Tax Code News
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The Internal Revenue Service controversy is far from over, say Republican members of Congress who are just at the start of their investigations.
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When President Barack Obama made his first trip to China in November 2009, he was burdened by the highest U.S. jobless rate in 26 years, a shrinking economy and the biggest federal budget deficit in U.S. history.
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Nothing riles up Americans quite like the taxman. And the Internal Revenue Service, unloved in the best of times, has had a rocky few weeks.
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The last time the Internal Revenue Service waded into a fight on politically active nonprofit groups, the agency capitulated quickly and let people make undisclosed, untaxed payments to groups financing campaign ads.
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The Internal Revenue Service’s actions are a political Rorschach test, with Republicans seeing an effort to intimidate their allies and Democrats citing a mismanaged agency’s interpretation of flawed laws.
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The beauty industry has a tip for Congress: Salons need a tax makeover.
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Bermuda and Ireland are being swept up in a “vigilante approach” to corporate taxes by bigger nations seeking to curb deficits, Bermuda’s Finance Minister Bob Richards said, vowing to keep the country’s zero tax rate.
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A 2010 Internal Revenue Service conference that Congress is looking into was an “unfortunate vestige from a prior era,” said the tax agency’s acting commissioner.
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The number of U.S. households that reported adjusted gross income over $200,000 and paid no income taxes declined by 8 percent in 2010, according to Internal Revenue Service data.
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It isn’t just an IRS official pleading the Fifth Amendment that’s slowing efforts to uncover the facts behind the Internal Revenue Service scandal. It’s Section 6103.
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