International Taxation. Legal news and articles for February 26 - 27, 2012

Legislation could benefit schoolsItemized Deductions and Federal Income TaxRoth IRA laws: Conversion taxes come dueDemocrats politicize tax code to keep powerSchumer's Wall Street Backers Targeted as His Party Preaches Tax FairnessIn Hawaii, Political Discontent RisingShould We Abolish the Corporate Income Tax?Panel for hike in wealth tax exemption limitUS tax law to affect local banksBeware the pitfalls of tax season, CPAs warn2-pct. tax cut extension now lawPersonal Income Tax (Amendment) Act, 2011Few changes for small businesses when it comes to tax laws, but basics still ...High dividend taxes hurt the nationFor 2011: Fewer changes, but plenty that may affect returns

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Governor pushed to OK tax cut for low-income Iowans
DesMoinesRegister.comFebruary 1, 2012

Terry Branstad sign into law a tax cut for low-income families before Democrats will even consider his plan to cut commercial property taxes. “Hold on, Governor. Don't count your tax cuts before they've hatched,” Sen. Joe Bolkcom, D-Iowa City, ...more »

Higher taxes on weathly have history of bipartisan support
Helena Independent RecordFebruary 3, 2012

Under the Revenue Act of 1862, income up to $600 (a little over $13000 in current dollars) incurred no tax; income above $600 was taxed at 3 percent, and income above $10000 ($220000 in today's dollars) was taxed at 5 percent. The rates were increased ...more »

International Taxation. News and Stories

Legislation could benefit schools
News ChiefFebruary 27, 2012

After years of budget cuts, many district leaders oppose the plan to share property tax collections for building and maintenance programs with charter schools. Legislation that would allow a majority of parents to shut down a traditional public school ...more »

Itemized Deductions and Federal Income Tax
Tax Law Home (blog)February 27, 2012

Expenses related to your education in order to maintain or improve your job skills as required by your employer or law that are not reimbursed by your employer are fully deductible on your federal income tax. Interest Expenses. Interest paid on certain ...more »

Roth IRA laws: Conversion taxes come due
Poughkeepsie JournalFebruary 27, 2012

The law, which took effect Jan. 1, 2010, lifted income restrictions on Roth IRA conversions, allowing high-income taxpayers to convert to a Roth for the first time. It also gave IRA owners the option of delaying taxes on 2010 conversions by opting to ...more »

Democrats politicize tax code to keep power
Washington ExaminerFebruary 27, 2012

He barely mentioned his trillion-dollar Obamacare health care law. Instead, the first policy area Obama hit was taxes. But, while he did make the case for some tax increases later in the speech, he started off by talking about all the wonderful new tax...more »

Schumer's Wall Street Backers Targeted as His Party Preaches Tax Fairness
BloombergFebruary 27, 2012

Discouraging Investment Republicans say changing the tax treatment of carried interest would discourage investment, while Democrats cite Romney as a symbol of preferential treatment, and unfairness, in the US tax code. During a Feb.more »

In Hawaii, Political Discontent Rising
Hawaii ReporterFebruary 27, 2012

But what lawmakers don't realize is that there is a way to collect more revenues without raising a single tax rate or adopting an increase in user fees. It merely involves collecting the taxes that are already due under current law.more »

Should We Abolish the Corporate Income Tax?
BusinessWeekFebruary 27, 2012

After all, there are a lot of smart people who think President Barack Obama didn't go far enough in his recent proposal to cut the corporate income tax rate to 28 percent from 35 percent. They would like to see it go all the way to zero.more »

Panel for hike in wealth tax exemption limit
Hindustan TimesFebruary 26, 2012

Buying or selling property could become less taxing if the Centre accepts the recommendations of a parliamentary panel examining the Direct Taxes Code Bill, 2010, that is expected to become a law next year. the exemption limit for wealth tax be ...more »

US tax law to affect local banks
BusinessWorld Online EditionFebruary 26, 2012

PHILIPPINE BANKS should comply with the United States' Foreign Account Tax Compliance Act (FATCA) in order to avoid penalties for their investors, a tax specialist said. "In the Philippines, there are a lot of people with American connections and they ...more »

Beware the pitfalls of tax season, CPAs warn
The Star-Ledger - NJ.comFebruary 26, 2012

It is a part of the Foreign Account Tax Compliance Act and comes at a time when the US Department of Justice has charged both bankers and their customers over their use of Swiss bank accounts for tax evasion. The form must be completed by US-based ...more »

2-pct. tax cut extension now law
Saipan TribuneFebruary 26, 2012

FICA covers Social Security and Medicare taxes. But for Filipino and Korean workers in the CNMI who are just starting to pay FICA taxes in the wake of the federal takeover of local immigration, the new law is a bitter pill to swallow.more »

Personal Income Tax (Amendment) Act, 2011
JD Supra (press release)February 26, 2012

It is also charged on the incomes due to a trustee or an estate. The Personal Income Tax Act, 2004 is now amended by the Personal Income Tax (Amendment) Act, 2011. This follows many years of agitation for the Personal Income Tax Law in Nigeria to be ...more »

Few changes for small businesses when it comes to tax laws, but basics still ...
The Star-Ledger - NJ.comFebruary 26, 2012

Small-business owners can further streamline the process by taking note of changes in the tax code. The Affordable Care Act created a federal credit for business owners who provide health insurance for their employees, while a new state law allows ...more »

High dividend taxes hurt the nation
InvestmentNewsFebruary 26, 2012

If he has his way, dividends paid to “high-income Americans” — that is, individuals who make $200000 a year or $250000 a year for a couple — would be taxed as ordinary income, boosting the top rate paid to 39.6%, from 15%. Add in the 3.8% investment ...more »

For 2011: Fewer changes, but plenty that may affect returns
Boston.comFebruary 26, 2012

By Sarah Shemkus There were few changes in the federal income tax code last year, but there are still quirks particular to 2011 that taxpayers should consider as they prepare returns. Perhaps the most important: Taxpayers get a two-day extension this ...more »

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