Latest National taxes News

2 church leaders admit to operating tax fraud scheme

Mar. 20, 2019 4:24 PM EDT

NEWARK, N.J. (AP) — Two high-ranking members of a New York-based church pleaded guilty Wednesday to a scheme to siphon millions of dollars from church members for personal use and not pay taxes on the money. Jermaine Grant and Lincoln Warrington, both of New Jersey, each pleaded guilty to one count of...

APNewsBreak: Congress' inaction endangers black lung fund

Mar. 20, 2019 1:49 AM EDT

COEBURN, Va. (AP) — Former coal miner John Robinson's bills for black lung treatments run $4,000 a month, but the federal fund he depends on to help cover them is being drained of money because of inaction by Congress and the Trump administration. Amid the turmoil of the government shutdown this winter, a...

White House foresees long economic boom where others don't

Mar. 19, 2019 12:14 AM EDT

Contrary to the views of most economists, the Trump administration expects the U.S. economy to keep booming over the next decade on the strength of further tax cuts, reduced regulation and improvements to the nation's infrastructure. The annual report from President Donald Trump's Council of Economic Advisers...

Federal appeals court OKs tax-free housing for clergy

Mar. 15, 2019 9:19 PM EDT

MADISON, Wis. (AP) — A federal appeals court ruled Friday that a law giving clergy tax-free housing allowances is constitutional, overturning a ruling in Wisconsin that said it was an unconstitutional benefit and delivering a huge win to religious leaders who had fought to keep the substantial benefit. The...

7 tax changes investors should watch for as they file

Mar. 15, 2019 11:57 AM EDT

Americans will face a slew of new rules during the first tax-filing season with the Tax Cuts and Jobs Act of 2017 in effect. Here's what changed for investors: 1. NO DEDUCTION FOR INVESTMENT EXPENSES For taxpayers who itemize, the 2 percent miscellaneous itemized deduction was a handy catchall bucket for expenses...

Institute founded by Sanders' wife, son is shutting down

Mar. 15, 2019 12:23 AM EDT

CONCORD, N.H. (AP) — The Sanders Institute, a think tank founded by Democratic presidential candidate Bernie Sanders' wife and son, is shutting down, at least for now, amid criticism that the nonprofit has blurred the lines between family, fundraising and campaigning. The Vermont-based institute has...

Kansas GOP's tax bill could undercut school funding it backs

Mar. 14, 2019 10:46 PM EDT

TOPEKA, Kan. (AP) — Republican legislators in Kansas helped advance Democratic Gov. Laura Kelly's plan to boost funding for public schools Thursday before sending her an income tax relief bill that could make it harder for the state to sustain the new spending. The GOP-controlled Senate voted 32-8 to...

Mnuchin says he'll protect Trump privacy if taxes requested

Mar. 14, 2019 11:51 AM EDT

WASHINGTON (AP) — Treasury Secretary Steven Mnuchin suggested Thursday he will protect President Donald Trump's privacy if he receives a request from House Democrats for Trump's tax returns. At a House Ways and Means Committee hearing, Mnuchin was asked whether he would meet a request for Trump's past tax...

New Mexico bill would create first state-run pot shops in US

Mar. 12, 2019 10:14 PM EDT

SANTA FE, N.M. (AP) — New Mexico would become the first U.S. state to set up its own government-operated marijuana stores and subsidize medical cannabis for the poor under a bill brokered between Republicans and Democrats, as a new wave of states weighs legislation that would legalize recreational sales...

Israeli bank to pay $195M for US tax-avoidance scheme

Mar. 12, 2019 9:09 PM EDT

LOS ANGELES (AP) — One of Israel's largest banks has agreed to pay $195 million for helping U.S. citizens avoid paying taxes by stashing their assets in offshore accounts. The U.S. attorney's office says Mizrahi-Tefahot Bank Ltd. and two subsidiaries acknowledged guilt Tuesday in a deferred prosecution...