Taxes News Headlines - Yahoo! News

Heard in more states: See you in tax court!

Fri, 25 May 2012 07:05:17 -0400

(Reuters) - Georgia State Representative Allen Peake owns 20 restaurants and this year he took his frustrations with his tax bills to the state capitol, where he helped push through legislation creating a new state tax court. "I've had several sales tax audits done and disputed them, and never felt I had a fair shake," said Peake, echoing the views of other business owners. Before Peake's bill passed, Georgia taxpayers challenging state tax authorities had to pay disputed taxes before appealing them. ...

Okla. House scuttles tax agreement; has new plan

Thu, 24 May 2012 12:24:30 -0400

A plan supported by the governor and legislative leaders to slash Oklahoma's top income tax rate disintegrated in the House on Wednesday, leaving open the possibility that a tax cut may not be approved before the Legislature adjourns Friday.

Ex-NFL player admits failing to file tax returns

Thu, 24 May 2012 11:48:57 -0400

Federal prosecutors in New Jersey say a former NFL player admitted that he intentionally failed to file federal income tax returns for several years.

Gov., Mich. legislative leaders OK income tax cut

Thu, 24 May 2012 09:29:51 -0400

Gov. Rick Snyder and Republican legislative leaders worked out a budget agreement Wednesday that would allow for a small cut in individual income taxes, twice as much money for film credits, a slight increase in education funding and a down payment on school employees' health care costs in retirement.

Chicago police arrest 15 at futures exchange protest

Wed, 23 May 2012 19:05:36 -0400

CHICAGO (Reuters) - Police arrested 15 people blocking the main artery through Chicago's financial district on Wednesday during a demonstration against state tax breaks won last year by CME Group, the world's largest futures exchange company. The 15 men and women, three of whom were in wheelchairs, were escorted to the nearby plaza in front of the Chicago Board of Trade building, where they were detained in an area cordoned off with yellow tape while officers wrote tickets. CME owns the Board of Trade, which offers futures on corn, soybeans and Treasuries. ...

H&R Block sets new CFO, a former Ceridian exec

Wed, 23 May 2012 17:17:48 -0400

Tax prep company H&R Block Inc. said Wednesday that it named Gregory J. Macfarlane, a former executive at Ceridian Corp. and General Electric Co., as its chief financial officer as its current CFO takes a new job at the company.

First Person: Is My Tax Preparer a Fraud?

Wed, 23 May 2012 12:09:00 -0400

As a taxpayer myself, I understand that for some, preparing their own tax return is just not an option. Whether due to a complicated return, a lack of understanding of tax law or simply because you don't have the time, paying a third party to prepare your taxes can be a convenient and attractive option.

First Person: How Much Home Can I Afford?

Wed, 23 May 2012 12:09:00 -0400

I'm in the market to purchase a home within the next six to eight months. I currently earn about $20,000 a year and rent an apartment for $540 a month. Ideally, I'd like a house with a mortgage payment that's less than $540 a month. In fact, I'd like the mortgage payment, taxes, insurance and property tax to be less than $6,480 a year.

Do more to boost growth, IMF tells Britain

Tue, 22 May 2012 11:30:16 -0400

LONDON (Reuters) - Britain's struggling economy needs the Bank of England to pump in more money and possibly cut record-low rates, while the government should back off its austerity program if things get worse, the International Monetary Fund said on Tuesday. The international lender said the government should step up efforts now to get credit flowing, raise infrastructure spending and, if the euro zone crisis escalates, consider temporary cuts to sales and payroll taxes. "Growth is too slow and unemployment, including youth unemployment, is too high. ...

RI's big bet on Curt Schilling raises questions

Mon, 21 May 2012 08:35:09 -0400

In 2010, the man who'd helped Boston win its first World Series in more than 80 years came to Rhode Island promising the job-starved state something even better: hundreds of good jobs, millions of dollars in tax revenue and a foothold in the booming business of video games.

GOP plan to cut taxes for 54 percent of Oklahomans

Fri, 18 May 2012 20:42:34 -0400

A little more than half of Oklahoma taxpayers would see a tax cut next year for an average annual savings of $60 under a Republican-backed income tax plan, according to an analysis of the proposal released on Friday.

Kraft gets IRS OK for tax-free status for split

Fri, 18 May 2012 12:11:46 -0400

Kraft Foods Inc. said Friday that the U.S. Internal Revenue Service indicated that it will approve the company's plan to spin off a new division in a tax-free split.

Congressional GOP pushes for action on taxes

Thu, 17 May 2012 18:28:14 -0400

Republican lawmakers intensified their efforts on Thursday to get quick congressional action on heading off automatic tax increases and revamping the federal tax code.

