The Roni Deutch Tax Center Tax Help Blog recently posted an interesting article on the tax views of the top ten presidential candidates. The entry include summaries of each of the candidates proposed tax plans as well as voting records for those who served in Congress. You can check out the article by checking out "Tax Views of Top 10 Presidential Candidates" on the Tax Help Blog.
Friday, November 30, 2007
Recently the IRS’s website announced that the next Tax Talk Today will be on "getting Ready for the Filing Season 2008." It will broadcast on Tuesday December 11th and will "focuses on individual tax return issues, such as changes to forms, the latest tax law changes and IRS processing issues that affect individual taxpayers. Tax preparers also will get tips on how to avoid common errors that can cost them and their clients time and money."
Panelists will be Kathleen Collins, principal of her own Savannah, Georgia-based tax practice, and president of the Georgia Association of Enrolled Agents; William Stevenson, president of National Tax Consultants, Inc., a tax preparation and taxpayer representation firm for individuals and businesses; Pamela J. Walker, IRS deputy director for Submission Processing at Cincinnati and Carole Barnette, IRS acting chief for Individual Tax Forms and Publications.
For more information check out TaxTalkToday.tv
Wednesday, November 28, 2007
Mark Everson, the former Commissioner of Internal Revenue, was recently fired from his position as President of the Red Cross. The reason? According to a Red Cross press release Everson was released after "engaged in a personal relationship with a subordinate employee." The release continues to state that "the situation reflected poor judgment on Mr. Everson's part and diminished his ability to lead the organization in the future."
Those of us in the tax industry know Mr. Everson as the 46th commissioner of the Internal Revenue. President George W. Bush appointed him to the position in 2003 and left the IRS in May of 2007 when deputy commissioner Kevin Brown took the position of Acting Commissioner. After his departure, the Board of Governors unanimously approved Everson as President of the Red Cross.
Everson’s departure from the Red Cross comes less then six months after being approved for the position. Everson also released his own statement on the issue, which has no mention of his personal relationship with a subordinate employee and cites "personal and family" reasons for his departure.
Recently, the IRS announced that they would be lowering interest rates for the first quarter of 2008, beginning on January 1, 2008. According to IRS codes the interest rate is determined on a quarterly basis and can either be changed or kept the same. This upcoming quarter the rates will drop by 1% and be set as follows:
- seven (7) percent for overpayments [six (6) percent in the case of a corporation]
- seven (7) percent for underpayments
- nine (9) percent for large corporate underpayments, and
- four and one-half (4.5) percent for the portion of a corporate overpayment exceeding $10,000.
Monday, November 26, 2007
The IRS recently announced that Honda has reached the 60,000 vehicle limit during the calendar quarter ending Sept. 30, 2007. Therefore, the credit for buying any Honda hybrid vehicle begins will begin to phase out beginning January 1, 2008. Vehicles purchased before that date, however, will still qualify for the full credit. For Honda hybrid vehicles bought on or January 1, 2008, the credit is 50 percent of the otherwise allowable credit amount.
The new credit amounts will be as follows:
- Honda Accord Hybrid AT, Model Year 2007 — $650
- Honda Accord Hybrid Navi AT, Model Year 2007 — $650
- Honda Civic Hybrid CVT, Model Year 2007 —$1,050
- Honda Civic Hybrid CVT, Model Year 2008 — $1,050
Yesterday Chrysler released sketches of their next concept car, which is expected to be unveiled at the January 2008 Detroit auto show. Check out the sketch below, thanks to Auto Green Blog.
Wednesday, November 21, 2007
The death tax, also known as the Federal Estate Tax, has been getting a lot of media attention lately. For those unfamiliar with the death tax, it is essentially a tax levied on the transfer of a taxable estate usually following a person’s death. As part of President’s 2001 tax cuts, the death tax was set to slowly die off and eventually be completely removed by December 31, 2010. However, unless the next President renews Bush’s tax cuts the prior law will reassert itself the next day, January 1st, 2011. Therefore theoretically some one who dies in December 2010 would pay no estate taxes whatsoever, while some one who passes away 24 hours later could have as much as a 55% tax levied on their estate.
Warren Buffet has been one of the strongest supporters of continuing the estate tax, even appearing before the Senate. Which seems odd considering Buffet is worth an estimated $52 billion, meaning when he dies his estate will be hit with some sort of estate tax. So why would he support the estate tax? The truth lies in Buffet’s business dealings. He has major investments in companies that sell life insurance and directly profits from the continued estate taxes.
When people want to avoid loosing large portions of their estate to the death tax, they often put their wealth into life insurance policies. Therefore once they pass the designated heirs are paid the life insurance funds without having to pay any taxes. Therefore Mr. Buffet has a huge conflict of interest and his insurance companies stand to directly profit from a continued death tax. I hope that the Senate will consider this information the next time Mr. Buffet testifies.
Monday, November 19, 2007
Thursday, November 15, 2007
In the motion Snipes attorneys claim the Federal government’s lawyers are trying to get an "all-white Southern jury" to hurt Ms. Snipes chances at a fair trial. But, as if the motion alone wasn’t enough, Mr. Snipes also conducted a public opinion roll comparing racial attitudes in both Ocala and New York. This is Snipes second attempt to get the venue for his trial changed; a federal judge rejected the first.
Friday, November 09, 2007
Thursday, November 08, 2007
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