By TODD RICHMOND and SCOTT BAUER Associated Press MADISON, Wis. (AP) — Wisconsin’s Republican-controlled Legislature on Thursday sent a plan to reduce income taxes by $250 million to Gov. Tony Evers, who appears likely to veto it. The Senate and Assembly voted to pass the election-year tax plan. All Democrats voted against it except for Reps. Nick Milroy and Steve ...
Read More »Tag Archives: Income tax
Wisconsin Republican leaders eyeing property, income tax cut
Republican leaders in the Wisconsin Legislature said Wednesday that they are looking at using some of a state surplus to reduce income and property taxes while also paying down debt, although the details of they what they might put forward remain in flux.
Read More »Court official pleads no contest in tax case
A Milwaukee County court commissioner has pleaded no contest to filing false tax documents.
Read More »Tax — income tax — surrendered life insurance policies
11-2508 Brown v. CIR
Read More »Tax — income tax — insurance companies — bad-faith awards
11-3478 State Farm Mut. Auto. Ins. Co. v. CIR
Read More »Tax implications are coming from health care law
When the U.S. Supreme Court ruled on the health care law late last month, the decision upholding the individual health insurance mandate made headlines.
Read More »Divorced father entitled to dependency tax exemption, rules US Tax Court
A divorced father could claim a dependency exemption on his federal income taxes – even though his child’s mother refused to sign the form ordinarily required by the IRS for such exemptions, the U.S. Tax Court has ruled.
Read More »Tax — income tax — statute of limitations
11-139 U.S. v. Home Concrete & Supply, LLC
Read More »Suit challenges federal licensing of tax preparers
After three decades as a part-time tax preparer, 80-year-old Elmer Kilian of Eagle, Wis., is concerned that new IRS regulations may prevent him from hanging out his shingle. Kilian is one of three plaintiffs filing a federal lawsuit this week that challenges new licensure requirements for hundreds of thousands of tax preparers across the nation.
Read More »Tax — income tax — charitable deductions
11-2078 Rolfs v. CIR
Read More »10-2194 Cole v. CIR
Tax Income tax; fraud Where the taxpayer is an attorney specializing in business planning and tax matters, the Tax Court reasonably found that he committed fraud by funneling income into entities that lacked any business purpose. “The Coles also concealed assets by funneling income into multiple business entities that lacked any business purpose. The entities served, as found by the ...
Read More »09-3741 Beard v. CIR
Tax Income tax; statute of limitations An overstatement of basis can be treated as an omission from gross income, triggering a six-year statute of limitations. “[A] plain reading of Section 6501(e)(1)(A) would include an inflation of basis as an omission of gross income in non-trade or business situations. See Regions Hospital v. Shalala, 522 U.S. 448, 467 (1997); Hawkins v. ...
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