taxes

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Shutdown Fallout: Delayed Tax Refunds

IRS to start processing returns later

(Newser) - Internal Revenue Service workers are back from furlough with news that might annoy on-the-ball taxpayers: The agency says the government shutdown will delay the date when it begins processing tax returns by as much as two weeks, meaning refunds won't arrive as promptly as usual for millions of early...

Horrors: Belgian Royals Must Now Pay Taxes

Their allowances also are cut, except for the reigning king

(Newser) - Belgium is taking after the monarchies of Britain and the Netherlands and trimming the royal purse strings. Reigning King Albert II is exempt, but other royals are going to pay income taxes for the first time and get smaller allowances, reports Reuters . For instance, in the case of Queen Fabiola—...

Apple's 'Offshore' Billions? They're in Manhattan

Has $102B in 'overseas' profits right here, and the IRS can't touch it

(Newser) - Tim Cook went before the Senate yesterday, answering accusations that Apple is keeping billions from the IRS' clutches by holding it in overseas subsidiaries. Only that money isn't actually overseas, the New York Times reports—its $102 billion in offshore profits is managed by a subsidiary based in Nevada...

Lauryn Hill Gets 3 Months in Prison

Compares her situation to slavery

(Newser) - Singer Lauryn Hill has been sentenced to three months in prison and three months in home confinement after pleading guilty to failing to pay taxes on almost $1 million in earnings. Hill told the judge that she had intended to pay the taxes ... eventually, but that she "needed to...

IRS Gave Out $12B in Improper Refunds Last Year

Earned Income Tax Credit is the culprit

(Newser) - The Earned Income Tax Credit is that rare IRS feature popular with politicians, economists, and especially with the low-income families it helps, notes the Hill . No wonder: Turns out, the IRS is overly generous with the credit. An audit shows that it distributed between $11.6 billion and $13.6...

White House: Here's Where Your Taxes Are Going

Website offers spending specifics

(Newser) - As you file your 1040, the White House wants you to know just how those dollars are being spent—so, for the third year in a row, it's offering a website to calculate just that. At the 2012 Federal Taxpayer Receipt , you enter your Social Security, Medicare, and income...

Top Cities Where IRS Expects Tax Cheats

Small-business owners among top targets: study

(Newser) - A study is shedding new light on just who should most fear a federal tax audit. Small-business owners—who often deal in cash—are eyed more warily than others, says the report by the National Taxpayer Advocate, an independent office within the IRS. And location matters. According to secret data...

Obamas&#39; Income Drops ... to $609K
 Obamas' 
 Income 
 Drops ... 
 to $609K 
2012 tax returns
Apr 12, 2013 3:32 PM CDT

Obamas' Income Drops ... to $609K

Slowing book sales make it lowest total of presidency

(Newser) - The White House today released the 2012 tax returns from the Obamas and the Bidens:
  • Obamas: The president and first lady earned $609,000, with 40% of that from book sales. They paid $112,214 for an effective tax rate of 18.4%, and they donated about a quarter of
...

Tax Dodgers Nabbed Using ... Google Street View

Some 100 Lithuanian homeowners, 30 construction companies identified

(Newser) - As soon as Google Maps Street View was rolled out in Lithuania earlier this year, tax authorities were ready. Sitting in the comfort of their own offices, inspectors used the free Internet program for a virtual cruise around the streets of some of the Baltic country's big cities, uncovering...

Obama Budget to Offer GOP a Spoonful of Sugar

Medicare, Social Security cuts 'demonstrate willingness to compromise': NYT

(Newser) - Obama's personal salary isn't the only figure the president plans on cutting this year. A new budget set to be released next week proposes cuts to Medicare and Social Security. It's a deficit-reducing olive branch to the GOP, and the administration says it will lead to...

Dancers Groove to Protest Wash. State's Dance Tax

Washington state has had tax law since 1960s

(Newser) - How to fight a dance tax? Dance, of course. That's what dozens did in Washington state yesterday to protest a decades-old state tax on dance venues, the AP reports. Lawmakers are considering a repeal of the tax, and protesters on the steps of the state Capitol danced everything from...

