Corporations have neither bodies to be punished, nor souls to be condemned; they therefore do as they like. ( via John Quiggin)
TaxGrrrl, TIGTA Announces Significant Arrests In Massive IRS Phone Scam
Kay Bell, New telephone tax scam targets students with fake ‘federal student tax’ call. “Imposters posing as IRS agents are trying to trick college students into paying a ‘federal student tax’ – a tax that doesn’t even exist.”
Mitch Maahs: Sports and Fitness Bill Would Provide Tax Advantages for Gym Memberships and Sports Equipment (Davis Brown Tax Law Blog). The tax law — is there anything it can’t do?
Panama Papers Confirm Miami a Disneyland for Fraud HuffPo
News from the Profession. Accountant May Have Mixed Up Her ‘Grocery’ and ‘Buy With Stolen Money’ Lists (Caleb Newquist, Going Concern)
Jeffrey Harrison (Florida), The Diva Tax: Insufferable Diva, BUT He Writes:
Wall Street Journal op-ed: Teaching With Judge Bork in Mind: The Best Teachers Are Driven by Love for the Subject They Teach, by Helaine L. Smith:
One of Richard Feynman’s little-known sketchesTerrence R. Chorvat (George Mason), Corporate Equities as Lotteries: Skewness and the Tax Preference for Corporate Debt:
Commissioner announces review of MP allowances ruling
With a number of media reports circulating in relation to travel allowances and work-related expenses, we are urging all taxpayers to understand their obligations and check their claims. Australian Taxation Office to probe MPs double-dipping tax rort
Howard Gleckman, About TSA, IRS, and Being a Washington Scapegoat (TaxVox):
Start with an agency that deals extensively with the public. The agency stumbles. Congress cuts its budget. The resource-constrained agency does an even-worse job. And the very lawmakers who limited the agency’s ability to do its job express shock and outrage that it…can’t do its job.
Most readers will already know of the indictment of Morrris E. Zukerman, an affluent alleged tax cheat. The indictment is here and the Press Release from the USAO SDNY is here. One of the news items about this indictment is: Jesse Drucker, Oil Investor Zukerman Dodged $45 Million in Taxes, U.S. Says (Bloomberg News 5/23/16), here.
I think the USAO SDNY provides a good summary of the criminal mischief. The key excerpts from the press release are:
MORRIS E. ZUKERMAN, a Manhattan businessman who owns companies involved in energy investments, was charged today in a three-count Indictment with engaging in multi-year tax fraud schemes pursuant to which he evaded over $45 million in income and other taxes.
TaxGrrrl, Lawsuits Gone Wild: Francis Still Fighting Back Against Foreclosure. Sounds like his financial life is as interesting as his personal life
Richard Holden, professor of economics at UNSW Business School, discusses Australia’s housing affordability crisis. Watch now.
Despite potential for schadenfreude, please refrain from taxing university endowments [John McGinnis]
Jack Townsend, Sam Wyly’s Continuing Travails — the Bankruptcy Edition. “As to Sam’s claim that he did not know, ‘The Court does not believe that the law permits Sam to hide behind others and claim not to have known what was going on around him.'” Sam Wyly's Continuing Travails -- the Bankruptcy Edition
Iris was the only daugther of Alice and Hurtle Bald the Postmaster of Darwin the Post office. Before coming to Darwin with her parents in 1940, Iris worked for the PMG in Adelaide. In Darwin Iris worked for the Taxation department. Iris was involved in the social and sporting lifestyle that Darwin had to offer. On the morning of the "Bombing of Darwin" at approximately 9.45 am, Iris was walking through the main entrance of the Post Office when a bomb made a direct hit on the Post Office, she was killed along with her mother and father and five other members of staff who were working at Post Office at the time... ATO Hero: WWII
News from the Profession. Let’s Obsess Over: The Accountant Trailer (Caleb Newquist, Going Concern). I lived in a 12-wide while taking accounting courses — or is this a different kind of trailer?
David Elkins (Netanya), The Merits of Tax Competition in a Globalized Economy, 91 Ind. L.J. 905 (2016):
Kay Bell, U.K. taxpayers target of tax refund phishing scam
Only about one-quarter of U.S. corporate stock is held in taxable accounts, far less than most researchers and policymakers thought. The share has declined sharply from more than four-fifths in 1965. In a report published today in the journal Tax Notes, my Tax Policy Center colleague Lydia Austin and I found the other three-quarters of shares now are held in tax-exempt accounts such as IRAs or defined benefit/contribution plans, or by foreigners, nonprofits or others.
Yahoo ad revenues vs Google, Facebook Business Insider
Goldman investors revolt over executive pay Financial Times