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NEWS
By James M. Coram and James M. Coram,Staff Writer | October 18, 1992
The Internal Revenue Service has seized the business of a Howard County contractor who once said that paying taxes with paper money is unconstitutional.The $6 million lien -- based on a reported tax liability from 1981 through 1986 -- has put 60 employees and 20 subcontractors out of work and affected 100 other businesses in the county.Fred Waters Allnutt was convicted in 1983 of evading state taxes.He had refused to file a state tax return or pay property taxes because he believed payment with Federal Reserve notes violated the U.S. Constitution.
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NEWS
By Colin Campbell, The Baltimore Sun | August 19, 2014
Two Nordstrom subsidiaries must pay more than $2 million in old Maryland income taxes that state regulators say the company dodged more than a decade ago, Maryland's highest court ruled this week. The state Court of Appeals ruled against the Seattle-based retailer's appeal on behalf of one of the subsidiaries, which had mistakenly reported its income on its 2002 and 2003 tax returns, and argued that the error should absolve it from paying the taxes. Nordstrom — which operated four department stores, two discount stores and a distribution center in Maryland at the time — created the subsidiaries solely to move its trademark license outside the reach of Maryland taxation, Judge Robert McDonald wrote.
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BUSINESS
By JAY HANCOCK | December 21, 2003
JOHN O. Requard Jr. waited 30 years to say it: He didn't leak Richard M. Nixon's income tax information to the press. And he thinks he knows who did. Sure, Requard says, he was there in late 1972 or early 1973 when another young Internal Revenue Service guy passed around microfilm prints showing Nixon paid a pittance in tax on a $200,000 salary. And yeah, he admits, he initially told IRS investigators he hadn't seen the prints - a misstatement that would haunt him. But he wasn't the one who dished the information to Jack White of The Providence Journal, blowing another hole in the Nixon presidency and allowing White to win the Pulitzer Prize, says Requard, who recently retired from the IRS. Although, now that he thinks about it, he kind of wishes he was. The illegal disclosure of Nixon's tax data in the fall of 1973 is obscured by more famous contemporary leaks such as that of the Pentagon Papers or those dispensed by Watergate's Deep Throat.
NEWS
Dan Rodricks | February 1, 2014
Some Democrats in Maryland — the wealthiest state in the country, according to the U.S. Census Bureau — balk at raising the minimum wage to $10.10 an hour while advocating tax cuts for millionaires. It's not enough that the rich have had it sweet for three decades, accumulating wealth at obnoxiously high levels while the middle class and working poor have seen their earnings, adjusted for the cost of living, remain stagnant. It's not enough that Congress cut taxes for the wealthy, even as the nation carried out two hugely expensive and long wars.
BUSINESS
August 13, 1997
Universal Security Instruments Inc.'Ticker ......... Yesterday'sSymbol ......... Cls. ..... Chg.USEC ........... 11/16 .. -1/32Period endedJUNE 30 ....... 1st qtr. ... Year ago ... Chg.Revenue ........ $3,358 ... $4,347 .... -22.8%Net Income ...... $16 * ... $(848) ** ... --Primary EPS ..... $0.01 ... $(0.26) ..... --Figures in thousands (except per share data)* Due to tax benefit carry-forward, no tax liability was incurred** Includes nonrecurring $450,000 charge arising from patent-infringement litigation and related expensesPub Date: 8/13/97
BUSINESS
March 20, 1997
Members of the Maryland Association of Certified Public Accountants are answering readers' tax questions through April 15.Q: In February 1997, I sold a sizable amount of stock. I file quarterly estimated federal taxes. Must I pay any of the capital gains tax from that sale during '97 or may I wait and pay when filing '97's tax return in '98?A: You may qualify for "safe harbor" estimated taxes by paying taxes equivalent to your 1996 tax liability and then paying the remainder, if applicable, at the time of filing in 1998.
BUSINESS
February 19, 1994
Here are answers from members of the Maryland Association of Certified Public Accountants to readers' tax questions. The Sun will publish answers through April 15.Q: I'm 61 years old and retired. My retirement income comes from monthly withdrawals from an IRA mutual fund. From each month's distribution, I have 20 percent deducted for federal income taxes. My total federal tax bill never exceeds 20 percent of my income. Do I have to submit federal quarterly estimated tax forms?A: No, as long as you know that your federal balance due after subtracting your withholding is less than $500.
NEWS
By James M. Coram and James M. Coram,SUN STAFF | June 27, 1997
Carroll residents will have to wait until Monday to find out whether they will get a modest reduction in their county income tax bill next year.The County Commissioners postponed yesterday their scheduled vote on whether to lower the local income rate to 55 percent of an individual's state income tax liability.Carroll's so-called piggyback tax rate is 58 percent of a &r resident's state income tax bill.If approved Monday, the piggyback tax cut would take effect Jan. 1, 1988, and will give residents a savings of $3 a year for every $100 of state tax liability until Jan. 1, 2002.
