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Tax News

News on Tax continually updated from thousands of sources around the net.

1 hr ago | MySanAntonio.com

Extreme tax cuts backfire

Kansas Gov. Sam Brownback pushed through extreme tax cuts. The wealthy benefited, but state coffers, schools, job growth and public services are suffering.

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Related Topix: US Politics, Sam Brownback, US News, US Senate, Republican, US Governors, Opinion

6 hrs ago | KSLA-TV Shreveport

Man pleads in Houston guilty to tax fraud scam

A man living in Houston faces more than 20 years in prison for running a tax returns scam in which at least 600 people had their identities stolen. Amon Rweyemamu Mtaza pleaded guilty Tuesday to conspiracy to commit wire fraud, wire fraud and two counts of aggravated identity theft.

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8 hrs ago | Washington Times

Libertarians pledge to eliminate federal income tax, reduce spending to 1998 levels

"If elected, I will sponsor legislation to eliminate the federal income tax, cut federal spending to the 1998 level and get the IRS off the backs of taxpayers." And so say the 40 official Libertarian Party candidates running for office around the nation in a public pledge.

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12 hrs ago | The Charlotte Observer

Report: NC among states most tied to income tax

RALEIGH, N.C. The income gap that's been growing for years increasingly is undermining public treasuries in North Carolina and other states, a new report by the investment rating agency Standard & Poor's says. North Carolina is among the 10 states most reliant on income tax revenues, the S&P report released Monday said.

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Related Topix: North Carolina Government, North Carolina, Raleigh, NC, Pat McCrory, US Governors

16 hrs ago | Nevada Appeal

John Bullis: IRS cracking down on child tax credits

The Internal Revenue Service has discovered false claims for child tax credits for returns filed by U.S. citizens that live in Israel. It may involve tens of millions of dollars.

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Related Topix: Israel, World News, Middle East

Mon Sep 15, 2014

The Day

Report: Income inequality cuts Connecticut tax revenue

Tax revenue in Connecticut is more volatile than in most other states as capital gains and stock trades for the rich gyrate while wages earned by everyone else have barely increased since before the recession, according to a new report. Tax revenue growth has also slowed to 7.3 percent since 2009 from a high of 10.8 percent in the 1980s, according to the report released Monday by credit rating agency Standard & Poor's.

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Related Topix: Connecticut, Connecticut Government, Media, PA

Albany Times Union

Stefanik releases transparency plan, calls for Woolfa s tax returns

In keeping with Monday's theme of calling for transparency and tax returns, Republican congressional candidate Elise Stefanik released her accountability and transparency plan and continued her calls for Democrat Aaron Woolf, whom she is challenging in the 21st district, to release his tax returns. "It's time for a new generation of leadership in Washington, DC," Stefanik said in a statement.

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Related Topix: US News, US Senate, US Politics, Democrat, Senator Kirsten Gillibrand

The Skanner

Wealth Gap Report Paints Grim Picture for Oregon

A new report showing that rising income inequality could negatively affect state tax revenue comes amid a push by Gov. John Kitzhaber, legislative Democrats and others to overhaul Oregon's tax code. With no sales tax and property taxes constrained by 1990s ballot measures, Oregon relies on the income tax for nearly $7 of every $10 it collects - more than any other state.

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Related Topix: Oregon Government, Oregon, US Governors, John Kitzhaber, US News

Business Journal

Anheuser-Busch credit union exec calls out banks on taxes

Dave Osborn , president of the Anheuser-Busch Employees' Credit Union, said complaints from bankers about tax exemptions that credit unions receive are hypocritical because banks receive their own massive tax breaks. "Nearly 40 percent of the banks in Missouri and one-third of banks nationally pay no federal income tax," Osborn said.

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Related Topix: Beverages, Anheuser Busch Companies

CBS Local

Colorado Among States Most Reliant On Income Tax

Colorado is among the top 10 states most reliant on income taxes for revenue, according to a new report concluding that income inequality is contributing to slower economic growth nationally. The report released Monday by the credit ratings agency Standard & Poor's finds that from 1980 to 2011 the average annual state revenue growth fell to 5 percent, from 10 percent.

