February 13, 2009 |
A proposed tax break for new-car buyers has been downsized by Congress. The compromise version of the ginormous economic stimulus bill includes a Senate-approved provision that would allow consumers to claim a federal income tax deduction for sales taxes and excise taxes paid on new vehicles. But the compromise worked out between House and Senate negotiators deletes another provision that senators had approved, which would have made interest on new-vehicle loans deductible as well.
March 1, 1994 |
The Internal Revenue Service has vastly expanded its computer matching program, which may cause thousands of additional taxpayers to trigger so-called "computer audits" on their 1993 returns. The nation's tax police have also boosted scrutiny of those who claim certain types of income and deductions. These so-called "audit triggers" boil down to a handful of expenses, deductions and credits that the IRS believes are frequently exaggerated or fabricated.
September 28, 1991 |
The state Supreme Court refused to let state tax officials see membership records of an exclusive private club in San Francisco. The Franchise Tax Board had sought the membership list of the Pacific-Union Club to allow tax audits that would determine whether members were illegally claiming expenses at the club as tax deductions. State law forbids business tax deductions for payments to clubs that discriminate on various grounds, including age and sex.
November 17, 1989 |
State Controller Gray Davis filed suit in San Francisco Superior Court to force the city's Pacific Union Club to turn over its membership list so state tax officials can randomly audit members. Davis argues that the club's refusal to allow women as members is illegal because club members derive tax benefits from membership.
July 22, 2006 |
Health and Human Services Secretary Mike Leavitt defended his family's charitable giving, as two senators called for tighter regulation of private foundations. Leavitt and his relatives have reportedly claimed millions of dollars in tax deductions through a charitable foundation that until recently paid out little in actual charity. A spokeswoman for Leavitt said the foundation's activities are "totally legal and proper."
CALIFORNIA | LOCAL
April 11, 1989
A Northern California couple pleaded guilty Monday to conspiring to defraud the government by persuading 265 people to invest $1.4 million in bogus entertainment partnerships and claim inflated tax deductions. Jack Elliott, 68, and Maxine Elliott, 63, of Aptos pleaded guilty in federal court in Los Angeles to conspiracy and aiding and counseling the filing of false income tax deductions stemming from their 1982 promotion of a fraudulent tax shelter. Assistant U.S. Atty. Stephen Mansfield said the Elliotts, who ran a Culver City tax preparation business from 1960-1982, defrauded the taxpayers by selling them sham tax shelter partnerships in the production of television pilot films or documentaries to be sold to networks.
April 9, 1993 |
Outlining its plan to curb runaway pay for corporate chieftains, the Clinton Administration on Thursday proposed giving shareholders a role in setting executive compensation. But many forms of pay would not be affected by the Administration's policy of denying tax deductions for amounts in excess of $1 million that corporations pay executives. The Treasury Department estimated that the plan would raise about $600 million over five years, compared to the $1.