Tax news April 2009

Tax

Former CPA indicted for fraud, tax evasion

A Bakersfield, CA, man, his sister, and her husband have been indicted for conspiracy to defraud the IRS and four counts of tax evasion.An Omaha grand jury handed down the indictment last month against Michael Koning and Susan Baisden-Koning of Victor, MT, and her brother, Lowell Baisden. The indictment accuses the three of hatching a scheme to avoid paying $989,000 of the Koning's individual federal income taxes.
Tax

Federal tobacco tax increase - what the accounting bloggers are saying

From Tax Prof blog:By Rachel E. Morse - abstract of published Note:Sin taxes--traditionally levied on alcohol and tobacco--are inherently regressive and disproportionately burden the poor, yet they are firmly entrenched as a practice and offer a quick fix in times of fiscal need. Opponents to this method of generating revenue cite its regressive nature and argue that sin taxes are paternalistic and bad social policy.
Tax

AIG controversy results in more legislative wrangling

April 2, 2009Yesterday the House passed a new bill that attempts to address how we should deal with the AIG bonuses that aroused furor among the public, on Capitol Hill, and inside the White House. This version of the bill would let the payment of the bonuses stand, if, after further study, the Treasury Department and financial regulators deem them not to be "unreasonable or excessive." The bill - HR 1664 - passed by a vote of 247-171.
Tax

Obama's first tax increase: National sin tax is effective April 1

The first major tax increase from the president who promised no tax increases on 95 percent of the population goes into effect today, April 1. This is not an April Fool's Day joke - this is a tax increase that hits approximately 21 percent of adults age 18 and over, regardless of income level, and approximately 20 percent of teenagers, many of whom are not normally considered to be among the ranks of taxpaying citizens.The federal tax, an increase of 62 cents per pack of cigarettes, starts April 1.

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