TAX NEWS

Homeownership Helps Consumers Legally Avoid Taxes
One of the benefits of homeownership is the ability to avoid taxes. A house is a wonderful provider of deductions that save thousands of dollars each year on tax bills. Here are some strategies you should be aware of as you approach April 15.

Take the Standard Deduction Or Itemize?
Just how much is your standard deduction for tax year 2003? It all depends. The allowable amount is based mostly on your filing status (the category you fall into as a filer, such as married filing jointly, married filing separately, single or head of household) and age.

Divorce and Taxes: Is it the End of the Great American Dream?
Divorce requires careful tax planning, which must be accomplished just as soon as the parties begin to realize that divorce is inevitable.

Senate Panel Back Bill to Give Tax Windfall to U.S. Companies
American corporations that have deferred taxes for years on the profits they made overseas could be in line for a huge windfall from Congress.

Victimised Middle Class Turning to Crime - Survey Europe's middle classes are turning to crime, committing offences like cheating on taxes in the belief they themselves had been victimised.

IRS Loses a Big One Memphis pilot acquited of tax evasion, charged with filing "false" W-4s.

Banks Hid Billions to Avoid Taxes Some of the nation's biggest banks have sheltered hundreds of millions of dollars from state taxes by creating investment funds that didn't sell shares publicly but paid tax-exempt dividends to the banks.

US States Complain Over Corporate Abuse of Tax Law Loopholes In its report entitled 'Corporate Tax Sheltering And The Impact On State Corporate Income Tax Revenue Collections', the US Multistate Tax Commission (MTC) has revealed that as much as $12.4 billion in corporate income taxes may have been lost to state governments in 2001 as a result of tax shelter use and loopholes in the US tax code.

A Tax Shelter, Deconstructed For ordinary Americans, a case involving Myron S. Scholes, winner of a Nobel in economics, may be a lesson in how the rich and well-connected can mine the tax code.

Partner Questioned on Tax Shelter Profits In an important test of the government's battle against tax shelters, a Nobel laureate and a Justice Department lawyer faced off in court.

Constitutional Ruling: Court Paves Way for New Taxes In a stunning decision the Nevada Supreme Court ruled 6-1 that the Legislature needs only a simple majority to pass record tax increases to balance the state budget and fund education. The decision sets aside the state constitutional amendment requiring at least two-thirds support of lawmakers to pass tax increases. The justices ruled that the need to fund public schools, another constitutional requirement, took precedence over the need to approve tax increases by a two-thirds supermajority. [- "Think of the children!" Well, what do we need a constitution for when we have judges like these? Sounds like some judges need a taste of impeachment.]

IRS Takes Aim at Big Shelters and Hopes Message Filters Down The IRS is pressing a broad assault on the flourishing tax shelter business with an array of high-profile summonses and civil suits aimed at stopping cheats.

IRS Inquiry Creates Anxiety in Synthetic-Fuel Industry The government is threatening to rescind billions of dollars' worth of tax credits claimed by producers of oil alternatives made from coal. [- This wouldn't have anything to do with the President and Vice President being heavily invested in oil production, would it?]

Supporting Alabama's Tax Reform Gov. Bob Riley's tax reform plan would be a major improvement in Alabama's highly regressive tax system, and black Alabamians would be among the greatest beneficiaries.

IRS: Over 2,000 Big Earners Paid No Tax in 2000 More than 2,000 individuals with incomes of $200,000 or more paid zero in federal income taxes in the year 2000, according to a report released by the Internal Revenue Service.

Very Richest's Share of Income Grew Even Bigger, Data Show The income of the 400 wealthiest taxpayers grew steadily in the years 1992 to 2000, while their tax burden plummeted. [- Wasn't Clinton our president during those years? And they say that Bush is too good to the rich.]

Boast of Refusal to Pay Taxes Leads to 27-Count Indictment The Justice Department has obtained an indictment of one of thousands of business owners who refuse to pay taxes because they claim they are voluntary.

