U.S. charges three Swiss bankers in offshore account case

(Reuters) - Three Swiss bankers accused of conspiring with American clients to hide more than $420 million from the tax-collecting U.S. Internal Revenue Service were indicted, the U.S. Attorney's Office in Manhattan said on Wednesday.The indictment named Stephan Fellmann, Otto Huppi and Christof Reist, all former client advisers with an unnamed Swiss bank. None of the bankers have been arrested,...

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"Fiscal cliff" turmoil could hit 100 million taxpayers: U.S. IRS

WASHINGTON (Reuters) - U.S. tax authorities warned on Wednesday that as many as 100 million taxpayers - far more than previously estimated - could face refund delays if lawmakers' "fiscal cliff" negotiations fail to fix the alternative minimum tax (AMT) before year-end.The Internal Revenue Service said in a letter to lawmakers that it was raising its estimate on AMT impact from 60 million."It is...

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What's on the table now in 'fiscal cliff' talks

An update on the latest offers on the table in negotiations to avert a year-end avalanche of federal tax increases and spending cuts known as the "fiscal cliff":___INCOME TAXESHouse Speaker John Boehner would allow income tax rates to rise for people making more than $1 million per year and would hold rates where they are for everyone making less. The top rate on income exceeding $1 million would...

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Republicans push own "fiscal cliff" plan; talks frozen

WASHINGTON (Reuters) - Republicans in the Congress pushed ahead on Thursday with a "fiscal cliff" plan that stands no chance of becoming law as time runs short to reach a deal with President Barack Obama to avert a Washington-induced economic recession.House of Representatives Speaker John Boehner's "Plan B" to limit income-tax increases to the wealthiest sliver of the population appeared likely...

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Canada's seven-month budget gap narrows to C$10.6 billion

OTTAWA (Reuters) - Canada's federal budget deficit narrowed in the first seven months of the fiscal year to C$10.57 billion ($10.68 billion) from C$13.90 billion in the same period last year as personal and corporate income tax revenues rose and debt charges were lower.The monthly shortfall in October was C$1.68 billion, compared with a gap of C$2.13 billion a year earlier, the Department of Finance...

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"Fiscal cliff" creates waiting game for payrolls firms

WASHINGTON/NEW YORK (Reuters) - At payroll processing businesses across the United States, the "fiscal cliff" stalemate in Washington means uncertainty over tax-withholding tables just days before the start of 2013.The U.S. Internal Revenue Service still has not issued the tables for next year that show how much money employers should hold back from workers' paychecks to cover federal income taxes.Payroll...

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New York City faces $811 million budget gap in FY 2014: report

 New York City faces an $811 million budget shortfall in fiscal year 2014 and lowered revenue projections in part because of Superstorm Sandy, the city's Independent Budget Office said on Thursday.The city's tax revenue collections are likely to grow by just 3.4 percent in fiscal 2014 to $44.8 billion. That figure is $347 million lower than the IBO projected in May, it said.The dimmer outlook...

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House Republicans say resigned to tax hike in fiscal cliff

WASHINGTON (Reuters) - Republicans in the U.S. House of Representatives are resigned to seeing some sort of income tax increase in legislation to avoid a "fiscal cliff," but such efforts could be doomed in the absence of spending cuts, some Republican lawmakers say.Congress and President Barack Obama are gearing up for a last-ditch attempt to avoid $600 billion in tax increases and spending cuts that...

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French government says will propose a rejigged 75 percent tax plan

PARIS (Reuters) - The French government will redraft a proposal for a 75 percent upper income tax band and resubmit it, the prime minister's office said on Saturday, after the Constitutional Council rejected the measure included in the 2013 budget."It will be presented as part of the next budget law," Prime Minister Jean-Marc Ayrault's office said in a statement, without giving a time frame. The statement...

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French court rejects 75 percent millionaires' tax

PARIS (Reuters) - France's Constitutional Council on Saturday rejected a 75 percent upper income tax rate to be introduced in 2013 in a setback to Socialist President Francois Hollande's push to make the rich contribute more to cutting the public deficit.The Council ruled that the planned 75 percent tax on annual income above 1 million euros ($1.32 million) - a flagship measure of Hollande's election...

