Taxes News Headlines

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.

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. 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 (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 …

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.

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.

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 …

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 …

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.

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 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.

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

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 …

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.

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.

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.

(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 …

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 h …

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

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 …

(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 …

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.

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.