A Just Society Taxes Capital Gains at Lower Rates

A columnist for The New York Times believes that the objective of our tax policy should be to enforce equality of results rather than equality of opportunity. James B. Stewart is the latest in a long line of tax-the-richers…

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IRS to Target Rental Losses

WebCPA reports that the IRS has agreed with recommendations in a newly released government report urging the agency to increase its examinations of individual tax returns that report losses from rental real estate activity: The…

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Tax Court: Capital Gains Properly Reclassified as Ordinary Income in Sale of Business

CPA Charles J. Reichert writing for the Journal of Accountancy says that the Tax Court in James P. and Joan E. Kennedy v. Commissioner, TC Memo 2010-206 has ruled that in some cases a sale of business…

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New 1099 Misc Rules for Landlords

The Journal of Accountancy reports on a little known provision in the new Small Business Jobs Act: The…  Act contained one provision that may have escaped the notice of taxpayers who own rental property, but…

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Taxpayer Advocate Nina Olson Concerned that Burden of New 1099 Reporting Will Exceed Benefits

My favorite IRS person, Taxpayer Advocate Nina Olson has issued her annual report to Congress. In Fiscal Year 2011 Objectives, Olson euphemistically echoes what I and other tax bloggers have been saying more bluntly for months: The new 1099 reporting…

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