If Congress permanently extends a package of temporary tax breaks that already expired or will expire this year, the 10-year cost will wipe out $1 trillion in revenue the government is set to earn through its fiscal cliff deal, a federal watchdog warned Monday.
The average U.S. taxpayer pays an extra $1,259 per year in taxes to make up for lost revenues from offshore tax havens used by corporations and wealthy individuals, according to a study published on Tuesday.
Due to low tax and light spending policies, Utah topped the American Legislative Exchange Council's list of states with the best 2014 economic outlook, and New York's high tax rates earned it a last-place ranking on the list.
Federal prosecutors on Tuesday charged a former McDermott Will & Emery LLP partner in Florida with failing to report about $2.1 million in partnership income to the Internal Revenue Service.
Manhattan's Hustler Club filed suit against the New York Department of Taxation in New York State Supreme Court on Friday, alleging the state's laws taxing exotic dance performances violate free speech protections of the First Amendment to the U.S. Constitution.
The Republican National Committee launched a lawsuit in Washington federal court Tuesday alleging the Internal Revenue Service has not complied with its request for documents related to criteria used for reviewing and approving tax-exempt organizations.
Sen. Ron Wyden, D-Ore., has been tapped to chair the Joint Committee on Taxation for the rest of Congress' current session, replacing former Sen. Max Baucus, who left the post to become ambassador to China, the committee said Monday.
When I was being considered for managing partner in my office — at a time no other law firm in all of Texas had a sole female managing partner — one female partner told me she didn’t want me to be selected because if I failed, it would reflect poorly on all the other women partners, says Lisa Pennington, managing partner of BakerHostetler's Houston office.
Not having female peers is a challenge — my summer associate class was 10 men and me, I was the only woman partner on the West Coast at Fish & Neave, I was the only woman present at my first Shearman & Sterling worldwide litigation partners meeting, and in my IP practice, I am often the only woman in client meetings, says Vicki Veenker, founder of Veenker Law Offices.
The former city administrator for the city of Bell, Calif., who pled guilty to conspiracy and tax charges in connection with a pay scandal that took down the city’s highest officials, was sentenced Monday to just under three years in prison.
The Internal Revenue Service and U.S. Department of the Treasury on Monday issued a notice that they will no longer treat U.S. individuals who own stock in passive foreign investment companies through certain tax exempt organizations as a shareholder of the underlying investment company under existing attribution rules.
The U.S. Tax Court ruled Monday that approximately $10 million in taxes owed on a real estate mogul's estate cannot be paid off in installments because the required estate tax return was filed nearly four years after his death.
A New Jersey doctor was arrested on Friday for an array of tax charges, including the mishandling of nearly $6 million in cash, according to the U.S. Department of Justice.
Verizon Communications Inc., Comcast Phone of DC LLC, MCI Worldcom Communications Inc. and several other Washington, D.C., telecommunication companies were sued Monday in District of Columbia Superior Court for failing to pay over $29 million in 911 taxes.
Canada’s tax service said Monday that an Internet security vulnerability known as the Heartbleed bug snatched roughly 900 social insurance numbers during a six-hour breach of taxpayer data.
Reed Smith LLP asked a Philadelphia County judge on Monday to transfer to Allegheny County a legal malpractice suit over tax guidance the firm gave to the overseers of two trusts, which were allegedly improperly drafted and led to undue taxes on the plaintiff.
The Hamburg Finance Court on Monday ordered the German government to provisionally refund utilities €2.2 billion ($3.04 billion) in nuclear fuel taxes pending a determination by Europe's top court over whether the tax is legal.
The Eleventh Circuit on Monday upheld a 121-month sentence for a South Florida woman who participated in an income tax refund scheme to defraud the federal government out of $11 million, saying a lower court reasonably issued and explained the sentence.
A Pennsylvania court on Monday denied a newspaper's request under the state's open records law for data on Lancaster County's hotel room rental tax, saying the information is a protected trade secret.
A New York court last Tuesday struck down a fare reduction rule created under former New York City Mayor Michael Bloomberg’s administration to provide health care assistance for taxi drivers to meet requirements of the Affordable Care Act, ruling the city had exceeded its authority.