion, raising the total red ink for the 2011 fiscal year that began in October to $871 ... Strong tax receipts improve CBO April deficit estimateThe Hill (blog) US CBO Estimates -$41b Apr US Gov't Deficit Vs -$83b Yr AgoIMarketnews.com all 31 news articles »

GETTING PERSONAL: Tax Quirk Crimps Returns Of MLP Funds Wall Street Journal But a quirk in the funds' tax treatment has made the portfolios perform so unpredictably that investors might want to think twice before diving in. The new funds invest in so-called master limited partnerships, which are companies that typically own ... MLPs Back in Favor As Tax Issues Easing (EPD, KMP, MMP, PAA, KYN, SRV, AMJ ...24/7 Wall St. (blog) all 13 news articles »

New York Times

Higher tax revenue complicates Brown's tax pitch San Jose Mercury News California's tax revenue is running well ahead of earlier projections, but the governor's office says that has not simplified the challenge of closing the state's $15.4 billion deficit. State Director of Finance Ana Matosantos said Friday that ... Brown's budget director urges caution as tax collections riseLos Angeles Times S&P: Passed 'Balanced' State Budgets May Not Always Equal Fiscal RealityCNBC.com all 57 news articles »

French Tribune

House passes tax-credit proposal Bizjournals.com (blog) The Colorado House overwhelmingly approved the extension of a tax credit on innovation investment Friday, capping a remarkable comeback for a bill killed in committee three months ago, yet managed to survive through a technicality. ... Colo. House advances repeal of online sales taxBusinessWeek Colorado House quickly approves bill to repeal 2010 law on online sales taxDenver Post 'Amazon tax' on its way out the door?Denver Daily News French Tribune -Denver Business Journal all 85 news articles »

Penny on sales tax focus of NC schools coalition Forbes RALEIGH, NC -- Public school boosters and business groups announced Friday the formation of a new coalition supporters say will keep the pressure on the Legislature to keep an extra penny on the sales tax ... and more »

CTV.ca

Kabbalah Centre and Madonna Charity Under Criminal Investigation for Tax Evasion Gawker The Times has one detail that doesn't bode well for the Bergs: Investigators have uncovered an August 2010 email from the Kabbalah Centre's former chief financial officer that basically lays out the case for fraud and tax evasion. ... The Kabbalah Centre in Los Angeles is the focus of an IRS investigation into ...Los Angeles Times Los Angeles Kabbalah Centre to help with tax probeThe Associated Press Kabbalah faces tax probe… and Madonna's charity has been called to give evidenceDaily Mail Jezebel -Examiner.com -KTLA all 377 news articles »

Tax-News.com: Marking a turbulent start to the year, Germany’s largest airline Lufthansa has recently reported quarterly losses of over EUR500m, attributed in part to a decline in bookings linked to recent global events, to rising fuel costs, and to the introduction of the country’s controversial plane ticket tax.

Contributor: Darrin Mish, Tampa Tax Attorney [View: Profile | Documents]

Fairfield is an Iowa hotbed of eastern thought, so you wouldn't be too surprised to find a one-L Lama there....

The ABA Tax Section May meeting continues today in Washington, D.C. The full program is here; Tax Profs with speaking roles today include: Banking and Savings Institutions, Financial Transactions, Insurance Companies, Investment Management and Tax Exempt Financing Committees Luncheon --Richard Harvey (Villanova) Bankruptcy & Workouts: IRS Expense Standards -- Kristin...

Texas Tribune, UT System Releases Data on Faculty "Productivity": This afternoon, the University of Texas System released much-anticipated data on faculty "productivity" — noting, however, that the 821-page spreadsheet is in a raw draft form that has not been fully verified and "cannot yield accurate analysis, interpretations or conclusions." The...

National Law Journal, Educators: Congress Needs Law Clerks: Each year, hundreds of energetic law graduates begin federal judicial clerkships--jobs that will shape their view of the courts and position them for some of the most sought-after jobs in the legal profession. Others land White House fellowships, Bristow fellowships in the...