BNY Mellon, IRS spar over $900 million tax benefit

Thu, 17 May 2012 18:08:09 -0400

WASHINGTON (Reuters) - Bank of New York Mellon Corp faced off against the U.S. government on Thursday in closing arguments over a $900 million tax benefit that the Internal Revenue Service called "tax abuse." The case is the first to go to trial since the IRS accused some banks of generating artificial foreign tax credits through loans with London-based Barclays Plc . The tax benefit stems from a $1.5 billion loan to BNY Mellon from Barclays Plc , which also helped several other U.S. banks generate billions in foreign tax credits. Barclays has not been accused of any wrongdoing. ...

NH Senate backs constitutional income tax ban

Thu, 17 May 2012 12:30:51 -0400

New Hampshire voters would be asked to make the state's lack of a personal income tax part of the state constitution under a bill passed by the Senate.

Sundance festival brings $80 million impact

Thu, 17 May 2012 11:20:38 -0400

A report by the University of Utah finds the 2012 Sundance Film Festival generated an overall economic impact of $80 million to the state, providing nearly $6.9 million in tax revenue.

NY proposes $199K salary cap for state contractors

Thu, 17 May 2012 10:04:53 -0400

New York proposed regulations Wednesday to limit spending by state contractors, including a $199,000 executive pay cap that can be exceeded only with a special waiver or using money other than state tax dollars.

Analysis: State income up in April, but may not be enough

Tue, 15 May 2012 17:22:35 -0400

(Reuters) - Personal income tax collections in states in April might have grown an average of more than 7 percent, but for some the increase may not be enough to ease budget crises. Reuters found that the average increase of personal income tax collections in April 2012 from April 2011 for the 20 states for which data is available was 7.3 percent. A handful of states that were lulled into a false sense of security from last year's surge in collections, when the average April increase was 18.5 percent, are now wondering if revenue is growing enough to cover their spending plans. ...

Report Shows Michigan's Cut Earned Income Tax Credit Impacts

Tue, 15 May 2012 12:20:00 -0400

Last year, lawmakers in Michigan voted to greatly reduce the state's version of the federal earned income tax credit (EITC) for working poor residents. The change won't hit until next tax year, says Michigan Radio, but when it does, one non-profit group shows that it will hit some of Michigan's poorest residents very hard.

Arizona governor signs homeowners tax rebate bill

Tue, 15 May 2012 11:00:34 -0400

Arizona Gov. Jan Brewer has signed a bill to eliminate a requirement that homeowners submit an affidavit to receive a property tax rebate.

US honors black federal law officer killed in 1883

Tue, 15 May 2012 08:46:36 -0400

William Henderson Foote was a black federal law enforcement official in America's Deep South at a time of heightened racial tensions, tasked with collecting liquor tax revenue from wholesalers and retailers in post-Reconstruction Mississippi. He joined the military at the start of the Civil War and later was politically active, championing civil rights and ascending to the state legislature.

HP loses $190 million tax case against IRS

Tue, 15 May 2012 08:07:22 -0400

(Reuters) - Hewlett-Packard Co. on Monday lost a battle with the U.S. Internal Revenue Service for more than $190 million in tax refunds tied to a Dutch tax shelter designed by the derivatives arm of American International Group . The ruling turns a spotlight on an aggressive tax-cutting strategy created last decade by AIG Financial Products and bankrolled by several European banks. The strategy involved trading derivatives with the aim of generating capital losses and foreign tax credits for large corporations, like HP, which then used them to try to lower their U.S. tax bills. ...

Governor eyes more cuts as Calif deficit swells

Mon, 14 May 2012 23:23:05 -0400

California's sputtering economic recovery is putting a heavier-than-expected drag on state tax revenue, leading Gov. Jerry Brown on Monday to propose deep budget cuts across an array of government services and warn again that even more cuts are ahead if voters reject his tax-hike initiative in November.

Report: Mich. low-income families to pay more tax

Mon, 14 May 2012 15:46:35 -0400

A new report says Michigan's low-income working families will pay an estimated $244 million more in state income taxes next year because of reductions in the state's earned income tax credit.

First Person: Asking the IRS to Pick Up 25 Percent of a Job Related Moving Expense

Mon, 14 May 2012 11:23:00 -0400

Recently, my friend changed jobs and needed to relocate to another state. While we brainstormed on how to save on moving costs, we were happy that IRS can foot up to a third of a job related move. There is no need to itemize your income tax return.

NH Senate considers income tax ban

Mon, 14 May 2012 09:57:40 -0400

New taxes on personal income would be banned in New Hampshire — a state with no personal income tax — under a proposed constitutional change before the Senate for a vote.

