* Include the practitioner's conclusion as to the likelihood that the federal tax
treatment of the transaction or matter that is the subject of the opinion is the proper treatment and the reasons for that conclusion.
In fact, many jurisdictions encourage this by allowing for special reduced tax
rates for IPCos formed in their jurisdiction.
Congress originally launched the AMT in 1979 to prevent wealthy Americans from taking so many deductions that they wound up paying little to no taxes
. "It's the legacy of an era when tax
rates went as high as 70% and the tax
code was full of loopholes for the wealthy," according to Mark Luscombe, CPA, attorney, and principal Federal tax
analyst for CCH.
While there hasn't been much momentum for the Tobin tax
in the United States since the DeFazio-Wellstone resolution, the issue continues to garner political support on the other side of the Atlantic.
Unfortunately, students projected to enter college in September 2008 may be in a financial aid trap, because income earned on asset dispositions in 2007 or 2008 is counted for financial aid purposes and subject to income tax
. Nonetheless, immediate liquidation and depletion of the assets eliminate them as future countable assets and countable income.
Seven European countries have enacted some kind of tax
shift, specifically reducing taxes
, especially on labor, while also increasing them on pollution, solid waste generation or some other environmental ill.
As Shlaes writes, "We are all Beatles now." Even those of us who are modestly successful - earning, say, $80,000 in a high-tax state like New York or California - are paying marginal tax
rates somewhere between 40 percent and 50 percent.
Another area of concern is the appetite of investors, for State Historic Rehabilitation Tax
If a client has taken advantage of the options in the previous steps and wants to accumulate more retirement savings, it's time to consider investing in an annuity Annuities offer deferred taxes
on earnings until payments are received but do not provide any of the other tax
advantages that investments in earlier steps do.
Executives Institute appreciates the opportunity to participate in the fall 2006 pre-budget consultations by the House of Commons Standing Committee on Finance.
As one tries to game out what might happen on taxes
in the years ahead, the strategy seems to get bigger and bigger: We start by revisiting the Bush tax
cuts but move to comprehensive tax
reform, and from reform of the income tax
, we move to a more sweeping change that would balance taxation of consumption and income.
The second challenge, assuming the time issue can be overcome, is the lack of resources related to accounting for income taxes
textbooks traditionally have not addressed FAS No.