A New York court has ruled that the metropolitan commuter transportation mobility tax (MCTMT) was unconstitutionally passed by the New York Legislature. The tax, which is also referred to as the Metropolitan Transportation Authority (MTA) payroll tax, applies to certain employers and self-employed individuals engaging in business within the Metropolitan Commuter Transportation District (MCTD).
Not every interaction with the IRS must necessarily induce flop sweat.
Case in point: A few years ago a friend of mine decided his income taxes had become sufficiently complicated to merit hiring an accountant. After examining previous tax returns, the accountant discovered my friend had claimed the standard deduction for two years when he should have itemized expenses. He filed a couple of amended tax returns and voila – the IRS wrote him checks...
The Internal Revenue Service has been looking the other way instead of rooting out fraud when people apply for taxpayer identification numbers, Treasury Department investigators said Wednesday, exposing a shortfall with both financial and national security implications.
By Christine Benz | Morningstar – Sun, Jul 29, 2012 7:00 AM EDT
A slew of Bush-era tax laws are set to expire at the end of 2012, affecting the tax rates on everything from dividends to capital gains to ordinary income and estates. But a lot remains unsettled, too, particularly given that we’re in the midst of an election year and the direction of tax rates remains a key bone of contention.
Posting in the Portfolio Design/Management forum of Morningstar.com’s...
The New York State Department of Taxation recently issued a ruling that Yoga is to be considered more spiritual, and less exercise. Therefore Yoga studios and businesses won’t have to collect or pay taxes. However, these rules will not apply if a Yoga class takes place inside a gym or other conventional exercise facility.
Software problems, fraud, deficits & understaffing have all contributed to refund delays at the IRS. CBS’s Asa Aarons offers some help to those that are still waiting for their refunds:
The Supreme Court recently ruled that the Patient Protection & Affordable Care Act (PPACA) is constitutional. So what does this mean for taxpayers? A lot. Almost every taxpayer–whether they currently have or do not have insurance–will be affected; assuming of course that the PPACA remains the law of the land. Below is a list that will impact taxpayers the most:
