Paul L. Caron
Dean
Pepperdine Caruso
School of Law
Tax
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Call for Editors: ABA Annual Reports on Important Tax Developments
The ABA Tax Section produces an Annual Reports on Important Developments, which tracks the key legislative changes, regulations, cases, and rulings over the past year, as well as forecasts upcoming developments, in over thirty substantive areas of the tax law. Steve Black (Franklin Pierce) is coordinating this year's effort and reports that editors are needed…
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Shaviro on Shades of the American Dream
Dan Shaviro has an extended discussion of yesterday's NYU Colloquium on Dorothy Brown's paper, Shades of the American Dream (blogged here). He critiques the paper and offers his prescription for fixing housing tax policy.
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Stephen Colbert’s Colonoscopy
For those who enjoyed the post on my colonoscopy when I turned 50 (and the subsequent colonoscopy-related material sent in by readers (here, here, and here)): check out Stephen Colbert's colonscopy on Wednesday's Colbert Report: The Colbert ReportMon – Thurs 11:30pm / 10:30c Truth From the Gut Colbert Report Full EpisodesFunny Political News Christian Bale ParodyJoke…
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TIGTA: IRS’s $345b Tax Gap Estimate Ignores International Tax Evasion
The Treasury Inspector General for Tax Administration yesterday released A Combination of Legislative Actions and Increased IRS Capability and Capacity are Required to Reduce the Multibillion Dollar U.S. International Tax Gap, which reports that the IRS's $345 billion estimate of the tax gap does not comprehensively include the entire international tax gap,
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Madoff Investors Face Mounting Tax Troubles
From next week's National Law Journal: Next Headache for Madoff Investors: Tax Troubles, by Pamela A. MacLein. Prior TaxProf Blog posts: More Tax Planning for Madoff Victims (1/13/09) More on Tax Planning for Madoff Victims (12/30/08) Tax Law to Provide Bailout to Madoff's Victims (12/18/08)
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IRS Releases Report on Tax-Exempt Hospitals
Executive Summary Complete Report BenefitsBlog Chronicle of Philanthropy New York Times Nonprofit Law Prof Blog I Nonprofit Law Prof Blog II Wall Street Journal
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AICPA Offers Free Online Job Finder for Out-of-Work CPAs
CPA Job Finder: CPA Job Finder is the official job board of the American Institute of Certified Public Accountants (AICPA). The job board was created to help: Employers looking for qualified CPAs and senior financial professionals CPAs and senior financial professionals looking for new career opportunities
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Tax Foundation: State Budget Shortfalls Present a Tax Reform Opportunity
The Tax Foundation has published State Budget Shortfalls Present a Tax Reform Opportunity. From the press release: While many states that have budget shortfalls are seeking federal bailouts, proposing targeted tax increases and calling for hiring freezes, these shortfalls are actually an opportunity for fundamental tax reform …. Tax Foundation Director of State Projects Joseph…
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Brown Presents “Shades of the American Dream” Today at NYU
Dorothy A. Brown (Emory) presents Shades of the American Dream at NYU today as part of its Colloquium Series on Tax Policy and Public Finance. The co-convenors are Daniel Shaviro (NYU) & Alan Auerbach (UC-Berkeley, Department of Economics). Here is the abstract: Federal tax policies such as the mortgage interest deduction do not encourage anyone to become a…
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Dharmapala Presents “Investor Taxation in Open Economies” Today at Northwestern
Dhammika Dharmapala (University of Connecticut, Department of Economics; moving to Illinois) presents Investor Taxation in Open Economies at Northwestern today as part of its Advanced Topics in Taxation Series organized by Tom Brennan and Charlotte Crane. Here is the abstract: In recent years, the world has experienced an unprecedented degree of global financial integration. Increasingly, these cross-border investment flows take…
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Schwabish Presents The Effects of Earnings Inequality on State Social Spending Today at UCLA
Jonathan Schwabish (Congressional Budget Office) presents The Effects of Earnings Inequality on State Social Spending in the United States at UCLA today as part of its Tax Policy and Public Finance Colloquium Series moderated by Kirk J. Stark and Eric M. Zolt. Here is the abstract: States provide a variety of goods and services to their…
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Lawsky Presents Dynamic Drafting: A Tax Code Case Study Today at Indiana
Sarah B. Lawsky (George Washington) presents Dynamic Drafting: A Tax Code Case Study at Indiana today as part of its Tax Policy Coloquium Series hosted by Leandra Lederman. Here is the abstract: This essay introduces the concepts of "static drafting" and "dynamic drafting" of statutes, and uses these concepts to analyze the section of the tax code that permits a…
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LSU Wins National Tax Moot Court Competition
LSU (Amanda Stephens, Bridget Hillebrand, David Conachen) won the National Tax Moot Court Competition for the second year in a row, beating Florida in the final round. The competition, sponsored by the Florida Bar Association Tax Secton, was held last week in St. Petersburg, Florida. From the LSU press release: "This just demonstrates to law schools throughout the country what we've…
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Conferees Scale Back NOL Provision
The conferees have scaled back the House ($15 billion) and Senate $19.5 billion) expansion of the NOL carryback rules with a a new $5 billion provision targeted exclusively at small businesses with up to $5 million of annual revenue. Bloomberg Dow Jones Huffington Post Wall Street Journal
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Golfer Jim Thorpe Charged With Failing to Pay $1.6m Taxes
The Department of Justice yesterday charged golfer Jim Thorpe with failing to pay over $1.6 million in taxes in 2002-2004, during which period he earned over $5.2 million of income. Thorpe has won over $13 million in his career on the PGA and Senior Tours. ABC ESPN MSNBC NBC New York Times PGA Reuters The Tax Lawyer's Blog
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5th Circuit Reverses Tax Evasion Acquittal of Former NBA Player Carl Herrera
The Fifth Circuit yesterday reversed the district court's tax evasion acquittal of Carl Herrera, who averaged 5.3 points per game in eight NBA seasons. United States v. Herrera, No. 08-50028 (5th Cir. Feb. 11, 2009) A jury found Carl Herrera guilty of tax evasion. The district court granted Herrera's motion for judgment of acquittal and conditionally granted his…
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Windfall Profits Tax on Wall Street Bonuses?
