"One man can move out of New Jersey and put the entire state budget at risk. Other states are facing similar situations as a greater share of income — and tax revenue — becomes concentrated in the hands of a few. New Jersey won’t say exactly how much the hedge-fund billionaire, David Tepper, paid in taxes. But according to Institutional Investor’s Alpha, he earned more than $6 billion from 2012 to 2015 ... [Tepper] is leaving for Florida at an especially opportune time for tax savings." (SLNYT) [more inside]
Elizabeth Warren has a great idea for making Tax Day less painful - "She's taking on TurboTax and other predatory companies." [more inside]
NPR reporter John Burnett and investigator Samantha Sunne examine the finances of Christian TV network Daystar.
At NPR's request, the Trinity Foundation, a watchdog group in Dallas that monitors Christian broadcasters, compiled a list of the nation's 30 leading evangelist broadcasters. Twenty-two of them are designated churches, meaning they don't have to report anything to anybody. Of those, two-thirds have churches, while a third of them — including Daystar — hold no regular services.
Beware of Gangsters Filing Tax Returns. Florida gangbangers have found a new path to illicit riches: tax refund fraud.
Everybody's got to start somewhere, right? So why not enjoy Charity Scanvenger Hunt organizer and Supernatural star Misha Collins' excruciatingly earnest acting debut in the 1999 educational film NO BRAINERS ON TAXES.
On Friday afternoon, the U.S. Internal Revenue Service (IRS) apologized to conservative non-profit 501(c)4 groups for singling them out for heightened scrutiny during the 2012 campaign season. While the abuses were initially blamed on "low-level" workers in the agency's Cincinnati office, new questions were raised Saturday with a report that senior IRS officials were aware of the practice as early as 2011. That senior IRS officials knew of the politically-selective practices "seemingly contradicts public statements by the IRS commissioner." [more inside]
ATTENTION: The IRS has made important changes to Federal Tax Form 1080-VQ.Ω8. Please review the document below and familiarize yourself with the revisions.
As the tax deadline approaches in the United States, ProPublica investigates why the promise of free and simple tax filing has yet to be fulfilled.
Should A Church Be Treated Differently By The IRS From Other Non-Profits? The Freedom from Religion Foundation has sued the IRS claiming unequal treatment. Secular non-profit companies must file numerous and costly forms and reports to maintain their non-profit status. Religious companies even those that duplicate the functions of the secular non-profit are exempt from such requirements. The FFRF asks (pdf) that the laws be applied equally. Previously
Your 2010 Federal Taxpayer Receipt. "In his State of the Union Address, President Obama promised that this year, for the first time ever, American taxpayers would be able to go online and see exactly how their federal tax dollars are spent. Just enter a few pieces of information about your taxes, and the taxpayer receipt will give you a breakdown of how your tax dollars are spent on priorities like education, veterans benefits, or health care." [more inside]
"Customers wanting a RAL paid Jackson Hewitt a $24 application fee, a $25 processing fee, and a $2 electronic-filing fee, plus 4 percent of the loan amount. On a $2,000 refund, that meant $131 in charges—equivalent to an annual interest rate of about 170 percent—not to mention the few hundred bucks you might spend for tax preparation."
This morning, in Austin, Texas, a Piper Cherokee single-engine plane [was] crashed into an office building partially occupied by the IRS. It appears to be the work of an individual, but the story keeps getting weirder. The suspected person may have also burned his house down this morning.
Timothy Geithner is an experienced financial leader (previously). He is President Obama's pick to run the Treasury Department, which includes the Internal Revenue Service. The problem is that Mr. Geithner did not pay more than $30,000 in taxes, even his employer reminded him to do so. Now his nomination may be in jeopardy. Is Mr. Geithner the new Zoe Baird?
Tax Info for Musicians. Musicians and taxes don’t seem to mix very well. Taxes and administrating the business of music are often last on the list of concerns for the working musician. The above link gives some helpful tips on what to look for and some simple dos and don'ts. Also, here's some information on the often confusing Section 179 Deduction and a list of common deductible business expenses
"Survivor" winner Richard Hatch didn't declare his million bucks to the IRS. He'll be arraigned Jan 24.
Rumors abound about the legality of the IRS, and about people who've managed to avoid paying income taxes based on the lack of legality of the IRS itself. Is any of this real, or simply people trying to make a buck selling a book or two? And if the IRS is fraudulent, what can a citizen without massive fundage do to fight it?
Karl Frank Kleinpaste is on trial defending himself for tax evasion claiming that he lives in the 'Democratic Republic of Pennsylvania' and is therefore not duty bound to pay federal income tax. Some think that this will not go very well for him while others encourage the masses to do the same.
Another problem with the alternative minimum tax. One of the problems with this tax was discussed back in May when it was realized that the AMT would substantially cut into the tax rebates of many. Now there is a new twist: People who did not cash out stock options before the downturn and are now sitting on a tax bill larger than all their assets combined.
OK, Maybe I don't get the $300 tax rebate after all. More than one-quarter of all American adults will not get a tax rebate this year. Altogether, nearly 40 percent will not get the full amount of $300 for individuals and $600 for couples. Nationally, the study shows, 34 million American adults, or 26 percent, will get no rebate, and another 17 million, or 13 percent, will get less than the full rebate. This sucks. Why am I not surprised.
Dave Barry caught by the long arm of the law. The Pulitzer-winning humorist, who every year around this time puts out a column bemoaning income taxes, just found out he's being audited. Coincidence?
Proposed IRS rule could limit the freedom to link. The US Internal Revenue Service is proposing a rule that might make it inadvisable for not-for-profit organizations to provide links on their Web sites to any political site. The IRS is proposing to interpret any link to a political site from the pages of a nonprofit as evidence that the nonprofit is "engaging in political activity" and thus in danger of losing its 503(c) status.
cisco and microsoft didn't pay federal taxes last year. it seems it has something to do with paying employee stock options instead....