Surprise! The Tax Burden is IncreasingCiting the typical excuses such as rising costs in Medicaid and education which in turn led to higher spending levels and ultimately higher taxes, state taxpayer burdens rose more than 40 percent between 1994 and 2004.According to just-released data from...
US Supreme Court hears challeng to Ohio's Tax BreakAs challenges to corporate tax breaks percolate around the country, the U.S. Supreme Court is set to hear arguments next month in a case involving a $280 million tax incentive plan for DaimlerChrysler's Ohio expansion. The case...
On February 1st Congress passed the Deficit Reduction Act of 2005, intended to severely limit the ability of seniors to protect their assets and qualify for Medicaid coverage of their nursing home care. It significantly changes rules on transfers of assets, protection of homes, and...
The Treasury Department issued rules on Monday requiring owners of companies based in U.S. territories to have set up shop and live there at least six months a year to benefit from corporate tax breaks amounting to up to 90 percent of profits.The rules apply...
Consumer prices rose by 3.4 percent in 2005 with 40 percent of the increase blamed on the biggest jump in energy costs since 1990. Energy was up 17.1 percent this past year, reflecting gasoline prices that for a time soared above $3 a gallon and...
Big Tax Collections Offset Big Spending GovernmentThe federal government posted the first budget surplus for December in three years as corporate tax payments hit an all-time high, helping offset a record level for spending, the Treasury Department reported Thursday, January 12, 2006The department said in...
Employers with less than $4000 payroll may file Form 944Beginning January 1, 2006, certain employment tax filers will be able to file the new Form 944 (Employer’s Annual Federal Tax Return) once a year rather than filing Form 941 (Employer’s Quarterly Federal Tax Return) four...
The IRS is hiring debt collectors.The Internal Revenue Service plans to turn over the names of people who owe $7.7 billion to debt collection agencies starting in June. If the extra heat pays off, the agency gradually will add to the list as it whittles...
IRS Increases Fees.User fees will be effective Feb. 1, 2006, except as noted. Among the changes:The fee for IRS Chief Counsel private letter rulings will increase from $7,000 to $10,000. Under the new fee schedule, taxpayers earning less than $250,000 can request a private letter...
So you think your $1 million liability insurance policy is enough to protect you? Not anymore! A woman who was beaten, raped and robbed at her Marietta, Ga., apartment was awarded $9 million in compensatory damages by a Fulton County State Court jury. One premises...