Wednesday, January 9, 2013
The IRS had planned to open electronic filing on Jan. 22. Those with more complicated returns will have to wait until February or March.
The Internal Revenue Services says tax season will start a little later than usual this year due to late changes to federal tax laws made in the fiscal cliff deal. The IRS announced Tuesday that the vast majority of taxpayers—more than 120 million households—will be able to start filing their income tax returns on Jan. 30. The IRS will begin accepting tax returns on that date after updating forms and completing programming and testing of its processing systems, according to a news release. This will reflect the bulk of the late tax law changes enacted by Congress on Jan. 2. “We have worked hard to open tax season as soon as possible,” IRS Acting Commissioner Steven T. Miller said in the release. “This date ensures we have the time we need…
Tuesday, January 8, 2013
With a fiscal cliff looming, the Department of Employment Security said last month that a solution was necessary to help improve jobless rates.
Unemployment rates in Illinois dropped slightly from October 2012 to November, to 8.2 percent, and are down a full percentage point compared to 2011, according to new figures released last week. In Downers Grove, the unemployment rate dropped 0.3 percent from 6.9 percent in November 2011 to 6.6 percent in November 2012. November local unemployment rates fell in 11 of 12 metro areas compared to last year, according to data released by the U.S. Department of Labor and the Illinois Department of Employment Security. "The trend of falling unemployment rates across Illinois shows that our economy continues to improve," IDES Director Jay Rowell said. "The largest challenge to local economic growth is the fiscal cliff. Economic progress could …
Saturday, January 5, 2013
Four Republicans voted against the Senate bill.
With the clock ticking, Congress voted 257-167 to pass a Senate bill to stop the country from going over the so-called "fiscal cliff." On Tuesday, members of the House of Representatives from Illinois voted 14-4 in favor of the bill. For Republican Judy Biggert, who was defeated in November by Bill Foster, her vote in favor of the bill was her last as a member of the House of Representatives. Adam Kinzinger, R-Manteno, joined Biggert in voting yes, along with Dan Lipinski, D-Western Springs. Four House Republicans from Illinois voted no: Randy Hultgren (Winfield), Peter Roskam (Wheaton), Bobby Schilling (Colona) and Joe Walsh (McHenry). In the Senate, Dick Durbin, D-Springfield, voted to pass the measure. Mark Kirk, R-Highland Park, did …
Friday, December 28, 2012
If Congress fails to pass an extension of the Bush era tax cuts by midnight Monday, American paychecks will get smaller. You can use the fiscal cliff calculator to see the impact on your paycheck.
With leaders of Congress becoming more and more skeptical that a deal will be reached before midnight Monday to avoid the fiscal cliff, it becomes increasingly likely that American paychecks will get smaller Tuesday, according to a story in today’s New York Times. “I have to be very honest,” Senate Majority Leader Harry Reid said in the New York Times article. “I don’t know time-wise how it can happen now.” The Senate reconvened today in an unusual session between Christmas and Jan. 1. Even if the Senate passes legislation, the House of Representatives will not come back into session until Sunday barely 24 hours before the deadline, according to a story today on Politico. If no deal is reached, a single person with two exemptions earning $…
Thursday, December 27, 2012
Take our poll below and tell us whether you think a tax increase for the most wealthy or spending cuts to social service programs is the way to go.
A crisis is looming if the federal government cannot resolve the so-called "fiscal cliff" dilemma by Dec. 31. In a simplified nutshell, that means that a long-term, bipartisan budget reduction plan must be agreed upon by the president and Congress or two things will be triggered: all of the tax cuts put into effect during the George W. Bush administration will expire and $1.2 million in mandatory spending cuts will start kicking in. President Obama and the Democrats want taxes to increase for those who make the most money, which Republicans oppose. The Republicans want to see spending cuts, and favor reducing money earmarked for many social service programs, which Democrats oppose. So, which side of the coin do you fall on? Take our poll …
Tuesday, November 20, 2012
U.S. Rep Peter Roskam (IL-06) talks about avoiding the fiscal cliff on CNBC.
U.S. Rep. Peter Roskam (IL-06) Friday appeared on CNBC's "Squawk on the Street" to discuss how to avoid the "fiscal cliff" in 2013. He said House Republicans want to cut spending and avert the cliff, and that the House has already acted on the issues by arguing to extend current rates for a year as a bridge to tax reform, according to a press release. Starting Jan. 2, about $600 billion in tax increases and spending reductions would begin if Congress does not agree on how to implement less extreme measures, according to CNBC. Payroll taxes would increase to 6.2 percent from 4.2 percent, dividends would be taxed as income and estates worth more than $1 million would be taxed at 55 percent, according to a Reuters report. Roskam said the …
Friday, November 9, 2012
U.S. Rep. Peter Roskam says the fiscal cliff can be avoided, and thinks there is an opportunity to bring Republicans and Democrats together to work on tax reform.
U.S. Rep. Peter Roskam (IL-06) appeared on CNBC's Kudlow Report Thursday to discuss the fiscal cliff and the House push for tax reform. He said there is a "tremendous opportunity" to avoid the fiscal cliff because of House Speaker John Boehner's comments Wednesday on a willingness to discuss more revenues. "The House has already acted on one proposal that says move forward and extend the current tax rates for one more year, and use that as a bridge to tax reform," he said. "Before there were voices on the Democratic side that were saying, 'Well let’s just go over the fiscal cliff.' Well that’s a bucket of crazy. Nobody wants to go over the fiscal cliff, it’s ridiculous." Roskam said he predicts President Barack Obama will extend tax …
Paul Worlton
6:52 am on Tuesday, January 8, 2013
You're missing a word in the first paragraph. Are they a percentage point higher or lower? I'm assuming lower. more ›