by taxnick on February 25, 2010
A measure to temporarily suspend the tax-limiting constraints placed on lawmakers by a voter-approved initiative was signed into law by Gov. Chris Gregoire on Wednesday.
Gregoire signed the bill just days after the Legislature approved the measure. The measure takes effect immediately.
“I hope, I expect, the people of the state of Washington will understand we’re in [...]
by taxnick on February 25, 2010
Two senators Tuesday introduced a proposal to vastly simplify the nation’s tax code by cutting the number of income tax brackets in half and flattening the corporate tax rate.
The plan put forth by Sens. Judd Gregg (R., N.H.) and Ron Wyden (D., Ore.) would lower the number of marginal income tax rates to three: 15%, [...]
by taxnick on February 22, 2010
Taxpayers wishing to claim their Haiti relief donations on the tax return they are filling out this season must make those donations by the end of this month, according to the Internal Revenue Service.
Individuals and corporations have until midnight on Sunday, Feb. 28, to make cash contributions to charities providing earthquake relief in Haiti. These [...]
by taxnick on February 22, 2010
In his suicide note, the computer software engineer who flew a small plane into a building with Internal Revenue Service offices in Texas on Thursday cited a 1986 tax law as a major motivation for his action.
The law, known as Section 1706 of the 1986 Tax Reform Act, made it extremely difficult for information technology [...]
by taxnick on February 20, 2010
Joseph Stack’s methods were unthinkable — he is accused of ramming a plane into an Internal Revenue Service building in Texas — but his views on taxation follow a long line of protesters who believe tax laws don’t apply to them.
While their numbers aren’t large, according to experts, their arguments are so enticing that the [...]
by taxnick on February 17, 2010
Managing household paperwork, finances and taxes for military families just got easier thanks to the new Military Spouses Residency Relief Act, according to H&R Block (NYSE: HRB).
The act affects the tax status of families when they move on military orders by allowing more flexibility when it comes to state taxes. Servicemembers often retain their permanent [...]
by taxnick on February 17, 2010
The Internal Revenue Service’s downtown office will be open Saturday to answer taxpayer questions regarding their 2009 returns.
IRS employees currently provide assistance for taxpayers from 8:30 a.m. to 4:30 p.m. Monday through Friday at the office at 324 25th St. The office will be open from 9 a.m. to 2 p.m. Saturday to help taxpayers [...]
by taxnick on February 17, 2010
1. Tax “custody” is different.
These days, family courts often award “joint” custody of a child–joint legal custody and sometimes joint physical custody too. In the tax world there is no such thing. Custody, meaning the $3,650 dependent exemption for a child and the $1,000 child tax credit belongs to the parent in whose home the [...]
by taxnick on February 15, 2010
The Internal Revenue Service today released the 2010 version of its discussion and rebuttal of many of the more common frivolous arguments made by individuals and groups that oppose compliance with federal tax laws.
Anyone who contemplates arguing on legal grounds against paying their fair share of taxes should first read the 80-page document, The Truth [...]
by taxnick on February 15, 2010
Members of the University of New Mexico Tax Law Club are preparing personal income tax returns at no cost through April 15. Those eligible for the service include members of the public, UNM students and UNM faculty.
The student tax preparers are IRS-certified and can offer e-filing and direct deposit options. Organizers are directing those who [...]