The Supreme Court considered on March 1, 2006 whether taxpayers can challenge lucrative tax breaks that elected officials give businesses as incentives to expand or relocate. The Court's decision in the case brought by DaimlerChrysler could have a significant effect because nearly every state uses...
Sole Proprietors 10 times More Likely to be AuditedSole proprietors, independent contractors, self-employed workers and others accounted for $68 billion in missing taxes, the IRS said, the Associated Press reported. “That is a very significant noncompliance rate,” an IRS spokesman told reporters. “We do not...
Lottery Winnings are Ordinary Income and Not Capital GainsLottery winners cannot claim a "capital gain" when they sell off the rights to future annual payments, but instead must treat that lump sum as "ordinary income," the 3rd Circuit has ruled, becoming the second federal appellate...
Homeowner Associations subject to Constitutional Free Speech GuaranteesThe New Jersey Superior Court, Appellate Division, ruled Feb. 7 that privately owned homeowner associations may be subject to free speech and other guarantees under the state’s constitution. Committee for a Better Twin Rivers v. Twin Rivers Homeowners’...
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...