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Taxation Legal News
No Taxation Without Explanation
IBO PROVIDES WEB-BASED INTERACTIVE "TAX RECEIPT" SHOWING TAXPAYERS HOW MUCH THEY SPENT FOR EACH GOVERNMENT SERVICE
Tax season is upon us and for the fourth year in a row the New York City Independent Budget Office (IBO) is providing its Tax Receipt service that allows taxpayers to find out how the government spends their tax dollars.
Taxpayers can visit IBO's website at www.ibo.nyc.ny.us, enter in the amount of taxes they paid for 1999, and receive an itemized printout of how much of their money went for specific services, such as prisons, welfare, Medicare, education, or national defense. Receipts are available for taxes paid to New York City, New York State and the federal government.
Income taxes are probably the largest expense for most people, but they have no idea how their tax dollars are spent," said Ronnie Lowenstein, IBO Deputy Director and Chief Economist. "IBO's Tax Receipt service provides taxpayers a breakdown-in dollars and cents-of where their money goes."
The report highlights NYC's unique tax diversity. While other large cities tend to rely primarily on just two taxes-most often property and sales taxes-NYC relies heavily on personal income and business income taxes in addition to property and sales taxes. Yet even if these income taxes were not included, NYC's tax effort would exceed the other cities' average.
For instance, a typical New York City resident might pay $1,563 in city income taxes, of which $158 supports Police, $160 supports elementary and secondary education, and $29 goes to libraries, museums, parks and gardens.
IBO's Tax Receipt is the basis for the federal Taxpayer-Right-to-Know-Act, which was originally introduced by Senator Charles E. Schumer (NY) and passed last year. The Act requires the IRS to establish a similar service on its web site.
IBO is an independent city agency whose mission is to provide non-partisan budgetary, economic, and policy analysis for the residents of New York City and their elected officials, and to increase New Yorkers' understanding of and participation in the budget process.
Form 5471 is Information Return of U.S. Persons With Respect to Certain Foreign Corporations
Report information with respect to certain foreign corporations. A domestic partnership may have to file Form 5471 if it: Controls a foreign corporation; or Acquires, disposes of, or owns 5% or more in value of the outstanding stock of a foreign corporation; or Owns stock in a corporation that is a controlled foreign corporation for an uninterrupted period of 30 days or more during any tax year of the foreign corporation, and it owned that stock on the last day of that year.
Newsroom
News about Taxation cases in Indiana and nationwide:
IRS Updates Tax Gap Estimates
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Definition:
Works for an employer. Employers can control when, where, and how the employee performs the work.
Depreciation and Section 179 Expense
Definition:
50% special depreciation allowance. For qualified property you acquire after May 5, 2003, you can take a special depreciation allowance that is equal to 50% of the property's depreciable basis. However, instead of claiming the 50% special allowance, you can elect to claim the 30% special allowance or elect not to claim any special allowance.
Income taxes
Definition:
Taxes on income, both earned (salaries, wages, tips, commissions) and unearned (interest, dividends). Income taxes can be levied on both individuals (personal income taxes) and businesses (business and corporate income taxes).
If you live in the following cities and need an taxation attorney you should contact
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Bloomington
Brownsburg
Carmel
Columbus
Connersville
Crawfordsville
Crown Point
East Chicago
Elkhart
Evansville
Fishers
Fort Wayne
Franklin
Goshen
Granger
Greenfield
Greenwood
Hobart
Huntington
Indianapolis
Jeffersonville
Kokomo
La Porte
Lafayette
Logansport
Marion
Martinsville
Merrillville
Michigan City
Mishawaka
Muncie
New Albany
New Castle
Newburgh
Noblesville
Peru
Plainfield
Portage
Richmond
Seymour
Shelbyville
South Bend
Terre Haute
Valparaiso
Vincennes
West Lafayette
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