With only one month into the tax filing season, the Internal Revenue Service (IRS) has already issued tax refunds to more than 40 million people worth a total of about $125 billion, not bad for a tax-collecting agency that has experienced budget cuts and limited tax examiners. The … [Read more...]
You’re Safe, Tax Audit Rate at All Time Low
For the next couple of months, millions of Americans will be sending the Internal Revenue Service their tax returns, and hope they can receive a refund. It's also the time of the year that many individuals fear being audited by bureaucrats and tax collectors. Well, those taxpayers can … [Read more...]
IRS releases ‘Dirty Dozen’ Tax Scams List 2015
We're on the cusp of the very busy tax season, when millions of Americans either give the taxman more of their hard earned money or they receive a portion of their money back. At this time of the year, one of the biggest concerns that both the Internal Revenue Service and taxpayers … [Read more...]
Start Date for Tax Filing Season is Set on Jan. 20th
Christmas is over, the turkey is digesting in our bellies and the unrelenting reality of tax season is upon us. For the next few months, Americans will be undergoing the pain of filing their tax forms and paying the taxman. The Internal Revenue Service (IRS) announced Tuesday that … [Read more...]
Current U.S. Tax System is Hurting Working Class
The United States currently maintains the highest corporate tax rate in the world – upwards of 35 percent – but critics say that businesses are finding ways to circumvent paying those taxes. This is why many present the case that the tax system needs to be reformed – proponents concur … [Read more...]
Washington Takes Action Against Corporate Tax Inversions
Corporate tax inversions have been a hot political topic in the United States, especially when Burger King announced that it would merge with Canada’s iconic coffee chain Tim Hortons. President Obama has urged corporations to refrain from taking advantage of this loophole, while … [Read more...]
Public Pension Funds Benefiting from Corporate Tax Inversions
The matter of corporate tax inversions has dominated domestic economic policy in Washington over the past year. President Obama has slammed the corporate measure by accusing these companies of “gaming the system,” while Treasury Secretary Jack Lew has urged Congress to close the … [Read more...]
National security employees owe $730 million in back taxes
The Government Accountability Office (GAO), the congressional non-partisan watchdog agency, discovered that national security workers with high-level security clearance owe millions in unpaid taxes. In fact, nearly one-third (31 percent) of those workers already maintained tax … [Read more...]
Mark Cuban thinks taxes will jump if inversions continue rising
United States President Barack Obama spoke with CNBC on Thursday to discuss the issue of "fairness" in the economy. Most of the interview consisted of the president talking about "inversions," a practice of U.S. companies merging with smaller overseas corporations to avoid paying … [Read more...]
WalletHub: 90% want higher taxes on investment income
Over the past several years, there has been a lot of discussion of imposing higher taxes on investment income. Proponents of this move say the funds can be utilized to pay down the budget deficit, fund infrastructure projects and put towards education and healthcare. Opponents, … [Read more...]
300 American Fortune 500 corporations holding $2 trillion offshore
Citizens for Tax Justice (CTJ) published a report earlier this week entitled "Dozens of Companies Admit Using Tax Havens: Hundreds More Likely Do the Same, Avoiding $550 Billion in Taxes" that highlighted how 301 American Fortune 500 corporations are holding more than $2 trillion … [Read more...]
IRS discovers 318,000 fed workers, retirees owe $3.3 billion in back taxes
The Internal Revenue Service (IRS) announced last Thursday that more than 318,000 federal workers and retirees owe more than $3.3 billion in back taxes to the federal government, a 2.6 percent jump from the previous year. This accounts to about 3.3 percent of the overall 9.8 million … [Read more...]
900 SINs stolen from Canada Revenue Agency amid Heartbleed bug
The Heartbleed continues. The Canada Revenue Agency announced early Monday that approximately 900 Canadians have had their social insurance numbers (SINs) compromised from its website because of the heartbleed security bug. The tax collection agency said that it discovered the … [Read more...]
Twitter side steps $56 million in taxes, union not happy
The backlash against corporations being given tax breaks and other incentives to move to or stay in a particular area is going to have foot support in San Francisco on April 15th when union workers plan to march to the headquarters of Twitter Inc (NYSE:TWTR). They are going to present … [Read more...]
IRS doles out 48 million refunds with $3,034 average
It’s that time again: tax season, a period of the year when millions of Americans pull their hair out, dig through old receipts and research endlessly on the Internet searching for tax deductions, tax exemptions and tax papers. It’s indeed a very busy time for everyone from coast to … [Read more...]
Senate Leaders Attempt to Hash Out a Last-minute Fiscal Cliff Deal
Senate leaders attempted to hash out a last-minute deal to resolve the fiscal cliff conundrum Dec. 29, but as night fell with no sign of a breakthrough, optimism began to diminish. Minority Leader Mitch McConnell (R-Ky.), who on Friday told reporters he was “hopeful and optimistic” a … [Read more...]
Federal Reserve Economic Forecast Off-target
Low interest rates may be a bane to savers’ retirement plans, but they have been a blessing to home builders. As the Federal Reserve has continued its quantitative easing programs to keep interest rates near zero, single family home starts are expected to increase 25 percent in 2012 … [Read more...]
