taxes

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What If I Don't Feel Like Filing?
 What If I Don't Feel Like Filing? 
ANALYSIS
Apr 15, 2009 2:08 PM CDT

What If I Don't Feel Like Filing?

Christopher Beam explores the potential evader's options

(Newser) - With millions of Americans enduring long lines at the post office today to file their tax returns, Christopher Beam of Slate can’t help wonder: What would happen if you simply didn’t file? The answer is probably not much—7 million Americans declined to file last year, and only...

Why Waste Tea When Taxes Are Going Down?

(Newser) - Want to get in on the fun and excitement of the anti-Obama Taxpayer Tea Party? Here’s how, writes Marc Cooper in the Los Angeles Times: “Go to a hobby store. Buy a scale model of a UN One-World-Government Black Helicopter and a tube of glue. Toss the model...

Tax-Day 'Tea Parties' Test Aversion to Obama Spending

Tens of thousands set to attend nationwide demonstrations

(Newser) - Fiscal conservatives across the country will reenact Revolutionary history today with tea parties in every state to protest taxes and increased spending, ABC News reports. Tens of thousands are registered to attend in major cities, testing whether anti-Obama budget sentiment, which has picked up steam on the Internet, with help...

Report: US Loses $100B Yearly to Tax Havens

Tax Day release highlight burden tax-dodging firms put on taxpayers

(Newser) - Corporations stashing their cash in tax havens cost the US—and ordinary taxpayers who shoulder the burden instead—$100 billion every year, the Huffington Post reports. A new report breaks down the loss through "shell companies and sham headquarters" by state, finding that the people of New York are...

Expect Huge Jump in Tax Delinquents: Analysts

Americans frightened, suspicious, evasive

(Newser) - Many more strapped Americans will skip out on tax bills this year, analysts tells Reuters, spending on everyday needs instead. “We’ve seen a huge rise in what we call the rookie delinquent taxpayer,” says one who expects a 280% jump. “They are incredibly scared, and they...

Cash-Strapped States Raise Taxes as Revenue Declines

At least 10 states face substantial budget gaps

(Newser) - A precipitous decline in tax revenue has at least 10 states considering major increases in sales or income taxes to close budget gaps that in some cases run into the billions, the Wall Street Journal reports. States like Oregon, facing a $4.4 billion budget gap and 10.8% unemployment,...

Senate Panel's Tax Scrutiny Hampers Confirmations

(Newser) - The sheer number of tax-related problems that have slowed confirmation of Obama nominees has some insisting the process has become tougher, Time reports. Not so, says Sen. Charles Grassley. “We are vetting nominees for the current administration the same way we vetted nominees for the previous administration,” said...

Smokers Gasp at Highest Tax Hike Ever

They're hit twice as companies boost their profits, too

(Newser) - Smokers are feeling pinched by today's 62-cent hike in the federal cigarette tax, the biggest ever. Federal taxes now top $1 per pack, CNN reports. At the same time, manufacturers and retailers have raised prices to boost dwindling profits. "They're picking on smokers," an 83-year-old said of the...

HHS Nominee Sebelius Pays $7K in Back Taxes

She's latest Cabinet pick with IRS trouble

(Newser) - See if this sounds familiar: Health and Human Services nominee Kathleen Sebelius has corrected three years worth of tax returns after finding "unintentional errors." In a letter to senators, Sebelius said the changes involved charitable contributions, the sale of a home, and business expenses. She and her husband...

Cash-Strapped IRS Slashes Evasion Penalty

(Newser) - In an effort to increase revenue, the Internal Revenue Service is relaxing penalties on offshore tax evaders in hopes they will come forward, the New York Times reports. A penalty that was 50% of offshore holdings will drop as low as 5%. “They need to get money back into...

Jade's Funeral Date Set
 Jade's Funeral Date Set 
GOSSIP ROUNDUP
Mar 24, 2009 10:28 AM CDT

Jade's Funeral Date Set

Plus, Rihanna house hunts, and more

(Newser) - The funeral for Jade Goody, the British reality star who died of cervical cancer, will be held April 4, the BBC reports. A funeral procession will go from her house to a nearby church. Elsewhere:
  • Rihanna was spotted house-hunting yesterday in the Hollywood Hills, the Sun reports.
  • Struggling-for-cash Lindsay Lohan
...

