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TaxProf Blog: Jacobson: 100+% Implicit Marginal Tax Rates Will Create Permanent Democratic Majority

Wed, 11 Nov 2009 15:15:00 -0500

William A. Jacobson (Cornell), 100% Plus Taxation Key To Permanent Dem Majority: Is it possible to pay more than 100% of your last dollar of income in taxes? And if it were, would you bother to earn that last dollar? Herein lies the key to how Democrats will obtain a... [...]

TaxProf Blog: Mason Presents Tax Expenditures and Federalism at Toronto

Wed, 11 Nov 2009 14:29:05 -0500

Ruth Mason (UConn) presented Tax Expenditures and Federalism at the University of Toronto yesterday as part of the James Hausman Tax Law and Policy Workshop Series. Here is the abstract: This Essay provides the first extended comparison of tax expenditures with federal grants to the states as devices for achieving... [...]

TaxProf Blog: IRS Awards $8 Million in Grants to 147 Organizations for Tax Prep Assistance -- $0 to ACORN

Wed, 11 Nov 2009 14:11:47 -0500

The IRS yesterday released (IR-2009-104) a list of the 147 organizations in all 50 states and the District of Columbia that received $8 million in matching grants to support its Volunteer Income Tax Assistance (VITA) Program in 2009. 360 organizations submitted applications requesting more than $30 million in matching funds... [...]

TaxProf Blog: Schlunk: Law School Is a Bad Investment

Wed, 11 Nov 2009 13:39:00 -0500

Tax Prof Herwig J. Schlunk (Vanderbilt) has posted Mamas Don't Let Your Babies Grow Up To Be...Lawyers on SSRN. Here is the abstract: This essay treats a legal education as an investment, and asks the question of whether, based on known costs and expected benefits, such investment should be undertaken....' [...]

TaxProf Blog: Simmons: Built-In Gain and Built-In Loss Property on Formation of a Partnership

Wed, 11 Nov 2009 13:00:00 -0500

Daniel L. Simmons (UC-Davis) has published Built-In Gain and Built-In Loss Property on Formation of a Partnership: An Exploration of the Grand Elegance of Partnership Capital Accounts, 9 Fla. Tax Rev. 599 (2009). Here is the abstract: This article is a primer on the issues faced by partners in dealing... [...]

Tax Research UK: How many companies are there?

Wed, 11 Nov 2009 12:41:12 -0500

The Mapping the Faultlines project that has given rise to the secrecyjurisdictions.com web site does what it says on the tin: it seeks to map the fault lines that flow through the world’s financial architecture that allows illicit financial flows of at least $1 trillion a year to [...]

: Tax Havens Suddenly Not All the Rage

Wed, 11 Nov 2009 12:01:23 -0500

Suddenly, it’s not so fashionable to have your money in Swiss banks. That’s sooo February 2009. This season, all of the trendy tax evaders are heading somewhere else.

In the wake of increased activity by IRS to track down previously undisclosed assets (joined by the taxing authorities in [...]

Roth & Company, P.C.: The Tax Update's Quick and Dirty Iowa Tax Reform Plan

Wed, 11 Nov 2009 12:00:00 -0500

Here is a tax reform plan for Iowa that I have passed around to a few friends. I may as well share it with you, too. Comments are invited. - Joe

The meltdown of the Film Tax Credit program illustrates the inherent problems of economic development tax credits. Iowa's' [...]

CPA.BLOG: Giving 'Til It Hurts

Wed, 11 Nov 2009 11:20:29 -0500

As the financially astute are no doubt aware, the U.S. has quite a bit of debt, in the same way that the Pacific Ocean has quite a bit of water. While we’re nowhere near the levels of, say, Japan, which has the largest public debt on Earth, the [...]

Tick Marks: No IRS VITA "Seed" Money for ACORN

Wed, 11 Nov 2009 11:20:00 -0500

The Internal Revenue Service recently awarded about $8,000,000 in matching grants for its Volunteer Income Tax Assistance Program and the controversial community group ACORN was not among the receipents. ACORN was recently embarrassed by amateur videos of its activities subsequently shown on conservative outlets such as the Big Government website [...]

footnoted.org: On Veteran’s Day and late filers…

Wed, 11 Nov 2009 10:38:13 -0500

Number of comments: 1

Today is Veteran’s Day, which means that the SEC (and all federal offices) are closed, even though the markets are open. Given that Monday was a big deadline for (mostly) third quarter Qs, it gives us a chance to play catch up and check in on those [...]

