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Hiers Tax Service

Tax and accounting services for the individual and small business

- Sat, 20 Nov 2010 04:00:00 -0500
Tim Canney (J.D. 2011, Catholic) has published Tax Gross-Ups: A Practical Guide to Arguing and Calculating Awards for Negative Tax Consequences in Discrimination Suits, 59 Cath. U. L. Rev. 1111 (2010). Here is the abstract: Congress passed the American Disabilities Act (ADA) to combat discrimination in areas such as employment....

Kysar Presents Penalty Default Interpretative Canons Today at Brooklyn
- Fri, 19 Nov 2010 15:55:38 -0500
Tax Prof Rebecca Kysar (Brooklyn) presents Penalty Default Interpretative Canons at Brooklyn today as part of the symposium on Statutory Interpretation: How Much Work Does Language Do? Here is the abstract: A preference for a particular method of statutory interpretation over another often relates to one?s view of the legislative...

Government?s Spending Structures Are Fundamentally Unsound
- Mon, 15 Nov 2010 05:00:00 GMT
As a college undergraduate, I studied civil engineering. One of the first things that is clear to any student of civil engineering is that gravity always

One advantage of shopping online is that purchasers often don’t have to pay sales taxes. That could change in the Hoosier State if two Indiana legislators

Mesa, Arizona Voters Back Nearly $100 Million Subsidy for Chicago Cubs

For 50 years, the Chicago Cubs have conducted spring training in Mesa, Arizona.A business consortium in Florida hoped to lure the Cubs there, but Mesa residents

- Sun, 14 Nov 2010 05:00:00 GMT
On the heels of a 19,000-vote victory, Gov. Pat Quinn claims he has a voter "mandate" to raise Illinois' income tax.In fact, a 1 percentage point

Weather at Cleveland-Hopkins International Airport, OH - via NOAA's National Weather Service
http://www.weather.gov/data/current_obs/

Overcast and 43 F at Cleveland-Hopkins International Airport, OH

Winds are West at 12.7 MPH (11 KT). The pressure is 1021.2 mb and the humidity is 82%. The wind chill is 36. Last Updated on Nov 20 2010, 3:51 am EST.

Hiers Tax Service, Inc
is your partner in tax preparation. We provide tax preparation services for the individual and small business.
We prepare all Federal, State and City tax returns including 1040EZ, 1040A, 1040, 1065, 1120 and 1120S plus all needed schedules. We can prepare State Tax Returns for any State with a income tax.

There is no worse tyranny than to force a man to pay for what he does not want merely because you think it would be good for him.

The Federal Reserve's Quantitative Easing: Questions and Answers

Recently, the Federal Reserve announced plans to resume monetary easing by purchasing $600 billion in U.S. Treasury bonds by June 2011. Bonds purchases give the sellers additional funds in their banks, which adds to banks' reserves and lending ability. The Fed's goal is to expand money and credit and thereby stimulate the economy, says Robert McTeer, a distinguished fellow at the National Center for Policy Analysis, former member of the Federal Open Market Committee (FOMC) and former president of the Federal Reserve Bank of Dallas.
If short-term interest rates are near zero, how is quantitative easing supposed to help?

The purchase of longer term Treasury bonds (as opposed to short-term Treasury bills) may put downward pressure on longer term interest rates.
The Fed hopes that banks will use the new funds to lend more to businesses and consumers.

Didn't the Fed's balance sheet grow dramatically during the crisis, creating lots of bank reserves? How is that not inflationary?

It hasn't been inflationary so far because, with all the turmoil during the financial crisis and the erosion of bank capital, banks have become very cautious, raising their lending standards (even as loan demand has declined) and holding onto excess reserves.
The reserves are excess in the sense that they exceed regulatory requirements, but they aren't necessarily excess in the minds of the bankers.

If the banks are awash in liquidity, or excess reserves, how is adding even more reserves through a second round of monetary easing going to make any difference?

It might not, but economic theory suggests that bank reserves, like most other things, have diminishing marginal utility.
Thus, even if bankers get lots of utility or benefit from present holdings of reserves, even more reserves would add less and less to their utility relative to what could be exchanged for those reserves: namely, more loans and investments.

Source: Robert McTeer, "The Federal Reserve's Quantitative Easing: Questions and Answers," National Center for Policy Analysis, November 19, 2010.

Massachusetts' health insurance connector -- the highly touted agency that aims to bring cheap medical care to the masses -- has turned into a legal pit bull by aggressively going after a growing number of Bay Staters who say they can't afford mandated insurance -- or the penalties imposed for not having it, says the Boston Herald.

The Commonwealth Health Insurance Connector Authority is cracking down on more than 3,000 residents who are fighting state fines, and has even hired a private law firm to force the health insurance scofflaws to pay penalties of up to $2,000 a year.
All told, more than 7,700 people have appealed state fines for not having health insurance.
The agency has hired several private attorneys at $50 an hour to hear many of the appeals, and some 3,150 of them have been denied -- and the losers told to pay up.
The connector has also hired the Hub law firm Bowman & Penski -- at $125 an hour -- to defend itself against 13 lawsuits filed by fed-up taxpayers who insist they can't afford state required insurance premiums or the escalating fines.

National watchdogs say the Bay State's battles with cash-strapped taxpayers foreshadow troubles on the horizon for the Obama administration's health care plan.
"Every problem that Massachusetts is running into right now, the federal government will confront in 2014," says Michael Cannon, director of health policy studies at the Cato Institute in Washington, D.C.
Cannon predicts that more and more put-upon taxpayers will resist the law because insurance premiums will continue to skyrocket while incomes remain flat, says the Herald.
Source: Christine McConville, "Health Panel Brings Out Big Guns," Boston Herald, November 17, 2010.

http://bostonherald.com/news/politics/view/20101117health_panel_brings_out_big_guns_1/srvc=home&position=0
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A Method for Measuring and Partially Testing "Charitability", 3 of 3 parts : Some Complexities
- Mon, 06 Aug 2007 00:00:00 EST
In this series so far, I have suggested that it is possible to test "charitability" at least in terms of transfers of resources from some class of donors to some class of recipients by using a balance sheet approach to identifying how those donors and recipients match up. After all, they should be equal in size. Now I will examine two additional complications past charitable contributions and transfers from governmentand then conclude by reexamining some of the objections to the approach I have suggested.

A Method for Measuring and Partially Testing "Charitability", Second of Three Parts : Applying the Tool
- Mon, 30 Jul 2007 00:00:00 EST
All charities claim to be performing some good for others or for society. These "outputs" require inputs of charitable resources. Nongovernmental sources can be divided broadly into two major categories: financial or real capital, and volunteer labor. These contributions of money or property and time are typically tax favored. This article examines how the balance sheet exercise matching uses and sources of charitable "resources" can serve as a cross-check for how charitable an organization is.