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BUSINESS
April 15, 2000
Members of the Maryland Association of Certified Public Accountants are answering readers' tax questions in advance of Monday's filing deadline. How do you get back a minor child's excess tax payments? You must file a federal return to get a refund of federal taxes. For Maryland taxes that were overwithheld, you can use the Special Refund Request Form 123 to get back a minor child's excess tax payments. Carol Katz, CPA, Leonard J. Miller & Associates, Chtd. The above advice is for general purposes only and is not intended as legal, accounting or tax advice.
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ENTERTAINMENT
By Luke Broadwater | March 23, 2011
Last week, we introduced the "Wile E. Coyote Anvil of Reason Award," given to that person in the news who most needs a dose of brutal cartoonish enlightenment. This week, we have several worthy nominees. They are:  •  Sen. Claire McCaskill (D-Mo.) . Nominated for skirting tax laws to the tune of nearly $300,000 relating to her private plane.  What is it with politicians and paying taxes? At least McCaskill can seek tax advice from the president's top money man, Tim Geithner.
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BUSINESS
April 11, 1998
Members of the Maryland Association of Certified Public Accountants are answering readers' tax questions through April 15.Q: I paid $6,300 in child support last year. Can I claim that on my taxes?A: Payments made under agreements dated after 1984 that fix the amount of money or part of the payment as child support, including payments that vary with the status of a child, such as attaining a certain age, dying, leaving school or marrying, are treated as child support for tax purposes and are not deductible.
NEWS
By Justin Fenton and Justin Fenton,justin.fenton@baltsun.com | September 11, 2009
Two staff members of the Baltimore office of ACORN were fired Thursday after they were captured on hidden camera appearing to give advice on evading tax laws to a man and woman posing as a pimp and a prostitute. The video depicts a man and a scantily dressed female partner visiting the Charles Village office of the Association of Community Organizations for Reform Now, where they appear to ask two employees about how to shield their work from state and federal tax requirements.
BUSINESS
By BLOOMBERG NEWS | May 6, 2004
WASHINGTON - The Internal Revenue Service offered leniency yesterday to thousands of users of a tax shelter that cost the government at least $6 billion in the late 1990s, letting them pay reduced penalties and deduct the deal's transaction fees if they agree to a settlement. The IRS said many taxpayers can avoid the maximum penalties of up to 40 percent of their liability and deduct the costs of their fees if they come forward by June 21 and pay back taxes, interest and a penalty for using the so-called Son of Boss shelter.
BUSINESS
By BLOOMBERG NEWS | August 20, 2002
WASHINGTON - The Internal Revenue Service is demanding data from dozens of banks, accounting firms, law firms and other financial advisers on clients who seek to avoid taxes. The IRS has issued 150 summonses since late January as part of a crackdown on sophisticated accounting that companies use to avoid taxes, such as through offshore entities, said David Harris, manager of the IRS tax shelter analysis office. Several requests have been referred to the Justice Department for possible court action, he said.
NEWS
By Kenneth R. Timmerman | May 31, 2002
MEMO TO Kathleen Kennedy Townsend and Robert L. Ehrlich Jr. Re: Tax policy pitfalls The toughest problem you will face as governor will be balancing the state budget. The fat times of big tax surpluses are over. But the wish list of new spending programs sought by advocacy groups and special interests continues to grow. You have three choices, should you win the election in November. The option you choose will not only set the tone for your governorship, but ultimately, it will also determine your place -- if any -- in history.
NEWS
By DAVE BARRY and DAVE BARRY,Knight Ridder/Tribune | April 14, 2002
IT'S ALMOST April 15, time for our annual column, "Tax Advice For Regular Humans," which is based on extensive deductible research, including $83,000 for boat rentals alone. It takes a heap of research to keep up with the ever-expanding U.S. Tax Code, which is now so big that it's one of only two man-made objects on earth visible from the moon (the other one is Tony Robbins). This year there are some major changes that you, as a taxpayer, should be aware of, unless - to quote Internal Revenue Service Commissioner Charles Rossotti, in his annual Message To Taxpayers - "you wish to become roommates with a federal-prison inmate who weighs 400 pounds and likes to dress you up as Tinkerbell."
BUSINESS
By Liz Pulliam Weston and Liz Pulliam Weston,LOS ANGELES TIMES | December 3, 2000
I've always heard that it's a good idea to keep several months' salary readily available for emergencies. Up until now we've done so, keeping it in a money-market account. A financial planner suggested that another option would be to use the cash reserve to make a larger down payment when we buy a house - which we plan to do soon - and obtain a line of credit using the house equity for emergencies instead of keeping it on hand. Is this a good or not-so-good idea in your opinion? The problem with taking out a home-equity line of credit for emergencies is that you have to pay the money back, plus interest.
BUSINESS
By JANE BRYANT QUINN | September 10, 2000
Mary Howard, 61, a reader on the Atlantic Coast, tells me she couldn't believe her eyes. She was staring at a tax notice. She owed income taxes on $47,300 in mysterious gains, from a life-insurance policy she had allowed to lapse. It lapsed because she had borrowed too much against the policy's cash value. She never imagined that taxes might be due. You might be traveling the same road, if you borrow against your insurance and don't repay. About 87 million cash-value policies are in force today.
BUSINESS
April 15, 2000
Members of the Maryland Association of Certified Public Accountants are answering readers' tax questions in advance of Monday's filing deadline. How do you get back a minor child's excess tax payments? You must file a federal return to get a refund of federal taxes. For Maryland taxes that were overwithheld, you can use the Special Refund Request Form 123 to get back a minor child's excess tax payments. Carol Katz, CPA, Leonard J. Miller & Associates, Chtd. The above advice is for general purposes only and is not intended as legal, accounting or tax advice.
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