Financial collapse affects seniors Oct 3, 2008
He also holds masters in accounting and a masters in tax law. He currently serves on the board of directors of the Massachusetts Chapter of the National Academy of Elder Law Attorneys. (Burlington Union, MA)
Pulpit politics: Pastors to defy IRS Oct 3, 2008
Their endorsements represent a direct challenge to federal tax law, which prohibits tax-exempt organizations from engaging in partisan political activity. The clergy have embraced that risk, hoping their actions will trigger an investigation by the Internal Revenue Service, which would then enable a Christian legal advocacy group to take the IRS to court and challenge the constitutionality of the ban. (Christian Science Monitor -- USA)
Saving Wall Street: Bailout bill gives tax break to NASCAR Oct 3, 2008
" One extends for two years a tax policy that had been allowed to expire in December that lets motor-sports facilities be treated the same as amusement parks and other entertainment complexes for tax purposes.That allowed them to write off their capital investments over a seven-year period. The motor sports industry feared that without a specific legal clarification, motor sports facilities would be required to depreciate their capital over 15 years or longer because of a recent Internal Revenue... (Anchorage Daily News)
Davis trial recanting proves nothing solid Oct 3, 2008
A church-state separation group filed complaints Monday with the Internal Revenue Service against six churches whose pastors either endorsed or made pointed comments about political candidates from their pulpits Sunday in defiance of federal tax law ... A church-state separation group filed complaints Monday with the Internal Revenue Service against six churches whose pastors either endorsed or made pointed comments about political candidates from their pulpits Sunday in defiance of federal tax... (Atlanta Journal-Constitution -- Opinion)
China considers tax breaks on charitable donations Oct 3, 2008
According to present tax law, corporate donation can be exempted from income tax only when the amount is within 3 percent of its annual revenue, the ratio is 30 percent for individuals. "This policy indicates that the more you donate, the more tax you have to pay." said Wang Jianlin, chairman of Dalian Wanda Group, based in northeast China's Liaoning province. (Xinhuanet, China -- World)
Bill would benefit NASCAR Oct 3, 2008
It isn't a new tax break, rather the way tax law historically has been interpreted, said Lauri Wilks, the vice president of communications for Speedway Motorsports, which owns the NASCAR tracks in Fort Worth, Texas; Sonoma, Calif. Concord, N.C.; and elsewhere. (Pocatello Idaho State Journal, ID)
Questions to Ask a Prospective Financial Planner Sep 25, 2008
For someone that has read everything out there on all these subjects and is into continuing education with tax law changes and personal financial changes over time, I don't see much extra that an advisor can provide that is worth the $6250, (or $25,000, or whatever) other than access to some closed funds, access which would all depends on the advisor and his broker relationships. For someone whose sole desire to handle their own finances and retirement planning ends with a comment like 'the... (SmartMoney)
Repetti named to BC Law School professorship Sep 24, 2008
Hailed as a leading tax law scholar and the author of seminal work in his field, he also was selected by the student body to be the first recipient, in 1999, of the Law School s award for excellence in teaching. He is co-author of the texts Partnership Income Taxation, Introduction to United States International Taxation, Federal Wealth Transfer Taxation, Problems in Federal Wealth Transfer Taxation and Tax Aspects of Organizing and Operating a Business and a contributing author to the... (Dover Sherborn Tab, MA)
Election '08: Chicago Commune Sep 24, 2008
It's galling that Obama thinks his definitions of "neighborliness" and "fairness" should be codified into tax law while ignoring the possibility that others might not agree with his personal interpretation of those words. Why should Obama's definitions carry more weight than someone who believes that being a good neighbor and being fair means supporting one low rate for everyone. (Investors Business Daily)
Kadin sees expansion of small business with Rp 40t bank loan deal Sep 23, 2008
Based on existing regulations, including those related to the new income tax law, MSMEs are defined as enterprises with annual sales below Rp 50 billion. According to Sandiaga, Kadin will sign a partnership agreement with five state lenders: Bank Mandiri, Bank Mandiri Syariah, Bank Negara Indonesia, Bank Rakyat Indonesia and Bank Tabungan Negara. (Jakarta Post, Indonesia -- Business)
News in Brief Sep 20, 2008
A full explanation of IRS tax law governing car donations can be found at. Cars Helping America has contacted with more than 80 charities to assist people in donating their vehicle. (Amesbury News, MA)
Few statewide ballot measures face Nevada voters Sep 20, 2008
