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Switzerland and the United States were on Saturday close to a deal to end a tax evasion dispute over undeclared assets held by US taxpayers in Swiss banks, local media reported. Quoting unnamed sources, Swiss newspaper NZZ said that Washington had “basically agreed to accept the offer from Switzerland.” Another newspaper Tages Anzeiger also confirmed that the United States had accept the proposed deal, which would include an undetermined fine to be paid by the Swiss. Sources had earlier suggested that the fine would reach about 2 billion francs ($2.3 billion, 1.65 billion euros)
The Greek Government is introducing a wealth tax to try and pay down the national debt.
Continue reading …The battle-lines are formed. Obama wants to raise taxes on Americans earning more than $200,000 by limiting their deductions on charitable gifts, and by reducing the amount of tax-free interest on municipal bonds they can earn without paying any tax. The goal is to raise an additional $400 billion in taxes the next decade by reducing the level of deduction from taxes the income group above $200,000 will be allowed
Continue reading …The Greek Church said on Saturday that it had paid around 2.5 million euros in taxes after howls of protest among the public at its exemption from a surprise property tax.
Continue reading …MADRID (AP) — Spain’s finance minister says a plan to restore wealth tax makes no sense but there’s nothing she can do about it. Elena Salgado spoke from Poland where she was attending a meeting of euro zone counterparts
Continue reading …President Obama had a chat with for his labor day address where he unveiled his American Jobs Act of 2011. The contains many nifty positive provisions. As Samuel Johnson said “Every man thinks meanly of himself for not having been a soldier or been to sea”, so how can the President, Mr.
Continue reading …If your employer gives you a cell phone and makes you carry it, how could it be income? Good question. Answer, ask the IRS.
Continue reading …If your employer gives you a cell phone and makes you carry it, how could it be income? Good question. Answer, ask the IRS. First, remember that just about everything is income. A gift isn’t income—but it must come from detached and disinterested generosity. The IRS thinks virtually nothing your employer gives you is motivated by detached and disinterested generosity. Fortunately, there are rules under which some items are not taxed even though they are clearly not motivated by detached and disinterested generosity. Some fringe benefits are not income to employees even though the employer is deducting their cost. A prime category is working condition fringe benefits, and that brings us to cell phones.
Continue reading …If your employer gives you a cell phone and makes you carry it, how could it be income? Good question. Answer, ask the IRS.
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