MedWorm provides a medical RSS filtering service. Over 6000 RSS medical sources are combined and output via different filters. This feed contains the latest medical blog items that have been tagged with 'internal revenue service'. Sat, 03 Sep 2011 02:52:21 +0100 http://www.medworm.com/index.php?rid=4953362&cid=t_319848_150_f&fid=35777&url=http%3A%2F%2Ffeedproxy.google.com%2F%7Er%2FPharmalot%2F%7E3%2FiSdaty5lPS4%2F Most everyone enjoys the challenge of minimizing their taxes. Drugmakers are no exception. But consider Schering-Plough, which engaged Merrill Lynch nearly 20 years ago to concoct a complicated interest rate swap involving a pair of subsidiaries, but was hit with a $473 million tax bill in 2004 after a federal court decided its gambit was just that - a ploy to evade taxes. Yesterday, a federal appeals court not only upheld that ruling, but chastised the drugmaker - which is now owned by Merck - for offering arguments that were described as disingenuous and for displaying way too much chutzpah. Of course, chutzpah can be a good thing, but overdoing it in arguments before a federal appeals court can invite disdain. Just ask the Merck lawyers. The upshot is that Merck is not entitled to a n... Pharmalot blogs http://www.medworm.com/rss/comments.php?id=4953362 Tue, 21 Jun 2011 12:35:57 +0100 4953362 http://www.medworm.com/index.php?rid=4952804&cid=t_319848_87_f&fid=36438&url=http%3A%2F%2Ffeedproxy.google.com%2F%7Er%2FCato-at-liberty%2F%7E3%2F04p9GU35RGM%2F By Daniel J. MitchellOne of the tax increases buried in Obamacare was an onerous and intrusive “1099″ scheme that would have required businesses to collect tax identification numbers for just about any vendor and then send paperwork to the IRS whenever they did more than $600 of business. Send one of your sales people to New York for a couple of nights? They would have to get the tax ID for the hotel and submit a form to the IRS. Buy a printer for the office? The printer company would need to provide a tax ID and the purchaser would have to submit a form to the IRS. o Have a retirement dinner for somebody in the accounting department? Get the restaurant’s tax ID and submit another form to the IRS. This system was seen as a nightmare, even leading to rather amusing cartoons mocking ... Cato-at-liberty blogs http://www.medworm.com/rss/comments.php?id=4952804 Mon, 20 Jun 2011 15:55:16 +0100 4952804 http://www.medworm.com/index.php?rid=4862509&cid=t_319848_87_f&fid=36438&url=http%3A%2F%2Ffeedproxy.google.com%2F%7Er%2FCato-at-liberty%2F%7E3%2F3XLKKkQF-xs%2F By George Scoville DON’T FORGET: Today at 2:00 p.m. Eastern at Cato, former Minnesota governor Tim Pawlenty will detail specific spending cuts Congress can make as it tries to rein in the size and scope of the federal government in “Limiting Government: What Washington Can Learn from Minnesota.” Tune in at our live events hub, or watch on Facebook. It’s not low taxes that caused the Greek crisis, but high spending. A new Internal Revenue Service account reporting rule would drive out foreign capital. A defense budget that does not force trade-offs assumes the United States can take on any mission, and that all are necessary. If the Affordable Care Act is so great, why are so many people seeking waivers? Wednesday Links is a post from Cato @ Liberty - Cato Institu... Cato-at-liberty blogs http://www.medworm.com/rss/comments.php?id=4862509 Wed, 25 May 2011 16:00:32 +0100 4862509 http://www.medworm.com/index.php?rid=4828856&cid=t_319848_87_f&fid=36438&url=http%3A%2F%2Ffeedproxy.google.com%2F%7Er%2FCato-at-liberty%2F%7E3%2FRs9Wy_iJqXs%2F By John SamplesThe Internal Revenue Service is investigating campaign donations to groups incorporated under 501(c)(4) of the tax code. Some in the IRS apparently hope to apply gift taxes to the contributions. Higher taxes on an activity would generally lead to less of that activity, especially if a good substitute exists that is not taxed. In this case, donors could give money to 527 groups. Such donations are exempt from taxation. But 527 groups are subject to disclosure of donors. The IRS investigations involve tax provisions “that had rarely, if ever, been enforced.” Why now? We do not know. But 501(c)(4) groups played in a important part in the 2010 campaign. As you know, the party in power lost control of the House of Representatives in 2010.  