Topic: Internal Revenue Service

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Playing the IRS card: Six presidents who used the IRS to bash political foes

Since the advent of the federal income tax about a century ago, several presidents – or their zealous underlings – have directed the IRS to use its formidable police powers to harass or punish enemies, political rivals, and administration critics. Here are six infamous episodes.
Briefing
IRS 101: Seven questions about the tea party scandal

The Internal Revenue Service is under the microscope now, as revelations have emerged that the agency wrongly targeted conservative groups seeking nonprofit status. Here’s an accounting of what has happened, along with the ramifications.
5 myths about amnesty for illegal immigrants in Senate bill

Under a bipartisan Senate immigration bill, immigrants who have come to the United States illegally are given a "path to citizenship." On close inspection, each of the following five claims about the requirements for illegal immigrants to earn amnesty are not what they seem.
Income taxes: Five changes for 2012

Here are new income tax provisions to watch for as you work through your 1040 form:
Ten tax moves to protect yourself from the fiscal cliff

Americans are facing an unprecedented tax increase of nearly $500 billion on Jan. 1, 2013, from the so-called "fiscal cliff." Are you ready? Here are 10 year-end tax strategies I recommend:

All Content

Tax deductions: 12 ways to save, from mortgage interest to moving costs

Tax deductions can require some extra reading of instructions, but there's big money to be saved when you file your tax return.
Tax deductions: There's still time for small business

Tax deductions for retirement savings are still available through April 17. File an extension to get more time to qualify for tax deductions.
Tax tips: Top 5 reasons to hire a tax pro

Tax tips can take you only so far if you're filling out your own returns. Sometimes, you need a tax pro. Most taxpayers, to the tune of 60 percent, opt to go with a tax professional. That share has climbed steadily: Just 41 percent used a professional preparer 30 years ago. Although a growing swath of the population – about 20 percent – is using tax-preparation software to complete returns, according to the Internal Revenue Service (IRS), it seems that software isn't displacing accountants as much as it's simply becoming the mode of choice for do-it-yourself filers. As the Tuesday, April 17, tax filing deadline nears, here are five cases in which it might be wise to consider bringing a pro aboard:
Health-care challenge at US Supreme Court: Justices seek way past Day 1 hurdle

Health-care reform proponents and detractors were on the same side Monday at the US Supreme Court, advocating that the justices move on to the constitutional issue on Tuesday.
Loan forgiveness? Great, but beware the tax.

Loan forgiveness is helping indebted Americans. But the amount of the loan forgiveness can be taxed by the IRS.
Income tax refund: five tips for maximizing it

People are always looking for ways to get every dollar back they deserve at tax time. Fortunately, there are some smart moves you can make before April 17 to help maximize your income tax refund. Spending a few minutes now will save you time preparing your taxes and can help you get big savings. Here are five tips to get you started:
Tax deductions: Here are five for homeowners

Tax deductions for homeowners go way beyond interest on a mortgage. There are tax deductions for mortgage insurance and even energy-efficient improvements.
Right-wing 'patriot' groups girding for actual class warfare, report says

The Southern Poverty Law Center says an 'explosive' growth in the number of antigovernment 'patriot' groups is tied to fears of economic cataclysm and civil war between rich and poor.
Tax filing: Has IRS resolved its refund glitch? (+video)

Tax filing electronically? You may have to wait a little longer for your refund due to a glitch in the IRS's new electronic tax filing software.
Robert Reich GOP's big investors: Who's really running for president?

A handful of billionaires are all but funding the GOP primaries. Never before have so few spent so much to influence so many.
Where's my Refund? glitch: When will it be fixed?

A computer glitch has sidelined the 'Where's My Refund' feature on the IRS website. The IRS says the 'vast majority' of refunds are still being processed within the typical time frame.
Fed. immigration agent injures 1 before being killed in Calif. fed. building shooting (+video)

The Immigration and Customs Enforcement agents were shot on the seventh floor of the Glenn M. AndersonFederal Building in Long Beach, about 20 miles south of downtown Los Angeles.
Payroll tax deal: Congress moves toward agreement

Payroll tax cut, long-term unemployment benefits would be preserved under a bipartisan deal. But negotiators won't predict whether Congress will pass the payroll tax deal by Friday.
The Simple Dollar Roth IRA: Use ShareBuilder or Vanguard?

Roth IRA is easy to set up immediately in ShareBuilder, but patience and Vanguard mean fewer fees in the long run for your Roth IRA. See question No. 7 in the reader mailbag.
Mortgage settlement won't end probes: NY attorney general

Mortgage settlement improved because New York, California initially rejected it, some say. Even after mortgage settlement, New York Attorney General Schneiderman is still investigating related fraud.
Newt Gingrich ethics investigation: 4 facts you haven't heard from him

Recently on the campaign trail, Newt Gingrich has made a number of forceful claims about the 1997 "reprimand" he received from the House Ethics Committee and challenged anyone to "go read the 1,300 pages” of the report. We did. Here’s what we found:
The 50 best movies of all time

From film critics Gail Kinn and Jim Piazza's new book 'The Greatest Movies Ever,' their picks for the 50 greatest films
State of the Union: Obama to double down on taxing the rich

The State of the Union will be an opportunity for President Obama to press his plan to tax the rich more, which could become a major issue in the 2012 campaign.
Romney tax return shows he paid $3 million. His tax plan wouldn't bump that.

The wealthy GOP presidential candidate paid about 14 percent of his income in taxes in 2010, the Romney tax return shows. That's a lower rate than most middle-class Americans pay. Under Romney's tax reform plan, his tax bite would not change.
Romney paid about 14 percent income tax in 2010

For 2011, he'll pay about $3.2 million with an effective tax rate of about 15.4 percent, the campaign said. Those returns haven't yet been filed yet with the Internal Revenue Service.
Why does Mitt Romney have money in the Caymans? Two potential reasons.

The Cayman Islands used to be known as a 'tax haven.' That's not necessarily true anymore, but there could be other reasons for Mitt Romney use the Caymans to store his millions.
Republican debate brings out aggression in candidates

Republican debate getting spicy: South Carolina held the latest Republican debate and the candidates didn't hold their punches. While Romney says the candidates should focus on Obama, he and the others took more jabs than usual at each other in this debate.
Unlocking the mystery of Romney's 15 percent tax rate. Yes, it's legal.

Mitt Romney can pay a tax rate of 15 percent because his income, from investment firm Bain Capital, is structured as capital gains in the form of 'carried interest.' Here's how it works.
The Vote Why Mitt Romney's 15 percent tax rate may not matter in the long run (+video)

Republican voters already knew Mitt Romney is wealthy. Now that they know his effective tax rate, chances are they won't suddenly decide he'll have a harder time beating Obama than any of his GOP rivals.
The Simple Dollar Retirement dilemma: Old account. Moving overseas. Should we close it?

Retirement plan can be kept open, even though it's getting no new contributions, until your retirement. Question No. 2 in the reader's mailbag.