Report: Many states in good shape to weather a recession
After a couple years of robust tax collections, states across the U.S. are better prepared than ever to weather a potential recession, according to a report that examines states’ savings. The good news in the report from Moody’s Analytics is tempered by the reality that one-fifth of all states still have nowhere near enough money […]
Report: Many states in good shape to weather a recession
After a couple years of robust tax collections, states across the U.S. are better prepared than ever to weather a potential recession, according to a report that examines states’ savings. The good news in the report from Moody’s Analytics is tempered by the reality that one-fifth of all states still have nowhere near enough money […]
Administrative: Tax-Dismissal of Petition-Failure to Pay Filing Fee
Plaintiff appealed the dismissal of his petition to the tax court. Where plaintiff failed to pay the filing fee, the tax court was authorized to dismiss plaintiff’s petition. Judgment is affirmed. Smith v. Commissioner of Internal Revenue (MLW No. 73892/Case No. 18-3560 – 2 pages) (U.S. Court of Appeals, 8th Circuit, per curiam) Appealed from […]
Administrative: Tax- Innocent-Spouse Relief- Equitable Relief
Plaintiff filed suit to appeal the commissioner of internal revenue’s denial of plaintiff’s request for innocent-spouse relief. The tax court subsequently declined to grant plaintiff equitable relief. Where the tax court did not abuse its discretion in denying equitable relief to plaintiff, the court affirmed the tax court’s ruling. Judgment is affirmed. Benson v. Commissioner […]
Too rosy? Experts question Warren’s wealth tax figures
The ambitious scope of Elizabeth Warren’s push to rethink how America tackles issues such as health care, technology and education has energized her presidential campaign — and spurred questions about how she would deliver on her promises. At the heart of Warren’s raft of policy proposals is a 2 percent fee on fortunes greater than […]
Too rosy? Experts question Warren’s wealth tax figures
The ambitious scope of Elizabeth Warren’s push to rethink how America tackles issues such as health care, technology and education has energized her presidential campaign — and spurred questions about how she would deliver on her promises. At the heart of Warren’s raft of policy proposals is a 2 percent fee on fortunes greater than […]
Administrative: Tax- Fraud Penalties
Plaintiffs appealed from the tax court’s decision upholding the Commissioner of Internal Revenue’s determination that plaintiffs were liable for fraud penalties for tax years 2011-2013. For the reasons expressed by the tax court, the court ruled that the commissioner’s determination was correct. Judgment is affirmed. Langer v. Commissioner of Internal Revenue (MLW No. 72125/Case No […[...]
Barnes seeks $25M tax refund
Barnes-Jewish Hospital followed Saint Louis University’s lead and sued the United States for a tax refund of nearly $25 million. The claim is for Financial Insurance Contribution Act taxes “erroneously collected from, and overpaid by,” the hospital on money it paid its medical residents from 1999 through 2004. Late last month, SLU sued for a […]
Order keeps accounting firm open
Was an Internal Revenue Service investigation of a St. Louis accounting firm a misguided attempt to close the company down for good? It looks like it to U.S. District Judge E. Richard Webber, who on Tuesday issued an order denying the federal government’s motion for a preliminary injunction barring the company and those associated with […]
IRS ramping up collection efforts, tax attorneys say
The current tax season is tougher than most for Americans. With unemployment and home foreclosures at record highs, more can’t afford to pay – and won’t pay – their taxes. This could prove to be a problem as local tax attorneys are reporting that in the past few years, the Internal Revenue Service has increased […]
Dempsey: Another tough year for state’s economy
Because the weakened economy translates into less tax revenue, Republican state Sen. Tom Dempsey of St. Charles believes Missouri residents won’t see new state programs this year. Indeed, some corporate tax loopholes could be closed and some tax hikes and new taxes could be enacted in order for state government to raise sufficient revenues to […]
Tax on hope chills next generation of investors
To a lot of investors, 2009 looks like twilight at the bottom of the ski run. Ahead is the icy walk down to the parking lot and the challenge of maneuvering the car out of the resort without crushing someone’s fender. Even the gloomiest among us can take comfort in knowing that there is one […]
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