Monthly Archives : April 2014

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Tenth Circuit throws out IRS summonses

In a decision that creates a split from five other circuit courts, the Tenth Circuit Court of Appeals quashed IRS summonses that were issued after the 23-day period required under Sec. 7609(a)(1) (Jewell, Nos. 13-6069, 13-7038 (10th Cir. 4/28/14)). When the IRS issued four summonses to banks     
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Detroit: a Low-Debt City?

While the municipal government of Detroit has been experiencing the trials and tribulations of the largest municipal bankruptcy in history, its citizens are surprisingly together when it comes to their own personal debt, according to CNN Money. On average, Detroit residents carry $23,604 in de read more    
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Final TARP Cost: $40B

A new report out has calculated that, all told, the final cost of the Troubled Asset Relief Program, which bailed out the banks during the height of the financial crisis, was around $40 billion, a far cry from the $700 billion asked for during the meltdown, according to CNN Money.
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AICPA Hails DATA Act Vote

In a move praised by the AICPA, the House of Representatives passed the DATA Act, which mandates that the federal government, specifically the Department of the Treasury and the Office of Management and Budget, to adopt a non-proprietary, platform-independent data standard, such as X read more    
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Taxpayer: Heaven a Non-Tax Jurisdiction

A Minneapolis woman is arguing that she doesn't have to pay taxes because she is not a citizen of the U.S. but, rather, of the Kingdom of Heaven, which apparently does not require tax revenue, according to the Minneapolis Star Tribune. The woman has failed to pay income taxes in
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SEC Accting. Fraud TF Launches Probes

The task force organized last year by the Securities and Exchange Commission to investigate accounting fraud will be opening up a new series of investigations focused on both traditional and emerging accounting fraud issues, according to Reuters. This is part of an overall effort to steer the commission's attention towards
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Million Dollar Sole Props. Growing

The number of one-person firms worth a million dollars or more is growing, according to Forbes. Statistics from the Census Bureau show that the number of businesses where there are no workers but the owner has been growing rapidly, as 29,494 companies made it into the $1 million to $2.99
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U.S. Makes Big Debt Payment

Buoyed by increased tax revenue generated by an improving economy, the U.S. Treasury Department announced that it will make its largest debt payment in seven years, according to Bloomberg. The country will pay off $78 billion of its debt in the April-June period, which is $38 billion more than the
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