Business - Taxes and Tax Season

DENVER - The Colorado Supreme Court ruled Monday that authorities violated the constitutional and privacy rights of suspected illegal immigrants when they used tax returns to try and build hundreds of identity theft cases against them. Full Story »

LINCOLN, Neb. - More than 1,000 state-owned vehicles get minimal use, according to an audit released Monday, raising the question of whether Nebraska's government has made too many trips to the car lot at taxpayers' expense. Full Story »

ATHENS, Greece - Greece's prime minister announced a barrage of spending cuts Monday, promising to control a ballooning government budget deficit and warning that the country risked drowning in debt. Full Story »

WASHINGTON (AFP) - The US Congress has yet to pass a comprehensive plan on climate change but it is taking action on one front -- ordering an in-depth "carbon audit" of the tax code. Full Story »

WASHINGTON - Two senators on Friday offered yet another approach to tackling climate change, proposing the government sell pollution allowances to industry to cut greenhouse gas emissions and then use most of the money to send tax-free monthly checks to every American. Full Story »

MIAMI (AFP) - A Swiss banker and a lawyer accused of fraud for helping US clients to evade taxes on money salted away in Swiss banks have been declared fugitives by a Florida judge. Full Story »

It's a given for many academics and investors that over the long run stocks outperform bonds. But those in the top tax bracket may want to rethink that axiom, especially if they live in states with high income tax rates. That's because for tax purposes, most states generally don't treat stock gains or dividends any differently than ordinary income. Full Story »

Foreclosures fell almost 8% in Nov., the 4th straight drop from July's record high, RealtyTrac said. "Loan modifications and other foreclosure prevention efforts, along with the recently extended and expanded homebuyer tax credit, are keeping a lid on" foreclosures, said RealtyTrac CEO James Saccacio. But default notices, scheduled foreclosure auctions and bank repossessions rose 18% vs. a year ago to 306,627. California, Florida, Illinois and Michigan accounted for 52% of filings. Full Story »

SEATTLE - A California lawyer has admitted he didn't pay taxes on a $36 million kickback that prosecutors say he received for helping enroll Hollywood mogul Haim Saban in an illegal tax shelter. Full Story »

HARRISBURG, Pa. - Deteriorating state tax collections may mean more program cuts and layoffs in state government, regardless of whether the Legislature authorizes an expansion of legalized casino gambling to raise more revenue, Gov. Ed Rendell said Wednesday. Full Story »

BEIJING - China has moved to support its economic recovery by extending tax cuts and subsidies for purchases of small vehicles and appliances, while adjusting some measures to counter rising property prices. Full Story »

WASHINGTON - The House voted Wednesday to extend $31 billion in popular tax breaks, including an income tax deduction for sales and property taxes, to be financed with a tax increase on investment fund managers and a crackdown on international tax cheats. Full Story »

The 241-181 roll call Wednesday by which the House voted to extend $31 billion in popular tax breaks, including an income tax deduction for sales and property taxes. Full Story »

WASHINGTON - The Treasury Department is acknowledging for the first time that it lost $61 billion on two key programs designed to stabilize the economy after the largest financial crisis in decades. Full Story »

Dec. 9 (Bloomberg) -- The U.S. House voted to more than double a tax on income earned by executives of private equity and venture capital firms to pay for the renewal of dozens of tax breaks. Full Story »

The U.S. House of Representatives on Wednesday voted to pass a bill containing an extension of a US$7 billion research and development tax credit, but supporters of the tax incentive said they were unsure when the U.S. Senate would take action. Full Story »

SPRINGFIELD, Ill. - Republican Kirk Dillard promised Wednesday to create more jobs if he's elected governor by capping spending while improving Illinois schools, upgrading the state's infrastructure and offering tax breaks to help businesses. Full Story »

The House passed a bill Wednesday that would extend for one year more than $31 billion in tax breaks. Among the 45 deductions and credits for businesses and individuals, which are set to expire at year's end: Full Story »