AIG Bonus Tax Is Stalled, Likely to Die in Senate

Lawmakers likely to let special tax die, with the nod from Obama

(Newser) - With populist outrage cooling and the White House even cooler, the 90% AIG bonus tax that sailed through the House last week is stalled in the Senate, where it's likely to die, reports Bloomberg. Majority Leader Harry Reid said yesterday this week will be devoted to debating national service and...

5 Tax Scams: Do They Work?
 5 Tax Scams: 
 Do They Work? 
Mar 20, 2009 6:34 PM CDT

5 Tax Scams: Do They Work?

(Newser) - Cheating the IRS is illegal and dumb. That said, Details asked attorney Kelly Phillips Erb—who keeps a blog that welcomes cheaters—to evaluate a few of the more popular scams. "I find their logic interesting," Erb says.
  • Hide Your Gambling Winnings: Doable, but a score of
...

Madoff, Stanford Victims Can Get Break From IRS

Taxpayers may deduct up to 95% of Ponzi losses: commissioner

(Newser) - Victims of Ponzi schemes—including those perpetrated by Bernard Madoff and R. Allen Stanford—can claim big deductions on their taxes, the IRA commissioner told lawmakers today. The matter, unclear in the tax code, had been a concern for victims, the New York Times reports. The IRS “is issuing...

Angry Congress Threatens Big Taxes on AIG Bonuses

(Newser) - Outraged lawmakers threatened today to impose new taxes to recoup at least some of the $165 million in bonuses that insurance giant AIG awarded executives and traders after getting billions in federal bailout money. "What is the highest excise tax we can impose that will stand up in court?"...

AIG Used Bailout Cash to Pay Wall Street Debt

$75B went to banks, municipalities

(Newser) - More details are emerging after AIG unexpectedly revealed where it channeled bailout funds, the Washington Post reports. More than $34 billion went to AIG Financial Products, whose toxic derivatives brought the parent organization to near collapse last year. The subsidiary used part of that money to pay banks that started...

Obama to Reach Out to Small Business
Obama to Reach Out to Small Business
Mar 15, 2009 12:33 PM CDT

Obama to Reach Out to Small Business

Prez to unveil a $730M effort after GOP backlash on spending

(Newser) - Amid misgivings over his spending blueprint, President Barack Obama will provide billions of dollars in federal lending aid aimed at struggling small business owners, the AP reports. The package, to be announced tomorrow, includes $730 million from the stimulus plan that will immediately reduce small-business lending fees and increase the...

Utah Considers Caffeine Tax
 Utah Considers Caffeine Tax 
Mar 13, 2009 12:17 PM CDT

Utah Considers Caffeine Tax

Legislators consider tithing both soda and coffee

(Newser) - After seeing multiple proposals to raise the tax on cigarettes fail, one Utah legislator has set his sights on another addictive substance: caffeine. Rep. Craig Frank has initiated a yearlong study on the impact of such a tax, the Salt Lake Tribune reports. If it can fly anywhere, Utah might...

Ponzi Victims Will Be Tax Nightmare for IRS

Service expects to refund $7-$10 billion in taxes paid on fake income

(Newser) - The work of fraudsters such as Bernie Madoff and R. Allen Stanford will complicate the IRS’ job as tens of the thousands of victims attempt to reclaim taxes paid on income that went up in smoke, Time reports. The IRS estimates that refunds due victims to Madoff alone could total...

NY Topless Bizman Blows Lid Over Taxes

He claims 'mammary meccas' are protected by First Amendment

(Newser) - The owner of a Manhattan topless joint has hired a civil rights attorney to block proposed taxes aimed at establishments like his by arguing that the raunchy dances are protected as free speech. A Bronx lawmaker is proposing to impose a $10 tax on patrons of the city's hundreds of...

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