Most Recent Posts
Exchange Facilitator Does Not Beat Missouri Use Tax On Learjet
So even though, the companies may have gotten the income tax deferral that 1031 is designed to yield the benefit did not extend to use tax. Presumably, it would have worked if Learjet had taken the 2004 model in trade for the 2007 model, but there are probably business reasons why that was not an option.
The important lesson here is that concepts that work in federal income taxation do not alway translate well when applied in the SALT (State and local tax) area .
Why Is Multi-State Tax Compliance So Hard?
Now I know some real sharp SALT consultants with boutique practices like Inez and Sylvia Dion, whom I featured in women in accounting series, but there are only so many favors you want to ask, so I have developed my own easy rule of thumb. If you ask if you should be filing in a particular state, the answer is probably yes.
And here’s the killer. Most preparers don’t have that much trouble working another state income tax return in, but when it comes to your sales and use tax requirements. Forget about it. You are lucky if they have a clue about their home state.
I had somebody ask me the question last week out of the blue. I’m going to make up a fact pattern that illustrates their problem but is entirely fabricated. As far as I know there is no business like the imaginary one I am about to describe.
The Juror Who Freed Kent Hovind Steps Forward
Jonathan is the journalist and I’m the tax blogger which sometimes has us bickering a bit about when enough is enough. One of my take-aways from all the material that Jonathan has provided is that Kent Hovind was clearly his own man, subject only to God. His penchant for conspiracy theories has him touched by many movements, but he is not really a part of any of them. So the whole story of what happened with Kent Hovind in Pensacola prior to his imprisonment will probably never be told, much as Jonathan would like to uncover it.
A Filmmaker’s View Of The Trials Of Kent Hovind
This post was originally published on Forbes Jun 9, 2015 Kent Hovind, who became famous in some circles for his teaching that there is scientific support for a...
Lu Gauthier Reports On Important Massachusetts Domicile Case
Lu Gauthier of the Boston Tax Institute has given me permission to reproduce his email blasts. BTI is a great value for live tax continuing professional education....
Here Is Hoping That The First Thousand Posts Are The Hardest
The extra emphasis on Kent Hovind in this round-up post is perhaps a reflection of the way that the immediacy of blogging keeps one in the now. I am actually on the slow side compare to many bloggers and will sometimes pass issues that are intensely covered, because I don’t have anything to add. There are various attributions for the remark that “journalism is the first rough draft of history”. I think that we can now say that blogging has become the first draft of journalism. The tension between the two crafts has become apparent to me as I have worked with a veteran journalist in covering the Kent Hovind story.
The immediacy of blogging is often valuable in the tax area. I received a few kudos from practitioners for being on top of the repair regs and there are quite a few cases, that have been of interest to small groups of people that would have gotten no coverage at all, if I had not noted them. The most recent instance of that is an Oregon Tax Court decision allowing real estate taxation of parish rectory that I see being picked up by the Catholic press.
A New York Day Is Like A New York Minute At Least For Taxes
Applying the New York rule and this day counting technique, I can conceive of someone being a full year resident of New York, New Jersey and Massachusetts. My hypothetical guy whom I call Harry Hedgefund has a monstrous house in Alpine NJ and apartments in Manhattan and Boston. It is not unusual for him to have meetings in New York in the morning and Boston in the evening. So he is domiciled in New Jersey and a statutory resident of both New York and Massachusetts. I’d hate to be the tax preparer who had to explain it to him.
Structuring Seems Like A Crime You Can Commit By Accident
Interestingly, the threshold for currency reporting ($10,000) has not changed since the seventies. I asked Ms. Zimiles about that and she said that raising the number has been discussed many times, but there is never any consensus as to what the new number should be, so it remains $10,000. It’s funny because I remember in the seventies not having a credit card at all and feeling that if I had eight dollars in my wallet, I was ready for anything. On the other hand, people tended to routinely deal in cash a lot more back then. I was a hotel night auditor and I handled a lot of twenties and hardly any hundreds and nowadays I still don’t have any call for hundreds, but I am using my credit card in pizza shops.
Estate Tax And Goodwill From Boston Tax Institute
Lucien Gauthier has given me permission to reproduce his email blasts. Here is the latest. In Estate of Franklin Z. Adell v. Comm., TCM 2014-155 (08/04/14), in light...
Failure To File Texas Franchise Tax Form Voids Lawsuit
EEPB got lucky, as it turns out. The trial court had granted EEPB’s motion for summary judgment that the malpractice claim was extinguished three years after CAC’s charter was forfeited and that reinstatement did not breathe life back into the claim.
The dates are important. CAC became a “terminated filing entity” on February 8, 2008 for not filing franchise tax forms. A terminated filing entity stays in existence for three years for the limited purpose of “prosecuting or defending in the terminated entity’s name an action or proceeding brought by or against the terminated entity”. So CAC had to bring its suit against EEPB by February 8, 2011. The suit was filed on February 15, 2013, The forfeiture of CAC’s charter had been set aside on March 29, 2011, presumably by catching up on the franchise tax. But that catch up did not revive the claim that was extinguished on February 8, 2011.