Net Operating Loss Carryovers for IndividualsThe American Recovery and Reinvestment Act of 2009 (ARRA) provides individual taxpayers potential net operating loss (NOL) deductions. The IRS has provided opinions stating the ARRA applies to individuals. An “Eligible Small Business” can elect to carry back a 2008 NOL for...
Freedom for All AmericansOn this day in 1866, the Republican-majority 39th Congress overrode a veto by the Democrat president, Andrew Johnson, to enact the 1866 Civil Rights Act. Every Democrat in Congress voted against it.The purpose of the 1866 Civil Rights Act was to defend...
Congress Wants to Criminalize Tax AccountsNot satisfied with the draconian civil tax penalties for having an unreported foreign bank account, Congress is trying to make Foreign Tax Crimes a Money Laundering Offense - (subsec. 2(g) of the Fraud Enforcement and Recovery Act of 2009)...
Offshore Accounts Get Hammered!The IRS is starting to prosecute UBS customers with Swiss and Offshore accounts that have not reported them. On March 28, the IRS issued a directive making this a high priority.If you are thinking of buying books or consulting services from...
Filing the revised IRS form 990 is a big burden for Non Profits. Many non-profits are now being required to maintain more sophisticated records and to do complex tax compliance. I anticipate Nonprofits and Churches will be subject to heightened IRS scrutiny and IRS and...
From 2005 to 2007 the IRS increased audits of the smallest companies - those with assets under $10 million. Internal Revenue Service investigations increased a whopping 41 percent. This is part of the government's attack on small business by the IRS and other government regulators....
Economic Stimulus Bill Hurt's EconomyThe Congressional Budget Office has reported the Economic Stimulus Bill pushed by Pres. Obama will actually hurt the US Economy and lower GDP in the long run:Most of the budgetary effects of the Senate legislation would occur over the next few...
Instead of an immediate, permenant tax cut which would allow people to spend and invest their own hard earned money, President-elect Obama is proposing a massive increase in government expenditures (and ultimately taxes!) The Washington Post reports:The package is expected to cost roughly $800 billion...
Today, President-elect Obama announced government "investments" on road and bridges and the like. What he means is he intends to spend, spend, spend and tax, tax, tax. "Investments" sound nice, but it takes money out of your hands (and your children, and their...
The Washignton Post reported on the International Economic Summit. The governments are "taking action" which means a government-induced economic disaster. If it is anything like the "help" of FDR's "New Deal" it will extend economic dislocations for far longer than a normal business cycle. Here...