London mayor bends to IRS, settles U.S. tax dispute

After steadfastly refusing to pay an "absolutely outrageous" tax bill demanded by American authorities, the mayor of London is back in the good graces of the IRS.  More

Obama proposes scaling back benefits of 529 college savings plans

The President has proposed removing a key tax-saving feature.  More

How Obama would close the 'trust fund loophole'

President Obama wants to make sure the "wealthiest Americans pay their fair share on inherited assets," according to a White House fact sheet. His proposal: Change a rule that protects capital gains from taxes when an investment is bequeathed to family.  More

IRS will do fewer tax audits this year

Five years of budget cuts have reduced IRS enforcement staff and that's meant the agency has not been able to collect billions of dollars owed through tax audits, said IRS Commissioner John Koskinen.  More

States where taxes hit the poor hardest

In Washington state, the poor pay a far larger share of their income toward state and local taxes than the top 1%, making it the most regressive tax state in the nation, according to an analysis by the Institute on Taxation and Economic Policy.  More

'Devastating erosion' of taxpayer services at IRS

Congressional budget cuts have resulted in an "unacceptably low level" of taxpayer service, according to the latest report from National Taxpayer Advocate Nina Olson.  More

IRS warns of tax refund delays

Due to budget cuts, the IRS expects some tax refunds to be delayed by an extra week, if not longer. Staff reductions are also expected to result in fewer audits, the agency's head wrote in a memo Tuesday.  More

Nearly 8 out of 10 U.S. taxpayers get refunds

Whether out of fear of owing money to the IRS or through tax breaks, nearly eight out of 10 taxpayers receive a federal tax refund. The average amount they get: $2,800.  More

A Democratic plan for big middle class tax breaks

Chris Van Hollen, a top Democrat in the House, unveils plan that would usher in large tax cuts for low- and middle-income Americans -- while curbing tax breaks for the wealthy.  More

Kansas tax cuts on trial amid huge budget deficit

Cut taxes, grow the economy and swell government coffers. Sounds good, but Kansas is facing steep budget shortfalls just two years after enacting some of the biggest tax cuts in the state's history.  More

'Miserable' tax season could be worst in years

Budget cuts coupled with a heavier and more complex workload are likely to hamstring the agency's efforts to provide a seamless tax filing experience for many taxpayers.  More

Obamacare tax surprise looming

Obamacare enrollees who received subsidies soon will have to report their 2014 income. They may end up owing money or getting a smaller refund.  More

Not American? You still might have to file U.S. taxes

Foreigners married to Americans could still be on the hook to file U.S. taxes.  More

The other Bush on taxes

Jeb Bush, the former two-term governor of Florida and scion of one America's most influential political dynasties, has left a long trail on taxes.  More

The 2014 tax breaks you'll be able to take

Congress waited until the last minute to decide what to do with a slew of expired tax breaks. They extended most of them, and a handful will affect individuals directly.  More

Top 1%: What they made, what they paid

The income of the top 1% jumped significantly in 2012, far outpacing inflation. Not only did this group make a larger share of the country's income, their share of total taxes also jumped from 35% to 38%.  More

Meet the 'accidental American' with a big tax bill

Israeli citizen Elad Shahar may owe the U.S. government $6,000 in taxes, even though he hasn't lived in America since he was seven and has never earned a penny there.  More

5 fat roadblocks in the way of tax reform

There's consensus on what needs to be done to reform the corporate tax code in 2015. But there are many reasons it likely won't happen.  More

Giving up your U.S. passport? It's going to cost you

Thinking about bidding Uncle Sam goodbye? Not so fast. Renouncing your U.S. citizenship isn't cheap, and can result in enormous tax bills for decades to come.  More

Senator Tom Coburn: Congress hands out 'targeted tax breaks to the well-connected'

Retiring Republican Senator Tom Coburn has a parting gift for his fellow lawmakers: A 320-page report detailing wasteful, poorly targeted or misused tax breaks for companies big and small, and for taxpayers rich and poor.  More

