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Tag Archives: Income tax

Wisconsin Legislature sends $250 million tax cut to governor

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 ...

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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.

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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 ...

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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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