Tax Court: Frequent Flier Miles Are Income

imagesAre frequent flier miles income to U.S. taxpayers? On Tuesday, the Tax Court held that they are. Sometimes, anyway.

What does the Tax Court decision mean to you? Let’s explore the ramifications of the Tax Court’s decision in an Explainer.

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Bruce Rauner and the Cayman Islands

On Friday, the Chicago Sun-Times ran an exposé on Illinois gubernatorial hopeful Bruce Rauner’s finances. Specifically, the Sun-Times informed its readership (and the world at large) that Rauner has at least a portion of his fortune in the Cayman Islands, a tax haven country.

To which I reply, Duh.

Seriously, I’m not entirely sure how this could be more of a non-story. But to explain why it’s a non-story, I should probably unpack what the Sun-Times says, what it doesn’t say, and what it probably should say.  Continue reading