Guy Quits Job Over Tax Form Labeled &#39;666&#39;


 Guy Quits Job 
 Over Tax Form 
 Labeled '666' 
IN CASE YOU MISSED IT
Feb 10, 2013 12:01 PM CST

Guy Quits Job Over Tax Form Labeled '666'

And that's not the only weird tax story in the news

(Newser) - A Tennessee man is so fed up with getting the number "666" on official forms that he's quit his job—twice. The latest incident occurred when his W-2 tax form bore the number, which the Bible associates with the Antichrist. The number on the tax form was related...

Washington's Next Brawl: Senate's Budget Plan

Schumer: A 'great opportunity' for new revenues

(Newser) - So the fiscal cliff battle is over, and House Republicans look ready to approve a debt-ceiling increase through March. But taxes aren't out of the spotlight: Now, the stage is set for a tussle over Senate Democrats' budget blueprint, which Dems like Charles Schumer are calling "a great...

Louisiana Considers Ditching Its Income Tax

Bobby Jindal calls proposed move revenue-neutral

(Newser) - Bobby Jindal wants to do away with income and corporate taxes in his state—and raise Louisiana's 4% sales tax to make up the difference, the New Orleans Times-Picayune reports. "It's time to change that so people can keep more of their own money and foster an...

Putin to Depardieu: You Are Now Russian!

No word on whether actor, upset over French tax plan, accepts the offer

(Newser) - Gerard Depardieu, who has waged a battle against a proposed super-tax on millionaires in his native country of France, has been granted Russian citizenship. A brief announcement on the Kremlin website revealed that President Vladimir Putin, who had previously expressed solidarity with Depardieu , signed the citizenship grant today. A representative...

McConnell: We've Agreed 'on All Tax Issues'

GOP senator calls for passage of 'tax relief portion now'

(Newser) - Hours away from the fiscal cliff deadline, GOP Sen. Mitch McConnell said on the Senate floor today that "we've reached an agreement on all of the tax issues." He added that negotiators are "very, very close" to striking a deal and said he agreed with President...

Your Paycheck Will Be Smaller Next Week

It's all but certain that payroll tax cut will expire Monday

(Newser) - No matter what does or doesn't happen with this weekend's fiscal cliff negotiations , most Americans are going to see a smaller paycheck next week, reports the Wall Street Journal . That's because neither party is still talking about extending the 2-year-old payroll tax cut, which expires on Monday,...

France Council Blocks 75% Tax on Millionaires

Government plans to resubmit plan soon

(Newser) - French President Francois Hollande's controversial plan to levy a 75% tax on income above 1 million euro ($1.3 million) has been rejected by a constitutional council, reports Reuters . The tax had been set to go into effect in 2013, despite the protests of many the nation's high...

If It Was 1980, You&#39;d Be Paying More in Taxes

 If It Was 1980, 
 You'd Be Paying 
 More in Taxes 
'nyt' analysis
Nov 30, 2012 7:06 AM CST

If It Was 1980, You'd Be Paying More in Taxes

Federal taxes down, but state, local taxes up

(Newser) - Although many Americans express anger at the seemingly ever-increasing amount they have to fork over to Uncle Sam, most actually paid a lesser amount in 2010 than they would have in 1980, according to an analysis by the New York Times that took into account federal, state, and local taxes....

We Need a Minimum Tax on &Uuml;ber Rich

 We Need a 
 Minimum Tax 
 on Über Rich 
warren buffett
Nov 26, 2012 7:53 AM CST

We Need a Minimum Tax on Über Rich

Warren Buffett: Taxes won't deter wealthy investors

(Newser) - Warren Buffett is taking another stand in the tax debate. In a New York Times op-ed this morning, the Berkshire Hathaway boss calls on Congress to establish a minimum tax on the richest Americans, "right now." His proposal: "30% of taxable income between $1 million and $10...

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