Category Archives: Internal Revenue Service

Eight ways Wall Street gets a better deal on taxes than you do

Why do Americans perceive the tax code as unfair?

Because at least some of it is. As Warren Buffet famously pointed out, when he can pay a lower tax rate than his secretary, something is wrong.

Writing in The New York Times, Victor Fleischer suggests eight changes in interpretation and enforcement of the code to close loopholes. These changes could be made by IRS and the Treasury Department without any Congressional action.  They’re all aimed at such Wall Street practices as the carried interest loophole that allows venture capitalists to pay 15% tax on their services.

I don’t know if I like the idea of Treasury and the IRS taking action without new legislation. But who wouldn’t like to see some high-end loopholes narrowed or closed?

How tricky will taxes be this year? The Oregonian counts the ways

Identity theft keeping thousands of people from electronically filing. Reconciling health insurance premium credits. Understanding changes in Oregon’s medical expense and political contributions credits. New rules for owners of rental properties and busienss that have any goods or equipment that might be depreciated. Brent Hunsberger of The Oregonian talked with me and several other tax…Continue Reading

Is that friendly tax pro really an undercover federal agent?

Today’s nominee for Stuff You Just Cannot Make Up: The New York Times reports that officers from more than three dozen agencies have posed as business people, welfare recipients, political protesters and–yes–even tax professionals, as part of undercover investigations. “At the Internal Revenue Service, dozens of undercover agents chase suspected tax evaders worldwide, by posing…Continue Reading