Then and now: A Dewey timeline

Fri, 11 May 2012 20:32:30 -0400

(Reuters) - January 1909 - Three Harvard Law grads form the Wall Street law firm Root, Clark & Bird that later became Dewey Ballantine. October 1919 - Arthur Ballantine, the first solicitor of the Internal Revenue Service, joins the firm. October 7, 1929 - Randall LeBoeuf co-founds LeBoeuf & Winston in Albany, New York. 1955 - Former New York governor and two-time GOP presidential candidate Thomas Dewey joins Ballantine, Bushby, Palmer & Wood. ...

Facebook co-founder Saverin renounces citizenship

Fri, 11 May 2012 19:08:34 -0400

SAN FRANCISCO (Reuters) - Facebook Inc co-founder Eduardo Saverin has renounced his U.S. citizenship, according to an Internal Revenue Service report, days before the company's initial public offering. The news, first published by Bloomberg on Friday, was based on an IRS notice late in April that named people "who have chosen to expatriate." Facebook plans to raise as much as $10.6 billion in an IPO that is expected to value the company at as much as $96 billion. The offering could leave Saverin, who once owned 5 percent of the company, with a hefty capital-gains tax bill. ...

Watchdog calls foul on IRS whistleblower office

Thu, 10 May 2012 17:26:53 -0400

WASHINGTON (Reuters) - A Republican senator advocating for whistleblowers called on President Barack Obama to "light a fire" under the Internal Revenue Service's whistleblower office after a new report highlighted concerns about the program. The comments, on Thursday, came shortly after a watchdog for the IRS criticized the agency's whistleblower program, saying it may produce inaccurate data and that deadline goals are not strong enough. ...

Poll: Ohioans like income tax cut paid by drillers

Thu, 10 May 2012 10:56:17 -0400

A poll released Wednesday found Ohio voters strongly favor a proposal by Republican Gov. John Kasich to raise taxes on big oil and gas drillers to fund modest income-tax relief.

Live Nation 1Q loss expands; revenue ticks up

Wed, 09 May 2012 21:24:44 -0400

Concert promoter Live Nation Entertainment Inc. said Wednesday that its first-quarter net loss expanded even as revenue ticked higher, as it did not repeat an income tax windfall from a year ago.

Report: Pa. gaming revenue up 21 percent in 2011

Wed, 09 May 2012 13:42:55 -0400

Pennsylvania's casinos pulled in $3 billion in gross gambling revenue last year, a 21.3 percent increase over 2010, and generated nearly $1.5 billion in tax revenue for the state, according to an industry survey released Wednesday.

Ga. tax revenues up 11 percent over April 2011

Wed, 09 May 2012 13:10:46 -0400

Georgia collected 11 percent more in tax revenue in April than it did the same month a year ago.

Ala. Senate approves tax credit to help poor areas

Wed, 09 May 2012 11:55:28 -0400

The Alabama Senate has approved legislation that gives state tax credits for investing in businesses in low-income areas.

Demonstrators targeting BofA annual meeting

Wed, 09 May 2012 09:31:53 -0400

CHARLOTTE, North Carolina (Reuters) - Demonstrators are expected to swarm Bank of America Corp's annual shareholder meeting on Wednesday to voice anger over a range of issues from foreclosures to corporate taxes to financing for the coal industry. The meeting, held in the bank's headquarters city of Charlotte, North Carolina, has drawn protesters in the past, but advocacy groups operating under the name 99% Power are predicting much bigger crowds this year. ...

Iowa House passes property tax reform to Senate

Tue, 08 May 2012 11:50:49 -0400

The Iowa House passed late Monday a property tax reform bill that would cut commercial and industrial property taxes by 10 percent over five years. It now goes to the Senate.

Seller of suicide kits sentenced on tax charges

Mon, 07 May 2012 15:43:49 -0400

A 92-year-old Southern California woman who acknowledged selling kits intended to help people commit suicide has been sentenced to five years supervised probation for failing to file federal tax returns.

Indiana state tax collections jump in April

Fri, 04 May 2012 12:47:24 -0400

Indiana's state tax collections are now slightly ahead of projections for the budget year after a big revenue jump during April.

Mass. tax collections fall short of goal in April

Fri, 04 May 2012 10:58:34 -0400

Massachusetts tax revenue collections are continuing to fall short of projections.

Iowa lawmakers inching forward with budget

Thu, 03 May 2012 21:34:54 -0400

Iowa lawmakers have reached a tentative agreement on education spending and plan to introduce a bill that would represent the largest commercial property tax cut in state history, a key negotiator said Thursday while acknowledging "sharp differences" in other areas of the budget.