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President Barack Obama welcomed a stronger than expected December unemployment report on Friday and urged Congress to extend a payroll tax cut until the end of 2012 to help the country’s economic recovery maintain momentum.
“We’re making progress. We’re moving in the right direction. And one of the reasons for this is the tax cut for [...]
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The Internal Revenue Service estimates that U.S. companies and individuals failed to pay $385 billion in taxes they owed in 2006, an increase from $290 billion five years earlier.
The agency said the rate of compliance remained almost unchanged at 85.5 percent, down slightly from 86.3 percent in 2001. The IRS announcement today is the first [...]
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Democrats are abandoning their demand for a surtax on millionaires to help finance payroll tax cuts in a sign that lawmakers are trying to broker a compromise on Congress’ highest-profile year-end dispute.
Even so, there is no clear path to quick bipartisan agreement on the legislation, which would prevent an automatic Social Security tax increase on [...]
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Los Angeles Mayor Antonio Villaraigosa proposed dismantling California’s Proposition 13, which helped begin a nationwide anti-tax movement, in favor of a “grand bargain” that would boost levies on business property.
The Democrat who leads California’s largest city called on Governor Jerry Brown not to shrink from making sweeping changes in state tax laws that Villaraigosa, 58, [...]
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U.S. taxpayers hiding income in undisclosed offshore accounts are running out of time to take advantage of a soon-to-expire opportunity to come forward and get their taxes current with the Internal Revenue Service.
The IRS today reminded taxpayers that the 2011 Offshore Voluntary Disclosure Initiative (OVDI) will expire on Aug. 31, 2011. Taxpayers who come forward [...]
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On August 5, 2011, the IRS published long-awaited guidance for executors of estates of people who died in 2010. Notice 2011-66 explains how these executors can opt out of the estate tax, and Revenue Procedure 2011-41 explains the special tax rules that apply to assets when executors opt out of the estate tax.
The estate tax [...]
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Amazon.com Inc. is giving bricks-and-mortar retailers yet another reason to fume.
As the online giant begins its quest to overturn a new California law requiring it to collect sales taxes just like its Main Street competitors, it’s sending signature gatherers to popular shopping areas to obtain the 500,000-plus signatures it needs to get the measure on [...]
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THE SIX-MONTH-long crisis over US debt ended yesterday when President Barack Obama signed into law a Bill raising the debt ceiling by $900 billion, just hours before the US would have defaulted on its $14.3 trillion debt.
There was little enthusiasm for the deal among US congressmen. The Senate nonetheless passed the Bill by a vote [...]
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A same-sex marriage law that took effect July 24 in New York doesn’t mean those couples can count on the same tax treatment that heterosexual unions receive, a discrepancy that some lawmakers and companies are seeking to mitigate.
Under the 1996 Defense of Marriage Act, which prohibits the federal government from recognizing same-sex marriages, the Internal [...]
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Amazon supports a bill that would give states the ability to force online retailers to collect sales tax, but eBay does not.
Those were some of the reactions to the Main Street Fairness Act, which Sen. Dick Durbin (D-Ill.) introduced on Friday.
Congress has considered the bill before, but Durbin is hoping there is momentum now for [...]
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