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Rejected French tax measures worth 300-500 million euros: finance minister

PARIS (Reuters) - The French Constitutional Council's rejection on Saturday of a 75 percent upper income tax rate and other minor measures in the 2013 budget will affect some 300-500 million euros worth of tax revenues, Finance Minister Pierre Moscovici said."The rejected measures represent 300 to 500 million euros. Our deficit-cutting path will not be affected," Moscovici told BFM television.He added...

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New exhibition explores our love and hate of money

 How does money make you feel? Fearful, stressed, happy?U.S. financial guru Suze Orman has teamed with the producer of the popular Body Worlds exhibits for a new traveling show to look at how we relate to and understand money.Orman, media star and author of best-selling books on personal finance, described the finance-themed exhibit as "an extension of my life's work as a financial educator,...

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Analysis: Mortgage demand too much for U.S. banks, who respond slowly

Big U.S. banks are hiring mortgage bankers to meet a surge in demand for home loans and refinancings, but they are still struggling to process applications, which could undermine the Federal Reserve's attempts to stimulate the economy.Since the Fed announced its plan in September to buy up to $40 billion of mortgages a month, consumer mortgage rates have fallen more slowly and by less than they would...

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US rate on 30-year mortgage rises to 3.41 pct.

Average U.S. mortgage rates rose only slightly this week and continued to hover near record lows, a trend that has helped boost home sales and refinancing.Mortgage buyer Freddie Mac said Thursday that the rate on the 30-year fixed mortgage edged up to 3.41 percent, from 3.37 last week. Three weeks ago, the rate touched 3.36 percent. That's the lowest level on records dating to 1971.The average rate...

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US home sales rise 2.1 percent in October

U.S. sales of previously occupied homes rose solidly in October, helped by improvement in the job market and record-low mortgage rates.The increase along with a jump in homebuilder confidence this month suggests the housing market continues to recover.The National Association of Realtors said Monday that sales rose 2.1 percent to a seasonally adjusted annual rate of 4.79 million. That's up from 4.69...

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News Summary: US home sales rise 2.1 pct. in Oct.

SALES RISE: U.S. sales of previously occupied homes rose moderately in October, helped by improvement in the job market and record-low mortgage rates. Sales rose 2.1 percent in October to a seasonally adjusted annual rate of 4.79 million according to the National Association of Realtors.INVENTORIES: A decline in housing inventory is helping push prices higher. There were only 2.14 million homes available...

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"Fiscal cliff" turmoil could hit 100 million taxpayers: U.S. IRS

WASHINGTON (Reuters) - U.S. tax authorities warned on Wednesday that as many as 100 million taxpayers - far more than previously estimated - could face refund delays if lawmakers' "fiscal cliff" negotiations fail to fix the alternative minimum tax (AMT) before year-end.The Internal Revenue Service said in a letter to lawmakers that it was raising its estimate on AMT impact from 60 million."It is...

Read More..

What's on the table now in 'fiscal cliff' talks

An update on the latest offers on the table in negotiations to avert a year-end avalanche of federal tax increases and spending cuts known as the "fiscal cliff":___INCOME TAXESHouse Speaker John Boehner would allow income tax rates to rise for people making more than $1 million per year and would hold rates where they are for everyone making less. The top rate on income exceeding $1 million would...

Read More..

Swiss lender ZKB says three charged by U.S. authorities

(Reuters) - Swiss lender Zuercher Kantonalbank (ZKB) said two of its bankers and one former employee had been charged by U.S. authorities, which had accused them of helping U.S. clients avoid taxes.The three were indicted over changes of conspiring with American clients to hide more than $420 million from the U.S. Internal Revenue Service, the U.S. Attorney's Office in Manhattan had said on Wednesday.The...

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Swiss lender ZKB says three charged by U.S. authorities

(Reuters) - Swiss lender Zuercher Kantonalbank (ZKB) said two of its bankers and one former employee had been charged by U.S. authorities, which had accused them of helping U.S. clients avoid taxes.The three were indicted over changes of conspiring with American clients to hide more than $420 million from the U.S. Internal Revenue Service, the U.S. Attorney's Office in Manhattan had said on Wednesday.The...

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