Wednesday, September 28, 2011

Tax Update: U.S. Supreme Court to Review Statute of Limitations Circuit Court Split

In two previous blog posts, we discussed the hot issue of whether an overstatement of basis triggers an extension of the three year statute of limitations for assessing tax.  The U.S. Court of Appeals for the Fourth Circuit, where our humble state resides, previously ruled in Home Concrete & Supply, LLC v. U.S. that a partnership’s overstatement of its basis did not constitute an “omission” subject to the six year statute of limitations for tax assessment.  The Fourth Circuit, along with the Federal and Ninth Circuits and the U.S. Tax Court all held that an overstatement of basis does not trigger the extended period of time to assess tax.  However, both the Fifth and Seventh Circuits found differently, providing that the six year statute of limitation does apply, resulting in a confusing circuit court split.  The circuit disparity primed the issue for arguments in front of the Supreme Court.

While petitions for certiorari were filed in connection with opinions of the Fourth, Seventh and Federal Circuits, the Supreme Court granted the petition relating to Home Concrete & Supply.  The government’s brief is due November 14, and the case will likely be heard early next year with an opinion issued by July.  We will keep you updated with the latest.

Monday, September 26, 2011

LWC on the U.S. Peace Corps

LWC discussed his two-year service in the Peace Corps in today's issue of The Post & Courier.

To read the article, check out the link below:

Post & Courier: Peace Corps turns 50

Monday, September 19, 2011

LWC on President Obama's Tax Proposal

"I was quoted in the Washington Post on September 16th in Karen Hube's article about the President's new tax proposal.  This proposal is very important from a tax perspective to many people whom I consider to be the upper middle class in America and doesn't really tax the truly wealthy."

Click Here for The Washington Post 

If you'd like to read the proposal, see the link below. 

Click Here for a Section by Section Analysis of the American Jobs Act of 2011

Additional articles quoting LWC on Obama's tax plan:

Obama Fires Up the Debate Over Who Is Wealthy-- The Fiscal Times

Couples Earning $250K/Yr Aren't "Millionaires and Billionaires Abusing Tax Loopholes"-- Business Insider

Wednesday, September 7, 2011