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The Supreme Court has recently decided two tax cases.
May 2 -
Washington — The Internal Revenue Service will disallow deductions for theft losses claimed by taxpayers with respect to decreases in the market value of stock purchased in the open market that may be attributable to the fraudulent misrepresentations or other illegal misconduct of corporate officials.
April 15 -
Washington — Commissioners of the tax administrations of Australia, Canada, the United Kingdom and the United States have begun discussions to form a joint task force to increase collaboration and coordinate information about abusive tax transactions.
April 15 -
GRASSLEY, BAUCUS INVESTIGATE IN-KIND CHARITABLE CONTRIBUTIONS: Sen. Chuck Grassley, R-Iowa, chairman of the Committee on Finance, and Sen. Max Baucus, D-Mont., ranking member, have advanced their review of in-kind charitable contributions by asking the Internal Revenue Service to explain its actions to prevent abuse and for key documents detailing such contributions.
April 15 -
Now that the most pressing deadlines for filing 2003 tax returns are behind us, it’s time to switch gears and return to a more planning-driven mindset.
April 15 -
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SENATORS EXPAND LEASING TAX SHELTERS PROBE: Federal agencies may have played a role in approving abusive tax shelter leases using federally funded infrastructure assets, according to Sen. Chuck Grassley, R-Iowa, chairman of the Senate Finance Committee, and ranking member Sen. Max Baucus, D-Mont.The senators have been investigating how major U.S. companies receive huge tax deductions by pretending to lease the infrastructure of cities and foreign countries, and then pretending to lease them back.
April 4 -
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New York — EMoney Advisor has released the latest version of its Web-based AdvisorPlatform planning software, which includes the ability to get live client net-worth statements nightly that advisors can submit to banks on behalf of clients who need to verify their assets quarterly for lines of credit.
April 4