Accounting Blog: Cowardy Internal Audit and The Plight of CCM

Wed, 11 Nov 2009 10:30:00 -0500

Alright, CFO.com, you’ve satisfied your requirement to pander to your internal audit constituents. This article touts the benefits of implementing a Continuous Controls Monitoring system through the feel good success story of Talecris Biotherapeutics, a $1.4 billion provider of injectionable medical treatments.

[...]

Skeptical CPA: Citigroup's Fraudulent Loans

Wed, 11 Nov 2009 10:13:00 -0500

Number of comments: 1
"A judge ruled that loans made to Tousa Inc. ahead of the home builder's bankruptcy filing were 'fraudulent transfers,' ordering lenders to turn over more than $600 million. ... The 'disastrous business venture,' Judge [John] Olson wrote, spurred Tousa to borrow $500 million from Citigroup Inc. and others in July" [...]

I Love Big 4: Lay-offs recommencement

Wed, 11 Nov 2009 09:48:00 -0500

Another wave of lay-offs within Big 4 is being reported each day. E&Y - Chicago, Dallas, Los Angeles, San Francisco, Irvin - more than 20 of assurance professionalsPwC - US - about 250 of...

They say that working in audit Big 4 is a slavery. More information on I Love [...]

CPA Success: Jack has it right: It truly is an 'accounting vortex'

Wed, 11 Nov 2009 09:27:47 -0500

Jack Ciesielski is dead-on in his post "An Accounting Vortex," in which he describes the turbulent, spinning changes in accounting regulations and standards.

Specifically, he is referring to the SEC's quick reversal from a slowdown to a race to get to IFRS fast.

Then there is the House [...]

TaxProf Blog: 5th Circuit Disallows "Midco" Tax Shelter

Wed, 11 Nov 2009 09:25:39 -0500

The Fifth Circuit yesterday affirmed the district court's grant of summary judgment to the IRS, becoming the first appellate court to disallow a "midco" tax shelter. Enbridge Energy Co. v. United States, No. 08-20261 (5th Cir. Nov. 10, 2009): The uncontroverted evidence supports the district court’s conclusion that this was... [...]

Tax Research UK: Comments

Wed, 11 Nov 2009 09:24:31 -0500

Number of comments: 5

I mentioned last week I was reviewing comment policy on this blog.

I have done so. Please see the new policy, which is here.

I just reviewed a batch of comments. 80% failed the new tests. They were deleted.

Think of it like writing to a newspaper: no paper guarantees to [...]

Roth & Company, P.C.: It's not wasting their time, it's keeping them out of the way.

Wed, 11 Nov 2009 09:10:26 -0500

The Obama tax reform commission looks like it will be even more futile than is typical for these things, reports TaxVox:

Despite once-high expectations, it is likely to be a waste of everyone’s time.

Those "high expectations" were by no means universal.

The Board (the PERAB in Washington-speak) is hardly [...]

Roth & Company, P.C.: Eleventh Day, Eleventh Hour

Wed, 11 Nov 2009 09:01:28 -0500

Today is Veteran's Day.

Merle Hay, the first Iowan to die in World War I

Kay Bell marks the day with tax tips for those in the service.

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Jr Deputy Accountant: SF Fedhead Yellen: If Her Husband Were a Crack Addict, He'd Be Turning Tricks as We Speak

Wed, 11 Nov 2009 09:00:00 -0500

Number of comments: 1

Filed under: no fucking shit, lady.

Bloomberg:

The U.S. economy will be slow to recover from the deepest recession since the 1930s as rising unemployment curbs consumer spending, Federal Reserve officials said.

San Francisco Fed Bank President Janet Yellen [...]

Roth & Company, P.C.: They'll pretend to take care of you and pretend it's free

Wed, 11 Nov 2009 08:26:45 -0500

TaxGrrrl asks a good question:

Notwithstanding public options and other controversial parts of the health care reform bill, the real issue that remains of concern to many is how the plan is going to be paid for… In addition to the 40% tax on those Cadillac plans proposed by [...]

