The Problem With Economic Patriotism

The Problem With Economic Patriotism
President Barack Obama called for “economic patriotism” last week in response to the renewed focus on corporate inversion, the process where a company reincorporates in another country despite retaining near identical operations. I wrote a bit about corporate inversion a while back. This, however, is the first I’ve heard about “economic patriotism.” If you’re wondering ...

Exchanges, Halbig and Unintended Consequences

Exchanges, Halbig and Unintended Consequences
When I was young, my brother and I would hide our Battle Beasts, prepped to ambush whatever unwitting toy came by. Sometimes we would hide them a bit too well, never to find them again. We were always devastated by the loss. “We didn’t mean to lose them,” we’d think. “And we certainly won’t lose them ...

Dispensary Tells IRS to Take Its Cash and Smoke It

Dispensary Tells IRS to Take Its Cash and Smoke It
Despite my personal “no” vote on Colorado legalizing marijuana (I was sick of the “Mile High” and “Rocky Mountain High” jokes even before it passed), it’s been entertaining to watch the marijuana tax ramifications running wild. The latest lawsuit comes from Allgreens LLC, which says its unfairly assessed a 10 percent penalty for paying their ...

Possible Changes to Education Expense Tax Credit

Possible Changes to Education Expense Tax Credit
As of right now, the tax treatment of education expenses is a bit of a mess. We currently have two education expense tax credits, the Hope Scholarship Credit and the Lifetime Learning Credit. Add in the recently expired American Opportunity Credit and the expired deduction for qualified tuition expenses, and it’s just a mess how ...

Our Feeble Attempt to Stop Tax Inversion

Our Feeble Attempt to Stop Tax Inversion
“Showrooming” is a serious issue for big box retailers across the United States. I’m as guilty of it as the next person, going into Best Buy or Microcenter to see that new tablet in person before dropping several hundred dollars on the less expensive Amazon (but I would never illegally evade paying sales tax). Best Buy’s first response to ...

The Clintons As Tax Hypocrites

The Clintons As Tax Hypocrites
Bloomberg recently broke news that the Clinton’s placed one of their houses in a trust to avoid the estate tax. Since Hillary Clinton said that the estate tax prevented the country from being “dominated by inherited wealth,” and Bill has traditionally supporting the estate tax, the question is whether the Clintons have descended to the depths of ...

Section 179 Deduction 2014 Update

Section 179 Deduction 2014 Update
SEE BOTTOM OF THIS ARTICLE FOR IMPORTANT UPDATES! The Section 179 deduction for 2014 took a huge hit. In 2013, a small business could deduct up to $500,000 of assets in the year they are placed in service as long as the total amount of assets was less than $2 million. The Section 179 deduction 2014 is ...

Obamacare Penalty 2014 Update

Obamacare Penalty 2014 Update
The Congressional Budget Office (CBO) is always good place for incomprehensively large numbers. If anyone knows of a study that shows the point where budget numbers stop losing meaning, please hook me up. For this month’s so-huge-it’s-almost-meaningless report, the CBO has released it’s Obamacare Penalty 2014 update. Before I get into the actual report, here’s a brief background ...

California Per Mile Tax Put in Perspective

California Per Mile Tax Put in Perspective
There’s no such thing as a “good” tax in terms of interference in the economy. If you tax something more, you get less of it, which means any tax is going to have some distortion on the normal transactions in a free market. That’s why knee-jerk reactions against any new tax suggestion is common, and ...

Bitcoin Tax Reporting Not Subject to FBAR Penalties

Bitcoin Tax Reporting Not Subject to FBAR Penalties
Good news, Bitcoin lovers! Although the IRS has seriously hobbled Bitcoin’s usefulness as a legitimate form of currency, it won’t charge you a $100,000 penalty for not reporting it correctly! Well, for 2013, at least. The Report of Foreign Bank and Financial Accounts (FBAR, or  FinCEN Form 114) is an informational form that must be ...