Temporary Injunction: Ruling Blocks Tax Protester Judge bans distribution of "The Federal Mafia" by Irwin Schiff. Irwin Schiff has been prohibited from distributing his book or circulating information that encourage people to avoid paying federal income taxes.

House Democrats Look for GOP Votes to Defeat Tax Cut Democrats accuse Republican leaders of including child tax credits for low-income families in a bill only as a ploy to enact bigger cuts for wealthier taxpayers.

What Would Jesus Do? Sock It to Alabama's Corporate Landowners Alabama's Republican governor thinks he can convince the voters that Christian theology calls for a tax system that is fairer to the poor.

Tax Consultant Accused of Theft Authorities: Man stole more than $600,000 from Las Vegas lawyer. [- there is a really good joke in there somewhere]

Senate Adopts a Tax Cut Plan of $350 Billion The sweeping tax cut bill would reduce then suspend taxes on stock dividends before restoring them in 2007.

Senate Republicans Gain Crucial Democratic Vote on Tax Cut Senator Ben Nelson of Nebraska said he would support the temporary repeal of the dividend tax now that Republican leaders had agreed to give $20 billion to struggling states.

Striking Back at Legislature, Pataki Vetoes Tax Increases New York Gov, George E. Pataki vetoed the Legislature's tax increases and spending proposals, saying the package would hurt the state's economy.

I.R.S. Laments It's Too Poor to Pry Loose Billions Due The Internal Revenue Service told lawmakers that it could not go after every overdue tax bill and needed help from collection professionals who specialized in making persistent telephone calls.

Bills on Tax Cut and Debt Are Set to Collide in Sentate Democrats are using the fact that a vote on the tax bill coincides with a request to increase the nation's debt limit to blame Republicans for increasing the nation's debt.

No, New York, You Don't Pay Highest Taxes

I.R.S. to Aske Working Poor for Proof on Tax Credits The Internal Revenue Service is planning to ask certain members of the working poor to provide the most exhaustive proof of their eligibility ever demanded of any class of taxpayers.

In a Consession, Bush Lowers Goal of Tax Cut Plan The President lowered his tax cut target to $550 billion, a retreat on his economic principles and an admission that his original plan for $726 billion was dead.

Making the Tax System More Fair A newly released report concludes that criminal enforcement against tax cheating is "in shambles."

Bush to Campaign for Tax Cut Plan With hostilities in Iraq winding down, the White House signaled that it would put President Bush's popularity to work on behalf of his beleagured tax cut plan.

Charity Begins at Schedule A By requiring everyone to calculate their donations as a percentage of their income, the I.R.S. could stimulate charity.

Tax Inquiries Fall as Cheating Increases Investigations and prosecutions of suspected tax criminals have fallen by half over the last decade, even as cheating has grown.

Tax Sites Show Signs of Growth Online tax preparation services are starting to show signs of significant growth, thanks in part to a strategic move by the I.R.S.

Taxes Driving Some Elderly From Their Homes Soaring home values that have led to higher property taxes are creating unbearable tax burdens for many longtime homeowners.

Senate Vote Could Slash Bush Tax Cut in Half With Vice President Dick Cheney casting the tie-breaking Senate vote, Congress approved a $2.2 trillion budget plan.

Tax Shelter Draws Attention Members of Congress are looking into the tiny, tax-exempt insurance companies that have shielded millions of dollars from taxes.

Amid Balking in Congress, Bush Will Fight for Smaller Tax Cut While President Bush may not be able to persuade Congress to pass his entire $726 billion tax cut package, administration officials said he would fight for as large a plan as possible.

Dollar Dissent Tax Resisters Chip Away at Bush's War Chest.

Insurance Loophole Helps Rich A 50-year-old program created to help farmers get insurance is now being used to get huge tax breaks for wealthy clients.

