Student Loan Crisis Busts Retirement Savings

California’s Congressional delegation, the largest and most influential in the nation, is undergoing a major upheaval, the result of reapportionment and retirements, threatening the state’s influence in Washington next year and forcing members to scramble to withstand what is emerging as a generational wave. A quarter of the state’s 53-member delegation to Washington could be newcomers in the … Read More

IRS Plan Will Let Some Unemployed Taxpayers Avoid Penalties

Taxpayers who have been unemployed for at least 30 days in 2011 or 2012 will be able to avoid some penalties for failing to pay their taxes, the Internal Revenue Service said. Those struggling taxpayers would have an extra six months to comply and avoid the failure-to-pay penalty. They would still owe interest on back taxes, the IRS said today. “This new approach makes sense for taxpayers … Read More

ATTORNEY GENERAL CHARGES “DEBT BUYERS” WITH DEFRAUDING MINNESOTA COURTS

Minnesota Attorney General Lori Swanson today in a legal filing accused one of the nation’s largest “debt buyers” of defrauding Minnesota courts and citizens by filing false and deceptive “robo-signed” affidavits—generated at its offices in St. Cloud, Minnesota—to collect on old consumer debts that it purchased from credit card companies and others for about three cents on the dollar. The debt … Read More

I.R.S. Loses Tax Case Against Lay of Enron

The United States Tax Court rejected a bid by the Internal Revenue Service to collect $3.9 million from the estate of the former Enron chief Kenneth L. Lay and his wife. The case was related to transactions among Mr. Lay, his wife, Linda, and Enron that were executed on Sept. 21, 2001. The Lays sold $10 million in annuities to Enron as part of an agreement for him to retake the chief executive … Read More