Karthik Balakrishnan, Jennifer L. Blouin & Wayne R. Guay (all of University of Pennsylvania, Wharton School) have posted Does Tax Aggressiveness Reduce Financial Reporting Transparency? on SSRN. Here is the abstract: This paper investigates whether aggressive tax planning firms have less transparent information environments. Although tax planning provides expected tax...

Tomorrow I am flying to Singapore, where I will be teaching a class (U.S. Personal and Business Income Tax Law), in the NYU @ NUS program at the National University of Singapore, over the 2-week period from May 10 through May 20. 3-1/4 hours per day over 8 days - definitely a grueling journey for faculty and students alike. The readings will include greatest hits from the Tax I casebook of which I'm a co-author (with Klein, Bankman, and Stark), as well as selections from Decoding the U.S. Corporate Tax and my book in progress on U.S. international taxation. We'll also read materials on tax shelters (including some famous U.S. cases) and, if we have time on the last day, discuss fundamental tax reform from a U.S. perspective.

As on my prior two visits to teach at NYU @ NUS, I'm looking forward to meeting the students, as well as to sampling Singapore's great food (such as from street hawkers and at Zam Zam on Arab Street in Little India).

Daily Mail

Transportation Tax Transparency Seattle Post Intelligencer (blog) WASHINGTON, May 5 (UPI) — The Obama administration is considering a plan that would require the study and execution of a plan to tax US drivers based on the amount of miles they drive. The plan is included in the administration's Transportation ... <strong>White House Wants to Track and Tax Your Mileage</strong>NewsMax.com Leaked draft bill reveals administration's new auto safety proposalsThe Detroit News Big Brother Wants to Track and Tax YouThe Stir msnbc.com -Newsroom America -Daily Mail all 44 news articles »

Los Angeles Times

Los Angeles Kabbalah Centre to help with tax probe The Associated Press LOS ANGELES (AP) — The Kabbalah Centre, a proponent of Jewish mysticism that attracted Madonna and other celebrities, said Friday that it will cooperate with a government tax investigation. The nonprofit Los Angeles-based center and one of its ... Kabbalah Centre Officially Under Investigation For Tax EvasionJezebel all 300 news articles »

CBS News

Analysis finds US tax burden lowest since 1958 CBS News The tax burden facing Americans is lower than it has been in more than 50 years, according to an analysis by USA Today. Bureau of Economic Analysis data shows that Americans are now paying 23.6 percent of their income to cover federal, state and local ... and more »

Tax-News.com: With an official announcement on the specifications of the deal expected within the month, it has been reported that an agreement between the UK and Switzerland will impose a 50% withholding tax on income from Swiss bank accounts, raising over GBP3bn for the UK over the next four years.

Tax-News.com: The Irish budget deficit has widened by 41% since last year as the nation's finances continue to reel as a result of payments, now amounting to nearly EUR70bn in total, to the nation's failed banks.

BBC News

Jobs Report Has More Bad News Than Good News CNBC.com AP There was more bad news than met the eye to Friday's jobs report, even beyond the bump up in the unemployment rate. While the top-line number of 244000 jobs created sounded great when it came off the tape, the internals were somewhat weaker. ... Snap Analysis: Jobs report shows strength with a caveatReuters Strong Job Report Shows US Economy Gaining SteamNew York Times US Economy Adds Jobs, but Unemployment Rate RisesWall Street Journal Bloomberg -Los Angeles Times -TheStreet.com all 699 news articles »

Des Moines city officials are preparing to implement their new random tax on motorists, reports the Des Moines Register: Des...

Supporters of tax credits to fix up old buildings like to say the credits are important for fixing up old...

A teacher at a police academy may not get hired to train IRS agents after his bad day in Tax...

Richard: “Hey, Monica, did you hear the good news?”

Monica: “No, what?”

Richard: “Legislators in New York have introduced a bill to suspend the gasoline and other fuel taxes for Memorial Day weekend, Independence Day weekend, and Labor Day weekend.”

Monica: “That’s great. I’ve been paying a lot for gasoline. Maybe they'll do that in every state.”

Grady: “Can’t help but overhear. I think it’s a bad idea.”

