April 15, 2013 |
As procrastinators scramble Monday to file their federal income taxes, some who reside in the well-off enclaves of Los Angeles or San Francisco may be bracing for an audit by the Internal Revenue Service. That's according to a new study from the National Taxpayer Advocate, which scoured IRS data to pinpoint five metropolitan areas where small business owners are more prone to dodging taxes. Other top tax-cheating hubs are the District of Columbia, Houston and Atlanta. Communities near the five cities were called out as well.
April 12, 2013 |
WASHINGTON -- President Obama's income continued its recent creep downward in 2012, along with his effective federal income tax rate, according to the tax returns released Friday by the White House. The president and first lady reported a joint adjusted gross income of $608,611, down from almost $790,000 in 2011. The Obamas paid $112,214 in federal taxes in 2012, for an 18.4% effective income tax rate. In recent years, the president's income has slipped as sale of his books appear to have tapered off. On a form noting his profession as “author,” the president reported $273,000 in income from book sales, a 40% drop since last year.
March 29, 2013 |
Stephen Baldwin on Friday admitted in court he hadn't paid New York state income taxes for a period of three years, and then walked away a free man - albeit one who still owes $300,000 in back taxes, and has to repay them fast. Under the term of Baldwin's deal, the "Celebrity Apprentice" contestant will stay out of jail so he can earn money to pay his debt. If he pays the money back within a year, his record will be wiped clean; otherwise he's looking at a five-year probation sentence, during which he has to repay the cash. "Unfortunately, I got some really bad suggestions and advice ... from lawyers and accountants," he told reporters outside court in New City, N.Y. He said he never intended to avoid paying taxes.
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 13, 2013 |
About 600,000 H&R Block customers face lengthy delays for tax refunds after a filing error by the Kansas City, Mo.-based tax preparer, the Internal Revenue Service said late Tuesday. The filing blunder affects customers -- mainly students -- who filed Form 8863 for education credits. Many were upset the delay would affect applications for federal financial aid for college. "The IRS is continuing to review the situation and working with affected software companies to assist in the processing of these tax returns," said IRS spokeswoman Michelle Eldridge, in a statement.
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.
February 15, 2013 |
Federal prosecutors in Washington on Friday charged both Jesse Jackson Jr. and his wife, Sandi, alleging the former congressman misused $750,000 in campaign funds while she understated their income on tax returns for six years. Attorneys for Sandi Jackson issued a statement saying she has signed a plea deal with prosecutors and would plead guilty to tax fraud. Jesse Jackson Jr. was charged in what is known as a criminal information, which typically signals that he, too, will plead guilty.
December 21, 2012 |
A feature allowing California taxpayers to use their income tax returns to make donations toward arts programs will disappear in 2013. Forms for the 2010 and 2011 tax years had a checkoff box for the California Arts Council as one of 18 options for targeted giving to various state-funded causes. But it won't be an option any longer. The state law that added the grant-making Arts Council to the mix for the two years specified that the box would vanish if the option didn't bring in at least $250,000 from tax returns filed for the 2011 tax year.
December 6, 2012 |
Stephen Baldwin, self-billed as "the kookiest of the Baldwin Brothers," was arrested in New York on Thursday and charged with failure to file state income taxes for three years. Baldwin was arraigned for repeated failure to file tax returns for the years 2008, 2009 and 2010, according to the Rockland County district attorney, who said the youngest of the Baldwin Brothers owes more than $350,000 in taxes and penalties. The 46-year-old "Celebrity Apprentice" alum and talk-radio host pleaded not guilty and was released on his own recognizance.
November 27, 2012 |
In New York next month, Gustavo Dudamel will receive the award as musician of the year for 2013 from the publication Musical America. In Los Angeles he might well have been the bargain of the year for 2010. The recent filing of the Los Angeles Philharmonic's federal tax return for 2010-11 shows that Dudamel earned $985,363 in salary and benefits for 2010, his first full calendar year on the job. In comparison, at least 12 conductors and executives earned $1 million or more from nonprofit arts organizations in the United States that year.