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Long Island Business News

NY tax receipts rise despite growing income gap

New York tax collections have continued rising despite a growing income gap between its richest residents and everyone else, even as a national study shows overall growth in state tax receipts slowing as the income gap widens across the U.S. State officials say New York's progressive income tax rate, which rises from 4 percent to nearly 9 percent for earnings above $1.03 million, buoys its largest revenue stream for public services and helps insulate it from the problem faced by states dependent on more regressive taxes like sales taxes.

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Related Topix: New York, New York Government

Boston Herald

New study on 'income inequality' looks at Mass.

Advocates for changing Massachusetts' personal income tax may have new fuel for their campaign, as a new national study suggests a more progressive income tax that requires wealthier individuals to pay higher tax rates could help states deal with revenue problems. Standard & Poor's, in a study released Monday, found that the improving fortunes of the nation's top earners corresponds with a decades-long slowdown in tax revenue growth among states.

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Related Topix: Massachusetts, Massachusetts Government, Opinion

Iom Online

Don't miss deadline to submit tax return

Taxpayers are being reminded that the deadline for submitting personal tax returns for 2013/14 is now less than a month away. If the Income Tax Division has not received returns for the year ended April 5 by October 6, offenders will be charged a A 100 penalty.

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Sun Sep 14, 2014

The Leaf-Chronicle

Tenn. voters to decide ban on income taxTenn. voters to decide ban on ...

Tenn. voters to decide ban on income tax Tennessee hasn't seriously considered income tax since failed 2002 attempt Check out this story on theleafchronicle.com: http://leafne.ws/1s2PdWz Tennesseans are just weeks away from voting on a constitutional amendment to bar lawmakers from ever imposing a state income tax. The November vote approaches as a new study from ratings agency Standard & Poor's suggests that rising income inequality has a stronger negative effect on the states most reliant on sales tax revenues compared with those with those more dependent on income taxes.

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Related Topix: Tennessee, Tennessee Government, Financial Markets

ABC News

Hurdles for Obama Health Law in 2nd Sign-up Season

In this April 1, 2014 file photo, President Barack Obama, accompanied by Vice President Joe Biden, makes a statement on the Affordable Care Act, in the Rose Garden of the White House in Washington. Potential complications await consumers as... View Full Caption FILE - In this April 1, 2014 file photo, President Barack Obama, accompanied by Vice President Joe Biden, makes a statement on the Affordable Care Act, in the Rose Garden of the White House in Washington.

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Related Topix: Healthcare Law, Law, US Politics, US News, Barack Obama, Joe Biden

Investopedia

10 Steps To Tax Preparation

There is still plenty of time left until the April 15 income tax filing deadline. But why wait until the last minute to get your affairs in order? By preparing now, you'll make your and your accountant's life a lot easier come crunch time.

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Newsday

Editorial: Political IDAs don't help taxpayers

Bical Chevrolet in Valley Stream has received tax breaks from Nassau County to reburbish its showroom and other buildings. We shouldn't call them "tax breaks."

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Related Topix: Valley Stream, NY, Nassau County, NY, Opinion

The CPA Technology Advisor

Report Says IRS Needs to Improve Handling of Complaints Against Tax Preparers

The Internal Revenue Service is not processing complaints against tax preparers in a timely manner, according to a report publicly released today by the Treasury Inspector General for Tax Administration . The IRS processed about 77 million individually electronically filed Federal income tax returns prepared by paid tax return preparers in 2013.

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Washington Examiner

Melding health overhaul and taxes gets complicated

For example, the nation's main anti-poverty program, the Earned Income Tax Credit, uses the tax system to supplement the earnings of low-income families. PRO: Could build support for the health overhaul because tax credits have greater political popularity than traditional government spending programs.

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Washington Times

Hurdles for Obama health law in 2nd sign-up season

Potential complications await consumers as President Barack Obama's health care law approaches its second open enrollment season, just two months away. Don't expect a repeat of last year's website meltdown, but the new sign-up period could expose underlying problems with the law itself that are less easily fixed than a computer system.

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Related Topix: Healthcare Law, Law, US Politics, US News, Barack Obama

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