Making Citizenship-Based Taxation Reform Easy

Making Citizenship-Based Tax Reform “Easy” Heitor David Pinto wants to “make it easy” for Congress to move from citizenship-based taxation (CBT) to residence-based taxation (RBT). Pinto thinks CBT is “absurd.” And he aims to help Congress change it. Because of CBT’s complexity and because it’s a low priority for Congress, Pinto was concerned Congress might…

Tax Penalty For No Insurance Ratchets Up In 2015

• Flat dollar amount penalty • Percentage of income penalty • Household income • Modified adjusted gross income • Tax filing threshold The penalty for not having minimum essential health insurance for yourself and other members of your tax family takes a substantial jump in 2015. For 2014, the penalty was the greater of the…

NFL Will End Its Tax-Exempt Status

The National Football League’s central office will become a taxable entity, ending its tax-exempt status in a move with minimal financial effect and significant symbolic value. “Every dollar of income generated through television rights fees, licensing agreements, sponsorships, ticket sales, and other means is earned by the 32 clubs and is taxable there,” Goodell wrote.…

Special Needs Require Special Deductions

Over the years I have worked with many families with special needs kids. I am amazed at their strength and the resilience of their spirit. The term “Special Needs” now encompasses more than what it used to and rightly so. It is truly phenomenal that studies show that the number of children diagnosed with autism,…

Hillary Clinton Proposes Tax Increases

Here we go again! It is campaign season and some candidates just cannot wait to say how they are going to penalize business. Hillary Clinton is proposing a new scheme where businesses that manufactured things will be tax differently than businesses that are “trading” items. I am not exactly sure what this means but it…

How to Handle Nagging Clients

Do you find yourself answering questions from the same clients who just keep calling and e-mailing, calling and e-mailing? Over and over, with questions you either answered three times already or that anybody with common sense could see are unrelated to their tax situation? Pains in the … “Depending on the relationship: Some I tell…

IRS Offices Running out of Tax Forms

Taxpayers are waiting on long lines in front of the Internal Revenue Service’s Taxpayer Assistance Centers for routine services this tax season, as the IRS’s budget crunch even limits the number of printed tax forms the agency can distribute. In the aftermath of five years of budget cuts, the IRS has been cutting back on…