Taxes

Who Hides Money Outside The Country?

David Kestenbaum — Tue, 14 May 2013 19:34:00 +0000

Over the past decade, some 39,000 people have come forward voluntarily to tell the IRS about offshore money they haven't been paying taxes on. This group provides a small window into the world of people who are hiding money in offshore havens. (It's a world we've been trying to learn more about, partly by setting up an offshore company in Belize.)

The names of the 39,000 aren't published anywhere, and they're not eager to be interviewed.

Colorado Lawmakers Set Taxes And Rules For Marijuana Sales

Bill Chappell — Thu, 09 May 2013 17:09:00 +0000

Colorado is set to become the first U.S. state to regulate and tax sales of recreational marijuana, after lawmakers approved several bills that set business standards and rules. Legislators expect enforcement of the rules to be paid for by two taxes on marijuana — a 15 percent excise tax, and a 10 percent sales tax.

Other measures included in the package set limits on how much marijuana visitors to Colorado can buy (a quarter of an ounce), as well as a limit on how many cannabis plants a private citizen can grow (six).

Gov.

Tax Breaks For Low-Income Coloradans Face Uncertainty

Erin OToole — Tue, 07 May 2013 13:57:50 +0000

Colorado is a step closer to giving low-income families some guaranteed tax breaks. With less than two days left in the legislative session, it’s far from a done deal.

Singer Lauryn Hill Sentenced To Three Months For Tax Evasion

Scott Neuman — Mon, 06 May 2013 23:35:00 +0000

Grammy-winning singer Lauryn Hill will spend three months in jail for failing to pay income tax on about $1.8 million in earnings.

Hill, 37, pleaded guilty last year to three counts of tax evasion.

Some Net Retailers Aren't Buying Online Sales Tax Proposal

Mon, 06 May 2013 22:02:00 +0000

Congress is considering a bill that would allow states to collect sales taxes from online retailers. Proponents say a law is necessary to level the playing field with brick-and-mortar stores and to raise revenue for states.

Simply put, the Marketplace Fairness Act would require any online retailer with more than $1 million in annual sales to collect and remit sales tax. But Joseph Henchman, a vice president at the nonpartisan Tax Foundation, says it's not that simple. He says the bill, at about five pages of text, is unusually brief.