BUSINESS
March 23, 2008
Editor's note: Every Sunday through the end of tax season, The Sun will run an edited transcript of Baltimoresun.com's weekly tax advice column featuring experts from the Sparks accounting firm SC&H Group who will answer reader questions. Submit questions at www.baltimoresun.com/ taxtalk To be eligible to convert IRA contributions to Roth contributions, income must be below $100,000. Should the conversion be removed from Form 1040, Lines 22 and 37 in order to remain below the $100,000 threshold?
NEWS
By Tim Pula and By Tim Pula | July 1, 2013
Harbor Point, 27 acres of mostly vacant land on the Inner Harbor, is poised for one of the most significant developments in Baltimore's history. After losing 300,000 residents and many businesses during the past 40 years, Baltimore needs to grow its corporate and middle class populations to become more financially stable. Harbor Point alone won't do that, but it can move Baltimore in that direction. Debate has surrounded Harbor Point's proposed use of tax increment financing (TIF)
NEWS
By Eileen Ambrose, The Baltimore Sun | September 14, 2012
Some members of Congress want to fire federal workers who are seriously delinquent on their taxes. Furthermore, if they had their way, prospective employees in deep tax arrears wouldn't even be considered for a job with Uncle Sam. The Republican-led House passed legislation last month that raised the consequences for federal civilian workers behind on their taxes, or anyone who wants to work for the government. Supporters say the measure is necessary to hold employees accountable, collect about $1 billion past due and foster confidence among Americans that public servants aren't ditching their tax obligations.
BUSINESS
By Eileen Ambrose, The Baltimore Sun | April 17, 2012
So the tax deadline is here and you don't have the money to pay the bill. It's time to act, not panic. You might have more options than you know — courtesy of the Internal Revenue Service. The agency has been easing up on financially strapped taxpayers and last month expanded its "Fresh Start" initiative, which allows some jobless workers to put off paying their taxes for six months without paying a stiff penalty. "There are probably more options than most people are aware of," says Abe Schneier, senior technical manager with the American Institute of CPAs.
BUSINESS
March 23, 2008
Editor's note: Every Sunday through the end of tax season, The Sun will run an edited transcript of Baltimoresun.com's weekly tax advice column featuring experts from the Sparks accounting firm SC&H Group who will answer reader questions. Submit questions at www.baltimoresun.com/ taxtalk To be eligible to convert IRA contributions to Roth contributions, income must be below $100,000. Should the conversion be removed from Form 1040, Lines 22 and 37 in order to remain below the $100,000 threshold?
BUSINESS
By Bloomberg News | January 30, 2007
WASHINGTON -- The Internal Revenue Service said yesterday that it has updated an online calculator to help Americans determine whether they owe the alternative minimum tax. "This tool helps people learn quickly whether they're going to be paying this tax," IRS Commissioner Mark Everson said. Most taxpayers can get an answer within five or 10 minutes by entering data into the calculator, he said. The calculator is an electronic version of an IRS worksheet that helps determine whether a taxpayer needs to fill out Form 6251, which determines any minimum tax liability.
BUSINESS
By EILEEN AMBROSE | July 11, 2004
SIXTEEN-year-old Lillian Gibbons earns $7 an hour as a cashier at Valley View Farms garden center in Cockeysville, but the high school junior says she gets a lot more out of the job. Her paycheck, she says, teaches her a lot about money management, from taxes to the temptations of an ATM card. "It's a source of constant, dependable income that I didn't have before when doing just babysitting," the Sparks teenager says. "With the paycheck, I'm learning this is how much I make and this is how much money I spend."
BUSINESS
By Todd Beamon and Todd Beamon,Baltimoresun.com Staff | March 31, 2004
Each Wednesday through April 21, baltimoresun.com's tax experts will answer your questions this tax-filing season. Our experts are Jim Dupree of the Maryland office of the Internal Revenue Service in Baltimore and, this week, Gregory S. Horning of Stout, Causey & Horning in Hunt Valley. To be included next week, please use the form at the right side of this page to submit your questions. My wife, my son and I live in Baltimore. My wife had a job in Baltimore; I worked in Newark, Del., all of last year.
BUSINESS
By JAY HANCOCK | December 21, 2003
JOHN O. Requard Jr. waited 30 years to say it: He didn't leak Richard M. Nixon's income tax information to the press. And he thinks he knows who did. Sure, Requard says, he was there in late 1972 or early 1973 when another young Internal Revenue Service guy passed around microfilm prints showing Nixon paid a pittance in tax on a $200,000 salary. And yeah, he admits, he initially told IRS investigators he hadn't seen the prints - a misstatement that would haunt him. But he wasn't the one who dished the information to Jack White of The Providence Journal, blowing another hole in the Nixon presidency and allowing White to win the Pulitzer Prize, says Requard, who recently retired from the IRS. Although, now that he thinks about it, he kind of wishes he was. The illegal disclosure of Nixon's tax data in the fall of 1973 is obscured by more famous contemporary leaks such as that of the Pentagon Papers or those dispensed by Watergate's Deep Throat.
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