Nobody escapes U.S. taxes - even astronauts

Americans just cannot escape the Internal Revenue Service -- even by strapping on a space suit and blasting themselves into outer space.  More

The money at stake in the tax break fight

A slew of expired tax breaks may soon be renewed retroactively for 2014 at a cost of $42 billion. Not a budget buster by itself, except that it's the kind of money Congress has been spending every year or two when it renews virtually the same "temporary" tax breaks over and over.  More

Your tax breaks in limbo as Washington quarrels

With less than two weeks before they leave town for the year, lawmakers have yet to decide how to handle a host of oft-renewed tax breaks that expired at the end of 2013. At least 7 of those breaks affect individuals directly.  More

Prisoners got $70 million from fake tax refund claims

In 2012, nearly 138,000 inmates filed for a total of $1 billion in fraudulent refunds, according to a report from the Treasury Inspector General for Tax Administration.  More

Top 400 richest taxpayers earned an average $265 million in 2010

The richest of the rich earned much more in 2010 than in 2009, and their federal income tax bill as a percent of their income fell.  More

Own a pricey pied-à-terre? Get ready to pay more taxes

Luxury home sales are slowing as several cities including London, Paris and New York mull plans to tax high-end second homes.  More

The 'temporary' recession tax you're still paying

Imposing a temporary tax is one way states shore up their budgets during tough times. And 14 states did just that during the latest recession. But a new report finds many of those 'temporary' recession taxes are still in place.  More

London mayor refuses to pay U.S. tax bill

London mayor Boris Johnson may be contemplating cutting up his U.S. passport after being presented with a hefty tax bill.  More

What now for taxes after Republican sweep?

Tax reform will still be a tough slog to achieve even though Republicans will now control both the House and the Senate.  More

New Berkeley soda tax costs 68 cents per two liter bottle

Berkeley voters pass a 1-cent-an-ounce tax on soda and sugary drinks by a three-to-one margin but a more expensive tax failed to pass in San Francisco.  More

Red-leaning states say yes to a higher minimum wage

The midterm elections have been rough on Democrats. But they did well on one key issue they've been championing for months -- a higher minimum wage.  More

How one government spends your taxes

The U.K. government has just begun mailing personalized summaries that break down exactly how individuals' income taxes are being spent.  More

Up to 35% of your cell phone bill may be taxes and fees

Washington, Nebraska and New York levy some of the highest taxes and fees on cell phone customers. And the charges can be even higher in some cities like Chicago. For a cut-rate deal, you'd be better off in Oregon, Nevada and Idaho.  More

Jersey Shore's Situation indicted for tax fraud

The MTV reality show star allegedly failed to pay taxes on $8.9 million in income from various businesses.  More

Treasury acts to stop overseas tax 'inversions'

The Obama administration takes first steps to make it harder for companies to use foreign mergers to reduce their U.S. tax bills.  More

Ireland closes tax loophole for tech giants

For years, some of the world's biggest companies have set up shop in Ireland to dodge taxes. Now, Ireland is taking a key tax break away.  More

IRS eyes tax on Silicon Valley's free lunches

The IRS is debating when to tax the free lunches often given to employees at Silicon Valley firms. But tech workers probably won't see this perk disappear anytime soon.  More

He said he was from the IRS, then stole $30,000 from me

A scam where fraudsters impersonate IRS agents has now stolen $5 million from taxpayers, and this woman - who lost her entire life savings -- is just one of its victims.  More

Colorado's missing marijuana taxes

Voters were told the state would make $33.5 million from two new taxes in the first 6 months of recreational pot. The projections were way off. Here's why.  More

Fake IRS callers take $5 million from victims

The IRS says a phone scam has duped 1,100 victims out of $5 million.  More

7 surprising things about corporate taxes

Politicians are concerned U.S. companies are trying to dodge their fair share of taxes. But the real problem is the outdated tax code. Here's a cheat sheet for sounding smart at your next Washington cocktail party.  More

How to shop for back-to-school tax-free

Starting this week, 15 states are offering tax breaks that can save shoppers between 4% and 7%.  More

The world's worst tax return?