With the president’... Cato-at-liberty blogs http://www.medworm.com/rss/comments.php?id=4828856 Mon, 16 May 2011 14:53:51 +0100 4828856 http://www.medworm.com/index.php?rid=4747602&cid=t_319848_87_f&fid=36438&url=http%3A%2F%2Ffeedproxy.google.com%2F%7Er%2FCato-at-liberty%2F%7E3%2FOOz5ZFxMdvA%2F By Daniel J. MitchellThere hasn’t been much good economic news in recent years, but one bright spot for the economy is that the United States is a haven for foreign investors and this has helped attract more than $10 trillion to American capital markets according to Commerce Department data. These funds are hugely important for the health of the U.S. financial sector and are a critical source of funds for new job creation and other forms of investment. This is a credit to the competitiveness of American banks and other financial institutions, but we also should give credit to politicians. For more than 90 years, Congress has approved and maintained laws to attract investment from overseas. As a general rule, foreigners are not taxed on interest they earn in America. Moreover, by not... Cato-at-liberty blogs http://www.medworm.com/rss/comments.php?id=4747602 Mon, 25 Apr 2011 12:40:43 +0100 4747602 http://www.medworm.com/index.php?rid=4723792&cid=t_319848_87_f&fid=36438&url=http%3A%2F%2Ffeedproxy.google.com%2F%7Er%2FCato-at-liberty%2F%7E3%2FG4RMdp2wHCI%2F By Daniel J. MitchellSince it is tax-filing season and we all want to honor our wonderful tax system, let’s go into the archives and show this video from last year about the onerous compliance costs of the internal revenue code. Narrated by Hiwa Alaghebandian of the American Enterprise Institute, the mini-documentary explains how needless complexity creates an added burden – sort of like a hidden tax that we pay for the supposed privilege of paying taxes. Two things from the video are worth highlighting. First, we should make sure to put most of the blame on Congress. As Ms. Alaghebandian notes, the IRS is in the unenviable position of trying to enforce Byzantine tax laws. Yes, there are examples of grotesque IRS abuse, but even the most angelic group of bureaucrats would have... Cato-at-liberty blogs http://www.medworm.com/rss/comments.php?id=4723792 Mon, 18 Apr 2011 13:03:38 +0100 4723792 http://www.medworm.com/index.php?rid=4696608&cid=t_319848_87_f&fid=36438&url=http%3A%2F%2Ffeedproxy.google.com%2F%7Er%2FCato-at-liberty%2F%7E3%2FPkaC9qB_l8c%2F By Daniel J. MitchellI’m not a big fan of the IRS, but usually I blame politicians for America’s corrupt, unfair, and punitive tax system. Sometimes, though, the tax bureaucrats run amok and earn their reputation as America’s most despised bureaucracy. Here’s an example. Earlier this year, the Internal Revenue Service proposed a regulation that would force American banks to become deputy tax collectors for foreign governments. Specifically, they would be required to report any interest they pay to accounts held by nonresident aliens (a term used for foreigners who live abroad). The IRS issued this proposal, even though Congress repeatedly has voted not to tax this income because of an understandable desire to attract job-creating capital to the U.S. economy. In oth... Cato-at-liberty blogs http://www.medworm.com/rss/comments.php?id=4696608 Mon, 11 Apr 2011 12:00:46 +0100 4696608 http://www.medworm.com/index.php?rid=4642575&cid=t_319848_87_f&fid=36438&url=http%3A%2F%2Ffeedproxy.google.com%2F%7Er%2FCato-at-liberty%2F%7E3%2F0-9tGgFrTbk%2F By Daniel J. MitchellA previous post of mine at International Liberty addressed the debate over whether Republicans should trim the IRS's budget. The following case study should convince everyone that the answer is a resounding yes. First, some background from a Joe Nocera column in the New York Times. The federal government made a rather troubling decision a few years ago to investigate, prosecute, and ultimately imprison