Congress Pulls Together Proposal To Ban Internet Access Taxes Permanently, Likely To Become Law

Congress Pulls Together Proposal To Ban Internet Access Taxes Permanently, Likely To Become Law

There never has been a tax on email or bandwidth use, for most of us, because Congress made it illegal to charge one more than 15 years ago. That law, though, was temporary and for the better part of two decades, has constantly needed to be extended or renewed. This year, Congress appears finally to be sick of doing that and has real plans to make it permanent, once and for all.

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Wells Fargo Reportedly Under Federal Investigation Related To Student Loan Servicing

Wells Fargo Reportedly Under Federal Investigation Related To Student Loan Servicing

According to a new report, Wells Fargo is the latest big-name bank to be scrutinized as part of the Consumer Financial Protection Bureau’s ongoing investigation into student loan servicing practices.
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Sorry, You Can’t Pay The IRS With A Check For $100 Million Anymore

Sorry, You Can’t Pay The IRS With A Check For $100 Million Anymore

You there! The one ready to write a big, fat check to the Internal Revenue Service — drop that pen. The agency has announced that it will no longer accept checks for $100 million, so you’ll just have to write more than one check. So yeah, you can go ahead and pick that pen up again now. [More]

Coloradoans Will Be Able To Buy Pot Tax-Free For One Day, And One Day Only

Coloradoans Will Be Able To Buy Pot Tax-Free For One Day, And One Day Only

Colorado residents might have circled Sept. 16 with a bright green marker on their calendars: that’s the day the state has decided to drop the 10% marijuana tax in order to comply with a tax provision in its constitution.

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Citigroup Facing Federal Investigation Into Student Loan-Servicing Practices

Citigroup Facing Federal Investigation Into Student Loan-Servicing Practices

Just last month federal regulators announced that an ongoing probe into potentially unscrupulous student loan-servicing practices resulted in nearly $18.5 million in refunds and fines from Discover Bank. Now, regulators appear to have Citigroup in their crosshairs, as the financial company announced it was party to an investigation. [More]

New signs at Virginia Costco stores remind shoppers that their bulk purchases of cigarettes will be scrutinized.

Costco Joins In Virginia Crackdown On Bulk Cigarette Buyers

Following reports of Costco shoppers loading up entire trucks full of large boxes of cigarettes, presumably with the purpose of reselling them on the black market in other states, the wholesale club is now posting signs indicating that these customers will face much more scrutiny going forward. [More]

Discover Bank Must Pay $18.5 Million Over Illegal Student Loan Servicing Practices

Discover Bank Must Pay $18.5 Million Over Illegal Student Loan Servicing Practices

As federal regulators continue to probe potentially unscrupulous student loan servicing practices, the Consumer Financial Protection Bureau has ordered Discover Bank and its affiliates to pay nearly $18.5 million in refunds and fines for, among other things, overstating amounts due on student loans and failing to notify borrowers of their rights. [More]

House Passes Permanent Ban On Tax For Internet Service

House Passes Permanent Ban On Tax For Internet Service

In 1998, Congress passed a temporary moratorium on state taxes collected for Internet access (though a number of states were still allowed to collect them). The ban has been extended numerous times in the 17 years since, but is set to expire again this fall. Rather than merely kick the can down the road with another extension, the House of Representatives has voted (again) to make the moratorium permanent. [More]

The IRS Is Still Using Windows XP, Has A Cybersecurity Staff Of 363 People

The IRS Is Still Using Windows XP, Has A Cybersecurity Staff Of 363 People

In the last few years, tax return fraud has become a serious problem at the state and federal levels, thanks to the growth of e-filing and security holes in IRS and third-party tax software systems. Is the IRS to blame for this trend? There are really only two options: the IRS is either broke or incompetent. [More]

IRS: Thieves Obtained Information On 100,000 Taxpayers From Transcript System

IRS: Thieves Obtained Information On 100,000 Taxpayers From Transcript System

A tax transcript is a document from the IRS that shows key information from tax returns that you’ve already filed, or changes to what you and the government owe each other that may have been made after the return was filed. You can normally order them online, but the system is now closed after the IRS learned that people identified only as “thieves” accessed transcripts for about 100,000 people. [More]

(Brad Clinesmith)

No Tax On Sugary Drinks In California After State Assembly Committee Vote

California lawmakers trying to get a $0.02 tax imposed on sodas and other sugary drinks in the state have come up empty, after the proposed measure failed to pass an Assembly committee. Supporters said the law would help curb high rates of obesity and diabetes, while some critics said it wouldn’t properly address health issues and would hit low-income residents the hardest.

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(EDrost88)

Former NFL Player Wins Case Over Cleveland’s “Jock Tax” Methods

Most people dreaming of a career in professional sports that will take them around the country to play for huge crowds in major U.S. cities are probably imagining the glitz and glamor that goes with that job. But then there’s the un-fun parts, like paying taxes in each one of those states, as well as some cities that levy taxes against income earned locally. One former NFL player filed a lawsuit against Cleveland’s so-called “jock tax,” not to dispute that he owed taxes there, but because of how the city calculated what he owed.

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(Joachim Rayos)

IRS Hung Up On 8.1 Million Taxpayers Without Answering Phone

CFPB, Navajo Nation Team Up To Put An End To Tax Scheme Targeting Low-Income Consumers

CFPB, Navajo Nation Team Up To Put An End To Tax Scheme Targeting Low-Income Consumers

For many low-income consumers, tax time provides an opportunity to catch up on bills and get back on track financially. Unfortunately, there are unscrupulous companies out there that aim to make money of these same consumers by pointing them in the direction of high-cost tax-refund-anticipation loans. That appears to be the case for the owner of New Mexico-based H&R Block franchises and a tax-time loan company operating an alleged illegal tax-refund scheme.   [More]

Sir Michael Bolton reminds us all that without taxes, we can't pay the salary of Colorado National Parks procurement assistant Brian Reed.

Since 2010, Congress has cut the budget for the IRS by around 20%, resulting in thousands of jobs being cut and millions of Americans unable to get much-needed help with their tax returns this year. This has had the effect of just making some people hate the IRS even more than they already did, but is this a case of kicking a man when he’s down? [More]

(Frankieleon)

Undercover Investigation Finds Serious Problems With Paid Tax Preparers

With the deadline for filing your annual tax return coming quickly, millions of Americans are putting their 1040s and other forms in the hands of largely unregulated paid tax preparers. But a new undercover report from the National Consumer Law Center finds that many of these preparers either don’t know what they’re doing or are allowing taxpayers to file false information. [More]

(afagen)

How To Verify Your Identity In Case The IRS Suspects Suspicious Tax Return Activity

In the aftermath of revelations that fraudsters exploited TurboTax and had possibly filed bogus returns in many states, the Internal Revenue Service is contacting people linked to suspiciously filed returns, and asking them to verify their identity to find out if the return is real or not.

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frankieleon

Poll: Most People Will Use Tax Refunds To Pay Down Debt, Build Savings

Are you expecting a tax refund this year? While making changes to how much tax you have withheld from your paychecks during the rest of the year can get you slightly larger checks all year long, most people keep things as they are and enjoy receiving a windfall at the beginning of the year. What do they do with that refund, though? [More]