The Obama economic team knows it needs to reduce the deficit and it knows that a minimally credible budget policy must have "fiscal sustainability" as its goal. In the U.S. economy that means getting the deficit down to about 3 percent of GDP ...

In a press release issued November 17, 2009, the Treasury Inspector General for Tax Administration (TIGTA) announced that millions of taxpayers may owe taxes due to the effect of the Making Work Pay Credit (MWPC). The MWPC is advanced to ta ...

In Caldwell v. Commissioner , TC Summary Opinion 2009-169, November 18, 2009, the Tax Court ruled that an individual was entitled to an alimony deduction after the IRS conceded the issue. However, the court also decided that the individual was ...

Today, the hot tax story is that almost 15,000 American crooks – I mean taxpayers – have disclosed their offshore accounts to the IRS and will now pay back billions of tax dollars. IRS Commissioner Doug Shulman was absolutely ecstatic in re ...

A new study shows that one third of all property in Providence, Rhode Island is exempt from property taxes .

At least somebody is looking ahead in Ohio!  It isn't our political leaders... They're still stewing over the $851 million gap in the current biennial budget.  But that's chump change compared to the $7 billion shor ...

ZURICH – (AP) Swiss banks are considering asking some foreign clients to sign a pledge declaring they aren't breaking tax la ...

To save the economy from collapse the Fed has printed money and cut interest rates like never before. But the benefits of this policy are not spread evenly over the economy.

The IRS has announced a free webinar on November 18 on the merits of E-File (IR-2009-103, “No ...

Qualified and Nonqualified Retirement Plans (“Plans”) are today one of the most valuable assets that an individual owns at their time of retirement and death. Participation in Plans is subject to guidelines and rules that must be strictly a ...

A grantor retained annuity trust (GR ...

A couple of weeks ago, the blogosphere saw a flurry of indignation over the notion of "death taxes." Here at tax.com, Chris Bergin chastised Rep. Sam Graves for his insistence that "death should not be a taxable event." Elsewhere, B ...

Predictably, Republican pushback is challenging Ohio Democratic Gov. Ted Strickland's proposal to delay a 4.2 percent income tax cut that took effect the beginning of 2009. The state is in a bind -and Strickland is in a political one - as ideas pe ...

The Center on Budget and Policy Priorities released a study on November 4, that everyone should read. The study found that of the 42 states with an income tax in 2008, 16 states tax families of four with incomes below the federal poverty line.

Savvy politicians are instinctively anti-intellectual. To win elections, emotion trumps reason every time. That's why in their crafting of financial reforms, Washington types are more likely to pay attention to Yankee fans chanting "Wall Street su ...