a random home-loan borrower named Charlie Engle for the crime of mortgage fraud. Mr. Engle is far from blameless in this saga, but I noted in another post that it was rather odd that the government would target a nobody while letting all the big fish swim away. This episode certainly paints a picture of a government that has one set of rules for ordinary people, but a... Cato-at-liberty blogs http://www.medworm.com/rss/comments.php?id=4642575 Mon, 28 Mar 2011 12:08:00 +0100 4642575 http://www.medworm.com/index.php?rid=4560252&cid=t_319848_87_f&fid=36438&url=http%3A%2F%2Ffeedproxy.google.com%2F%7Er%2FCato-at-liberty%2F%7E3%2FIbBKouCMHwQ%2F By Daniel J. MitchellOne of my many frustrations of working in Washington is dealing with perpetual-motion-machine assertions. The classic example is Keynesian economics, which is based on the notion that you magically create additional economic activity by having the government spend money instead of allowing the private sector to decide how it gets spent (in an especially bizarre display of this thinking, Nancy Pelosi actually said that subsidizing unemployment was the best way to create jobs). Another example of this backwards analysis can be found in the debate over the IRS budget. The President is resisting a GOP proposal to modestly trim the IRS's gargantuan $12.5 billion budget and his argument is that we should actually boost funding for the tax collection bureaucracy since that wi... Cato-at-liberty blogs http://www.medworm.com/rss/comments.php?id=4560252 Mon, 07 Mar 2011 13:54:23 +0100 4560252 http://www.medworm.com/index.php?rid=4433086&cid=t_319848_87_f&fid=36438&url=http%3A%2F%2Ffeedproxy.google.com%2F%7Er%2FCato-at-liberty%2F%7E3%2F2i4m6WXAzh4%2F By Daniel J. MitchellThe Internal Revenue Code is nightmarishly complex, as illustrated by this video. Americans spend more than 7 billion hours each year in a hopeless effort to figure out how to deal with more than 7 million words of tax law and regulation. Why does this mess exist? The simple answer is that politicians benefit from the current mess, using their power over tax laws to raise campaign cash, reward friends, punish enemies, and play politics. This argument certainly has merit, and it definitely helps explain why the political class is so hostile to a simple and fair flat tax. But a big part of the problem is that tax lawyers dominate the tax-lawmaking process. Almost all the decision-making professionals at the tax-writing committees (Ways & Means Committee in the House ... Cato-at-liberty blogs http://www.medworm.com/rss/comments.php?id=4433086 Thu, 03 Feb 2011 16:30:45 +0100 4433086 http://www.medworm.com/index.php?rid=4419140&cid=t_319848_87_f&fid=39187&url=http%3A%2F%2Fgetbetterhealth.com%2Fmessage-to-the-irs-leave-medicine-to-the-experts%2F2011.01.31 I saw this via a friend’s Facebook post: Really, IRS? Believe it or not, the folks at the IRS think they know more about breastfeeding than doctors and medical researchers. According to an article in the New York Times, the Internal Revenue Service has determined that breastfeeding “does not have enough health benefits to qualify as a form of medical care.”  Therefore, women cannot count expenses for breastfeeding supplies in their tax-sheltered healthcare spending accounts. In doing so, the IRS has ignored the guidance of experts at the Department of Health & Human Services and World Health Organization who are actively promoting breastfeeding because of its significant health benefits for mothers and children. Sign our petition reminding the IRS to leave medicine to the expert... Better Health blogs http://www.medworm.com/rss/comments.php?id=4419140 Mon, 31 Jan 2011 14:00:26 +0100 4419140 http://www.medworm.com/index.php?rid=4360961&cid=t_319848_87_f&fid=36438&url=http%3A%2F%2Ffeedproxy.google.com%2F%7Er%2FCato-at-liberty%2F%7E3%2Fhawc3g-lwJo%2F By Daniel J. MitchellI’m not a big fan of the Internal Revenue Service, but I try not to demonize the bureaucrats because politicians actually deserve most of the blame for America’s complex, unfair, and corrupt tax system. The IRS generally is in the