Taxes | featured news

The White House and Congressional leaders are weighing options for reducing the federal deficit, including a bipartisan commission that could force tax increases and spending cuts.

U.S. taxpayers spent about $32 subsidizing the cost of the typical Amtrak passenger in 2008, about four times the rail operator's estimate, according to a private study....

Swiss bank UBS AG warned U.S. customers by registered mail their account details may be given to U.S. tax authorities, a method that could itself breach secrecy laws, a Swiss paper said on Sunday.

Faced with a Thursday midnight deadline to avoid possible prosecution, more than 7,500 Americans have come clean about secret foreign bank accounts, a senior IRS official said in an interview for broadcast tonight on "ABC World News with Charles Gibson."

Under an amnesty program, the IRS is allowing taxpayers to avoid prosecution for failing to report those accounts. Tax attorneys have been besieged by wealthy clients who are lining up to apply.

Wealthy U.S.

Wu-Tang Clan member Method Man has been taken into police custody on tax-evasion charges, the Advance has learned. Method Man -- whose real name is Clifford Smith -- is currently at the 120 Police Precinct stationhouse in St. George awaiting arraignment, according to a law-enforcement source.

Big job losses and a spike in early retirement claims from laid-off seniors will force Social Security to pay out more in benefits than it collects in taxes the next two years, the first time that's happened since the 1980s....

Forbes magazine's recent cover story "When Work Doesn't Pay For the Middle Class" illustrates many of the issues the middle class faces regarding the unintended interactions between work, marriage and taxes. We'd also like to point out that these unintended interactions pose serious problems for an often overlooked segment of our society--the working poor.

OECD confirms the country will go off their grey list following the signing of a 12th agreement on Thursday.

The community activist group ACORN is suing the makers of a video that showed employees giving tax advice to a people posing as a pimp and prostitute.