PayNoIncomeTax.com Targeted by IRS, Federal Court Order

Senate Votes to Reduce Bush's Tax Cut Plan Senate Democrats won a vote to reduce President Bush's proposed tax cut by half, rare political defeat for a wartime president.

With Property Taxes, the Bill Isn't Always Certain While you can't change property tax rates, you may be able to lower your taxes by contesting your house assessment value.

Corporate Gain, Treasury's Loss in Bush Plan The Bush administration's tax proposal on dividends has become more friendly to investors and to some companies that pay no taxes. The effect of the latest changes, if enacted by Congress, would probably be to reduce the government's tax revenue by even more than under the original plan.

Illinois Joins Suit to Collect Taxes on Internet Sales The lawsuit accuses Wal-Mart Stores, Target, Office Depot and three smaller retailers of failing to collect taxes on Internet and catalog sales.

With Help From Democrat, Bush Pitches Tax Cut Plan President Bush travelled south to promote his $670 billion tax cut proposal and picked up his first Democratic endorsement of the plan from Senator Zell Miller of Georgia

17 Die as Army Battles Bolivian Tax Protesters "The Bolivian army has fought running battles in the capital with police and demonstrators... after the government announced a rise in taxes. [the government] ...had been expecting widespread discontent over the rise in taxes, but nothing the police could not handle. However, the police, faced with the prospect of losing more of their monthly wage joined protesters in the streets..." More... 20 dead... "...eight policemen lay dead, many shot in the head, most likely by army snipers." ..and a little More... 27 dead...

Greenspan's Doubts Prod Bush Defense of Tax Cuts "[Mr. Greenspan] ...asserted that the worst of the budget problems would only arise once the current generation of baby boomers began to retire in 2010.... and that the country's longer-range budget problems, caused by a projected surge in Social Security and Medicare spending, would occur 'with or without the president's program.' ... He said that eliminating taxes on most stock dividends would 'almost surely increase the aggregate of economic activity' over the long term and might provide a small immediate boost as well." - I bet you didn't get all that in your 8 second television newsbite, did you?

Tax Moves by Enron Said to Mystify the I.R.S. "...companies can avoid taxes by exploiting differences in the rules governing the two sets of books that all companies must keep, one for shareholders and the other for the I.R.S."

Wealthy Suing Accountants Over Rejected Tax Shelters Some wealthy Americans who paid millions in fees to buy tax shelters are suing after the I.R.S. denied their tax savings.

Bush Budget Increases Push to Find Tax Cheats "...would increase by at least a third the number of audits of taxpayers suspected of hiding income."

19 Charged in Identity Theft That Netted $7 Million in Tax Refunds Federal prosecutors in Manhattan have charged 19 people with being part of an identity theft ring in the Bronx.

Senate Democrats Introduce Payroll Tax Refund Plan "...a one-time payroll tax rebate to stimulate the economy as an alternative to President Bush's proposal to eliminate double taxation on stock dividends."

Doubling Up of Taxation Isn't Limited to Dividends "Other taxes create a double, triple or even quintuple burden. And unlike the double taxation of dividends, which mainly affects the wealthy, the burden of other forms of multiple taxation - sales taxes, import taxes, payroll taxes, among others - often falls most heavily on poorer Americans."

IRS Committed Fraud, Appeals Court Rules! "A federal appeals court has ruled that the Internal Revenue Service committed fraud and acted deceptively after giving secret deals to two pilots in return for their testimony against 1,300 other pilots who had bought into the same tax shelters."

I.R.S. Faults City Dealing on Pensions "...New York City violated federal tax laws by withdrawing $177 million over seven years from municipal pension systems and using it to pay it's own operating expenses"

NYC Seeks to Recoup Tax Money From Internet Cigarette Vendors "...the suit, filed in Federal District Court in Manhattan, was intended to punish companies that advertise tax-free cigarette sales through the internet." "Every state has a problem that nobody's paying sales tax on the purchases over the internet." Boo-hoo!