Of the four statewide questions remaining, one deals with eminent domain; two involve tweaking tax law oversight; and a third would remove from the Nevada Constitution a six-month residency rule for voter eligibility - a requirement the U.S. Supreme Court struck down as unconstitutional more than three decades ago. The bigger, still-simmering issue involves what won't be on the ballot - a dozen or so citizen initiatives that were either withdrawn by their backers or scrapped by the courts for... (Fresno Bee -- State)
Eliminate death taxes to help family-owned farms Sep 17, 2008
Estate planning needs were not reduced by passage of the 2001 tax law. Farm Bureau supports the immediate and permanent elimination of death taxes. (Mattoon Journal-Gazette, IL)
Rangel Holds On to House Chairmanship Amid Inquiry Sep 16, 2008
The tax issue is particularly embarrassing for a lawmaker whose job is to guide new tax law. His committee post is among the most coveted on Capitol Hill. (Fox News)
Bond Traders Didn't Care If Muni Deals Were Illegal Sep 16, 2008
Then after they figured out what was going on -- an accounting scheme that would come to be known as ``bond premium laundering'' -- at least some traders started to ask tax lawyers about whether it was too good to be true. The tax lawyers studied the problem and at least some of them said the deals made no sense if the banks were obeying tax law and properly accounting for bond premium amortization. (Bloomberg -- Columnists)
Business associations urge govt to ease value-added tax Sep 16, 2008
The House is planning to deliberate an amendment to the 1983 VAT and Luxury Tax Law after receiving feedback from various stakeholders. The amendment is aimed at luring more investors. (Jakarta Post, Indonesia -- Business)
More errors for Rangel; hires new accountant Sep 15, 2008
The tax issue is particularly embarrassing for a lawmaker whose job is to guide new tax law. The New York Democrat is resisting calls from Republicans that he should lose his committee post, among the most coveted on Capitol Hill. (New York Post)
Report: Banks Helped Foreigners Avoid U.S. Taxes Sep 11, 2008
"We believe we acted in good faith when we advised our clients and believe we acted appropriately under existing tax law," Merrill Lynch spokesman William Halldin said in an e-mailed statement Wednesday. Spokesmen for Citigroup, Deutsche Bank, Lehman, Morgan Stanley and UBS couldn't be reached for comment Wednesday night. (Fox News)
Rangel admits mistakes, $5,000 bill to Uncle Sam Sep 11, 2008
As House Ways and Means Committee chairman, Rangel has a powerful say over tax law changes. By his own admission, he has no excuse for not reporting years worth of rental income on a beach vacation property he owns in the Dominican Republic. (Anchorage Daily News)
Investment banks accused of helping clients break tax law Sep 11, 2008
A Morgan Stanley spokeswoman said, "We believe that Morgan Stanley's trading at issue fully complied and continues to comply with all relevant tax laws and regulations.". A Citigroup spokesman, Daniel Noonan, said it had treated the transactions properly and that there were "ambiguities in how the law should be applied," Bloomberg News reported. (International Herald Tribune -- Business)
Demanding handouts Sep 11, 2008
Given changes in the tax law, that number has risen. By T. (Atlanta Journal-Constitution)
Why Our @*$! Tax Code Is So Confusing Sep 11, 2008
Then there are many thousands of pages of regulations and other guidance put out by the IRS in efforts to explain how the tax law provisions are supposed to work ... Just in the last nine months, Congress passed six significant new tax laws ... I can cite other examples of attempts to inject "fairness" into the tax law. (SmartMoney)
Wall St. Helped Hedge Funds Avoid Taxes Sep 11, 2008
The report is critical not only of banks and hedge funds, but also of the IRS and the Treasury Department for what the committee calls a failure to enforce the tax law governing this area ... " The report says a $32 billion special dividend by Microsoft Corp. in 2004 spurred many of the big banks to sell products that would allow their hedge-fund clients to avoid paying the associated taxes. Merrill stopped doing some of the deals after the committee began its investigation, according to an... (SmartMoney)
Pep Boys plunges on sales slide Sep 10, 2008
2 million tax benefit regarding a state tax law change. CEO Mike Odell said the drop in sales was caused by a combination of the weak economy and a transformation on the company s sales floors to put more focus on core automotive categories. (Philadelphia Business Journal, PA)
City allegedly violated IRS regulations Sep 10, 2008
Generally, when an employer provides a vehicle, it is reported as a taxable fringe benefit, IRS Tax Law Specialist Sam Catalano said. The information related to that reportable income is included in IRS Publication 15-B, he said. (Lake City Reporter, FL)
Pastors defy IRS ban on political endorsements... Sep 9, 2008
Owens also criticizes ADF and its lawyers for "actively advising churches and pastors that they should violate the tax law and offering to explain how to do that. The tax system would be shut down if you allowed attorneys to counsel people on how to violate the tax law." ... "The federal tax law is clear. Churches are charitable institutions that exist to do charitable things. That does not include politics. Political groups do politics.". (The Drudge Report)