unenviable position of simply trying to enforce very bad laws. But sometimes the IRS runs amok and the agency deserves to be held in contempt by the American people Let’s look at a grotesque example of IRS misbehavior. It deals with a seemingly arcane issue, but it has big implications for the US economy, the rule of law, and human rights. On January 7, the tax-collection bureaucracy proposed a regulation that, if implemented, would force American financial institutions to put foreign tax law above US tax law. Banks would be require... Cato-at-liberty blogs http://www.medworm.com/rss/comments.php?id=4360961 Tue, 18 Jan 2011 14:44:54 +0100 4360961 http://www.medworm.com/index.php?rid=4207287&cid=t_319848_87_f&fid=39187&url=http%3A%2F%2Fgetbetterhealth.com%2Fbiotech-and-life-sciences-grant-program-only-a-few-crumbs-to-go-around%2F2010.11.29 After assuming control of the House in the mid-term elections, Republicans vowed to eviscerate the Affordable Care Act, the health reform law signed by the “Big O” last March. Thank heavens, therefore, that the Boehners were too busy congratulating themselves to even notice those federal helicopters dumping $1 billion in cash on some needy biotech companies just as the election results were being tallied. Yep, it happened. Federal disbursements in the form of grants and tax credits were made last week, as required by a provision in the reform law known as the Qualifying Therapeutic Discovery Project Program. According to the terms of this program, biotech and life sciences companies with less than 250 employees could apply for federal funds to cover research costs they had incu... Better Health blogs http://www.medworm.com/rss/comments.php?id=4207287 Mon, 29 Nov 2010 13:00:34 +0100 4207287 http://www.medworm.com/index.php?rid=4118880&cid=t_319848_87_f&fid=36438&url=http%3A%2F%2Ffeedproxy.google.com%2F%7Er%2FCato-at-liberty%2F%7E3%2FVdlSKYilLUY%2F By Daniel J. MitchellIn the past 15 years, I’ve debated in favor of a national sales tax, testified before Congress on the merits of a national sales tax, gone on TV to advocate for a national sales tax, and spoken with dozens of reporters to explain why a national sales tax is a good idea. Even though I prefer a flat tax, I’ve been an ardent defender of sales tax proposals such as the FAIR tax because it would be a great idea to replace the current system with any low-rate system that gets rid of the tax bias against saving and investment. I even narrated this video explaining that a national sales tax and flat tax are different sides of the same coin — and therefore either tax reform proposal would significantly improve prosperity and competitiveness. I will continue to d... Cato-at-liberty blogs http://www.medworm.com/rss/comments.php?id=4118880 Fri, 29 Oct 2010 15:24:37 +0100 4118880 http://www.medworm.com/index.php?rid=3993881&cid=t_319848_87_f&fid=36438&url=http%3A%2F%2Ffeedproxy.google.com%2F%7Er%2FCato-at-liberty%2F%7E3%2FevdN6f_RRzU%2F By Daniel J. MitchellOur tax system in America is an absurd nightmare, but at least we have some ability to monitor what is happening. We can’t get too aggressive (nobody wants the ogres at the IRS breathing down their necks), but at least we can adjust our withholding levels and control what gets put on our annual tax returns. The serfs in the United Kingdom are in much worse shape. To a large degree, the tax authority (Inland Revenue) decides everyone’s tax liability, and taxpayers have no role other than to meekly acquiesce. But now the statists over in London have decided to go one step farther and have proposed to require employers to send all paychecks directly to the government. The politicians and bureaucrats that comprise the ruling class then would decide how much to... Cato-at-liberty blogs http://www.medworm.com/rss/comments.php?id=3993881 Tue, 21 Sep 2010 20:54:30 +0100 3993881 http://www.medworm.com/index.php?rid=3954224&cid=t_319848_87_f&fid=36438&url=http%3A%2F%2Ffeedproxy.google.com%2F%7Er%2FCato-at-liberty%2F%7E3%2FAnycXvlRsU8%2F By Daniel J. MitchellI sympathize with almost all taxpayers, but it’s difficult to feel sorry for