Archives for November 2011

It’s Easy to Steal IRS Refunds

It’s Easy to Steal IRS Refunds

Two years ago we addressed the IRS’s flawed refund procedure in False Refund Schemes and Backwards IRS Return Processing Rules. Today, Jay Weaver of the Miami Herald gives a distressing update in Scammers Steal IRS Refunds with Ease:…

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Mark Cuban: Increase in Corporate Net Profits through Tax Reduction Doesn’t Create Jobs

Mark Cuban: Increase in Corporate Net Profits through Tax Reduction Doesn’t Create Jobs

Mark Cuban is a billionaire and a very smart guy, but his opinion that reducing corporate taxes does not create jobs is off the mark: Companies hire because they need people to compete and keep customers…

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Another Oops Moment from Paul Krugman: U.S. Tax Structure Should be Like Singapore’s

Another Oops Moment from Paul Krugman: U.S. Tax Structure Should be Like Singapore’s

The pressures of having to write a daily column can cause perverse results and nobody demonstrates this phenomenon better than the New York Times’ Paul Krugman. William Anderson of Krugman-in-Wonderland has the latest manifestation of Krugman Cloven Foot-in-Mouth disease: In his latest column,…

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TIGTA: 82% of Investment Theft Loss Claims are Erroneous

TIGTA: 82% of Investment Theft Loss Claims are Erroneous

Taxpayers and their advisors have good reason to want to categorize losses as theft losses rather than investment losses. Theft losses are treated as ordinary losses and are deductible in the year incurred.¹ Investment losses are treated as…

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IRS Testing of Preparers to Begin

IRS Testing of Preparers to Begin

The Internal Revenue Service is moving into the second phase of its tax preparer regulation initiative by beginning next week to schedule the first competency tests for tax preparers. I used to be in favor of regulation…

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