Roth & Company, P.C.: The Wandering Tax Buzz

Wed, 11 Nov 2009 08:24:35 -0500

A new tax blog roundup from Robert D. Flach is up!

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theRacetotheBottom: Foreign Private Issuer Exemptions: NASDAQ Rule 5615(a)(3) - Israel

Wed, 11 Nov 2009 08:01:06 -0500

This post represents the final post of a three part series focused on NASDAQ's exemption rule for foreign private issuers.

Israel has the second largest number of foreign issued securities listed on the NASDAQ. The rules Israeli companies most commonly deviate from are:

Rule 5605(b) and (e) – Nomination and Composition of [...]

MauledAgain: Tax-Free Beverages: Let Them Drink Chocolate?

Wed, 11 Nov 2009 08:01:00 -0500

Amidst the furor over children’s access to sugar, particularly sugar-laden beverages, in schools, and proposals to impose a tax on sugary drinks, another front has opened up in the battle for children’s taste buds and dietary intake. For my earlier thoughts on this tax idea, see What Sort of [...]

TaxProf Blog: Foundation Press Publishes Federal Courts Stories

Wed, 11 Nov 2009 06:00:00 -0500

Foundation Press has published Federal Courts Stories, by Vicki C. Jackson (Georgetown) & Judith Resnik (Yale): Touching on history, economics, politics, and law, these stories steal behind the texts of the legal opinions into the larger-than-life personalities and struggles of their antagonists and protagonists. This title is an invaluable supplement... [...]

Tax Research UK: Where are the world’s secrecy jurisdictions?

Wed, 11 Nov 2009 05:09:30 -0500

Number of comments: 2

The Tax Justice Network has produced a great interactive map of where the world’s secrecy jurisdictions are.

It’s available here.

Thanks to Statplanet in helping produce this. They had to add places to their maps they didn’t really think existed!

[...]

Tax Research UK: TUC calls for a UK transactions tax

Wed, 11 Nov 2009 05:05:49 -0500

Number of comments: 10

The first stage of the TUC’s submission on the Pre-Budget report has been released. As they note:

The Chancellor should introduce a 0.05 per cent transaction tax on instant transfers between UK financial institutions so that the finance sector makes a major contribution to repairing the damage done to public [...]

TaxProf Blog: Weisbach: Instrument Choice is Instrument Design

Wed, 11 Nov 2009 05:00:00 -0500

David A. Weisbach (Chicago) has posted Instrument Choice is Instrument Design on SSRN. Here is the abstract: This paper analyzes the choice between taxes and cap and trade systems (also referred to here as a permit system or a quantity restriction) as methods of controlling greenhouse gas emissions. It argues... [...]

Tax Research UK: Mutiny in the Caribbean

Wed, 11 Nov 2009 04:49:40 -0500

Number of comments: 2

BBC - Today - Mutiny in the Caribbean .

According to the report people in Turks & Caicos can’t decide if direct rule is a good thing or not:

Aubrey Butterfield Junior, Chair of the Providenciales Chamber of Commerce, was one of those who publicly advocated for Britain to introduce direct rule.

“If [...]

TaxProf Blog: The Tenure Interview

Wed, 11 Nov 2009 04:30:00 -0500

Inside Higher Ed, 30-Minute Chat to Tenure: Lloyd A. Jacobs announced last week that in his role as president of the University of Toledo, he plans to interview every faculty member who comes up for tenure before making a recommendation to the board on whether to approve the bid. While... [...]

TaxProf Blog: Tax Anti-Avoidance v. Abuse of Law

Wed, 11 Nov 2009 04:00:00 -0500

Zoë Prebble (LL.M. 2010, Michigan) & John Prebble (Victoria University of Wellington, Faculty of Law) have posted Comparing the General Anti-Avoidance Rule of Income Tax Law with the Civil Law Doctrine of Abuse of Law on SSRN. Here is the abstract: This article compares the general anti-avoidance rule of income... [...]

