Recent Updates
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New Tax Laws Dry up Car Donations
Lawyer News 07/14/2008Car donations have plummeted since Congress in 2004 tightened the tax rules for claiming charitable deductions, according to a Grant Thornton analysis of new IRS data. Before 2005, taxpayers who donated a vehicle were allowed to deduct its fair marke...
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Judge: IRS can seek tax info from Swiss bank
Lawyer News 07/03/2008[##_1L|1400520827.jpg|width="130" height="132" alt=""|_##]A federal judge agreed Tuesday to allow the IRS to serve legal papers on Swiss banking giant UBS AG in an expanding investigation into U.S. taxpayers who may have used overseas accounts to hid...
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After-tax incomes and spending show big gains
Lawyer News 06/27/2008Millions of economic stimulus payments sent after-tax incomes surging in May by the largest amount since a similar recession-fighting effort by Gerald Ford 33 years ago.All the extra money helped to push consumer spending up by the largest amount in ...
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Former UBS banker charged in U.S. tax probe
Lawyer News 05/14/2008A former UBS banker and an adviser from Liechtenstein have been charged with helping clients, including California real-estate billionaire Igor Olenicoff, avoid paying taxes, according to a published report.Bradley Birkenfeld, who worked at UBS from ...
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Senate Democrats seek to tax oil companies
Lawyer News 05/08/2008Senate Democrats called Wednesday for a limited windfall profits tax on the largest oil companies and a rollback of $17 billion in oil industry tax breaks as part of an energy package that also would impose federal penalties on energy price gouging.S...
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Answers to tax rebate questions
Lawyer News 04/30/2008Q: When do I get my economic stimulus payment (aka tax rebate)? A: Some people may actually see their money as early as today. Here's the schedule, if you filed your federal tax return by the April 15 deadline and the IRS processed it by then. If you...
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US government begins tax rebates to stimulate economy
Lawyer News 04/28/2008[##_1L|1183324311.jpg|width="140" height="135" alt=""|_##]The US government began giving out tax rebates Monday in hopes the instant cash will spark consumer spending to revive an economy many analysts believe is in recession. The Internal Revenue Se...
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Tax rebates to start going out Monday
Lawyer News 04/25/2008[##_1L|1136677849.jpg|width="128" height="81" alt=""|_##]Rebates from the 2008 economic-stimulus package are set to begin going out Monday, President Bush said, reiterating that the infusion of cash will help lift the U.S. economy out of its ongoing ...
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Rebate checks: IRS clarifies who gets how much
Lawyer News 03/10/2008Who is eligible? More than 130 million taxpayers will receive a rebate. To qualify, you must have at least $3,000 in income to receive the minimum rebate of $300 for an individual or $600 for a couple filing jointly.Income for this purpose includes w...
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Casinos: Poker winners must do tax form
Lawyer News 03/02/2008Starting Tuesday, it's going to get harder for poker tournament winners to bluff the tax man. Casinos will be required to report winnings of $5,000 or more to the Internal Revenue Service, and will hand gamblers a tax form to record the payout.It's a...
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Court rules unconstitutional Va. taxing authority
Lawyer News 02/29/2008American International Group Inc., the largest insurer in the U.S., lost more than $5 billion in the fourth quarter as bad credit ate into its investments, the company said Thursday.AIG has been thrust to the forefront of the credit crisis gripping f...
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High earners face surge in tax audits
Lawyer News 02/21/2008[##_1L|1259376230.jpg|width="128" height="81" alt=""|_##]The IRS is turning up the heat on high-income taxpayers, especially those who work for themselves. Internal Revenue Service officials say audits of taxpayers making $100,000 or more rose 14 per...