Tax

I really enjoy this kind of thing — there aren’t many things that actually discuss the philosophy of Taxation On Monday the Tax Foundation filed friend-of-the-court brief with the North Carolina Supreme Court in Heatherly v. State, urging the court to reverse a lower court ruling and hold that the North Carolina Education Lottery generates [...]

IRS: Some stimulus checks sent to wrong accounts … “We do know of instances of problems; we’ve heard of situations where stimulus checks have gone to the wrong people’s bank accounts,” conceded Kevin McKeon, the Internal Revenue Service spokesman for the New York region. “We’re getting a lot of calls to the toll-free number.” Click [...]

Thought this might be interesting to some of us…. Relief for Stimulus Payments Withdrawn from IRAs and Tax-Favored Accounts IR-2008-68, April 30, 2008 WASHINGTON — Economic stimulus payments directly deposited into IRAs and other tax-favored accounts may be withdrawn tax-free and penalty-free, the Internal Revenue Service announced today. This relief is designed to help taxpayers [...]

If you gave any one person gifts in 2007 valued over $12,000, you must report the total gifts on Form 709, United States Gift (and Generation-Skipping Transfer) Tax Return. In some cases you may have to pay tax on the gifts. Gifts include money and property, including the use of property without expecting to receive [...]