government workers who get in trouble with the IRS. Compensation packages for federal bureaucrats are twice as lucrative as those for workers in the productive sector of the economy and their pensions are similarly extravagant. Yet they often can’t be bothered to fully pay their taxes, owing billions of dollars to the IRS according to a Washington Post report. Among the biggest scofflaws are the folks at the Postal Service, who have accumulated more than $283 million of unpaid taxes. Retired bureaucrats, meanwhile, have amassed nearly $455 million of back taxes. Even tax collectors sometimes fall behind. Treasury Department bureaucrats owe $7.7 million. How hard can it be for them ... Cato-at-liberty blogs http://www.medworm.com/rss/comments.php?id=3954224 Thu, 09 Sep 2010 19:08:47 +0100 3954224 http://www.medworm.com/index.php?rid=3812969&cid=t_319848_87_f&fid=38368&url=http%3A%2F%2Ffeedproxy.google.com%2F%7Er%2FDisruptiveWomenInHealthCare%2F%7E3%2FhOq4hxB69ss%2F   Debates continue about the impact of health reform on small businesses. Mine is a small business so I’ve been paying close attention. I’ve even read every line of this legislation – three times. And every pundit analysis I can get my hands on. My role as a strategist requires that I understand the law. My role as a business owner requires that as well. Most analyses make broad-brush statements and it’s not possible to know the full impact until each business does its own analysis. Here’s mine. Unfortunately, there are no ‘upsides’ for my employees or business: My company is too small to be required to provide health insurance. That’s of no matter, I’ve been providing it all along. My company is unlikely to grow to the size required to provide health insurance. That’... Disruptive Women in Health Care blogs http://www.medworm.com/rss/comments.php?id=3812969 Mon, 02 Aug 2010 12:01:36 +0100 3812969 http://www.medworm.com/index.php?rid=3573685&cid=t_319848_87_f&fid=38368&url=http%3A%2F%2Ffeedproxy.google.com%2F%7Er%2FDisruptiveWomenInHealthCare%2F%7E3%2FGoydcQ_e7dM%2F By Lynn Shapiro Snyder. Reproduced with permission from BNA’s Health Care Policy Report, 18 HCPR 680 (May 3, 2010). Copyright 2010 by The Bureau of National Affairs, Inc. (800-372-1033) http://www.bna.com Health reform is a process, not an outcome. The health care industry needs to treat Phase II of health reform—–implementation by the Executive Branch—with the same focus and zeal as they did with Phase I—deliberation and passage by the Legislative Branch. It may not be as sexy as Capitol Hill but industry participation in shaping implementation through the Executive Branch could have an even greater impact for industry efforts. Phase II is when the rubber of ‘‘the law’’ meets the road of ‘‘the real world.’’ We are one month into implementation so now is the t... Disruptive Women in Health Care blogs http://www.medworm.com/rss/comments.php?id=3573685 Tue, 18 May 2010 11:57:20 +0100 3573685 http://www.medworm.com/index.php?rid=3480783&cid=t_319848_87_f&fid=36438&url=http%3A%2F%2Ffeedproxy.google.com%2F%7Er%2FCato-at-liberty%2F%7E3%2FMRf7cVB6-hs%2F By Daniel J. MitchellBeing an American citizen is an honor in many ways, but it is a huge millstone around the neck for highly successful investors and entrepreneurs because of an oppressive and complex tax system. This is particularly true for those based in and/or competing in global markets. Indeed, because the tax system (and regulatory system) is so onerous and because it is expected to get far worse in the future, a growing number of Americans are actually giving up citizenship and “voting with their feet.” The politicians view these people as “tax traitors” and are trying to erect higher barriers to hinder economic migration, particularly in the form of confiscatory “exit taxes” that are disturbingly reminiscent of the totalitarian practices of s... Cato-at-liberty blogs http://www.medworm.com/rss/comments.php?id=3480783 Sun, 18 Apr 2010 12:04:57 +0100 3480783 http://www.medworm.com/index.php?rid=3460149&cid=t_319848_87_f&fid=36438&url=http%3A%2F%2Ffeedproxy.google.com%2F%7Er%2FCato-at-liberty%2F%7E3%2Fln1QarG0zcY%2F