Category Archives: Tax

House passes tax cut for small business

By doris | Published: June 16, 2010

Full Story at msnbc.com WASHINGTON – Long-term investors in some small businesses would escape capital gains taxes under a bill passed by the House Tuesday as congressional Democrats tried to revive their jobs agenda. The bill would also increase tax deductions for startup expenses by new small businesses. The House passed the bill on a [...]

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Stealth IRS changes mean millions of new tax forms

By doris | Published: May 22, 2010

Full Story at money.cnn.com NEW YORK (CNNMoney.com) — The massive expansion of requirements for businesses to file 1099 tax forms that was hidden in the 2,409-page health reform bill took many by surprise when it came to light last month. But it’s just one piece of a years-long legislative stealth campaign to create ways for [...]

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Health care law’s massive, hidden tax change

By doris | Published: May 7, 2010

Full Story at money.cnn.com NEW YORK (CNNMoney.com) — An all-but-overlooked provision of the health reform law is threatening to swamp U.S. businesses with a flood of new tax paperwork. Section 9006 of the health care bill — just a few lines buried in the 2,409-page document — mandates that beginning in 2012 all companies will [...]

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Selling frenzy as homebuyer credit nears end

By doris | Published: April 30, 2010

Full Story at msnbc.com Real estate agents are working seven days a week, builders are staying open late and homebuyers are scrambling to get their offers in as they rush to take advantage of tax credits that expire at midnight Friday. To qualify, buyers must have a signed contract in hand by the deadline and [...]

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New-home sales see biggest jump in 47 years

By doris | Published: April 25, 2010

Full Story at msnbc.com WASHINGTON – Sales of new homes surged 27 percent last month, bouncing off the previous month’s record low and blowing past expectations as government incentives and better weather boosted sales. The Commerce Department said Friday that new-home sales rose in March to a seasonally adjusted annual sales pace of 411,000. It [...]

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Americans seeing lower tax bills

By doris | Published: April 15, 2010

Full Story at msnbc.com WASHINGTON – You wouldn’t know it by the Tax Day rhetoric, but Americans are paying lower taxes this year, even with increases passed by many states to balance their budgets. Don’t expect it to last. Congress cut individuals’ federal taxes for this year by about $173 billion shortly after President Barack [...]

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Senate passes jobs bill for Obama’s signature

By doris | Published: March 18, 2010

Full Story at msnbc.com WASHINGTON – Companies that hire unemployed workers will get a temporary payroll tax holiday under a bill that easily won congressional approval Wednesday in what Democrats hope is just the first of several election-year measures aimed at boosting hiring. The 68-29 bipartisan vote in the Senate sent the legislation to the [...]

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Tax audits: Uncle Sam wants you!

By doris | Published: February 18, 2010

Full Story atmoney.cnn.com NEW YORK (CNNMoney.com) — Worried about a tax audit? Maybe you should be. More Americans than ever may be subject to unwanted attention from the Internal Revenue Service this season as the government pumps billions of dollars into tax collection. More than 1.4 million Americans were audited last year, the most in [...]

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Washington’s bonus tax fantasy

By doris | Published: February 9, 2010

Full Story at money.cnn.com NEW YORK (CNNMoney.com) — The government’s plan to tax Wall Street’s bonus bounty is shaping up to be nothing more than a pipe dream. Hoping to ride the wave of populist outrage against financial firms like Goldman Sachs, lawmakers have been hard at work hatching legislative schemes aimed at reining in [...]

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Obama proposes tax hikes in budget

By doris | Published: February 2, 2010

Full Story at msnbc.com WASHINGTON – While President Barack Obama is proposing to cut some taxes for companies that hire workers, his budget would raise a host of other taxes on businesses and wealthy individuals. The budget proposal released Monday would extend Obama’s signature Making Work Pay tax credit — $400 for individuals, $800 for [...]

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Obama wants company cell phone tax repealed

By doris | Published: February 1, 2010

Full Story at msnbc.com WASHINGTON – Ever make a personal call on your company cell phone? Did you record the value of that call as taxable income, as required by law? Join the club, but don’t worry. President Barack Obama will propose repealing the widely ignored requirement as part of his 2011 budget plan, a [...]

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GM’s Lutz: Higher gas tax would help

By doris | Published: January 13, 2010

Full Story at money.cnn.com DETROIT (CNNMoney.com) — Bob Lutz is generally not a close ally of environmentalists. The vice chairman of General Motors is a frequent critic of fuel economy rules and once declared that global warming was a “total crock” of excrement, although he used a more common and colorful word in that description.

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Obama may use bank tax to recoup bailout

By doris | Published: January 12, 2010

Full Story at money.cnn.com New York (CNNMoney.com) — The White House is considering a tax on financial institutions to ensure that taxpayers who bailed out banks get paid back, a senior administration official said Monday. The law that created the $700 billion Troubled Asset Relief Program empowered the president to ask Congress to recoup money [...]

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Congress lets 50 tax breaks expire at end of ’09

By doris | Published: January 4, 2010

Full Story at msnbc.com When members of the U.S. Senate went home earlier this month, they left the future of 50 individual and business tax breaks in limbo. All expire at the end of 2009. Among the disappearing breaks are the research tax credit and an annual alternative minimum tax “patch,” which keeps 23 million [...]

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