Lawmaker Probes TV Preachers

Feds probe politician's ties to oil contractor in corruption probe

(NEWSER) - FBI and IRS agents raided the vacation home of Sen. Ted Stevens of Alaska yesterday, seeking records of his relationship with a oil field contractor jailed in a corruption probe, AP reports. The contractor profited from tens of millions of dollars in federal contracts and also supervised the renovation of Stevens' home, more than doubling its size. More»

Leading Dem torn between monied base, middle class

(NEWSER) - Rejecting populist piety, Chuck Schumer is opposing legislation that would double tax rates for private equity and hedge fund executives, arguing that he’s torn over the measures but contending that they unfairly target an industry critical to his constituency. The New York Times reports the senator, the only Democrat on both committees with jurisdiction, has massive influence on the matter. More»

IRS rules onerous, expatriates say

(NEWSER) - It's April again: time to add up receipts, find little-known tax breaks , and, in some cases, renounce US citizenship altogether. In fact, a record number of Americans abroad renounced their citizenship last year as complaints increased about IRS rules, Reuters reports. One rule forces all Americans to file forms for foreign accounts containing at least $10,000. Another, newer rule stipulates that financial institutions must cough up information on US clients to the IRS. More»

Accountants and tax lawyers share tips for beating Uncle Sam

(NEWSER) - So the New York Times is offering tips for tax cheaters. Guess we know which newspaper will be audited next—but for now, let's take advantage of the paper's survey of 20 tax lawyers, accountants, and policy wonks:

• The easiest way to cheat is ... running your own company—or, more specifically, being the sole proprietor of a Schedule C business. Such tax filers write off tons of personal expenses and payments to family members (even to "infant children," says one CPA).

He could owe tens of thousands, tax lawyers say

(NEWSER) - Newt Gingrich's tax returns might qualify him for an audit, tax attorneys tell USA Today, saying that the presidential contender may have dodged paying tens of thousands in Medicare tax. Gingrich's campaign contends that "the salary and distribution were handled properly and legally." The matter stems from Gingrich's use of what is known as an S Corporation, which sends income and losses to shareholders for tax assessment. S Corporations don't have to pay a 2.9% Medicare tax on non-salary distributions—but they are supposed to pay employees via salary to a "reasonable" extent, the IRS says. More»