Filed under: Taxes

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Caterpillar CEO: No plans to leave Illinois

Caterpillar CEO Douglas Oberhelman speaks at a conference hosted by the U.S. Chamber of Commerce in Washington, D.C., March 30, 2011. (Andrew Harrer/Bloomberg)

News reports that Peoria-based Caterpillar Inc. was thinking of exiting Illinois were misleading, Doug Oberhelman, chairman and chief executive of the construction and mining machine maker, said Wednesday.

The media read too much into his recent letter to Illinois Gov. Pat Quinn, he said. Get the full story »

Caterpillar CEO hits at Ill. business climate

The chief executive of Peoria-based Caterpillar Inc. again criticized the business climate in the heavy equipment maker’s home state of Illinois Wednesday, but downplayed reports that it might leave. Get the full story »

Nebraska comes calling for Caterpillar

Nebraska Gov. Dave Heineman is one of the people trying to persuade Caterpillar to move the headquarters of its mining and construction equipment business out of Illinois. 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 »

Caterpillar threatens to leave Illinois over taxes

Caterpillar Inc., suggesting that it could shift jobs out of Illinois, is prodding its home state to cut government spending and roll back tax increases.

Doug Oberhelman, chief executive officer of the giant Peoria-based maker of construction and mining equipment, protested against the state’s tax and spending policies in a March 21 letter to Illinois Gov. Pat Quinn, a Democrat who took office in January 2009.

“I want to stay here,” the letter said. “But as the leader of this business, I have to do what’s right for Caterpillar when making decisions about where to invest. The direction that this state is headed in is not favorable to business, and I’d like to work with you to change that.” 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 »

Ill. to connect online retailers with new partners

Amazon dropped its Illinois business affiliates last week. (AP Photo/Paul Sakuma)

The Illinois commerce department will try to find new partners for businesses that previously sold products through Internet retailers like and Amazon and Overstock plan to drop Illinois-based affiliates this spring to allow them to avoid collecting sales taxes under a new law that applies to Internet businesses that team up with Illinois partners. Get the full story »

Schakowsky wants millionaires to pay more tax

People earning more than $1 million a year would be subject to a higher tax rate under a bill to be introduced Wednesday by Rep. Jan Schakowsky (D-Ill.).

Her proposed “Fairness in Taxation Act” would enact new brackets for income starting at $1 million. Schakowky’s office said details, including the proposed rate, would be released at a press conference  Wednesday in Washington, D.C. Get the full story »

Quad/Graphics closes Illinois plant

Quad/Graphics Inc., which became the nation’s second-largest commercial printer through an acquisition last year, on Tuesday announced the closure of its facility in Mount Morris, Ill.

The Mount Morris plant encompasses approximately 644,000 square feet and employs about 230 people. Customer work will be consolidated at  other facilities. Get the full story »

Amazon drops Illinois affiliates in fight with states took action in Illinois, as it had threatened to do, to counter a new law aimed at forcing online retailers to collect sales taxes in the state. Hawaii, North Carolina and Rhode Island have enacted similar laws, and California is weighing action. Amazon is also in a court battle with New York over such legislation.

The Illinois law, signed by Gov. Pat Quinn Thursday, requires online retailers that work with affiliates in the state to collect sales taxes on purchases made by Illinois residents and businesses. Amazon responded to the measure by cutting ties to its Illinois-based affiliates, which are blogs and other Web sites that refer traffic to Amazon and get paid commissions if customers make purchases there. Get the full story »

Gov. Quinn signs Internet sales tax bill

An Amazon employee loading boxes, Dec. 1, 2008. (AP Photo/Scott Sady, file)

Gov. Pat Quinn signed legislation Thursday to require online merchants with a physical presence in Illinois to collect and remit sales tax.

The controversial law, called the Main Street Fairness Act, means online retailers — including giant Inc. and Inc. — must  collect sales taxes on purchases made by Illinois residents as long as the retailer has a physical presence in the state.  The law is effective immediately. Get the full story »

IRS says it has $1.1B in refunds for 2007 non-filers

Did you forget to file your 2007 taxes? The IRS might have a nice check waiting for you.

Nearly 1.1 million taxpayers failed to file that year, and the IRS estimates they are entitled to $1.1 billion in potential refunds. Get the full story »

U.S. accuses Chicago business owner of tax fraud

A Chicago woman has been accused by the U.S. of preparing fraudulent tax returns by faking donations to charities and inflating rental losses from real estate properties.

The federal government says Rita J. Augustus, owner of Windy City Insurance Agency Inc. and Windy City Tax Service, prepared 4,283 tax returns from 2005 to 2009 with an “unusually high refund rate of over 94 percent,” according to court records. The government estimates it lost about $20 million in revenue as a result. Get the full story »

Tax preparers don’t always get FAFSA right

Beware if you turn to an expert with your FAFSA, or the college financial aid form that many parents are now rushing to complete before February and March deadlines.

The typical tax professional that helps you with your tax return may not be equipped to maximize your financial aid. In fact, your tax preparer might inadvertently undermine your chances of getting aid.