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Archive for May 26th, 2010

Misc News Items

Posted by taxguru on May 26, 2010

THE TAX COURT HAS DECIDED TO MAKE ELECTRONIC FILING (EFILING) MANDATORY FOR MOST PARTIES REPRESENTED BY COUNSEL (PRACTITIONERS) IN CASES IN WHICH THE PETITION IS FILED ON OR AFTER JULY 1, 2010. – Here is the pdf version of the announcement. I’ve recently been working on my first Tax Court case in a few years and have been very impressed with the excellent improvements in the features on the Court’s website. It is much more user-friendly than I can recall from my previous cases.
Estate of confusion. Struggling with uncertain estate tax rules – Interesting look at the wacky environment we currently have for estate planning.
New Jersey has the type of governor we all wish we could have:
Health care law’s massive, hidden tax change – A lot more 1099 forms will be required as of 1/1/2012 if this insane law isn’t repealed or amended before then.
Wait grows longer for R.I. tax refunds – Another state following the Calif. example of forcing its taxpayers to provide it with longer than normal interest free loans.
Healthcare law tax credits encourage small businesses to stay small, not hire – Typical result from our imbecile rulers in DC. They have a long streak of encouraging the exact opposite of their stated goal.

Gates’s Dad Says Rich ‘Aren’t Paying Enough’ in Taxes
– Nothing new here. Gates, Sr. and his Fellow Traveler Warren Buffet have long loved to publicly advocate higher income and estate taxes.

Tax Rate On Dividends Set To Surge 164% After 2010
– Another big twist in the tax planning environment.

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IRS Interest Rates Unchanged

Posted by taxguru on May 26, 2010

The Internal Revenue Service today announced that interest rates for the calendar quarter beginning July 1, 2010, will remain the same. The rates will be: 

  • four (4) percent for overpayments [three (3) percent in the case of a corporation];
  • four (4) percent for underpayments;
  • six (6) percent for large corporate underpayments; and
  • one and one-half (1.5) percent for the portion of a corporate overpayment exceeding $10,000.



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