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Bits ‘n Pieces – Taxing Harvard, Yale, Stanford; IRS adds 700 employees to chase tax cheats; CA Gov. Brown signs bills to raise smoking age to 21, restrict e-cigarettes, Tattered tax net; Tax court rules international waters not foreign country but misses that mariners are not marines

* Is taxing Harvard, Yale and Stanford the answer to rising college costs? Timothy W. Martin and Melissa Korn – The Wall Street Journal. Elite U.S. schools have grown richer since the 2008 financial crisis by investing their endowment money in everything from California vineyards to Chinese startups. State and federal policy makers now want to tax those profits-or force the wealthiest schools to spend down their endowments-to defray soaring student bills and refill depleted higher-education budgets. Link to The Wall Street Journal – on.wsj.com/1VKx8KS

* You’re more likely to get audited as IRS adds 700 employees to chase tax cheats. Lisa Rein – The Washington Post. The first group of job openings will be announced in a few weeks and will work in the department that oversees self-employed taxpayers and small businesses. Hundreds of higher-level enforcement jobs will be filled later this year. Link to The Washington Post, wapo.st/1UzNdBN

* California Gov. Brown signs bills to raise smoking age to 21, restrict e-cigarettes. Patrick McGreevy – the Los Angeles Times. However, Brown also vetoed a bill that would have allowed counties to seek voter approval of local tobacco taxes to pay for healthcare expenses for those with tobacco-related illnesses. Link to the Los Angeles Times, lat.ms/1WadQPG

* Tattered tax net: See how few pay income taxes in India. Raymond Zhong – The Wall Street Journal. Just 12.9 million individuals and families paid income tax in 2011. That’s around 2.7 percent of the workforce of 474 million that year, or bit more than 1 percent of the national population of 1.2 billion. Link to The Wall Street Journal, on.wsj.com/21AgWvA

* Tax court rules international waters not foreign country but misses that mariners are not marines. Peter J. Reilly – Forbes. If you got yourself a job sweeping out the Halls of Montezuma or sailing along the shores of Tripoli and otherwise qualify you can exclude what you earn from your taxable income thanks to the foreign earned income exclusion. If your work is “on the sea”, though, maybe not so much. Link to Forbes, onforb.es/1TuGvrS

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Meet Paul Raymond

Meet Paul Raymond

Mr. Raymond is a sought after speaker in tax controversy law by many attorney, accountant, and business groups and at the request of the Internal Revenue Service, has presented programs at the IRS Nationwide Tax Forum, attended by tax professionals throughout the United States.

Additionally, he continues to be an active member in the Section of Taxation, American Bar Association, where he was the Past Chair of the Employment Taxes Committee.

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Member CA Bar Member Orange County Bar US Tax Court Attorney