Tag Archives: income tax


Posted 11 months ago in Criminal Law Taxation by Michele Bowman  
Jesse Jackson Jr.’s Wife Sentenced for Tax Fraud

Sandra “Sandi” Jackson, the former Chicago alderman and wife of beleaguered Jesse Jackson Jr., on Aug. 14 was sentenced to one year in prison for underreporting the couple’s income.   Double Down Both husband and wife were reportedly sentenced – Sandra for filing false tax returns, and Jesse Jr. for spending campaign money for his personal use – after they pleaded guilty in February. Sandi copped to failing to report $600,000 in income that the couple earned from 2006 to 2012, …

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More Tax Troubles Ahead for Mary J. Blige

Mary J. Blige’s financial woes deepened in mid-February when the state of New Jersey reportedly filed a $900,000 lien against her New Jersey home. While most people don’t own homes worth that much, Blige’s case is a reminder of what can happen when income taxes go unpaid.   Mansion Targeted The singer has been in hot financial water for some time, with two banks having already sued her for defaulting on loans worth about $511,000 and $2.2 million, and a …

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Posted 1 year ago in Government Taxation by Janet Raasch  
New Tax Laws Will Affect Most Americans

At the beginning of 2013, President Obama signed the American Taxpayer Relief Act of 2012, averting the dreaded “fiscal cliff” and making significant changes to U.S. tax law. While the top 1 percent of taxpayers will bear the biggest burden, the new law will affect most U.S. families in one way or another.   Income Tax Brackets Rates will increase for only the highest income tax bracket, increasing from 35 percent to 39.6 percent. These changes apply only to individuals …

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Posted 1 year ago in Editors Picks Taxation by Michele Bowman  
Surprise! Your 2012 Taxes Are Higher Than You Thought

After the close of another year, income taxes of course come to mind. While it’s clear we have to pay tax on our income, there are plenty of provisions in the tax code that require federal taxes to be paid on things you may not normally think of. As you’re gathering your forms and preparing to submit your returns, consider the following checklist of surprises, groaners, and ironies.   Unemployment Benefits It’s ironic but true – you have to pay …

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Mortgage Forgiveness Act Extended

As part of the law passed as a last minute escape of the so-called fiscal cliff, Congress extended the Mortgage Forgiveness Debt Relief Act to the great relief of homeowners who’ve suffered foreclosure.   Injury, but Not Insult First passed in 2007, the act allows mortgage holders to avoid paying income tax on the value lost when they are forced to sell their homes at prices below their market value. Normally, the IRS considers that lost value as a break …

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