Richard: “Why? How can something that reduces what we pay for gasoline be a bad idea?”

Grady: “Whatever the state doesn’t collect in fuel taxes means that much less it has to spend on fixing roads and bridges.”

Monica: “So what? The state has lots of money.”

Richard: “Well, THAT’S not true. The state is in financial difficulty.”

Grady: “Exactly. Less fuels tax revenue, less road repair.”

Monica: “We don’t need new roads. That just encourages people to drive.”

Grady: “I’m not talking about new roads. I’m talking about all those potholes.”

Richard: “Yeah, they’re all over the place. Why are they so slow in fixing them?”
Grady: “It costs money to fix potholes. There’s not enough fuels tax revenue as it is, and a so-called tax holiday means that there’s less money.”

Monica: “So what’s the big deal about potholes?”

Richard: “Well, if you hit one, it can be bad.”

Grady: “Exactly. Worse case, you lose control of the car, perhaps die, kill someone, injure somebody. But even without that sort of tragedy, it knocks the front end out of alignment.”

Monica: “The what?”

Richard: “The way the tires are set matters, and a jolt can make the various parts holding them in the correct angles go awry.”

Monica: “So?”

Grady: “It wears out the tires faster, and causes the car to burn more fuel per mile.”

Monica: “Can it be fixed?”

Grady: “Sure, but it will cost way more than the few pennies you saved from the gas tax holiday.”

Richard: “So you’re saying that saving a few pennies on gasoline in the short-term is a long-run bad idea?”

Grady: “Absolutely. The gas holiday takes people’s attention away from the clash between growing demand for fossil fuel and diminishing supply.”

Monica: “But I HAVE TO HAVE my gasoline!”

Richard: “So what do we do?”

Grady: “Perhaps it would help if people drove in a manner that reflected their awareness of how precious and expensive gasoline really is.”

Monica: “What do you mean?”

Grady: “Here’s an example. Last week I was driving on a road with a 55 mile-per-hour speed limit. I was speeding, doing about 62. EVERY CAR on that road passed me. I passed no one except an old truck.”

Monica: “So? You’re holding up traffic.”

Grady: “They passed me like rocket ships. Imagine if they slowed down, if not to 55, perhaps to 60 or 65, instead of the 75, 80, 85, 90 that many of them are driving. They’d reduced their gasoline consumption by 10, 20, 30 percent. They could drive the same distance on 10, 20, 30 percent less gasoline. That’s the equivalent of cutting 40 cents, 80 cents, even $1.20 off the cost of a gallon of gasoline. Much more than three weekends of knocking 20 or 30 cents off the cost of a gallon of gasoline.”

Monica: “Oh.”

Richard: “So if people really cared about the cost of gasoline they wouldn’t waste it?”

Grady: “Exactly. Actions speak louder than words. When I see fewer people driving at 80 on roads posted for 55 miles-per-hour, when I see fewer people driving children to school while school buses are half empty, when I see people bundling their errands into fewer trips, when I see people keeping their tires inflated to the proper level, then I’ll believe that these high gasoline prices really matter.”

Richard: “You should explain this to everyone.”

Grady: “Someone already has. Five years ago, the guy that writes MauledAgain, in A Tax Trifecta: Gas, Enforcement, and Special Interests, explained why it makes no sense to reduce gasoline taxes. A year later, in Raise, Don’t Lower, Gasoline Taxes, he explained again why gasoline tax reductions and holidays make no sense in the long term. Three years after that, he wrote, in Tax Holidays, “Going on a tax holiday is one of the worst things that this nation could do. That would be the equivalent of spending hours in a tanning booth before going out into the sun without sunscreen.”

Monica: “Never heard of the guy. Never read his stuff.”

Grady: “You and most other people.”

Richard: “And if they did, they wouldn’t like what they read.”

Grady: “No kidding. I guess he’s not running for office or looking for votes.”

Monica: “If he did, he’d lose.”

