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Tax Law

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REAL_ESTATE
October 25, 1987 | By Kenneth R. Harney, Special to The Inquirer
With the ink barely dry on last year's Tax Reform Act and thousands of homeowners bewildered about their correct mortgage deductions for next April, Congress stepped into the breach last week. The bottom line: You may get still another major change in the federal tax law governing your home mortgage write-offs. Or - if President Reagan does what he vows he'll do - the 1987 tax bill will be vetoed into oblivion, and you'll be stuck with last year's byzantine mortgage rules. Here's a quick overview of what's happening on Capitol Hill, and how it could directly touch you by Thanksgiving: The House Ways and Means Committee's Democratic majority wrote and passed a $12 billion tax bill last week.
NEWS
February 24, 1987
This new tax law is a joke, and anyone who's had to struggle with the new W-4 forms knows what I'm talking about. You practically need a Ph.D. in math to figure your new withholding. And then, once you do figure it out, you realize that all that talk about less taxes was a bunch of lies. I say the new tax law is a nasty piece of business, and I say we vote the bums out of office. Patience Merriman Clifton Heights.
BUSINESS
January 11, 2013 | By Stephen Ohlemacher, Associated Press
WASHINGTON - The nation's tax law is so thick and complicated that businesses and individuals spend more than six billion hours a year complying with filing requirements. That's the equivalent of three million people working full time year round. As a result, about 90 percent of filers will either pay a tax preparer or use a computer software service to help with their federal tax returns this spring, according to a report Wednesday by an independent government watchdog. "The existing tax code makes compliance difficult, requiring taxpayers to devote excessive time to preparing and filing their returns," says the report by Nina E. Olson, the National Taxpayer Advocate.
REAL_ESTATE
December 21, 1986 | By Kenneth R. Harney, Special to The Inquirer
Thousands of small-scale real estate investors could be hurt by the elimination of certain tax benefits on installment sales of real estate in the 1986 Tax Reform Act. Though the new federal "installment-sales" rules affect a wide range of business and investment activities beyond real estate, the effect of this may well be most jolting to people who invested in small rental homes, duplexes, condominiums and similar properties. Installment sales are among the most popular techniques of transferring real property in the United States.
REAL_ESTATE
November 2, 1986 | By Kenneth R. Harney, Special to The Inquirer
With President Reagan's signature still fresh on the new tax-overhaul legislation, legal and accounting experts have already identified a major boon to real estate investors. It is an an investment that: Bypasses the deduction restrictions imposed on limited partnerships and other forms of real estate ownership under the new tax law. Offers tax-sheltered annual income in the 9 to 12 percent-per-year range. Requires you or your spouse to get away to a resort at the beach, on the ski slopes or out in the country periodically.
NEWS
April 13, 2003 | By Louise Harbach INQUIRER SUBURBAN STAFF
Besides Richard Flaster's hippos - four ceramic jungle beasts, including three that are nearly life-size, guard the entrance to his office and seven more lounge on his office desk - the Cherry Hill lawyer's passion is tax law. "My family doesn't have any problem thinking of a gift to give me for Father's Day, and they know that no hippo will go unappreciated," said Flaster of the more than 1,400 of the mammals residing in the Cherry Hill law...
NEWS
September 20, 1991 | By Ralph Cipriano, Inquirer Staff Writer
Louisa D'Orazio McShea, 51, a housewife and mother who went back to school at age 33 and became a lawyer, died Tuesday of cancer at Thomas Jefferson University Hospital. She was a resident of Washington Crossing. Mrs. McShea, who was born in South Philadelphia and raised in Northeast Philadelphia, graduated from St. Hubert's High School in Torresdale in 1958. She got married in 1961, and devoted herself to raising her two daughters. At age 33, when her daughters were in junior high school, Mrs. McShea decided to go back to school.
NEWS
February 4, 1988 | By David M. Giles, Inquirer Staff Writer
The April 15 tax return deadline is a comfortable 71 days away, but tax preparers are bracing for lots of questions from clients confused by tax changes that took effect this year. Some preparers also expect clients to get their finances in order earlier this year so they know how much they owe before the deadline. "People are coming in early," said Susan E. Cohen, a tax manager at Schiffman Hughes in Blue Bell. Cohen said she has received a lot more calls than last year at this time.
BUSINESS
November 27, 1986 | By Andrew Cassel, Inquirer Staff Writer
Philadelphia Electric Co. customers will get no immediate break on their electricity or gas bills from the recently passed changes in the federal tax law, according to a plan proposed by the utility yesterday. But the State Consumer Advocate challenged the company's calculations, predicting "a major controversy" before the Public Utility Commission. Although regulators and consumer advocates have been predicting a drop in utility bills around the nation as a result of the new tax law, PE officials said yesterday that their company's particular financial circumstances offset the effects of the changes.
BUSINESS
February 11, 1987 | By MARC MELTZER, Daily News Staff Writer
Joe Mohen used to feel wanted. Now he says he feels like a leper. Mohen is one of one million high-technology specialists whose livelihood is threatened by the new tax law passed last fall, according to the Technology Consultants National Association. The trade group held a meeting last night at the Dunfey City Line Hotel to discuss ways to change the new law. The law eliminates the independent contractor status that has been used by computer specialists, engineers, systems analysts, designers and drafters, all of whom work for themselves.
