Mike Farr once rode high as a member of the Detroit Lions. These days, he’s in hot water. Not only does he owe nearly $83,000 in state and federal taxes but, a few weeks ago, federal regulators put a lock on his assets after he was named in a government lawsuit.
The Internal Revenue Service recently issued guidance intended to make it easier for small businesses to determine whether they are eligible for the new health care tax credit under the Affordable Care Act and how large a credit they will receive.
Both unemployed (including some recent graduates) and certain currently employed Individuals looking for
work can dramatically increase their attractiveness to prospective employers by highlighting certain tax
breaks that employers can secure by hiring them.
Outright.com, the online bookkeeping service for the small, self-employed entrepreneur, recently announced the winner in its contest for who could come up with the strangest or most interesting excuse for needing a tax extension.
The Internal Revenue Service this week has issued the newly revised payroll tax form that most eligible employers can use to claim the special payroll tax exemption that applies to many new workers hired during 2010.
The United Kingdom and the United States rank fifth and sixth, respectively, among tax-friendly countries, according to KPMG’s recently released Competitive Alternatives 2010, Special Report: Focus on Tax.
Rick Mahorn, former Detroit Piston and member of the 1989 NBA championship team, has hit hard times. In the last year Mahorn, 51, and his wife lost their home in Rochester Hills, Michigan, and filed Chapter 7 bankruptcy.
Tax amnesty can be an effective way for a taxing authority to quickly fill its coffers, clear a lot of names off the delinquency list, and help balance the budget. States do it from time to time, though critics warn that it can undermine regular collections if taxpayers begin to sense a pattern.