Honeymooners: Income tax

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Congress Wednesday cleared the way to keep access to the Internet largely free from taxes for the next three years, breaking a year-long deadlock. -The Washington Post

IRS says Fedex owes $319 mln in back taxes: filing (Reuters)
Reuters - Fedex Corp said on Friday that the U.S. Internal Revenue Service found that its FedEx Ground independent contractors should be reclassified as employees for tax purposes and that the company faced related taxes and penalties of more than $319 million for 2002.

Tech Groups Call on Congress to Extend R&D tax Credit (PC World)
PC World - More than 40 trade groups support the tax break, which expires this month, saying it protects U.S. jobs.

China raises tax threshold to ease burden on poor (AFP)
AFP - China has proposed lifting millions of its citizens out of the income tax net to ease the burden on low-wage earners amid rising inflation, state press said Sunday.

Senators Try to Break Internet tax Impasse
A bipartisan coalition in the U.S. Senate plans to try Wednesday to break the logjam over whether the cost of going online will be free of taxes. -The Washington Post

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States Renew Case Against Internet tax Ban
States are mounting a last-minute lobbying push to convince Congress to let them collect taxes on potentially lucrative online services like movie and music downloads and Internet-based telephone calls. -washingtonpost.com

H&R Block says may need more financing (Reuters)
Reuters - Top U.S. tax preparer H&R Block Inc said on Thursday its borrowing capacity may not be sufficient to meet its financing requirements and it may have to issue additional debt or equity.

In tax Debate, Varying Estimates Drive Debate
State policymakers frequently cite a 2002 study by two University of Tennessee economists estimating the amount of revenue the states would fail to realize in absence of a national system for taxing Internet sales.

This entry was posted on Wednesday, January 2nd, 2008 at 4:09 am and is filed under Tax Information. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.