Taxes

Three Texas personal injury lawyers will have to pay up after a tax court decided yesterday that they invested hard-earned fees in tax shelters that couldn’t pass the Internal Revenue Service’s smell test.

Greg Moore and Irvin "Jim" Jones Jr. have been friends for more than 40 years. For most of the past 10 years, they worked together at Jones' business, which performed inventory services for large companies.

Company Reiterates Full-year Revenue Guidance

The Internal Revenue Service reminds taxpayers who converted amounts to a Roth IRA or designated Roth account in 2010 that in most cases they must report half of the resulting taxable income on their 2012 returns.

Wal-Mart Stores Inc. beat expectations for its most recent fiscal quarter, but the world's largest retailer is now warning that higher payroll taxes, income tax refund delays and lofty gas prices will cause stagnant sales during the current quarter.

Half of the construction workers in Texas are undocumented, according to a new report by an Austin immigrant rights group and University of Texas researchers that surveyed nearly 1,200 workers throughout the state.

A Catholic elementary school in Erie, Pennsylvania, owes the Internal Revenue Service more than $300,000 for failing to remit federal withholding taxes when the school was facing financial difficulties.

A convicted Miami-Dade drug trafficker unemployed for the past decade discovered how to make a quick buck, cashing $12 million in fraudulent tax-refund checks over five months last year, authorities say.