Welcome Guest
( Log In | Register )
The time is now 10:35 am
You last visited October 21, 2017, 10:10 am
All times shown are
Eastern Time (GMT-5:00)

Search

Search for news stories tagged with the keyword you specify
Search
See all tags:Tag Cloud
TagResults 1 - 10 of 62 for taxes. (0.00 seconds)

Illinois Lottery resumes selling Mega Millions, Powerball tickets
By Todd Northrop The Illinois Lottery has resumed sales of Mega Millions and Powerball tickets now that the state's budget stalemate has concluded, lottery officials said. The state stopped sales late last month of the popular Powerball and Mega Millions games due to its inability to contribute to the prize pool without a budget in place. Illinois Lottery Acting Director Greg Smith announced Thursday night that sales have resumed. The Illinois Lottery is pleased to announce that sal ...
Jul 7, 2017, 10:42 am - Lottery News forum

Lottery rigging accomplice used Wisconsin payout for offshore tax scam
After Robert Rhodes collected a Wisconsin Lottery jackpot that had been rigged by his friend Eddie Tipton, he used the windfall for an investment scheme that produced another wave of undeserved government money, court records show. Rhodes, an accomplice in a scandal that has shaken state lotteries, recently explained under oath how he used the $783,000 payout to receive an additional $180,000 in bogus tax refunds. The Texas businessman sent his lottery winnings offshore to buy a phony insuran ...
Jul 6, 2017, 6:53 pm - Lottery News forum

Online Michigan lottery winners get instant notification after the drawing
If you play the Michigan Lottery online and win, expect a phone call. If you don't, keep an eye on your ticket and the phone number on the back. Anthony Frabotta, 66, of Rochester Hills played online, he kept getting phone calls until someone from Lansing got him on the phone earlier this month and informed him he had won $1 million in the Jan. 24 Mega Millions drawing. Online jackpot winners are the only ones contacted by phone, said Jeff Holyfield, a spokesman for the Michigan Lottery ...
Mar 1, 2017, 7:34 pm - Lottery News forum

Judge rules NJ couple's lottery annuity payments can't be taxed retroactively
A New Jersey Tax Court judge has sided with a couple who won $46 million in the state lottery in 2000 and elected to have their winnings distributed in annual installments as a multiyear annuity payment, holding that the state did not have the right to retroactively tax their winnings after passing a new statute. Plaintiffs Melvin Milligan and Kim Lawton-Milligan, who won the Big Game Lottery jackpot drawing in 2000, opted for 26 annual payouts of $1.77 million. They argued that the 2009 sta ...
Oct 14, 2016, 9:33 am - Lottery News forum

How NC lottery ticket swappers avoid taxes, scrutiny
Reselling winning lottery tickets known as ticket discounting can be profitable for both parties. Buyers claim prizes and sellers go undetected by the government. Some sellers owe back taxes or child support, money automatically withheld from lottery winnings. Others may simply want to remain anonymous. Here's a look at how the practice works: In Florida, a man told investigators that he teamed up with several retailers who bought tickets from customers. He cashed the tickets, clearing ...
Oct 1, 2016, 9:36 am - Lottery News forum

Lottery-winning couple 'defrauded' by tax business
Includes video report A husband and wife who won big off a 2014 Illinois Lottery scratch-off say they don't want what happened to them to happen to anyone else. Rafael Borsas says he and his wife, who make less than $80,000 a year, went to a nearby Key Express Tax service to have their taxes prepared for them. Instead of being charged $160 for a 1040 single family house owners service, they were overcharged nearly $2,000: $300 for income tax and $1,700 for a gambling bonus. The commissi ...
Sep 6, 2016, 11:44 am - Lottery News forum

Pennsylvania lottery winners now subject to state tax on prizes
By Todd Northrop The small number of states that don't tax lottery prizes has just shrunk by one state. Pennsylvania lawmakers approved levying new taxes Wednesday on a variety of different things including lottery prizes to help support the $31.5 billion state budget that went into effect earlier this week. The tax bill was approved by a 116-75 vote in the House and 28-22 vote in the Senate. Democrat Gov. Tom Wolf quickly signed the tax bill and related bills to complete the budget pro ...
Jul 20, 2016, 10:43 am - Lottery News forum

N.J. increases initial state tax withholding on lottery winnings
But does not affect what winner would ultimately pay in state taxes If someone buys a winning ticket for Friday's $540 million Mega Millions game in New Jersey, the state will be collecting more money at payout than it would have last month. Under the new rates, winnings greater than $10,000 up to $500,000 will have 5 percent automatically withheld, and prizes above $500,000 will face an 8 percent withholding. Previously, prizes greater than $10,000 faced a withholding of 3 percent. The ...
Jul 7, 2016, 8:53 pm - Lottery News forum

Pennsylvania lottery wins to be taxed, if legislation passes
Winning the Pennsylvania Lottery may be a little less lucrative in a proposal that would allow the state to take a share of the jackpot through income tax. Currently, such winnings are exempt from the state's personal income tax. What does that mean in practice? Let's use January's $1.5 billion Powerball jackpot as an example. For those who opted for the hypothetical lump sum the final $1.6 billion take was split between three winners of about $940 million, the feds would withhold a com ...
Mar 15, 2016, 4:02 pm - Lottery News forum

Alabama Gov. compares lottery to leisure suits
Alabama Gov. Robert Bentley took his campaign for tax increases and budget reform to the Bessemer Chamber of Commerce today, where he was asked about whether he's concerned that Alabamians buy lottery tickets in other states. Bentley indicated an Alabama lottery would not be the budget booster that some people think. Now listen folks, the lottery is like leisure suits, the governor said. We're about 30 years behind. Three neighboring states, Georgia, Florida and Tennessee, already hav ...
Aug 2, 2015, 11:37 am - Lottery News forum

« Previous1234567Next »