By H. Jacob Lager of Zuber & Taillieu
The Tax Court has held that the step transaction doctrine did not apply to a series of bargain sales from a family-owned S Corp. to a charitable organization. As a result, the shareholders were entitled to charitable contribution deductions related to the sales. In William R. Klauer v. Commissioner of… More...
Rep. Steve Israel (D – NY) has introduced new legislation to tax TARP-taking company big bonuses, like those to be distributed to AIG executives, at 100%. More...
A new bill filed by Rep. Michael C. Burgess, R-Texas, would provide taxpayers an alternative to the current income tax system in the form of a flat tax. More...
Senate Majority Leader Harry Reid, D-Nev., has introduced a new legislation, otherwise called the “Middle Class Opportunity Act of 2009,” that seeks to offer tax relief to middle-income taxpayers, make the tax code simpler and more reliable, and provide tax incentives. More...
Rep. Neil Abercrombie, D-Hawaii, has filed a legislation that would restore the deduction for travel expenses incurred by a taxpayer's spouse who accompanies the taxpayer on a business trip. More...
Rep. Pete Stark (D-CA), a senior member of the Committee on Ways and Means with jurisdiction over tax policy, has introduced the “Save Our Climate Act of 2009.” More...
Members of the Republican Study Committee (“RSC”) have announced the introduction in the Lower House of “The Economic Recovery and Middle-Class Relief Act of 2009”, an economic stimulus package. More...
U.S. House Ways and Means Committee member John B. Larson (D-CT) and Rep. George Miller (D-CA) have urged their colleagues in the Lower House to support the "America's Energy Security Trust Fund Act, " which would tax carbon emissions offset with a payroll tax rebate. More...
Rep. Rick Boucher, D-Va, has re-filed in Congress the “Business Activity Tax Simplification Act,” a bill that clarifies when states can impose business activity taxes on out-of-state businesses. More...
Rep. Jose E. Serrano, D-New York, has introduced a bill that would appropriate funds for the Internal revenue Service (“IRS”) and the Treasury Department, including $ 2.21 billion for taxpayer services, $ 5.1 billion for enforcement, $ 222.66 million for business systems modernization, and $ 3.8 billion for operations support. More...
Assembly members Charles Calderon (D) and Nancy Skinner (D) have introduced on the floor of the California Assembly bills that would require collection of sales tax by an out-of-state seller who maintained an agreement with a resident of California to refer sales for a commission or other consideration. More...
