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Posts tagged "Tax Controversy"

Marital status and taxes, part 1: mortgage deductions

About a year ago, we devoted a post to the impact of marriage on taxes.In that post, we asked whether there really is a "marriage penalty," by which married couples may end up paying more in federal income tax than they would have if they had filed separately. We noted that the answer depends on several factors, particularly the couple's income.In this two-part post, we will look at two other aspects of how marital status affects taxes. Part one will look at the mortgage deductions for non-married partners. Part two will discuss the tax effects of separation or divorce.

Tax inversion transactions, part 1: background for the new rules

In a junior-high civics class, the roles seem so settled. The legislative branch makes laws, the executive branch enforces them and the judicial branch interprets them.
n practice of course, the interactions of the branches of government are often not so clear.Consider, for example, the current controversy about new IRS rules on tax inversions. In this two-part post, we will discuss those rules and the situation they are responding to.

Another tax concern for ceratain expats: Social Security payments

For U.S. taxpayers who work abroad, keeping on the right side of regulations poses ongoing headaches and challenges.Some American expatriates have given up their U.S. passports in response. Others have found foreign banks unwilling to deal with them, due to concerns about the compliance burdens of the Foreign Account Tax Compliance Act (FATCA).In this post, we will inform you about yet another potential source of foreign-income problems: double taxation for payments into Social Security.

Self-employment taxes: 3 things to know

Self-employed workers have tax compliance challenges that other taxpayers do not. The underlying reason for this fairly simple: workers who are considered self-employed for tax purposes have to pay their Social Security and Medicare taxes. You don’t have an employer withholding and paying it for you, but instead have to do it yourself, typically through quarterly estimated tax payments.There are, however, many complexities involved with self-employment taxes. In this post, we will take note of three useful things to know.

Fallout from Panama Papers continues

The so-called "Panama Papers" have continued to spell trouble not only for the Panamanian law firm alleged to have created illegal tax havens for clients to shield assets from American tax liability, but also for the countless law-abiding expatriates, foreign nationals and U.S. citizens with international banking accounts.

Sales and use taxes, part 2: Problems that businesses can face

In the first part of this post, we discussed some of the common questions that businesses often have about sales and use tax compliance.As we noted, such taxes do not only apply to sales. They can also apply to leases and rentals, and to some types of services as well. Such taxes are especially important in Texas due to the absence of a state income tax.In this part of the post, let’s look at some of the issues that can arise for businesses and how a lawyer can help resolve them.

Sales and use taxes, part 1: an FAQ for businesses

Sales and use taxes are a big deal in Texas. It could scarcely be otherwise, given that Texas leads the nation in the percentage of state revenue coming from sales taxes.The percentage is nearly 83 percent, according to the U.S. Census Bureau. Small wonder, then, that the issue of sales tax deductibility is important to Texas taxpayers. In this two-part post, we will discuss some of the issues that can arise for businesses in complying with sales and use tax requirements in Texas.

Personal versus business expenses: Lessons from Hamper v. Commissioner

The general rule is that personal expenses aren’t deductible on your taxes. But what if you use something partly for business and partly for your own purposes?In this post, we will explore that question, taking note of a recent Tax Court decision that sheds light on it.

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