Word: taxing
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...second insult," G.K. Chesterton argued, and a coerced one already trades at a discount, repentance offered only in exchange for immunity from further prosecution. This winter we got to watch A-Rod explain his doping and Michael Phelps explain that bong and various presidential appointees account for their tax returns and Republican Party chair Michael Steele beg Rush Limbaugh's forgiveness for telling the truth. Even the Pope, who forgives people for a living, has been having trouble: he had to apologize for ever accepting the lame nonapology of an excommunicated bishop who declared that "there...
...Democrats just don’t have the cojones for this level of relentless obstructionism. During the Bush years, Democrats mounted many filibusters, but they were almost entirely with regard to highly partisan judicial appointments. For his major initiatives—No Child Left Behind, prescription drugs, tax cuts, the Iraq and Afghan wars, immigration—Bush received significant Democratic support. Democrats struck a deal about judicial appointments through the “gang of 14,” which smoothed the way for the confirmation of a slew of Bush appointments. There were no serious challenges...
...comments come in the wake of numerous Ponzi scheme crimes, most notably Bernard Madoff's $65 billion scam, which Shulman said was tragic but raised a "staggering array of tax and pension implications for the victims," many of whom have lost entire life savings and retirement accounts. (Read "Another Victim of the Ponzi Schemers...
...operating loss" of $950,000. The NOL would then be reduced further by whatever claims recovered from SIPC. If, for example, a victim were to receive from SIPC $200,000, that victim's net operating loss would be $750,000, which would be the number used on tax returns to go back five years and forward 20 years from 2008 to recover monies against taxes paid. (Read more about Ponzi schemes...
...balance this looks like a generous plan for many taxpayers," said Bob Goldstein, a senior tax consultant at Marks Paneth & Shron, New York. "It looks like an easy way for the IRS to handle this, but some things will be given up," Goldstein said. Those include, he says, the right to recovery by mitigation ("mitigating" or amending closed returns), claim of rights (a tax credit equal to taxes paid on Ponzi income to original investment), and amending returns based solely on phantom income (removing Ponzi or phantom income going back three years...