Tax eBrief: Treasury nominee Jacob Lew gets tax questions, and more

Tax eBrief: Jacob Lew/President Obama. REUTERS/Jonathan Ernst

Jacob Lew had a $56,000 investment in the Citigroup fund, leading to questions from Republican senators about whether the investment had been put there to dodge taxes. Continue reading

Tax eBrief: Republicans move to rally against tax increases, and more

Tax eBrief: Tax Increases - Capitol Hill - REUTERS/Kevin Lamarque

Republicans, who last month let taxes rise on incomes over $400,000 to avert broader tax increases and the “fiscal cliff,” are now ready to stand their ground, regardless of the military cuts. Continue reading

Tax eBrief: Return of Federal Payroll tax hits retailers, and more

Tax-eBrief-Federal-Payroll-Tax-REUTERS-Lucas-Jackson-shopping-300x186_130222

The recently restored federal payroll tax that has left Americans with less money to spend. Wal-Mart Stores Inc. on Thursday joined a parade of retailers, restaurants and consumer-goods companies worried about the economic impact. Continue reading

Tax eBrief: Spending cuts talks grow harsh, and more

Tax eBrief: Spending Cuts, Capitol Hill - REUTERS/Jim Young

Republicans didn’t question Mr. Obama’s assertion that the spending cuts would have a direct effect. They said the plan to avert them should include only spending cuts, not tax increases. Continue reading

Tax eBrief: Simpson, Bowles attempt to revive deficit plan, and more

Tax eBrief: Deficit Plan REUTERS Simpson Bowles

Deficit hawks Alan Simpson and Erskine Bowles on Tuesday will propose a detailed plan for rewriting the tax code and implementing deep new spending cuts, hoping to offer a path to compromise for Democrats and Republicans, according to an outline of the deficit plan. Continue reading

Tax eBrief: Married couples face marriage penalties and bonuses, and more

Tax eBrief: Marriage Penalties and Bonuses - REUTERS/Mike Segar

Being married subjects couples to marriage penalties and bonuses. Some couples see raised taxes “marriage penalty”, and lowered taxes for others “marriage bonus”. The marriage penalty is especially pronounced for married couples earning above $300,000. Continue reading

Tax eBrief: Vital New York City property taxes lost, and more

Tax eBrief: Knicks Property Taxes REUTERS/Adam Hunger

Madison Square Garden received an exemption on its property taxes in 1982 as long as the Knicks and the Rangers agreed to play there for 10 years. Madison Square Garden pays no property tax today either, 31 years later. Continue reading

Tax eBrief: Navigating between tax avoidance and tax evasion, and more

Tax eBrief: Tax Evasion IRS REUTERS

It is fairly difficult to evade taxes on legitimate investments because the I.R.S. can crosscheck the forms supplied by the company and the individual. Where people run afoul of the law is when they cut corners. Continue reading