Federal judge not retired Sep 8, 2008
In essence, tax law considers the money paid to federal judges on senior status a pension instead of a wage, but in reality the money is a salary, Kornmann said. The enactment isn't an indication that Kornmann intends to retire from the bench. (Sioux City Journal, IO)
Washington Report: Party Platforms Sep 8, 2008
Real Estate News and Advice. The housing and mortgage policy planks that emerged from the Democratic and Republican conventions could hardly be more different -- not only in terms of what they emphasized, but what they left out. (RealtyTimes)
Associated British Foods Full-Year Profit Climbs on Higher Grocery Prices Sep 8, 2008
The company said today it expects one-time charges of about 87 million pounds related to its Australian meat unit and a change of a tax law. It also sees a 23 million-pound gain on compensation linked to a renunciation of sugar quotas for the U.K. and Poland. (Bloomberg -- UK)
The real incentives Sep 8, 2008
Last week's passage of the income tax law is the best Idul Fitri gift the country could provide to our businesses and fellow taxpayers ... Unlike past tax breaks, which benefited only certain companies, especially those with close ties to the power holders, this newly passed income tax law gives incentives to all businesses in the form of reduced rates ... Now, with this new income tax law, we expect these investors to invest directly through legal entities in Indonesia. (Jakarta Post, Indonesia -- Editorial)
Businesses applaud new income tax law Sep 8, 2008
Businesses have praised the newly endorsed income tax law, saying it will boost the competitiveness of Indonesia's economy amid tougher global competition. The House of Representatives endorsed last week the income tax law in a plenary session, with lawmakers boasting it is one of the most business-friendly laws they have ever enacted ... "The (new) income tax law is in line with businesspeople's aspirations. It will promote a favorable investment climate," M.S. Hidayat, chairman of the... (Jakarta Post, Indonesia -- Business)
Alliance names project manager for Bamberg Sep 7, 2008
A 1993 graduate of Erskine College, Anderson has diverse experience in local government, management, tax law, infrastructure and real estate, and has served as Barnwell County Assessor since 1999. He is a S.C. licensed real estate appraiser, associate member of the Appraisal Institute, and a member of the S.C. Economic Developers Association. (Orangeburg Times and Democrat, SC)
What To Do When You Inherit Real Estate Sep 5, 2008
"A lot of people have enough to do just to maintain their own property and now all of a sudden they have another piece of property they have to deal with -- that's a little difficult, says Carl Izzo, Managing Director at Fiduciary Real Estate Advisors in Boston. Transferring the property Getting legal advice should be your first step. Depending on where you live, the legal process will vary, but all states allow those who inherited property to have the property transferred from the previous... (RealtyTimes)
Magna Carta: Did she die in vain? By Simon Sweetman Sep 5, 2008
Magna Carta: Did she die in vain. By Simon Sweetman - 05 Sep 2008. (Accounting Web, UK)
More business-friendly tax bill endorsed Sep 3, 2008
The House of Representatives on Tuesday enacted a much-awaited amendment to the income tax law aimed at spurring economic activities by providing lower rates and more incentives to businesses ... The new income tax law, which was delayed for several years because of vested interests within the legislative body, is part of Yudhoyono's pledge to create such an environment. (Jakarta Post, Indonesia)
Indonesian House passes business-friendly tax bill Sep 3, 2008
JAKARTA, Sept. 3 (Xinhua) -- The Indonesian House of Representatives on Tuesday endorsed an amendment to the income tax law aimed at boosting economic activities by providing lower rates and more incentives to businesses, a paper said here Wednesday. The new law stipulates that the income tax for corporations will be set at 28 percent flat next year, replacing the current progressive system, and will be further reduced to 25 percent at the start of 2010. (Xinhuanet, China)
IRS to add employees to NE Iowa offices Sep 1, 2008
Revenue officers are trained in both tax law and collection techniques necessary for the collection of delinquent taxes and delinquent tax returns. Duties include conducting research, interviews, investigations and analysis of financial information for assigned cases, often at the taxpayer's home or business. (Waterloo-Cedar Falls Courier)
Alitalia Files for Bankruptcy Protection Aug 30, 2008
Following Alitalia's announcement, the government named Augusto Fantozzi, a tax law expert and former finance minister, as the company's administrator. Fantozzi served as economy minister in 1995 in a government headed by Lamberto Dini and then as minister of foreign trade in Romano Prodi's Cabinet a year later. (ABC News -- Wire)
