My old blogging friend, Joe Kristan, of Roth & Company has published his “Fight the Power” edition of Tax Roundup. In this case, the power to be fought isn’t the federal government, but private corporations. Fight the Power! Tax Analysts’ Joseph Thorndike defends the corporation income tax as a bulwark against corporate power ($link): “Popular fondness for taxing… Continue reading A Case for the Corporate Income Tax?
IRS Gives Big Break to Non-Willful Foreign Bank Account Holders On June 18th, 2014, the IRS announced that it had put in place new procedures for foreign bank account holders that effectively reduce the delinquency penalties from 27.5% of the highest unreported aggregate balance of foreign bank account holdings to 5%. Although thousands of taxpayers have signed up… Continue reading New Streamlined Procedures for Foreign Bank Account Violaters
Congress has passed H.R.22, which, if signed by the President, will allow the IRS to confiscate the passports of citizens who owe the IRS more than $50,000 in taxes, penalties and interest. Congress calls this provision “Revocation or Denial of Passport in Case of Certain Tax Delinquencies.” Back in 2012 the Government Accountability Office (“GAO”)… Continue reading WARNING: IRS Wants to Take Your Passport
President Obama has signed a new passport revocation provision into law to help the IRS collect back taxes. New § 7345 of the Internal Revenue Code has been added as a result of the passage of H.R. 22 – Fixing America’s Surface Transportation Act (“FAST ACT”) The title of the new code section is “Revocation or Denial of Passport in Case… Continue reading Owe the IRS? You Can Lose You Passport.