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Federal Taxes

NEWS
April 19, 2011 | Associated Press
WASHINGTON - President Obama and his wife, Michelle, reported income of $1.728 million for last year, much of it from the sale of the president's pre-presidency books. They paid federal taxes totaling $453,770 after receiving a $12,334 refund. The Obamas paid their taxes at lowered Bush-era rates, even as he campaigns to end them for households with adjusted gross incomes above $250,000 - a category into which the first family clearly fits. Joining the flocks of Americans filing their taxes near the end of the federal filing period, the Obamas made withholding and other payments to the Internal Revenue Service last year totaling $466,104.
NEWS
April 14, 2011 | By Martha Woodall and Kristen Graham, Inquirer Staff Writers
Three state and federal tax liens totaling more than $125,000 have been filed against Philadelphia School Superintendent Arlene C. Ackerman. The debt dates to 2006 and 2007 when Ackerman was superintendent of the San Francisco Unified School District. Michael Gillen, director of the tax accounting group at Duane Morris L.L.P. who represents Ackerman, said she had been making payments and had entered into a payment agreement with the Internal Revenue Service. He said he was working with the IRS to determine how much she owed, but he expects what she will pay "will be much less than" the amount listed in the liens.
NEWS
March 24, 2011
A Blackwood man was convicted Wednesday for his role in an income-tax scheme that netted more than $668,000 from false 2006 returns over about 10 months, U.S. Attorney Paul J. Fishman said. Jose Adames, 31, was convicted of conspiring to defraud the IRS after an eight-day trial in federal court in Camden. He faces up to 10 years in jail and a $250,000 fine. He will be sentenced Aug. 12. Adames and his wife, Angelita, 35, of Bellmawr, cashed 102 refund checks at a Camden store between February and November 2007, paying the store $100 per check.
NEWS
October 16, 2010
Federal tax returns show Gov. Christie and his wife, a finance executive, earned $544,000 in gross income for 2009, a year he spent running for governor, and paid $147,000 in federal taxes. Christie's wife is a vice president of Cantor Fitzgerald, a financial services firm. Lt. Gov. Kim Guadagno and her husband paid $72,000 in federal taxes on $317,000 in gross income. Guadagno was Monmouth County sheriff. Her husband is a Superior Court judge. The Christies had requested a tax filing extension.
NEWS
May 20, 2010
More cameras in schools needed Re: "Another failing grade," Monday: I am a social studies teacher at Edison High School. Recently, I was the beneficiary of high-quality police work at school. My LCD projector was stolen. The camera tape revealed four students going into my room and then crossing the corridor into another classroom. A school police officer went into that room. One of the students had a locker there. It was opened, and my LCD projector was inside. At a sports event, instant replay from one angle is very often inconclusive.
BUSINESS
May 5, 2010 | By Alan J. Heavens INQUIRER REAL ESTATE WRITER
The number of home-sale contracts signed in March soared over the March 2009 level both nationwide and locally, as qualified buyers took the leap ahead of the federal tax credits' April 30 deadline. The National Association of Realtors reported Tuesday that its pending-sales index for March rose 21.1 percent over the same month last year. For the eight-county Philadelphia area, Prudential Fox & Roach's HomExpert Market Report said sales contracts were up 35 percent from the 2009 period: 5,404 houses went under contract in March, compared with 4,002 a year earlier.
BUSINESS
April 1, 2010 | By Christopher K. Hepp INQUIRER STAFF WRITER
As further evidence of Germantown Settlement's continuing financial collapse, a key subsidiary of the venerable nonprofit has filed for bankruptcy. The subsidiary, Greater Germantown Education Development Corp., owns the property that once housed Settlement's now-defunct charter school. GGEDC owes $2.8 million to Prudential Insurance Co. of America, which holds a mortgage on that property. GGEDC's Chapter 11 filing March 18 followed a rash of court actions against Germantown Settlement and its subsidiaries for unpaid bills, delinquent loans, and back taxes.
BUSINESS
January 27, 2010 | By Harold Brubaker INQUIRER STAFF WRITER
Federal prosecutors accused the operator of a nonprofit social club at Sixth and Spring Garden Streets in Philadelphia of filing tax returns that understated receipts by $1.65 million for the tax years 2004 and 2005. The grand jury indictment alleged that Michael Weiss, manager of the Palmer Social Club, kept two sets of financial records, but it did not mention a motive. "We have a serious disagreement with the government," said Tom Bergstrom, a Malvern attorney for Weiss and the club.
BUSINESS
November 24, 2009 | By Alan J. Heavens INQUIRER REAL ESTATE WRITER
Propped up by government tax credits, existing-home sales exploded in October, the National Association of Realtors said yesterday. Sales were 23.5 percent higher than in October 2008 and 10.1 percent greater than in September. This was the highest pace of selling activity since February 2007, just as the housing boom was winding down nationally. The median existing single-family home price was $173,100 in October, down 6.8 percent from a year ago, the NAR said. The Philadelphia region's sales numbers, reported Nov. 13, were even better than the nation's, rising 25.8 percent year over year, according to Prudential Fox & Roach HomExpert Report.
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