November 14, 2000 |
Defense attorneys closed their case after presenting testimony from only one witness yesterday in the tax-fraud trial of the owners of a Montgomery County construction and development firm. Lawyers representing Anthony and John Gambone Sr., co-owners of Gambone Bros. Organization Inc., concluded their case after the testimony of an accountant and former Internal Revenue Service agent who examined the corporate taxes of the company and the personal returns of the two Gambone brothers.
January 5, 1989
A Dec. 23 editorial about Medicare's expansion misstated the income level at which beneficiaries will pay the maximum surtax of $1,050 per person in 1993. According to estimates by Congress' Joint Committee on Taxation, an individual will need to have taxable income of about $24,000 (gross income, including full Social Security benefits, would typically be about $42,000). Couples will have to earn in excess of $43,000 in taxable income before paying the maximum surtax.
April 3, 1995 |
Sen. Arlen Specter, R-Pa., recently introduced a bill in Congress to replace the graduated income tax with a 20 percent flat tax. It would end taxation of interest, dividends and capital gains. For Specter's flat tax of 20 percent to yield no loss of tax revenues, itemized deductions would have to be discontinued and the standard deductions lowered. Otherwise, the flat tax would have to be set at about 24 percent. Specter's flat tax bill would benefit retirees and others whose main sources of taxable income are dividends, interest and capital gains.
December 18, 1991 |
Criminal defense attorney Nino V. Tinari, one of the busier trial lawyers in the city, yesterday was indicted by a federal grand jury for evading $441,186 in federal income taxes over a five-year period. Five sources in the city's legal community said Tinari's troubles with the IRS stem from a long relationship with a woman, on whom he reportedly spent large sums of money, partly in the form of child support - money he allegedly failed to report as income on his tax returns between 1985 and 1989.
March 29, 1990 |
A federal grand jury in Camden indicted a 63-year-old Ridley Park man March 20 on five counts of income tax evasion for allegedly failing to pay taxes on more than $136,000 earned from 1983 through 1987, according to officials at the U.S. Attorney's Office in Camden. George W. Edwards, of the 100 block of Chester Pike, who worked in Delran, N.J., during the five years the Internal Revenue Service says he did not file a tax return, faces a maximum sentence of 25 years in prison and $1.25 million in fines if convicted on all counts, according to Dick Lavinthal, spokesman for U.S. Attorney Samuel A. Alito Jr. Edwards allegedly failed to report $136,440 in taxable income earned during the five years he worked as a sales manager.
April 7, 1987 |
You've heard the saying that nothing in life is free. Its corollary when it comes to taxes is: Most events in life have a potential tax consequence. This is true whether the event involves a financial transaction, such as a purchase or a sale, or a change in your family circumstances - marriage or divorce, retirement, a birth or a death. These happenings, and others as well, can cause a rise or fall in the amount of your income that Uncle Sam deems is subject to tax. A critical factor in assessing the potential impact of these pluses or minuses on your tax situation is an understanding of how the tax rates are applied to income.
November 18, 1987 |
The former chairman of a defunct airline that ran gambling junkets into Atlantic City was indicted yesterday on charges he masterminded an elaborate scheme to defraud investors, milk his own company, and cheat the Internal Revenue Service. According to an eight-count federal indictment, Arthur L. Toll diverted $370,000 from AIA Industries Inc., the firm he headed, to his own bank account between March and July 1982. The indictment said Toll, 40, of Huntingdon Valley, Montgomery County, disguised the diversion as payments for commissions AIA owed.
March 4, 1991 |
What tax bracket are you in? Perhaps far more Americans could answer that question today than could five years ago. Then, there were as many as 15 separate brackets; now there are three. Your bracket is simply the marginal tax rate you pay on the last dollar of income. That is, if you were given a $2,000 pay raise or won $10,000 in the lottery, how much of that new income would go to the government? About three-quarters of Americans who pay any tax at all are in the lowest bracket and pay a 15 percent rate.
February 10, 1986 |
New Jersey's income tax is a modified flat tax, with only three tax rates and a sharply limited number of exemptions, deductions and credits. "After filling out the federal tax return, taxpayers should have a fairly easy time filling out the New Jersey return," said John Bodner of the state's taxation division. New Jersey's income tax starts at a rate of 2 percent, charged on the first $20,000 of taxable income. A rate of 2.5 percent is levied on taxable income of $20,001 to $50,000.