Investor Report: Rare Tax Law and Opportunity for Profit Aug 29, 2008
Some rental home investors may have a temporary window in time to take advantage of a rare tax law "twofer" -- profiting from not just one, but two of the latest changes to the Internal Revenue Code ... Now for the other half of the tax law "twofer": If you sell and close this year, or before next June 30, and your buyer qualifies as a taxpayer who had not owned a home for three years, the buyers can claim the $7,500 tax credit on their federal income tax filings. (RealtyTimes)
California's rich keep on giving Aug 29, 2008
Under U.S. tax law, individuals can write off up to 30% of their adjusted gross income for cash gifts and up to 20% for gifts of securities, he said. The question becomes: How much of my wealth am I going to pass on to my children, how much do I give to government and how much am I going to give to charity. (Yahoo News -- Philanthropy and Volunteerism)
Air France, Lufthansa vie for Alitalia Aug 29, 2008
Augusto Fantozzi, a tax law expert and former finance minister, has been tapped as the government-appointed administrator. On Thursday, Mr. Berlusconi's cabinet passed changes to a bankruptcy-protection law to fit Alitalia's immediate needs and pave the way for the process to begin. (Globe and Mail -- Business)
Law creates taxing situation for nonprofits Aug 29, 2008
On Sept. 1, tax-exempt organizations will face several changes in the state sales and use tax law. The new regulations could mean major changes in the way they do business but many are completely unaware. (Buffalo Business First, NY)
Raytheon loses bid to avoid state sales tax Aug 28, 2008
The tax board also wasn't persuaded by Raytheon's contention that some other states have already agreed with company's arguments, including Texas and California, because the board said the case was a matter of tax law specific to Massachusetts. Raytheon initially tried to persuade the Department of Revenue to reduce its taxes in 2004. (Boston Globe)
Accor: High Quality First-Half 2008 Results Aug 28, 2008
This performance confirms the business' robust performance in its core markets, in spite of the loss of a contract in Belgium and the change in tax law in Argentina. Furthermore, the Services started to migrate from paper vouchers to cards, improving the operating margin. (PR Newswire)
Italy Cabinet moves to save Alitalia Aug 28, 2008
Augusto Fantozzi, a tax law expert and former finance minister, is widely expected to be tapped as a government-appointed administrator. Under the new measures, the administrator will be able to sell off assets through private or exclusive negotiations. (International Herald Tribune -- Arts)
Guest Comment:Buy before the end of 2008 Aug 27, 2008
Hidden in the new housing bill just signed into law is a change to the tax law that provides a huge incentive to buyers to buy real estate before the end of 2008 ... When you combine historically low mortgage rates, significantly lower housing prices, and the above change to the tax law, everyone who is in a position to do so should be buying real estate right now. (Green Valley News & Sun, AZ)
A fifth year anniversary for Attorney/columnist Surabian Aug 26, 2008
He also holds a Masters in accounting and a Masters in tax law. He currently serves on the board of directors of the Massachusetts Chapter of the National Academy of Elder Law Attorneys. (Saugus Advertiser, MA)
NDCs Response To President Kufour Aug 26, 2008
The enactment of the Petroleum Income Tax Law, 1987, PNDCL 188, again by the PNDC Government which provides a separate tax regime for the petroleum sector. The formulation of a Model Petroleum Agreement as the main Guide for Petroleum Agreements to date. (Ghana Web, Ghana)
Ask Matt Krantz: Stocks Aug 25, 2008
REITs are required by tax law to return nearly all their earnings to investors. Much of that money returned to shareholders is usually, but not always, taxed at the shareholder's ordinary income tax rate. (USA Today -- Money)
Board adopts budget Aug 23, 2008
The board Thursday authorized Graham to continue to "investigate" the tax, which is allowed under the County Schools Facility Occupation Tax Law, which took effect in October 2007. The sales tax increase is limited to a maximum of 1 percent, and can be increased in increments of a one-quarter percent. (Pontiac Daily Leader, IL)
Same-sex marriage debate is similar in California and Germany Aug 22, 2008
Some are probably reluctant to do so because full legal equality with married couples is still lacking - for example, in tax law. Along with many other representatives to the German parliament, the Bundestag, I am committed to attaining complete equality between married couples and registered life partners. (San Francisco Chronicle -- Opinion)
Beginning investors share trading tips online Aug 20, 2008
As part of an online community at the brokerage Zecco, they consult each other on terminology, tax law and investment philosophy. Having tagged each other as "friends," they can see each other's trades. (MSNBC -- Politics)
District 108 Board questions sales tax law Aug 20, 2008
