Inside these posts: Income taxes

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IRS awards $4.5M to whistleblower

An in-house accountant who raised a red flag about a tax lapse that his employer then ignored, leading him to tip off the IRS, has received $4.5 million in the first IRS whistleblower award. The accountant’s tip netted the IRS $20 million in taxes and interest from the errant financial-services firm. Get the full story »

IRS targets millionaires in audits

Audits of millionaires, especially those making more than $10 million, surged 73 percent last year, hitting more than 18 percent of taxpayers in the highest income bracket, according to recently released statistics from the IRS. Get the full story »

Most tax cheats young and male

The typical American tax cheat is male and under the age of 45, according to a survey by DDB Worldwide Communications Group found.

While only 15 percent of Americans surveyed fessed up to fudging their tax returns, 64 percent of those people were men, according to the survey of consumer attitudes and behavior. Thirty-five percent were single, and 55 percent were under the age of 45. Get the full story »

State tax collections down slightly in fiscal 2010

State government tax collections dropped $14.3 billion in the last budget year, the U.S. Census said Wednesday in another sign state revenues have yet to recover from their recent collapse. Get the full story »

Gov. Quinn signs income tax increase

Illinois Gov. Pat Quinn today signed a major income tax increase the Legislature passed earlier this week.

Wealthiest targeted as IRS audits jump 11%

The Internal Revenue Service is making it riskier to cheat on your taxes.

The tax agency increased the number of returns it audited by nearly 11 percent this year. Statistics released Wednesday show that wealthy taxpayers were most likely to be targeted. Get the full story »

Senate test vote today on Obama-GOP tax deal

Senators get their first chance Monday to vote on the tax-cut deal struck by President Barack Obama and Republicans, but whatever the outcome of the test vote, the White House expects the bill to pass by year’s end.

“Everybody understands what it would mean for the economy if we don’t get this done,” Obama adviser David Axelrod said Sunday. The No. 2 Senate Democrat, Dick Durbin of Illinois, said a “good cross-section” of senators in his party are ready to accept the deal. Get the full story »