A chorus of angry politicians and a national coalition of Italian-Americans called on Gov. Chris Christie Thursday to veto a controversial $420,000 film tax credit awarded to the hit MTV television show “Jersey Shore.” “The governor needs to step up for decency and veto this. If the show wants to go somewhere else, let ‘em,” said state Sen. Joseph Vitale (D-Middlesex), who said it includes negative stereotypes of young Italian-Americans. “Let us just hope against hope that New Jersey taxpayers don’t end up paying for ‘Snooki’s’ bail the next time she is arrested. What a terrible, terrible and misguided waste.” said State Sen. Paul Sarlo (D-Bergen). [NJ.com via DMWT]
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Office Depot Loses Tax Credits; CFO May Have Lost His Lunch
- Caleb Newquist
- April 2, 2011
Office Depot CFO Mike Newman can’t handle – CAN’T HANDLE – the bad news handed down by the IRS:
“I’m sick about it,” Newman said of the mistake the company and its advisors made in thinking Office Depot could use tax credits of $80 million last year and $63 million this year, calling the mistake his responsibility. Office Depot and its tax advisors believed the company was eligible to use prior losses to get tax credits under the American Recovery and Reinvestment Act of 2009, but the IRS told the company that other tax rules superseded the ones under which Office Depot was using to determine eligibility.
Of course we’d love to know who this “advisor” is that Newman is referring to. Since Deloitte earned over $589k in tax fees for fiscal year ’10 you could conclude that he’s referring to D. It’s certainly possible that it’s someone else so we invite you to come up with some theories.
Office Depot Off; Explains Impact Of IRS Tax-Credit Denial [Dow Jones]
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Rick Santorum Actually Believes That People Care About His Tax Returns
- Caleb Newquist
- January 27, 2012
Ha! President of frozen-over hell, Rick Santorum told everyone that he had to get back […]
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IRS Commish Reminds Congress That If They Blow Off Tax Policy, We’ll Have a Giant Mess on Our Hands
- Caleb Newquist
- December 2, 2010
There’s a small part of us that hopes the lame-o Congress just throws their hands up and lets all the outstanding tax policy issues expire, just to see what the fallout would be.
While we wish no harm to our practitioner friends like Joe Kristan, watching the pols in Congress squirm from the wrath of the American populace would be rather enjoyable.
Doug Shulman, on the other hand, does not share our impish impulses and wrote a letter to Congressional members on the Senate Finance and House Ways & Mean Committees, reminding them that if they let this one get away, his agency will have one hell of a mess on their hands.
Reuters has some excerpts:
“Of course, if legislation has not passed by the end of this year, our computers will have been programed incorrectly and we will need to delay filing for these individuals,” he said in a letter to the top lawmakers on the congressional committees charged with tax policy.
Realizing that the members might not quite understand what all this crazy-talk means, the Commish gave some details:
“It would be an unprecedented and daunting operational challenge to open the tax filing season under one set of tax laws with respect to AMT and extenders, begin accepting tax returns, and then have the law change,” Shulman wrote.
So essentially, re-doing a bunch of work. Nobody wants that. Luckily for everyone involved, Shulman appears to understand that while dysfunction is standard operating procedure on the Hill, most CPAs prefer providing above average client service.