PEKIN The Pekin District 108 School Board wants answers to some pointed questions about the new County School Facility Occupation Tax law before it even considers it as an option to repay construction bonds or renovate schools or build new schools. The new law, which took effect on Oct. 17, 2007, allows school districts that make up at least 51 percent of the total county population, or the county board to place a resolution on the ballot allowing up to a 1 percent sales tax to fund school... (Pekin Times, IL)
Schools to study sales tax option Aug 20, 2008
The gist of the new County School Facility Occupation Tax law is that a county can place a sales tax referendum on the ballot for approval by voters through a resolution of the county board or school boards that represent at least 51 percent of the county student enrollment. The law. (Pekin Times, IL)
Jessica book sales fall short Aug 20, 2008
As part of an online brokerage community, they consult each other on terminology, tax law and investment philosophy. Together, they're learning the ropes. (Yahoo News -- Jessica Lynch)
Newth Talks Tax: Tax on leaving employee Aug 18, 2008
Some of the pensions tax law introduced in April 2003 did not come into operation until 6 April 2007 ... I would suggest that jh obtains further advice on this complicated area of tax law. (Accounting Web, UK)
Maybulk disputes IRB assessment Aug 16, 2008
We view this assessment as a significant departure from the IRBs past practices in respect of interest-free loans to wholly-owned subsidiaries and consider this incorrect under the Malaysian income tax law. Consequently, no provision will be made in the accounts and the company will contest this assessment, Maybulk added. (The Star Online, Malaysia -- Business)
Former Bridgewater Man Studied Science of Giving Aug 15, 2008
"Henry was a pioneer in the field of writing and speaking about philanthropy, tax law and fund raising," said Bruce R. Hopkins, a senior partner in Polsinelli, Shalton, Flanigan, Suelthaus PC of Kansas City, Mo. and Washington D.C., author and host of the online Non-Profit Law Center. (Litchfield County Times, CT)
Foreigners see money growing on trees, benefit from weak dollar Aug 15, 2008
He said federal tax law favors recent innovations like real estate investment trusts and other forms of investment organizations over the traditional timber companies, which face the double whammy of corporate and dividend taxation. Foreigners can come in here and invest in timberlands and not be eaten up by taxes, Woodall said. (Atlanta Business Chronicle, GA)
Seymour school board addresses budget Aug 15, 2008
The primary topic of discussion was the corporations budget, which remains unapproved by the state due to a host of unusual circumstances, including the continued delay in the collection of property taxes while the county adjusts to the suspension of duties for township trustee assessors per the mandate of a recently adopted state tax law. SCSC business manager requested the board take advantage of a deadline extension offered by the state Department of Local Government Finance (DLGF), which... (Brownstown Jackson County Banner, IN)
Safe Housing Bonds? Aug 14, 2008
A recent change in federal tax law has removed the specter of the IRS's from single-family municipal revenue bonds. Sporting yields appreciably higher than comparable-term Treasurys, yet carrying microscopic risk, these bonds should start garnering a lot more attention from retail investors. (SmartMoney)
Tax victory keeps Liburdi growing in Davidson Aug 14, 2008
A Davidson refurbishing company plans to expand after a state sales tax law was changed in its favor. The new rule could also benefit similar industries now eligible for a sales tax exemption. (Charlotte Business Journal, NC)
Cellcom Israel Announces Second Quarter 2008 Results Aug 13, 2008
According to the Israeli tax law, the Company will deduct at source 20% of the dividend amount payable to each shareholder, as aforesaid, subject to applicable exemptions. The dividend per share that the Company will pay for the second quarter of 2008 does not reflect the level of dividends that will be paid for future quarterly periods, which can change at any time in accordance with the Company's dividend policy. (PR Newswire)
Bankers Petroleum achieves record production, revenue, funds from operations and net income Aug 13, 2008
There are a number of risks associated with conducting foreign operations over which the Company has no control, including political instability, potential and actual civil disturbances, ability to repatriate funds, changes in laws affecting foreign ownership and existing contracts, environmental regulations, oil and gas prices, production regulations, royalty rates, income tax law changes, potential expropriation of property without fair compensation and restriction on exports. Additional risks... (Canada Newswire)
Simplify rules, MPs are urged urged Aug 13, 2008
"I'm an income-tax consultant and we have a tax law that is relatively complicated. ... I was surprised how complicated the laws around elections are," said Webber, who served as official agent to Brome-Missisquoi candidate David Marler. Font. (The Gazette (Montreal))
