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Jan 05th
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Madoff scandal could lead to tax losses nationwide (AP) E-mail

Bernard Madoff, chairman of Madoff Investment Securities, returns to his Manhattan apartment after making a court appearance Wednesday, Dec. 17, 2008 in New York.  The judge in Madoff's fraud case has set new conditions for his bail, including a curfew and ankle-monitoring bracelet for the disgraced investor. (AP Photo/Jason DeCrow)AP - Even Uncle Sam may get burned by Bernard Madoff. Investors who lost their fortunes in Madoff's alleged Ponzi scheme will end up paying far less in taxes and may even be eligible for refunds, according to accounting experts. By some estimates, the Internal Revenue Service could be out as much as $17 billion in lost tax revenue.


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Audit: FBI agents billed $45k apiece for Iraq OT (AP) E-mail
AP - Taxpayers were billed an average of $45,000 in overtime and extra pay for each FBI agent temporarily posted to Iraq over the course of four years, according to a new Justice Department report. In some cases, agents were paid to watch movies, exercise and attend parties.
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Obama team weighs up to $850 billion economic jolt (AP) E-mail

President-elect Barack Obama speaks during a news conference in Chicago, Wednesday, Dec. 17, 2008. After consulting with economists Obama's advisers are contemplating an economic recovery plan that could cost as much as $1 trillion over two years. (AP Photo)AP - President-elect Barack Obama is laying the groundwork for a giant economic stimulus package, possibly $850 billion over two years, in his first test of legislative give and take with Congress.


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China cuts fuel price, raises tax (AP) E-mail
AP - China cut prices for gasoline, diesel and jet fuel Thursday, giving a break to Chinese companies and motorists as they struggle with a worsening economic downturn.
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Jury convicts three in tax shelter trial (Reuters) E-mail
Reuters - Two former KPMG executives and an outside lawyer were found guilty by a federal jury on Wednesday of multiple counts of selling improper tax shelters that the government said helped wealthy clients evade tax payments.
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Home Office Deduction Many people whose small businesses qualify them for a home office deduction are afraid to take it because they've heard it will trigger an audit. But this deduction is no longer a red flag for an IRS audit. These tips can help you determine if you qualify to take the deduction--and rest easy when...
Brought to you by TurboTax.com
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General
Philly trying to preserve jobs while making cuts (AP) AP - Nearly a year ago, Mayor Michael Nutter took office amid glowing optimism: With the slogan "A New Day, A New Way," he promised to add hundreds of police officers, scale back taxes and help more Philadelphians get college degrees.
 
Filing Taxes
5 Smart Ways to Use That Refund Sample ImageWhile nobody likes filing tax returns, most people are rewarded handsomely for their efforts: About 75% of taxpayers get a refund, according to the Internal Revenue Service. In 2005, the average refund rang in at more than $2,000, a nice chunk of change.
Investment Taxes
OMB Control Numbers The Disclosure, Privacy Act, and Paperwork Reduction Act Notice for the
IRS Form 1040 states in part:
You are not required to provide the information
requested on a form that is subject to the Paperwork
Reduction Act unless the form displays a valid OMB
control number.
The fact that such a warning is printed on the IRS Form 1040
 
Work and Business Taxes
Tax Tips for Married Business Owners When married couples run unincorporated small businesses, they can really get nailed by the federal self-employment tax (SE tax). In fact, these small-business owners often face SE tax bills that exceed their federal income tax bills.
Home and Family Taxes
Broke states offering amnesty for tax cheats Desperate to bring in revenue in the middle of a recession, states across the country are adopting tax amnesty programs, offering to let people pay their past-due bills.
 
 
  • Newsflash
    AP - More than 3 million people will have to wait until February to get their tax refunds because of Congress' late fix to the alternative minimum tax, the IRS said Thursday.
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