Lost in the widening scandal over the IRS targeting of conservative political groups: The fact that most of them were not the big political players of 2012.Continue reading
Today a federal tax official provided House Ways and Means Committee members some details about how the Internal Revenue Service will review whether the political activities of shadowy nonprofit groups conflict with their exempt status.
The answer: slowly, according to the IRS Deputy Commissioner for Services and Enforcement Steven Miller, one of the witnesses at the hearing.
He said the IRS has decided to consider whether it would issue new guidance to the groups. And if the agency investigates groups, it looks at an entire year's worth of activity before determining whether an organization has violated tax laws, Miller ...Continue reading
It's unlikely that President Barack Obama will be naming any tax proposals after George B. Kaiser. An investment by the Tulsa billionaire's family foundation in Solyndra, whose bankruptcy may leave taxpayers on the hook for $535 million in federal loans, has raised speculation that the administration acted in part to aid a financial supporter. But the impact on taxpayers of Kaiser's career goes far beyond the $535 million loss. Kaiser has built his fortune in part through shrewdly playing the Internal Revenue Code. In one six year period, during which he increased his net worth enough to ...Continue reading