income tax – News Stories About income tax - Page 3

Al Franken to Cough Up $70K in Back Taxes

Apr 30, 2008 5:43 AM CDT

Al Franken to Cough Up $70K in Back Taxes

Tax issue rattles comedian's Senate campaign

(Newser) - Funnyman-turned-Democratic candidate Al Franken has announced he'll pay up $70,000 in back taxes to 17 states, AP reports. Franken blamed the backlog on bad advice from his accountant. Most of the income at issue was from speeches and other appearances dating back to 2003. The tax issue has sidetracked...

Snipes Gets 3 Years in Prison

Apr 24, 2008 5:21 PM CDT

Snipes Gets 3 Years in Prison

Judge gives actor maximum sentence in federal tax case

(Newser) - A Florida judge today sentenced Wesley Snipes to the maximum 3 years in federal prison for failing to file his taxes, WESH-TV of Orlando reports. Snipes received no fine, though he could have been hit for $5 million. During sentencing, the judge noted the actor's long history of ignoring tax...

Cheney Makes Way More
Than His Boss

Apr 12, 2008 12:37 PM CDT

Cheney Makes Way More Than His Boss

VP's family rakes in $3M, while Bushes earn less than $1M

(Newser) - Dick Cheney may report to George Bush, but he out-earned the president threefold last year, according to tax returns released yesterday. The first couple paid $221,635 in taxes on the $923,807 they made in 2007, ABC reports, while the Cheneys paid $602,651 on their $3,042,767—...

States Look to Collect Tax on Internet Sales

Feb 28, 2008 10:26 PM CST

States Look to Collect Tax on Internet Sales

Many are asking people to fess up when they fill out their IRS forms

(Newser) - As tax time draws near, more Americans may be stumbling upon an extra line on their state returns, Forbes reports. About half of state governments—including New York, Michigan, California, North Carolina, and Ohio—are trying to collect their fare share of sales taxes from Internet sales. Chances remain slim,...

Tax Issues Loom Over Campaign

Jan 5, 2008 9:44 AM CST

Tax Issues Loom Over Campaign

Candidates offer differing views on 'fair tax,' extending Bush cuts

(Newser) - With President Bush’s tax cuts set to expire in 2010, tax reform could become a key issue in this year’s presidential race, the Christian Science Monitor reports. Most Republican candidates favor extending the cuts, though Mike Huckabee and Ron Paul support eliminating income tax altogether. The Democratic candidates...

IRS May
Block Popular
Instant Refunds

Jan 4, 2008 10:57 AM CST

IRS May Block Popular Instant Refunds

Proposed change aims to curb fraud, steep loan rates

(Newser) - The IRS may stop big tax-preparation firms from offering instant refund loans to curb potential fraud, Bloomberg reports. Such loans are popular with taxpayers who don't want to wait weeks for a check, but interest is often steep and consumer groups have been pushing for a crackdown. The proposed change...

Senate Blocks Tax Hikes

Dec 7, 2007 2:50 AM CST

Senate Blocks Tax Hikes

Fix shields millions from alternative minimum tax

(Newser) - The Senate has voted overwhelmingly to shield 23 million Americans from tax increases imposed by the alternative minimum tax—without replacing $50 billion in lost revenue. The vote to extend protection from the tax represents a retreat for Democrats who had pledged to meet the shortfall with spending cuts or...

Early Tax Returns in Jeopardy

Dec 2, 2007 2:55 PM CST

Early Tax Returns in Jeopardy

Congressional stalling on Alternative Minimum Tax patch may force IRS delay

(Newser) - If you're planning to file for an early tax refund this year, don't count on it. Congress has dragged its feet in creating a patch for the Alternative Minimum Tax that could make the IRS postpone filing season several weeks, the AP reports. A limit on who's affected by the...

House Targets Hedge-Fund Tax Deferments

Sep 7, 2007 7:56 AM CDT

House Targets Hedge-Fund Tax Deferments

New bill would cut tax deferrals on overseas income for managers

(Newser) - Democratic Rep. Rahm Emanuel said yesterday he will draft a bill to close a loophole that allows private-equity and hedge-fund managers to defer taxes on income earned by funds abroad. Emanuel proposes to limit such tax deferrals to $19,500—the amount anyone can put into a retirement account tax-free....

Funds Can't Find Friends in Anti-Tax Fight

Jul 11, 2007 9:01 AM CDT

Funds Can't Find Friends in Anti-Tax Fight

As Senate starts tax hearings, masters of the universe find they're short on pals

(Newser) - Wall Street's hedge-fund and private-equity titans are looking for allies in their fight to prevent a tax hike on profits—but they're having trouble recruiting, today's Journal reports. As the first Senate hearings on the proposed hikes get under way, representatives from venture capital, public pension funds, and investment firms...

Feds Sue Tax
Preparers for Fraud

Apr 4, 2007 11:45 AM CDT

Feds Sue Tax Preparers for Fraud

(Newser) - Tax preparers Jackson Hewitt have bilked the government out of more than $70 million, alleges a suit filed yesterday by the Justice Department. The suit claims that over 125 of the company's franchises, all owned at least in part by the same Atlanta businessman, engaged in massive tax fraud.