IN THE NEWS

Tax

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.
BUSINESS
January 12, 2015 | By Alan J. Heavens, Inquirer Real Estate Writer
One in a continuing series spotlighting real estate markets in the region's communities.   Like love and marriage, West Goshen and West Chester go together like a horse and carriage. It's not that West Goshen Township, which surrounds the Chester County seat, can't stand on its own. It's simply that West Chester's growing restaurant scene and other amenities have made it a destination for those living in the towns nearby. The fact that West Goshen is just minutes away from the borough's downtown gives its residents a head start on parking.
NEWS
January 10, 2015 | By Amy S. Rosenberg, Inquirer Staff Writer
ATLANTIC CITY - The new method of casino taxation under consideration by state legislators could have an unintended casualty: the highly regarded Atlantic City Free Public Library. State legislators acknowledged Thursday that the Atlantic City recovery bills, as currently written, would leave the library in the lurch for much of its current $5 million budget. Library director Maureen Sherr-Frank said Thursday that it would remove 70 percent of the funding. Marshall Spevak, aide to State Sen. Vincent Mazzeo, said legislators would seek a remedy in the bill to prevent any drastic impact on the library, which also operates a branch on Richmond Avenue, and the city's historical museum and archives.
BUSINESS
December 30, 2014 | By Jane M. Von Bergen, Inquirer Staff Writer
It's odd what people recall, but Jeff Westphal, 53, remembers staring at a chopping block in his kitchen when an insight hit him with such force that he changed his entire approach to business. Westphal, chief executive of his family-owned, 900-employee tax software company, Vertex Inc., had come home on a Friday 18 years ago, enthusiastic about taking his family - including three kids, then all under age 6, on an impromptu family camping weekend. His wife objected. Casting her as a stick-in-the-mud, he began his usual approach - a mix of convincing and cajoling.
BUSINESS
December 30, 2014 | By Erin E. Arvedlund, Inquirer Columnist
As taxpayers, we entrust vital personal data to the person preparing our tax returns, including pay stubs, investments, and Social Security numbers. But not all tax-preparers are ethical. To thwart identity thieves and other unscrupulous tax-preparers, the Internal Revenue Service in January plans to launch a database of those the agency deems qualified. This new Directory of Federal Tax Return Preparers with Credentials and Select Qualifications (not a joke - that's the name)
NEWS
December 21, 2014 | By Scott Sturgis, For The Inquirer
Today's feature: Your ratty old car that no longer runs, or perhaps runs sporadically. Price: Trade-in value, Kelley Blue Book or Edmunds.com. Marketer's pitch: Take my car, please! Conventional wisdom: Donating cars to charity seems like a good way to help people and get an old car out of your hair. Reality: It may be a great way to get an old car out of your hair, but the "helping people" portion takes some research. A good thing? So you have an old clunker sitting in the garage, in the driveway, in the yard.
NEWS
December 18, 2014 | By Amy Worden, Inquirer Harrisburg Bureau
HARRISBURG - Three days after the newly elected Senate majority leader opened the door to negotiations on a natural gas drilling tax, industry leaders reiterated their stand that such a tax would harm the state's economy. Additional taxes would have a "crippling effect on jobs" said Stephanie Wissman, executive director of the Associated Petroleum Industries of Pennsylvania. "It threatens to stifle energy production and the jobs that go with it," Wissman said in a conference call with reporters Tuesday.
NEWS
December 13, 2014 | By Amy S. Rosenberg, Inquirer Staff Writer
ATLANTIC CITY - A city tax lien sale brought faltering Atlantic City some pre-Christmas cheer Thursday - a $22 million tax bill from bankrupt Trump Plaza and Taj Mahal will be paid - but also some coal: Nobody bid on a $32.5 million unpaid tax bill from Revel. "I'm concerned," said the city's revenue director, Michael Stinson, after the four-hour sale, with a total of nearly $59 million in owed taxes on 1,000 properties, yielded at most half of that. Stinson said the tax sale plus an imminent $40 million note sale should be enough to get the city over the immediate 2014 budgetary crisis.
NEWS
December 11, 2014 | By Allison Steele, Inquirer Staff Writer
TRENTON - The New Jersey Economic Development Authority on Tuesday approved $118 million in tax incentives for Subaru of America and an additional $40 million for Cooper Health System to relocate their operations in Camden. The health system, whose Cooper University Hospital already is a major presence in the city, intends to move 353 back-office jobs from Cherry Hill and Mount Laurel to Federal Street in downtown Camden and add 19 new jobs in the city, according to the application made to the EDA. Camden Mayor Dana Redd, who attended the EDA board's meeting, said the projects would help Camden return to its former glory as an economic hub of South Jersey.
NEWS
December 8, 2014 | By Jason Laughlin, Inquirer Staff Writer
Two months into its passage, the city's new cigarette tax is on track to generate $5 million more this year than expected for Philadelphia's public schools, while also causing subtle and significant shifts across the region. Some city merchants hate the $2-a-pack hike, saying it is costing them customers. Public health experts are cheering it, saying it might lead some of the city's 275,000 smokers to quit - or encourage others to never start. At least one guy said the tax was a blessing - because he sells loose cigarettes on a busy Center City street.
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