| Refund’s tax status clarified
Q. We moved from California to Missouri at the beginning of December 2004. For our 2005 taxes, we received refunds from both Missouri and California. For our 2006 taxes, do we need to claim the 2005 California refund? A. Generally state and local income tax refunds are taxable if the refunded tax was deducted in a prior year and the taxpayer received a tax benefit from the deduction. If you filed a 2005 California tax return, the return showed an overpayment, and you itemized deductions, then you will need to report the California refund on line 10 of your 2006 federal tax return. State and local income tax refunds are not taxable if the taxpayer did not itemize deductions in the prior year. In some cases state and local income tax refunds are only partly taxable.
Could this executive have the answer to Britain’s corporate ...
For Mark Wood, the saga that is the British pensions industry is entering its end-game. Years of increasing red tape, rising liabilities and a population intent, it seems, on living ever longer have left it at a crossroads. Mr Wood, the founding head of Paternoster, the pensions buyout specialist, believes that he has the answer to questions being asked ever more nervously in boardrooms throughout Britain. Nigel Lawson started it. Back in 1988, the then Conservative Chancellor of the Exchequer introduced a tax on pension fund surpluses through a new accounting standard, SSAP24. What followed included company contribution holidays in the 1990s, Gordon Brown’s removal of tax relief on dividends in 1997 and harsh new snapshot pension accounting standards — not to mention increased payouts to that longer-lived population.
Some Riders Still Upset By Port Authority Cuts
(KDKA) PITTSBURGH While a Port Authority board committee decided to make fewer service and job cuts, some riders are still frustrated.Amanda Grabowskis bus to Crafton is still slated to be eliminated once the Port Authority scales back service.She says many people cant afford cars, gasoline and downtown parking rates.People rely on buses to get to work and stuff and you know its just ridiculous, Grabowski said.Many bus riders have been questioning how the Port Authority spends its money - outraged over six-figure pensions and perks for the agencys management.You got all this money out here whats going on? All these investigations going on we still dont have no rights as the public, Dave Williams said. The public needs some kind of talk to these executives, saw some of these 401K plans they got.KDKAs Paul Martino reports the big perks and pensions for management are being eliminated, but its too little, too late to save bus service from being cut.
Customs and Excise guards seek improved retirement and pension
Custom and Excise Extra Guards staged a protest yesterday outside Riverside Plaza, Port-of-Spain for better retirement and pension packages. Armed with red flags and placards, the small group of men circled the car park while screaming at the top of their lungs for justice and a better 20-20 vision.
Speaking to the media, the president of the Custom and Excise Extra Guard Association, Andre Cabarr, explained that the current retirement package was very inadequate.
He explained that if a person worked a total of 33 years he stood to receive $38, 750.40. That, he added, was not right for anyone . After we put in so many years to just receive that amount and then get no pension in the end, Cabarr lamented, is total nonsense. What sort of 20-20 vision is that, he enquired..
Lawyers Want Mandatory Retirement Age For Judges Raised
ALBANY----Although New York State judges are claiming that they don't make enough money, a special task force of the state Bar Association has issued a report calling for an increase in the mandatory retirement age from 70 to 76.
Under current law, judges of the Court of Appeals, New York's highest court, and most trial courts must retire at age 70. The only exception is for justices of the Supreme Court, New York's most powerful trial court, who may remain on the bench until age 76 if approved in a certification process every two years starting at age 70.
The bar association task force urged reform of the current policy, expressing its preference for one finite retirement age -- 76 -- for all state judges at the trial and appellate level. The report also calls for a uniform certification process that would apply evenly to all judges over the age of 70, with the exception of the Court of Appeals, whose justices would not require certification.
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