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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 8308 is Report of a Sale or Exchange of Certain Partnership Interests
Report the sale or exchange by a partner of all or part of a partnership interest where any money or other property received in exchange for the interest is attributable to unrealized receivables or inventory items.
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News about Taxation cases in Scottsdale and nationwide:
Work Opportunity Credit and Welfare-to-Work Credit
Definition:
The work opportunity credit and the welfare-to-work credit are scheduled to expire for wages paid to individuals who began working for you after 2003.
Limited Liability Company
Definition:
An LLC may be classified for Federal income tax purposes either as a partnership, a corporation, or an entity disregarded as an entity separate from its owner by applying the rules in Regulations section 301.7701-3. See Form 8832, Entity Classification Election, for more details.
Installment Agreements
Definition:
To be eligible for an installment agreement, all returns that are due must first be filed. Installment agreements generally require equal monthly payments. The amount of an installment payment will be based on the amount owed and on the taxpayer’s ability to pay that amount within the time legally available for the IRS to collect.
If you live in the following cities and need an taxation attorney you should contact
our Taxation Attorney as soon as possible:
Apache Junction
Avondale
Buckeye
Bullhead City
Casa Grande
Cave Creek
Chandler
Chino Valley
Cottonwood
Douglas
Flagstaff
Florence
Fountain Hills
Gilbert
Glendale
Green Valley
Kingman
Lake Havasu City
Mesa
Nogales
Paradise Valley
Payson
Peoria
Phoenix
Prescott Valley
Safford
Scottsdale
Sierra Vista
Somerton
Sun City
Sun City West
Surprise
Tempe
Tucson
Yuma
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