From the latest issue of Intuit’s ProConnection newsletter:
Quick Tax Relief for Clients with Net Operating Losses. Longer Carryback, Larger Scope
Three Versions of Homebuyer Credit May Confuse Clients – On a related note, the folks at Jennings Seminars have a handy table of the different applications [...]
At the risk of further offending stockbrokers, there are enough of them who worry about their own commissions more than their clients’ welfare to be concerned when they advise a lot of sales without proper substantiation.
This letter from a client is typical of many that we will be seeing [...]
FROM GOING CONCERN:
You can always count on CFO.com for logic flaws and surface reporting. It’s like drinking that concentrated orange juice in a can when you add, like, three parts too much water...and then put ice cubes in it because it’s warm, which makes it even [...]
Taxes and the Family – Interesting look at the family aspects in our tax system from National Affairs.
Postal Service Employees Owed $300M in Taxes, IRS Data Shows – It’s not just cabinet secretaries who are allowed to avoid paying their taxes and still hold onto their lucrative [...]
OK, OK…so it’s getting down to the wire and you still haven’t found that special something for the beloved accountant or auditor in your life. First off…relax. Take a deep breath (or a shot of Jaeger)… Accounting Nation is here for you (like a Band-Aid for [...]
In Re John Q Hammons Hotels Inc. Shareholder Litigation, No. 758-CC 2009 Del. Ch. LEXIS 174 (Del. Ch. October 2, 2009), the Delaware Chancery Court granted plaintiffs’ motion for summary judgment regarding the proper standard of review for trial, holding the entire fairness standard applied. Additionally, the court granted defendants’ [...]
Life insurers lobby to save the death tax – Another example of “follow the money.” As if the insurance companies don’t already have enough bad press. They are openly supporting the Marxist grave robbery as a means of making money selling insurance policies to offset those same taxes.
Say on Pay does nothing more than give an advisory vote to shareholders on the compensation of top officers. Even if the compensation is voted down, boards are free to ignore the results. Yet even this mild right has been sharply resisted by most public companies. They simply don’t want [...]
In a complaint filed on June 22, 2009 (“Complaint”), the SEC alleged Stanley Chais, a money manager who managed three funds (“Funds”) that invested substantially all assets with Bernard Madoff, committed securities fraud by (1) misrepresenting involvement in managing investors’ assets and (2) disseminating account statements containing false information. The [...]
In SEC v. Pirate Investor, LLC, 2009 WL 2949091 (4th Cir., Sept. 15, 2009), the SEC filed suit against Pirate Investor, LLC (“Pirate”), alleging the publisher made fraudulent misrepresentations violating §10(b) of the 1934 Securities Exchange Act. The court held that the Appellants’ conduct did constitute securities fraud and that [...]
We have been following the Chiquita Brands, International, Inc. (“Chiquita”) case since August 2007. Chiquita filed a motion to dismiss in February 2009.
In September, plaintiffs filed a Response in Opposition to Chiquita’s motion to dismiss. Plaintiffs argue that they adequately pled a cause of action pursuant to [...]
A single mother of two, making $10 an hour at Supercuts, was audited by the IRS for making too little money. The issue, you see, was that, according to the IRS’s calculations, it takes at least $36,000 to support two kids in Seattle, where she and her family [...]
How much independence is too much for the PCAOB? The Supreme Court will take up that question on Dec. 7. The SEC appoints board members to the auditing industry’s regulator, but two groups involved in the litigation maintain that the lack of presidential control over the PCAOB makes the [...]
New York State Senator Hiram Monserrate (D – Queens) will not serve jail time for having slashing his girlfriend’s face with a broken glass, having been sentenced, instead, to three years probation and 250 hours of community service.
[...]2010 estate tax may go from to 45 percent – You had to know that the tax free year wasn’t safe from attack by our money starved rulers in DC. They simply can’t resist the urge to raise taxes on the “evil rich.”
For them, promises are meant to be [...]
On October 28, 2009, Mark Cuban filed a Reply Brief in Support of Motion for Attorneys’ Fees and Expenses (“The Reply”) in the Northern District of Texas – Dallas Division. The Reply contends Cuban is entitled to Attorneys’ fees and expenses from the SEC for three reasons: (1) Cuban’s alleged [...]
The IRS, in conjunction with the Treasury, has released its "priority guidance plan" of 315 projects to be completed over a twelve-month period, from July 2009 through June 2010. "This year’s plan will address a variety of issues, including recent legislation, the current economic environment, and important international [...]
New reports show that the Federal Deposit Insurance Corporation (FDIC), the institution responsible for bailing out troubled financial institutions so as to avoid nasty scenes like this one, may have overexerted itself during the latest financial crisis. According to the government corporation’s quarterly bank profile, a snapshot of the [...]
Using multiple entities for tax, liability, and other business reasons has been a very common and useful strategy for longer than I’ve been in this business. Why many tax pros are unaware or unwilling to recommend them is still surprising to me.
Snipes Appeals Overly Taxing Prison Sentence – The Hollywood lunkhead’s tax planning strategy is still on course for him to stay at Club Fed for at least a few years.
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In the securities fraud class action In re MIVA, Inc. Securities Litigation, No. 2:05-cv-00201-JES-DNF (M.D. Fla. Aug. 25, 2009), Magistrate Judge Douglas N. Frazier recommended the United States District Court of the Middle District of Florida grant the defendants’ motion for summary judgment. The Magistrate Judge held that the plaintiffs [...]
