March 15, 2013 |
Two small Southern California credit unions have been shut down by federal regulators, who said they would return deposits to members. Pepsi Cola Federal Credit Union of Buena Park and ICE Federal Credit Union of Inglewood were insolvent, with no prospects for restoring viable operations, the National Credit Union Administration said Friday in news releases . Deposits are federally insured up to $250,000. National Credit Union Administration officials said that no deposits were uninsured and that the agency would send letters to affected individuals within a week.
CALIFORNIA | LOCAL
March 14, 2013 |
For five years, all UC students have been paying a $60 annual fee to help the university finance massive refunds for past illegal tuition practices. As a result of a UC regents vote Thursday, that charge will continue for five more years. The controversy began a decade ago when students in law, medical, nursing and other UC professional schools complained that they were being forced to pay fee increases despite promises in university brochures and websites that their education costs would not rise before graduation.
March 13, 2013 |
Some taxpayers splurge on big-screen televisions or pay off their credit cards with their tax refund, while others, like Brandon Frank, count on it to pay rent. The 25-year-old former construction worker from Michigan and father of three may have to wait as long as six weeks before he sees his refund, because of a filing error by H&R Block. "I was counting on it for rent," said Frank, who's been unemployed since October and is attending college. "I'm probably going to have to go to one of the cash-advance places, because the money I was expecting isn't there.
March 11, 2013 |
A former manager of an H&R Block tax preparation office in Van Nuys pleaded guilty to charges that he used the identities of the firm's clients to file false tax returns and get thousands of dollars in fraudulent refunds. Damon Charles Dubose, 39, of North Hills pleaded guilty on Monday to one count of wire fraud and one count of filing false claims with the Internal Revenue Service. Dubose used his access to client records to file unauthorized tax returns for at least 12 people, generating more than $48,000 in fraudulent refunds, federal prosecutors said.
March 7, 2013 |
Americans hit the stores in February - but with only the barest of enthusiasm as they worried about bad weather, delayed tax refunds and the federal mix of tax increases and spending cuts known as sequestration. Three separate measures of sales at stores open at least a year showed revenue dampened by economic factors such as higher gas prices, stubbornly high unemployment and a payroll tax boost. Pasadena student Elisa Jimenez, 21, said her paycheck as a sales associate mostly went for school and fuel last month.
February 21, 2013 |
Wal-Mart Stores Inc. beat expectations for its most recent fiscal quarter, but the world's largest retailer is now warning that higher payroll taxes, income tax refund delays and lofty gas prices will cause stagnant sales during the current quarter. For the mega-chain's fourth quarter, which ended Jan. 31, profit boomed 10.6% to $1.67 per share from $1.51 per share during the same quarter a year earlier. The gauge outperformed Wal-Mart's forecast of up to $1.58 per share. Executives attributed the surge to a lower-than-expected effective tax rate of 27.7%.
February 18, 2013 |
A recent report saying Facebook will receive $429 million in tax refunds has sparked outrage on the Web, given that the company made more than $1 billion in profits in 2012. Facebook is getting the refund in large part because of a $1.03-billion tax break, according to the report released by Citizens for Tax Justice, a tax research and advocacy group. That tax break was a result of stock Facebook awarded its employees in 2012, when the company went public. QUIZ: How much do you know about Facebook?
February 8, 2013 |
Don't worry if you haven't received your expected IRS tax refund. Most people haven't -- and the fiscal cliff is to blame. The Internal Revenue Service is far behind its normal pace in processing federal tax returns and mailing billions of dollars in refunds, according to a new report. Through Feb. 3, the agency sent out only about $4.3 billion in refunds, according to the analysis by Nicolas Colas, chief market strategist at ConvergEx Group in new York. That's far behind the $26.9 billion in refunds issued at this point in 2012.
December 5, 2012 |
Consumers saved nearly $1.5 billion in 2011 as a result of rules in President Obama's healthcare law that limit what insurance companies can spend on expenses unrelated to medical care, including profit, a new analysis shows. Much of those savings -- an estimated $1.1 billion -- came in rebates to consumers required because insurers had exceeded the required limits. The study by the New York-based Commonwealth Fund also suggests that the Affordable Care Act forced insurers to become more efficient by limiting their administrative expenses, a key goal of the 2010 law. In some cases, insurers passed savings on to consumers in the form of lower premiums and higher spending on medical care, the researchers found.
November 11, 2012
The magic and music of Tikal I read David Kelly's article "Tikal's Lost World" [Nov. 4] while gazing at the extraordinary embroidered Maya calendar hanging on my walI. I purchased it in Flores during a trip with my husband in December and January. Tikal was an absolutely magical place and the highlight of our seven-day trip to Belize and Guatemala. Instead of flying in and out of Guatemala City, we flew into Belize City and spent several days exploring the ruins, caves and jungle of Belize (all fantastic)