For expat pilots, following the IRS rules to the letter means a tax headache that lasts 365 days a year.  More

One year later: Same-sex marriage ruling's impact

It's been one year since the Supreme Court's monumental ruling on same-sex marriage, and many couples have already seen their lives change dramatically.  More

Wall Street wants tax holiday to be a QE4

A tax holiday could juice stock prices just as the Federal Reserve is unwinding its quantitative easing program of massive bond purchases. It could also stop more tax-avoidance inversion deals.  More

We saved on taxes since DOMA's repeal

One year after the Supreme Court overturned The Defense of Marriage Act, we revisit a married couple, Brian Esser and Kevin O'Leary, who say doing their taxes was easier and cheaper.  Play

One year later: Same-sex marriage in the U.S.

A state-by-state look at the different same-sex marriage laws and how they impact couples from a financial perspective.  More

Do the top 1% pay enough taxes? Too much?

Majority says 'No' in CNNMoney's American Dream poll, while 25% say they pay the right amount. Another 19% say they pay too much.  More

Federal workers owe IRS $3.3 billion

Treasury employees have lowest tax delinquency rate among federal departments.  More

IRS: 4.7 million made at least $200,000

More than 99% of high-income returns in 2011 had some tax liability, and the majority owed between 15% and 30% of their income in federal income taxes, according to new IRS data.  More

IRS said to make $13B in improper refunds

The U.S. government doled out more than $13 billion last year in improper payments of a tax credit meant to help the working poor, according to a government watchdog.  More

Should you pay a higher gas tax?

A federal trust fund for highway repairs, funded mostly by a gas tax, faces a shortfall. If Congress doesn't act soon, Washington will need to slow payments to states, putting in jeopardy many projects at the height of highway repair season.  More

Who pays the most income taxes?

A new global report comparing income tax rates in 34 countries found that average Americans pay more in tax and social security than Canadians, Australians, the Japanese and the British.  More

The biggest tax breaks in 2014

Washington will forgo about $1.4 trillion in revenue this year because of tax breaks. The vast majority of that amount benefits individuals, and health and housing tax breaks alone account for about 44% of the forgone revenue.  More

Married with kids vs. singles: Who pays higher taxes?

Assuming both types of households make the same income, the answer is most often singles without kids. That's largely because parents benefit from a number of child-related tax breaks.  More

Delinquent IRS employees paid bonuses by the agency

Some IRS employees got bonuses even after paying their tax bills late and under-reporting their income.  More

$100,000 income: 3 very different tax bills

Location doesn't only drive home values. It affects the size of your tax bill, too. Where you live plays a big role in your total income tax bite.  More

'A scammer stole my tax refund'

Pamela Knighton, a 51-year-old social worker from rural Georgia who earns under $25,000 per year, had her tax refund stolen by an identity thief last year.  More

IRS: File your taxes now, ignore Heartbleed bug

The privacy-killing Heartbleed bug couldn't have come at a worse time. It's tax season, and sensitive information is flowing all over the Internet.  More

Owed a refund? There's no penalty for filing late

If you're owed a refund, you won't be hit by penalties if you file your taxes late.  More

Obamas' income drops 21% to $481,098

Like a lot of high-income Americans, the Obamas were subject to an additional Medicare tax to help pay for the president's signature health reform law.  More

See which states have estates taxes

In some states, heirs pay taxes on top of the federal estate tax  More

Highest state and local sales taxes

What you pay when you check out at the store counter.  More

How Washington spends your taxes

Nearly half of your federal income taxes is devoted to military and health spending, close to 14% goes to interest on the debt, while less than 2% is spent on science and transportation.  More