Traditionally delinquent taxpayers were sent a tax notice with a 60-day deadline, then they would receive a second or third notice but there is a much shorter response window today. Penalties are also much harsher.Under the new rules, delinquent taxpayers are sent a tax notice with a 60-day deadline. If the Florida Department of Revenue does…
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Adminstration's Budget includes Tax Increases on Firms That Move Jobs, Profits Overseas
The Obama administration called for higher taxes Feb. 13 on corporations that shift jobs and profits overseas, while offering help to companies that keep business in the United States, in the it's fiscal year 2013 budget. The administration called for U.S. taxes on excessive profits from the offshore use of transferred intangibles. The plan also called…
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Obama Calls for Taxing Dividends to at Ordinary Income Tax Rates for Top Earners
The Obama budget also calls for the top tax rate for qualified dividends would be taxed at individual income tax rates of up to 43.4 percent for taxpayers earning more than $200,000 per year under President Obama's budget proposal for fiscal year 2013 released Feb. 13. The Obama administration has previously supported tying the dividends…
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Res judicata prevented a taxpayer's innocent spouse claim
The Tax Court has held that the doctrine of res judicata prevented a taxpayer from relitigating a claim for innocent spouse relief. It also held that the taxpayer did not meet the conditions for overcoming res judicata under Code Sec. 6015(g)(2). (Eugene Koprowski, (2012) 138 TC No. 5) Background. Each spouse is jointly and severally…
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