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NEWS
June 22, 2016 | By Claudia Vargas, Staff Writer
Before dozens of cheering supporters in City Hall, Mayor Kenney signed the sweetened beverages tax into law Monday. Now comes the tough part: enforcement. The 1.5-cent-per-ounce tax on sugar-sweetened and diet beverages is expected to raise about $91 million annually, which will go toward expanding prekindergarten in the city; creating community schools; improving parks, recreation centers, and libraries; and funding various other budget programs. Getting that money will be dependent on the Revenue Department's enforcing the tax on distributors, or, in some cases, the vendors.
NEWS
May 19, 2016 | By Walter F. Naedele, Staff Writer
Before and after Anthony M. Lario was a New Jersey Superior Court judge, daughter Lynn Miller said, he was proud of his work as a pro bono lawyer. "I can't tell you how many times there were food items and pastries left on our back steps," Miller said. "Left by people he would help and not charge. " Those clients, she said, were often "a lot of immigrants . . . people he knew could not afford it. " On Sunday, May 15, Judge Lario, 95, of Cherry Hill, a Superior Court judge in Tax Court from 1979 to 1990, died at Methodist Hospital.
NEWS
April 1, 2016
MAYOR KENNEY'S proposed 3-cents-an-ounce tax on sugary drinks is difficult to swallow, especially for the city's poor, small shop owners, grocers and the Teamsters Union drivers and bottling-plant workers I represent. The regressive tax, which City Council already rejected twice under the previous mayor (including two "No" votes by former Councilman Kenney) is now being spun by the Kenney administration as the only way it can afford to pay for its ambitious new proposals, which is simply untrue.
BUSINESS
September 24, 2015 | By Joseph N. DiStefano, Inquirer Staff Writer
A tax expert retained by former Vanguard Group tax lawyer David Danon in his whistle-blower complaints against the mutual fund giant has sent the IRS a report estimating the company's unpaid federal income tax liabilities at $34.6 billion from 2007 to 2014. "If the IRS were to pursue this matter, it will prevail in court," wrote Reuven S. Avi-Yonah, law professor at the University of Michigan Law School, in his report. Malvern-based Vanguard, the nation's largest mutual fund company, "has no legal justification" for charging its mutual funds artificially low management fees that reduce its reported profits and tax obligations, Avi-Yonah wrote.
NEWS
August 31, 2015 | By Michael Matza, Inquirer Staff Writer
Stanley Amland threw it off. So did Ingrid Bracke. Rhoda May Derksen ditched hers, too. The names, picked at random for this article from the Federal Register, are among the 3,415 Americans who renounced their U.S. citizenship or relinquished their residency permits last year. As a national debate rages about "anchor babies" and the constitutional amendment that grants "birthright citizenship" to anyone born on U.S. soil, a record number of Americans and green-card holders are becoming ex-Americans.
NEWS
July 13, 2015 | Inquirer Editorial Board
Americans can expect secretive groups to eagerly donate money to 2016 presidential and congressional campaigns even as candidates try to deny the corrupting nature of cash received from groups trying to influence government contracts, appointments, or laws that benefit certain businesses or ideologies. The unseemly practice would stop if the government agencies given the power to do something about the expected flood of dark money would only act. But don't hold your breath waiting for that.
NEWS
January 12, 2015 | By Erin E. Arvedlund, Inquirer Columnist
With the onset of the 2015 tax-filing season, here are cautionary tales of a man and a woman whom you don't want preparing your taxes. The Department of Justice and the Internal Revenue Service highlight some of the brightest red flags among fraudulent tax preparers. These two local folks were doozies. In 2013, "Archie" - full name, Adekunle Adetayo Adeolu - was sentenced to prison and $135,519 in restitution after filing false tax returns. He operated Adeolu & Okojie, a tax-service business in Philadelphia.
NEWS
December 10, 2014
ISSUE | OBAMACARE In law's complexity, confirmation of ills Janet Trautwein of the National Association of Health Underwriters tells us that we should solicit advice from a licensed professional agent to sort out all the confusion about the health-care law ("Advice to the confused: Get an adviser," Dec. 8). So now we must not only pay an accountant to do our annual taxes, since tax law is almost too complicated for an average citizen to keep up with, but we must pay an agent to advise us on how to obtain health insurance, which will, most assuredly, also cost more.
NEWS
December 5, 2014 | Inquirer Editorial Board
Rather than taking on the hard work of genuine tax reform, Congress plans to continue its sloppy approach to the issue by extending roughly 50 temporary tax breaks for another year. That sets up another crisis next year. It also means individuals and businesses can't keep accurate budgets because they don't know if their tax breaks will survive the next hostage-taking episode in Washington. The wind energy business, for example, is slumping because a key tax credit expired last year.
NEWS
June 6, 2014 | BY JENNY DeHUFF, Daily News Staff Writer dehuffj@phillynews.com, 215-854-5218
A CITY COUNCILMAN may be in hot water if he accepted charitable donations for a worthy cause but failed to alert the federal government of his philanthropic efforts. Councilman Kenyatta Johnson, whose 2nd District includes parts of Center City, Southwest and South Philadelphia, runs a group called Peace Not Guns, which aims to foster a partnership among youth, city agencies and community groups to stem gun violence. Even before he became a state representative, Johnson had a history of community service and advocacy, but a recent discovery about his self-proclaimed nonprofit organization has gotten him into some controversy.
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