Latest Personal taxes News

In upset, Stefanowski wins GOP nod for Connecticut governor

Aug. 14, 2018 11:39 PM EDT

HARTFORD, Conn. (AP) — Bob Stefanowski, a former GE executive who pitched himself to voters as Bob the Rebuilder, won Tuesday's Republican primary for Connecticut governor in an upset and will face a fellow wealthy businessman, Democrat Ned Lamont, in November. A political newcomer who bypassed the...

IRS proposes rules to govern new small business deduction

Aug. 13, 2018 11:03 AM EDT

NEW YORK (AP) — Small business owners have gotten more information about a new tax break many will get, with the IRS issuing proposed regulations that explain the deduction for qualified business income and which company owners can claim it. Some of the new details include how to handle a spouse's income,...

Prosecutors shift focus to fraud charges in Manafort trial

Aug. 9, 2018 9:28 PM EDT

ALEXANDRIA, Va. (AP) — After three days of dramatic and sometimes salacious testimony in the trial of Paul Manafort, prosecutors returned Thursday to the nuts and bolts of their case against the former Trump campaign chairman as they sought to show he obtained millions of dollars in bank loans under false...

Who's in, out in small business tax break? It's complicated

Aug. 9, 2018 12:29 PM EDT

WASHINGTON (AP) — Architects and engineers are still in. Accountants, doctors and lawyers remain out — mostly. New rules floated by the Trump administration lay out what kinds of businesses can take a 20 percent deduction against income taxes under the new tax law. With the proposed rules issued...

Gates, star witness against Manafort, concludes testimony

Aug. 8, 2018 6:25 PM EDT

ALEXANDRIA, Va. (AP) — Paul Manafort's protégé wrapped up his testimony Wednesday after implicating the former Trump campaign chairman and himself in financial crimes while also enduring stinging attacks on his character and credibility. Rick Gates has been the government's star witness in...

Who's in, out in small business tax break? It's complicated

Aug. 8, 2018 5:42 PM EDT

WASHINGTON (AP) — Architects and engineers are still in. Accountants, doctors and lawyers remain out — mostly. New rules floated by the Trump administration lay out what kinds of businesses can take a 20 percent deduction against income taxes under the new tax law. With the proposed rules issued...

Auditors: 30M taxpayers will owe more due to low withholding

Jul. 31, 2018 8:54 PM EDT

WASHINGTON (AP) — Congressional auditors say about 30 million people — 21 percent of U.S. taxpayers — will have to come up with more money to pay their 2018 taxes next year because their employers withheld too little from their paychecks under government tables keyed to the new tax law. New...

Georgia jet fuel tax halted, months after Delta, NRA fight

Jul. 30, 2018 5:58 PM EDT

ATLANTA (AP) — Georgia's governor on Monday made good on his vow to restore a tax cut on jet fuel sales that was previously killed by state GOP lawmakers irate with Delta Air Lines for ending a discount for members of the National Rifle Association. Republican Gov. Nathan Deal issued an executive order...

Divorce, American style, is a little more urgent for some

Jul. 25, 2018 10:16 AM EDT

NEW YORK (AP) — Divorce can be simple or it can be messy. For some, it's become a little more urgent. The $1.5-trillion tax overhaul includes the end of a 75-year-old deduction on alimony payments, to kick in at the close of this year. Recipients will also no longer have to claim such payments as income....

Source: New York launches tax probe of Trump Foundation

Jul. 19, 2018 3:04 PM EDT

ALBANY, N.Y. (AP) — New York state tax officials have opened an investigation into the Trump Foundation to determine whether President Donald Trump or his charity violated state law. The probe into whether the Republican president or his foundation committed any violations or made misrepresentations to the...