Hartford Courant: State Should Tax Wall Street Windfall Bonuses, by Jeffrey Tebbs (J.D. 2010, Yale)& Ady Barkan (J.D. 2010, Yale): We propose that Connecticut levy a windfall tax of 50% on the cash bonuses received by any executive working for a firm rescued by the federal bailout. To protect ordinary workers, the proposal could be limited to…
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Politico Asks 99 Senators: What About Your Taxes?
Politico: For Senators, Tax Questions Are Taxing: Last week, Politico asked the offices of all 99 sitting senators to say who prepares their taxes, whether they or the Internal Revenue Service has ever discovered an error on returns they’ve filed, and whether they’ve ever had to pay back taxes. Of the 56 senators who have…
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Kane Presents “Tax Treaties as Tools for Development Finance” Today at Toronto
Mitchell Kane (NYU) presents Bootstraps and Poverty Traps: Tax Treaties as Novel Tools for Development Finance at the University of Toronto today as part of the James Hausman Tax Law and Policy Workshop Series. Here is a brief description of the paper: In this paper I put forth a novel means of development finance that relies on…
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Legal Times: Why Do Smart People Make Such Stupid Tax Mistakes?
Legal Times Commentary: Shot in the Foot: Income Tax Mistakes Are Often Made by People Who Think They’re So Smart: In the midst of the financial crisis, when nerves seem rawer than ever, the most intense attention has been placed on nominees’ tax records. Timothy Geithner, who was confirmed as secretary of the Treasury, would…
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Schenk & Grossman: The Failure of Tax Incentives for Education
Deborah Schenk (NYU) & Andrew L. Grossman (Skadden, Washington, D.C.) have published The Failure of Tax Incentives for Education, 61 Tax L. Rev. 295 (2008). Here is the abstract: Federal aid to higher education has shifted over the last decade from direct subsidies to tax incentives. There are three types of Pigouvian subsidies designed to subsidize price:…
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Wal-Mart Offers Free Tax Preparation Services
The Wal-Mart Foundation yesterday announced a $3.6 million grant to provide free tax prepararion services for taxpayers earning less than $56,000 per year through Mobile Tax Center vans which will be set up in various Wal-Mart parking lots for two to three weeks at a time between February 10 and April 11. Wal-Mart is partnering with…
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Is Marion Barry Angling for a Cabinet Appointment?
Washington Post: Prosecutors Want Barry Jailed Over Tax Returns, by Del Quentin Wilber: For the second time in two years, frustrated federal prosecutors took aim at Marion Barry's chronic failure to file his tax returns and urged a judge to put him in jail. The move by authorities is the latest act in a long-running…
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Polsky: Private Equity Management Fee Conversions
Gregg D. Polsky (Florida State) has published Private Equity Management Fee Conversions, 122 Tax Notes 743 (Feb. 9, 2009). Here is the abstract: Because of the uproar over "carried interests," it seems that almost everyone knows that the tax law currently allows private equity managers to pay capital gains taxes on a substantial part of the (often…
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Hasen: The Tax Treatment of Advance Receipts
David M. Hasen (Michigan) has published The Tax Treatment of Advance Receipts, 61 Tax L. Rev. 395 (2008). Here is the abstract: Under the present income tax, some advance receipts are neither taxable on receipt nor deductible on repayment, while others are taxable when received and deductible when repaid or paid for. From a purely theoretical perspective,…