Ben Bernanke says the Federal Reserve was “extremely uncomfortable” about last year’s bailouts of big financial companies, but the Fed chief believes the central bank’s strategy to ease the financial crisis is working.
Bernanke referred to the Fed’s unprecedented decisions last year to step in and financially back JPMorgan Chase’s takeover of then-troubled investment house Bear [...]
In August the Illinois Attorney Generalâs Office announced six indictments  related to unpaid sales taxes. The individuals indicted  were all gas station owners. This was the latest series of indictments to come out of an investigation that has been underway since 2008. Since then IDOR reports it has colleted nearly $13 million in unpaid taxes [...]
A federal judge is due for an update on negotiations aimed at settling the government’s tax evasion lawsuit against Swiss bank UBS.
A hearing is scheduled Wednesday morning in Miami federal court so the judge can find out more about the chances of a deal from lawyers for the bank, the Swiss government and the U.S. [...]
UBS AG and the Swiss government, rocked by months of embarrassing details about bank secrecy and guilty pleas for UBS clients, agreed to settle a tax-evasion probe with U.S. authorities.
The agreement appears to signal that thousands of U.S. client accounts, hidden in offshore shadows, will be turned over to U.S. revenue agents.
The settlement, announced during [...]
On its Web site, Talbots boldly says it offers clothing “to flatter women of all shapes and sizes.” But the preppy Massachusetts-based retailer just failed in its effort to hide something else: taxable income from its home-state taxman.
In a recent little-noticed opinion full of fascinating detail, the Massachusetts Appellate Tax Board said Talbots ( TLB [...]
California resident J.D. won over $50,000 playing video poker online this year. Wow! She couldn’t do that well in Las Vegas, and at home she can play anytime without having to drive for hours. Plus, she can play any number of different “machines” without waiting for one of them to be free. But J.D. spent [...]
The Ugandan government is planning to amend its Income Tax law to enable it to tax profits from oil production slated to start in the next couple of years, government officials said Wednesday.
Uganda’s minister of state for finance, Fred Omach, tabled the 2010 Income Tax Amendment Bill in parliament Tuesday, and the new bill requires [...]
Come the turn of the calender we will see a series of changes in federal tax laws. Some of them include:
New vehicle sales tax – Effective January 1, 2010, individuals will no longer be able to take the itemized deduction or increase in standard deduction for sales tax on the purchase of a new motor [...]
House Ways and Means Committee Chairman Charles Rangel said lawmakers are considering paying for health-care legislation by imposing a new tax on unearned income such as capital gains, a measure aimed at wealthier Americans.
The New York Democrat, whose panel writes tax law, said the idea of expanding the Medicare payroll tax to cover unearned income [...]
Joseph Stack’s methods were unthinkable â he is accused of ramming a plane into an Internal Revenue Service building in Texas â 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 [...]
Horowitz & Weinstein’s operating philosophy is: “Down to Earth Solutions” and we are always aware of what it means to our clients. Regardless of whether we are representing you in a business matter or consumer matter, Horowitz & Weinsteinâs attorneyâs, who are repeatedly praised and commended for being non-stuffy, accessible, practical, creative, compassionate and savvy, [...]
Student volunteers are offering free tax preparation.
More than 60 collegians at Rutgers University in Camden are participating in the Volunteer Income Tax Assistance (VITA) program. Sponsored by the Rutgers School of Law in Camden, the program offers help from students trained in preparing federal and New Jersey State tax returns.
According to a Rutgers-Camden spokesman, the [...]
Vice President Joe Biden said deductions and credits enacted with stimulus legislation have helped push average refunds from the 2009 tax year up almost 10 percent, or $266 per household.
Biden, Treasury Secretary Timothy F. Geithner and Internal Revenue Service Commissioner Douglas Shulman today highlighted the stimulus measure provisions to remind taxpayers they still have time [...]
In a move likely to help 100,000 struggling homeowners, the California Legislature recently passed a law that allows Californians to exclude mortgage forgiveness from their income or tax purposes.
âCalifornia has been particularly hard hit by the housing crisis,â said state controller and Franchise Tax Board chairman John Chiang, in a prepared release. âThis is a [...]
SYDNEYâAustralian mining companies fell sharply Monday as investors factored in lower earnings for the companies after the government said Sunday that it plans to introduce a 40% tax on the industry’s profits.
Analysts cut target prices and earnings estimates for many of the companies and said the proposed Resource Super Profits Tax could cause potential mergers-and-acquisition [...]
From The IRS:
WASHINGTON â The Internal Revenue Service is providing administrative relief for sponsors of defined contribution plans, such as section 401(k) plans, that were affected by the storms and other severe weather in those counties in Alabama, Connecticut, Massachusetts, Mississippi, New Jersey, Rhode Island, Tennessee and West Virginia declared [...]
Martin D. Ginsburg, 78, a Georgetown University tax law professor whose blind date more than a half-century ago with a quiet undergraduate named Ruth Bader blossomed into an enduring marriage, died June 27 of complications from metastatic cancer at his home in Washington.
Mr. Ginsburg joined the Georgetown faculty in 1980 and was considered one of [...]