Topic: Internal Revenue Service
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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:
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4 ways Congress can help American businesses
The US unemployment hovers around 8.2 percent and the Dow Jones Industrial Average is struggling to remain above 12,000. The message is clear: This recovery from the Great Recession is still fragile. Legislators should focus their attention on these four straightforward policy changes to help American commerce.
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Major gay marriage cases in federal court and where they stand
Battles over same-sex marriage have been raging in the federal courts for several years. Two could reach the US Supreme Court within a year: one challenging California's ban on gay marriage under Proposition 8, and the other seeking to invalidate the federal Defense of Marriage Act (DOMA). Here are the cases to follow.
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Tax day: 8 top tax breaks for parents on tax deadline
As tax deadline looms, parents are looking for as many tax breaks as possible.
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US tax time: A later deadline and other tax facts
Thanks to a holiday in Washington, D.C., the federal tax-filing deadline this year is April 17, two days later than usual. The extra time provides an opportunity to peruse some random tax-related facts.
All Content
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Peter Madoff sentenced to 10 years in prison for role in ponzi scheme
Peter Madoff will serve 10 years in prison for his role in his brother's Ponzi scheme that stole billions of dollars from investors.
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Jenni Rivera crash: DEA investigating the owner of jet
Jenni Rivera was taking a test flight, says one report. Jennie Rivera was interested in buying the Learjet 25 for $250,000. The jet owner is under investigation by the US Drug Enforcement Agency. Two of the company's planes were seized by the DEA earlier this year.
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Tax VOX
The looming alternative minimum tax debacleTens of millions of Americans will face a huge tax increase when they file their 2012 tax returns early next year from the expiration of the temporary increase in exemption levels under the alternative minimum tax, Toder writes.
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Feds: Detroit Mayor Kwame Kilpatrick's dad deposited $605K in cash
Rowena Schuch of the Internal Revenue Service says she doesn't know the source of Bernard Kilpatrick's cash.
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Decoder Wire
Going over the 'fiscal cliff': why more are sounding ready to take the plungeWith negotiations still appearing stalled, a growing chorus on the left and right has been suggesting that a so-called "cliff dive" wouldn't be so bad. Better than cutting a bad deal, anyway.
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Workplace has no 401(k). Could states help?
Six in 10 private-sector employees aren't offered a retirement plan at work. So California and a few states are looking to offer them retirement plans.
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Focus
Obamacare countdown: What is slated to happen over next year?The health-care reform law, aka Obamacare, is poised to enter a crucial 12 months that includes setting up state exchanges, levying taxes on the wealthy, and preparing for the individual mandate.
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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:
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Indebted Caribbean tax havens look to tax foreign investors
Industry analysts say new fees and taxes could bring in needed money to a region where some debts are near that of Greece. But could they scare off investors?
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Are fiscal cliff doomsayers overreacting?
While many bemoan the possibility of the America's topple over the fiscal cliff, some major investors say even if Congress doesn't reach a deal by the end of the year, the economic outlook may not be as bad as it seems.
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President vows to stick by New York storm victims on Sandy recovery tour
Obama brought the spotlight to people still living without heat or electricity, and hugged many of those trying to rebuild their lives.
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Decoder Wire
Stephen Colbert shuts super PAC. Where did the money go?Stephen Colbert could essentially just pocket the money his super PAC didn't spend – a point he made in his further attempts to show the underside of campaign finance.
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The Entrepreneurial Mind
Beware of misdirection in debate on taxesNo tax increase on the super-rich will even put a small dent in the US tax shortfall, Dr. Cornwall writes.
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Presidential debate 101: Does Romney’s tax math add up?
Here’s a closer look at the tax reform proposals that Mitt Romney discussed during Tuesday night's debate. Do President Obama and others have a point in challenging the math?
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US charter schools: Investment magnet for visa-needy foreigners?
Cash-starved charter schools meet cash-flush Chinese, Pakistani, and other foreigners looking for US investments that will get them a visa.
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Decoder Wire
Presidential debate 101: How much would US save by cutting off Big Bird?Eliminating federal spending for the whole Corporation for Public Broadcasting, not just Big Bird and 'Sesame Street,' would save about $445 million a year. It is less than a speck in overall government spending, but that's not MItt Romney's point.
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How much will your taxes go up if US falls off 'fiscal cliff'? (+video)
Congress has put off dealing with the fiscal cliff – a huge suite of legislation – until after the Nov. 6 election. If it doesn't do something by Dec. 31, taxes will go up on virtually everyone.
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Mitt Romney's 14 percent tax bite: your guide to deciphering what's 'fair'
Many millionaires pay an effective tax rate much closer to Mitt Romney's 14 percent than to the official 35 percent top bracket. Preferential rates for investment income, including capital gains, are the reason. Is it time to change that?
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Housing prices: Are short sales in danger?
As housing prices recover, short sales have become an increasingly popular escape route for indebted homeowners. But the future of short sales depends on a tax cut extension from Congress that may or may not come, and realtors argue that housing prices haven't rebounded enough for many homeowners to afford their debt forgiveness as a tax.
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Romney tax returns: What’s missing in his report?
Pundits, political partisans, and amateur CPA’s are poring over the numbers in Mitt Romney’s tax returns. What’s missing, tax experts say, are the details of Romney’s retirement account from Bain Capital, including investments in offshore accounts in Bermuda and the Cayman Islands.
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Romney paid excess taxes in 2011. Patriotic or dumb?
Mitt Romney paid $1.9 million in federal taxes on $13.7 million in income. But he could have paid less federal taxes had he claimed a full deduction on $4 million in charitable giving.
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How damaging is Romney's 'victims' comment? (+video)
Republican presidential candidate Mitt Romney's staff was sent scrambling when a video surfaced of Romney saying almost half of all Americans, 'believe they are victims.'
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Donald Marron
Workers bear the corporate income tax burdenCorporate income tax moves some capital abroad, which reduces worker productivity, wages and benefits, Marron writes. As a result, some of the corporate income tax burden falls on workers.
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Tax VOX
Do corporate tax breaks benefit the middle class?Revisions in the definition of the corporate income tax may assume that workers bear some of the corporate tax burden.
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UBS whistleblower: prison, then $104 million reward
UBS whistleblower Brad Birkenfeld gets record reward from IRS for exposing tax evasion at the Swiss bank. IRS investigation recovered $5 billion in back taxes and penalties from taxpayers.
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