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Mwe55innc
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Kay: You said above: "Feldstein's 2 percent reduction would apply to all taxpayers. Using just itemized deductions, a single filer making $75,000 could claim only $1,500 in deductions. One making $250,000 (the current deduction reduction threshold) would be restricted to $5,000 in deductions on Schedule A." but that's not quite what Feldstein said. He said that the tax "benefit" would be limited to 2% of AGI - and later in the article he clarified that he was talking about the net "tax reduction", so that someone in the 25% marginal rate bracket, for example, would be allowed to deduct 8% of AGI to get the 2% tax benefit.
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I don't have a problem with licensing, but given how hard clients have been screaming about *any* price increases this year I have some sympathy for the argument that the costs shouldn't be passed along to them. But I have no doubt they will be - and then some.
Toggle Commented Mar 21, 2012 on Preparer Licensing Lawsuit at Our Taxing Times
It's not unusual for downstream systems to have problems when you modernize the front end - and that's exactly what happened here. MeF was, literally, too efficient for the older systems the IRS still uses.
Toggle Commented Feb 16, 2012 on Halfway Update at Our Taxing Times
I'm inclined to agree (unusually!) with Justice Scalia's opinion in Quill, specifically this: "Congress has the final say over regulation of interstate commerce, and it can change the rule of Bellas Hess by simply saying so." (Bellas Hess being the precedent upheld in Quill.) Congress can and should address this rather than relying on the courts to do so. Justice Stevens's majority opinion in Quill clearly invited Congress to act, and Justice Scalia's statement above makes it clear that if Congress does so the Court is not likely to intervene. Given the history going back to Bellas Hess, it seems unlikely that the Court, no matter how constructed, is terribly likely to change its mind.
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Mar 16, 2011