Judging the Tax Plan: Four Families Shrug

Court Rejects Tax Strategy Merrill Sold to Companies

Tax Plan Would Pad the President's Pockets - Critics Say Bush Would Save More Than Many Make

Tax Scofflaws Targeted by New IRS Rules

Alleged Leader of NYC Tax Scam Dies

Bush Proposes Big Round of Tax Cuts to Bolster Economy

Venezuela Strikers in Tax Revolt

Examples of Bush Tax Cuts

White House: Plan to Benefit 92 Million Taxpayers; an Average of $1,083

Bush's Stimulus Plan Would Eliminate Tax on Dividends

Anti-Tax Group Makes 'Final Warning' to Federal Government

The Tax That Refuses to Die

Dealers Rejoice as Luxury Car Tax Expires Jan. 1

L.A. Tax Hike Shows Growing Voter Concers On Health Care

Nassau County Overhauls It's Tax System, and Braces for Owner's Appeals

No Internet Tax Yet, But We're Closer

Governors Face 'Never Imagined' Tax Hikes

White House Aides Push for 50% Cut in Dividend Taxes

Boost Sought for Federal Debt Limit - Higher Taxes Certain to Follow

Two Brothers Confront Columbia Over Payment of a 'Dean's Tax'

'Hiding Your Money' Author Indicted for Conspiracy to Defraud the IRS

Supply-Siders at Odds Over Best Tax Cut Strategy

Democrats Ponder Approach on Tax Cuts

New Tax Plan May Bring Shift of Burden

Activist Files IRS Complaint Over Alleged Church Politicking

Hey, Lucky Duckies! - Time to Pay Up!

What Kind of Business Man Raises Your Taxes?

When It Comes to Taxes and Government Revenue More is Never Enough

Split in Ranks of Business and G.O.P. on Tax Cuts

Norway Strippers Claim Unfair Tax Rules

Whose Taxes Are They Asking You to Pay This Time?

Germans Mock Chancellor Over Tax Hike

NYC Mayor Sees No Fat to Trim, Calls for Higher Taxes

NYC Budget Deal Includes 18% Rise in Property Taxes

NYC Mayor Seeking an Income Tax on Commuters

Fed Chief Says He Backs Bush on Tax Cuts

A Busy Week for the U.S. in It's Pursuit of Tax Rebels

NYC Mayor Seeking Quick Increase in Property Tax

Voters Asked to Decide on Tax Hikes

Lieberman Calls for Tax Cuts

District Council Rethinks Bond Tax - Opposing Residents Threaten to Move

Ark. Faces Vote on Food, Drug Tax

ID Thieves Using Fake IRS Forms to Get Data

Tax Rises Highest in EU

Marijuana Tax Worth $28.6 Million, Study Says

Tip Accord Extended Six Months

U.S. Proposes Regulation to Restrict Some Tax Shelters

Taxes and Hitler

IRS Places It's Order for Reporting Tips Honestly

IRS May Use Private Collection Agencies

Bush to Get Options on Revamping Tax System

Roll-Your-Owns Cut Taxes

Gross Receipts Tax: Petroleum, Auto Dealers Criticize Plan

Judge Rules Against Schiff, in Favor of Bank and IRS

Psychic Tax Collection

Byzantine Tax Code Catches Small-Thinking Casino Dealers in It's Web

Tax Withholding Relief Expires for Tip-Earning Casino Workers

Tips Case Pleas Entered

Three Sentenced in Income Tax Fraud - Defendants Filed About 670 False Returns

Pols Fight Tax on Aid

Global Tax Targets

Massachusetts Initiative to Repeal Income Tax Creates Statewide Buzz

Seattle Espresso Tax Postponed

The Social Security Balancing Act

The Cost of Raising Taxes

Liquor Taxes Add Up

The Extremes of State and Local Taxes

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