The state of Texas has a two year budget deficit estimated at $21 billion. As they look for ways to recover from the shortfall, they begun hunting Amazon for sales taxes they say they owe. Texas sent Amazon a bill for $269 million to cover sales taxes it says the company owes from online sales made between 2005 and 2009 to Texas ... Read More
Tax News
Wesley Snipes Finally Behind Bars for Tax Charges
Wesley Snipes, best known for his roles in White Men Can’t Jump, Jungle Fever and Passenger 57, finally went to federal prison today (Federal Prison Camp at the Federal Correctional Institution McKean, in Bradford, Pennsylvania), December 9, 2010, for tax evasion after being out on bond for the past two years while appealing his ... Read More
IRS Helps Homeowners Impacted With Rotting Drywall
Homeowners experiencing property losses due to certain imported drywall installed in their homes between the years 2001 and 2009 can receive assistance from the Internal Revenue Service. The corrosive drywall is identified via a two step method published by the Consumer Product Safety Commission and the Department of Housing ... Read More
Tax Scam: Abuse of the Home Based Business
Small business owners who operate exclusively from their homes should be on the lookout for tax schemes aimed at home businesses. It is important to understand how to properly file your taxes and which deductions can be claimed to lower your tax liability. The IRS is aware that tax schemes abound and often times innocent filers ... Read More
Don’t Forget to Take Advantage of the American Opportunity Tax Credit
While many Americans remain unemployed, the federal government has extended further relief in the form of the Unemployment Compensation Extension Act Of 2010. The bill has extended unemployment benefits to November 30, 2010. For many, it is a life preserver the current economic storm. Yet, there is another piece of legislation ... Read More
Lamont Dozier, Famous Song Writer, Hit With Massive Tax Bill
Lamont Dozier made a name for himself as a key founder of the new upbeat genre that quickly acquired the name, the “Motown Sound.” Creating some of the most well recognized songs even today - such as “Baby Love,” “Sugar Pie Honey Bunch” and “Stop in the Name of Love” for infamous stars including Marvin Gaye and The Temptations - ... Read More
Tax Scam: Abuse of Charitable Deductions
Paying taxes is something that every American wish they did not have to do. For as long as taxes have existed taxpayers have been trying to find ways to owe less money to the government. Some taxpayers just fail to pay taxes while others may try to cut corners to minimize the amount that they will owe. Others will just engage in ... Read More
The 10 Best State Business Tax Climates by the Tax Foundation
About four times a year, the Tax Foundation publishes a paper to explore an economic issue explored by economists and scholars. The foundation is a nonprofit organization for public education and has been in existence since 1937. The 2010 version of the State Business Tax Climate Index has been released to help lawmakers, ... Read More
Understanding How the New Wealth Taxes Will Affect You
The upcoming health care reform bill passed in March 2010 included new taxes to help pay for the changes to the health care system, which is designed to expand access to reliable and quality health coverage, all while helping tens of millions of Americans pay for it. The new taxes will begin in 2013. The new wealth taxes will ... Read More
Crocodile Dundee Bit by the Tax Man: The Whole Story
In America we know him as Crocodile Dundee, however Paul Hogan has become known for something else in his native Australia. According to the Australian Taxation Office(ATO), Hogan is the subject of a tax fraud investigation. The battle between Hogan and the tax authorities in Australia is not a new one, in fact this dispute has ... Read More
2010 is the Year to Die: Understanding Changes to the Estate Tax
If you got a lot of cash, this may be your year to kick the bucket. 2010 is a year in which Congress has permitted the estate tax to slip which means heirs to a fortune will be receiving their inheritance without having to pay the government. This is the first time in nearly 100 years that the estate tax has lapsed. When owner ... Read More
Is Khloe Kardashian Dashing Her Tax Bill?
Between her two reality TV shows, clothing store DASH, and LA Laker husband Lamar Odom, Khloe Kardashian has still somehow managed to score herself a tax lien. Last time I checked, reality TV, luxury retail, and basketball all pay pretty well, but apparently just not well enough. Either that, or Khloe is just another celebrity ... Read More