Sox First: Suicides: the real cost of recessions

Wed, 11 Nov 2009 02:30:41 -0500

More reports confirming the way the recession is destroying, quite literally, the lives of so many people with news that the rate of suicides is on the rise as people weight up the cost of the recession with soaring unemployment and home foreclosures. According to one psychology professor quoted in [...]

Sox First: Big Tobacco extends its reach

Wed, 11 Nov 2009 01:52:11 -0500

Big tobacco has hit upon a brilliant strategy with reports that Reynolds American Inc, maker of Camel cigarettes, is planning to buy a company that's stopping people from smoking.The manufacturer of cancer sticks is apparently in talks to buy Swedish maker of nicotine gum Niconovum AB. Now what could that' [...]

Don't Mess With Taxes: Military tax tips

Wed, 11 Nov 2009 01:15:00 -0500

Veterans Day this year is particularly poignant due to the tragedy at Fort Hood.

Please keep those who lost family and friends at the Texas base in your thoughts today, along with all our veterans who [...]

re: The Auditors: Live Our Values, Demonstrate Our Behaviors, Support Our Strategy…

Wed, 11 Nov 2009 00:58:14 -0500

The Train Paradox: Time Dilation and Length Contraction "One-firm" firms, and those that aspire to this goal, share the following characteristics: Loyalty - Great emphasis is placed on firm-wide coordination of decision making, group identity, cooperative teamwork an institutional commitment. Downplaying stardom - Leaders and members of the firm view themselves as [...]

re: The Auditors: @Going_Concern “I Pity The Fool: Partners Are Being Cut, Too”

Wed, 11 Nov 2009 00:58:14 -0500

It's not often that I feel sorry for the firms, especially their partners. But go take a look at my latest @Going_Concern post. I do the best I can under the circumstances. "Firms should grow, especially if that means serving clients (in particular multinational clients) better. But I, for one, believe" [...]

re: The Auditors: Veteran’s Day In PwC Advisory: Say Auf Wiedersehen

Wed, 11 Nov 2009 00:58:14 -0500

I've just received word: There was a PwC Advisory partners emergency conference call tonight announcing upcoming involuntary staff reductions. (This time the source is impeccable.) New US Advisory Leader, Dana McIlwain laid out the bad news: The time has come to cut. Average utilization is hovering at 69%. Cash collections are millions' [...]

re: The Auditors: Taking Your Pulse

Wed, 11 Nov 2009 00:58:13 -0500

Taking Your Pulse Sunday morning 11/08/09 How many different ways can you search for news of the PwC Advisory layoffs and find this blog? 7 habits of strong ehical leaders big 4 coached out unemployment big 4 salary big 4 starting salary big four salaries nyc blog november, auditors, pwc advisory bonus of big 4 deloitte resignation procedure graduate enron [...]

Energized Accounting: Landing That First Job

Tue, 10 Nov 2009 23:23:00 -0500

Question from the editors of Forbes:

Recently, the U.S. Bureau of Labor Statistics reported a jump in the unemployment rate to 10.2%.Some economists think we could be looking at 10.5% by early next year.

Given these grim forecasts, how do you counsel recent college graduates and [...]

Tax Guru-Ker$tetter Letter: Sec. 179 For Yachts?

Tue, 10 Nov 2009 22:42:00 -0500

Another question that really depends on multiple factors.

YouTube page.

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Skeptical CPA: Yield Curve

Tue, 10 Nov 2009 19:20:00 -0500

Number of comments: 3
Hellacious at Sudden Debt has an interesting 29 October 2009 post on the yield curve's (YC) shape: [suddendebt.blogspot.com]. While agreeing with his conclusion, i.e., the YC will flatten, we disagree as to why the YC is so highly sloped and what its slope means. I say the YC will [...]

Skeptical CPA: I'm Available

Tue, 10 Nov 2009 19:11:00 -0500

Number of comments: 2
"On Tuesday, Senator Jeff Merkeley, Democrat of Oregon, and Senator Bob Corker, Republican of Tennessee, intorduced legislation to allow the Government Accountability Office to audit some of the [Fed's] lending programs. Different bills calling for more comprehensive Fed audits already have widespread support in the House and Senate. Expanding this'" [...]