MLM Counties News. Notices. Need-to-know Information.

Republicans in the U.S. House of Representatives are considering splitting up a package of miscellaneous tax breaks, potentially making it tougher for items with less support to survive alongside more popular provisions.

An Alabama Waffle House waitress who won a $10 million lottery jackpot on a ticket given to her by a customer lost her bid to avoid gift taxes for sharing the winnings with her family.

The tax-refund loan, once a profit source for banks and tax-preparation companies, is vanishing under pressure from federal bank regulators and consumer advocates. Tax filers’ need for quick cash hasn’t eroded, and the companies are looking for ways to capitalize on that market.

The Internal Revenue Service has offered buyouts to 5,400 employees as it begins preparing for a likely budget cut of more than 3 percent.

Tom Terry, vice president and general tax officer of Exelon Corp., recently found himself in an unusual position for a corporate tax director: working side by side with managers at the Internal Revenue Service.

The Internal Revenue Service won’t collect retroactive taxes for airline tickets purchased during a lapse in the government’s taxing authority, agency spokesman Frank Keith said. Legislation to end a partial shutdown of the Federal Aviation Administration would reinstate the taxes retroactively to July 23, the day after they expired.

The long-range fiscal plan outlined by House Budget Chairman Paul Ryan calls for reducing the top individual and corporate tax rates to 25 percent, which would require lawmakers to eliminate popular tax breaks to meet his deficit-reduction targets.

About 20 percent of U.S. tax credits for plug-in electric vehicles and alternative-fuel vehicles were filed in error, according to a government audit.

Tagged with: alternative fuel electric vehicles tax credits