Wolters Kluwer Tax & Accounting Expands Portfolio of Tax & Accounting, ERP ... Reuters (press release) (May 6, 2011) - Wolters Kluwer Tax & Accounting announced that it has acquired the software company, TopPower, a provider of tax, accounting, and ERP software solutions to professionals. TopPower, based in Belgium, will become part of the division's ... and more »

The Star-Ledger - NJ.com

Gov. Christie's tools aren't the sharpest in the shed The Star-Ledger - NJ.com (blog) By Star-Ledger Guest Columnist By Stephen Sweeney The governor has blamed everything and everyone for the highest property tax increase in four years. He continues to state that if only his “tool kit” were passed, New Jersey's property tax problems ... Progress is slow on 'tool kit' to lower taxesNorthJersey.com all 35 news articles »

CBS News

Congress gears up for elections with flurry of votes Boston Globe Democrats and Republicans returned to their confrontational posture the past two days, fiercely debating abortion and tax subsidies for oil companies. But the most recent fury and flurry of votes are not likely to produce many new laws this year, ... House Democrats Try to End a Tax Break for Big OilWall Street Journal (blog) Dems' drive to end oil tax break suffers setbackMarketWatch (blog) Pelosi to tout Dem oil tax break repeal plansThe Hill (blog) Center For American Progress -CBS News -Natural Resources Defense Council (blog) all 630 news articles »

Deseret News

Nevada Democrats release plan to extend taxes Forbes Democratic legislative leaders on Thursday rolled out a tax proposal they said is needed to avoid deep cuts to education and social services and would put Nevada's tax structure on more solid footing for the future. The proposal would extend taxes ... Democrats roll out tax planNevada Appeal Democrats have right idea on taxes, but it's too lateLas Vegas Sun Dems Roll Out Tax Plan; More Taxes, More EducationMyNews4 BusinessWeek -Lahontan Valley News -Nevada News Bureau all 88 news articles »

NY1

Colo. House advances repeal of online sales tax BusinessWeek It requires retailers who don't collect state sales tax to send their customers an annual notice of how much tax the customers should pay Colorado. It also requires retailers to provide the state with a list of customers. ... House, Senate Reach Agreement On Tax BillVermont Public Radio Colorado House quickly approves bill to repeal 2010 law on online sales taxDenver Post 'Amazon tax' on its way out the door?Denver Daily News Denver Business Journal all 87 news articles »

Think Progress

Florida corporate tax reduction goes to Gov. Scott BusinessWeek Most of some 30000 businesses that pay Florida's corporate income tax would get a relatively small $1100 per year reduction from legislation that on Thursday went to Gov. Rick Scott, who had sought a much bigger cut. ... Tax cuts for businesses praisedSarasota Herald-Tribune all 59 news articles »

Delaware gov proposes tax cuts to spur economy BusinessWeek Jack Markell on Thursday proposed a modest reduction in personal income taxes for Delawareans and a variety of tax breaks for businesses in an effort to spur economic development. The proposal, with an initial cost of about $54.5 million, ... Delaware budget: Gov. Jack Markell proposes tax-break dealThe News Journal Delaware, enjoying unexpected cash, looks to tax cutsWGNtv.com Markell proposes tax cuts, business incentivesNewsworks.org Milford Beacon -Newark Post all 74 news articles »

It's official. April was a record-setting month for tornadoes. A preliminary count of 692 tornadoes last month shatters the previous record for the number of twisters in any month. That had been 542 tornadoes in May 2003. The worst of this April's damage came between noon Eastern Daylight Time (EDT) April 25 and 5:30 p.m....

Tax-News.com: The Guernsey government has announced that from June 30, 2011, all Non-Profit Organizations based in the island of Alderney will be required to register with the Registrar of Charities and Non-Profit Organizations.

Tax-News.com: Argentina is to receive a USD3m loan from the Inter-American Development Bank to fund government efforts to expand its trade and investment relations with foreign countries.

Tax-News.com: Marking a turbulent start to the year, Germany’s largest airline Lufthansa has recently reported quarterly losses of over EUR500m, attributed in part to a decline in bookings linked to recent global events, to rising fuel costs, and to the introduction of the country’s controversial plane ticket tax.