By Daniel J. MitchellMy former intern, Hiwa Alaghebandian, has just narrated a new Economics 101 video about the cost of the tax code. I won’t spoil the surprise by giving the details, but you if you’re not angry now, you will be after watching. In the video, Ms. Alaghebandian notes that a study from 1996 (back when the tax code was not nearly as complex) estimated that a flat tax would reduce the compliance burden of the income tax by 94 percent. In my video on the flat tax, I mostly focused on how a single-rate, consumption-base system would boost growth and competitiveness, but simplicity also would be a remarkable achievement. Not only would real tax reform reduce compliance costs by hundreds of billions of dollars, it would also put a big dent in the corrupt practice ... Cato-at-liberty blogs http://www.medworm.com/rss/comments.php?id=3460149 Mon, 12 Apr 2010 14:16:47 +0100 3460149 http://www.medworm.com/index.php?rid=3416010&cid=t_319848_87_f&fid=36438&url=http%3A%2F%2Ffeedproxy.google.com%2F%7Er%2FCato-at-liberty%2F%7E3%2FFHf2p46l2Iw%2F By Daniel J. MitchellAmerica’s biggest fiscal challenge is excessive government spending. The public sector is far too large today and it is projected to get much bigger in coming decades. But the corrupt and punitive internal revenue code is second on the list of fiscal problems. This new video, narrated by yours truly, explains how a flat tax would work and why it would promote growth and fairness. Something to keep in mind with tax day in just a couple of weeks. There are two big hurdles that must be overcome to achieve tax reform. The first obstacle is that the class-warfare crowd wants the tax code to penalize success with high tax rates. That issue is addressed in the video in a couple of ways. I explain that fairness should be defined as treating all people equally, and I als... Cato-at-liberty blogs http://www.medworm.com/rss/comments.php?id=3416010 Mon, 29 Mar 2010 13:58:39 +0100 3416010 http://www.medworm.com/index.php?rid=3185314&cid=t_319848_87_f&fid=36438&url=http%3A%2F%2Ffeedproxy.google.com%2F%7Er%2FCato-at-liberty%2F%7E3%2FX9dAbJFhoIE%2F By Tad DeHavenMost people would agree with Chris Edwards that the federal tax code is insanely complicated. The IRS Commissioner doesn’t do his own taxes, the Treasury secretary and other Washington policy experts haven’t paid what is owed, and the already overwhelmed IRS would be given an expanded role under the Democrat’s health care legislation. A key problem is that the social engineers on Capitol Hill have run amok. Recently, they have been enamored with home-buying tax credits, and CNN.com notes how it is further overwhelming the IRS bureaucracy: On Thursday, CNNMoney revealed that buyers who purchased their properties after Nov. 6 were unable to claim the refund because the Internal Revenue Service had yet to release a new form and instructions. But on Friday, the IRS finally ... Cato-at-liberty blogs http://www.medworm.com/rss/comments.php?id=3185314 Tue, 19 Jan 2010 14:14:45 +0100 3185314 http://www.medworm.com/index.php?rid=3118854&cid=t_319848_87_f&fid=36438&url=http%3A%2F%2Ffeedproxy.google.com%2F%7Er%2FCato-at-liberty%2F%7E3%2F3_qewLq2PYM%2F By Daniel J. MitchellHere are a few stories to bring holiday cheer for taxpayers. First, we have an Associated Press report that several hundred thousand federal bureaucrats have serious tax delinquencies. The Department of Housing and Urban Development always ranks high on the list of government entities that should be abolished, so it’s interesting to see that HUD bureaucrats are most likely to be dodging their taxes: More than 276,000 federal employees and retirees owed back income taxes as of Sept. 30, 2008, according to data from the Internal Revenue Service. The $3.04 billion owed was up from $2.7 billion owed by federal employees and retirees in 2007. Among cabinet agencies, the Department of Housing and Urban Development had the highest delinquency rate, at just over 4 percen... Cato-at-liberty blogs http://www.medworm.com/rss/comments.php?id=3118854 Thu, 24 Dec 2009 15:43:36 +0100 3118854