In April of 2013, the IRS announced it was providing relief from certain common tax penalties for individuals with clean recent past tax records. Included in the list of penalties potentially eliminated is the failure to file penalty and the failure to pay penalty. The taxpayer must not have been subject to penalties other than the failure to make sufficient estimated payments for the past ...
28
Oct 2013
IRS Cuts Break to Taxpayers with Clean Records
October 28, 2013 By
25
Oct 2013
Proposed Legislation to Change Georgia’s Tax Underpayment Interest Rate
October 25, 2013 By
I recently asked my State House representative, Rich Golick, to sponsor a bill to reduce the Georgia interest rate on tax underpayments to a market rate —perhaps using the rate that the IRS uses. After analyzing the matter, he said he is having someone draft legislation to make the change to use the IRS's rate. Making the change is the right thing to do. Background: For many years, the ...
24
Oct 2013
Georgia’s Penalizing Interest Rate on Tax Deficiencies
October 24, 2013 By
For many years, the underpayment interest rate with respect to Georgia tax deficiencies has been one percent (1%) per month. This rate is excessive and, in substance, amounts to a substantial penalty. The IRS currently charges 3 percent annual interest, and it has been charging 3 or 4 percent for many years. Georgia has a thorough penalty scheme, similar to the federal penalty scheme ...
21
May 2012
Expansion of Federal User Fees Raises Lawfulness Questions
May 21, 2012 By
Federal agencies have begun using user fees as a substantial means of financing the federal government. Certain requirements must be met in order for user fees to be (lawfully) charged. Under 31 U.S.C. section 9701, heads of agencies may prescribe regulations establishing a charge for a service of thing of value provided by the agency. Regulations prescribed are subject to policies ...
29
Mar 2012
Target Date and Bond Fund Risks
March 29, 2012 By
Many years ago, when target date funds were in their infancy, a client inquired of my thoughts concerning these funds, as an investment option for a 401(k) plan. The VP of investments for the company joined the discussion. Eventually, a finance professor from the University of Chicago was added to the mix. All things considered, it was decided it was best to exclude these funds from the ...
02
Sep 2011
Federal Agencies Essentially Legislating…
September 2, 2011 By
...and Charging Fees to Cover Their Costs Federal agencies under the Obama Administration are taking regulating to a new level and, in many cases, essentially legislating. Also, in some cases, fees are being charged to cover the costs of the excessive regulatory activities. Congress can delegate to federal agencies the power to essentially make law, via legislative regulations. A legislative ...
26
Aug 2011
Can You Sue the Government (and Win)?
August 26, 2011 By
"You can't fight city hall" is an old saying. Under a legal doctrine called sovereign immunity, generally, you cannot sue the U.S. government or any government in the U.S. (and win). However, exceptions exist. When should you fight city hall? When the facts and law present a potentially winnable case. Class actions are the most economic means of handling a problem that impacts a large number of ...
25
May 2011
Published Writing by Allen Buckley
May 25, 2011 By
Allen Buckley is the author of a host of articles on employee benefits and tax topics. Publications include: Is Treasury's New Reg Scheme for Return Preparers Lawful? in October 15, 2012 edition of Tax Notes Do Tax-Qualified Plans Still Make Sense? Spring 2011 Edition of Journal of Pension Benefits Are the New ERISA Section 408(b)(2) Regulations Unlawful?, Winter 2011 edition of Journal ...
