Tax

Calling the proposal for a "return-free" filing system "flawed" and "dangerous to taxpayers," 14 groups have written the President's Advisory Panel on Tax Reform to urge that it be taken off the table in any final report.While the timetable for a final report has been delayed by Hurricane Katrina relief efforts, with the final two scheduled meetings postponed, the return-free concept is one of the proposals under consideration by the panel.

A new study estimates that almost 30 percent of children potentially eligible for the child tax credit live in households with incomes too low to qualify for the entire $1,000 credit.

City council member and former Washington mayor Marion Barry is being investigated by the Internal Revenue Service and the U.S. Attorney's Office in Washington for failing to pay taxes, according to published reports.

The United States will appeal a World Trade Organization ruling that found a corporate tax break violates global trade rules, federal officials said.

Complying with the current federal tax code costs American taxpayers at least $100 billion annually, and lost economic efficiency associated with the tax system may top half a trillion dollars, auditors for the Government Accountability Office told Congress.

MCI Inc., formerly WorldCom Inc., will pay $331 million to 15 states and the District of Columbia to settle back tax claims and charges that it engaged in accounting fraud.

After a delay brought on by Hurricane Katrina, the President's Advisory Panel on Federal Tax Reform announced two October meetings and a deadline of Nov. 1 to issue its comprehensive report.

RSM McGladrey announced that its $220 million acquisition of American Express Tax and Business Services is a done deal after receiving approval from the Department of Justice.

Taxpayers affected by Hurricanes Katrina and Rita now have until Feb. 28, 2006 to file tax returns and pay any taxes due, according to the Internal Revenue Service. Taxpayers affected by the hurricanes may be eligible for tax relief regardless of where they live.

Louisiana Gov. Kathleen Blanco asked lawmakers for help in rebuilding the state devastated by Hurricanes Katrina and Rita.