Taxes

10:24am

Thu September 5, 2013
Business

IRS To Count Automatic Gratuities As Wages, Not Tips

Originally published on Thu September 5, 2013 12:51 pm

A waiter serves patrons at Tony's Restaurant, part of the Casablanca Hotel in New York's Times Square. The custom at some restaurants of automatic gratuities for larger parties might change because of an IRS rule change.
Don Emmert AFP/Getty Images

Gratuity included? A new IRS rule could end, or at least curtail, the practice.

The Internal Revenue Service will soon begin classifying automatic gratuities as service charges that are taxable as regular wages and subject to payroll tax withholding. Currently, they're considered tips, and it's up to the wait staff to report them as income.

The Wall Street Journal says:

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6:29am

Mon August 26, 2013

12:33pm

Tue August 20, 2013

7:41am

Thu August 15, 2013
Business

Wal-Mart Blames Economy And Payroll Taxes For Slowed Earnings

Originally published on Thu August 15, 2013 2:23 pm

Don Emmert AFP/Getty Images

Wal-Mart is blaming depressed demand amid a still-shaky economy and a rise in payroll taxes for disappointing earnings in the quarter ending July 31.

The world's largest retailer said Thursday that its net income rose to $4.07 billion, barely above the $4.02 billion it earned in the same quarter last year.

According to Reuters, sales at U.S. stores that have been open for at least one year fell 0.3 percent.

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1:29am

Tue August 6, 2013
It's All Politics

On The Road With Max And Dave: A Tax Overhaul Tour

Originally published on Tue August 6, 2013 7:18 am

Senate Finance Committee Chairman Sen. Max Baucus, D-Mont., (center) and House Ways and Means Committee Chairman Rep. Dave Camp, R-Mich., (right) speak about overhauling the tax code at the 3M Innovation Center in Maplewood, Minn., on July 8.
Hannah Foslien AP

Ask Americans about the most pressing concerns for the nation, and overhauling the tax code probably isn't all that high on the list — that is, unless those Americans happen to be Rep. Dave Camp, R-Mich., and Sen. Max Baucus, D-Mont., the chairmen of the congressional tax-writing committees.

The two lawmakers are on a mission to simplify the tax code.

When they're out on the road selling that tax overhaul, they don't wear ties and they skip much of the formality of Washington — like last names even. Just call them Max and Dave.

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