Swiss lender ZKB says three charged by U.S. authorities

(Reuters) - Swiss lender Zuercher Kantonalbank (ZKB) said two of its bankers and one former employee had been charged by U.S. authorities, which had accused them of helping U.S. clients avoid taxes.The three were indicted over changes of conspiring with American clients to hide more than $420 million from the U.S. Internal Revenue Service, the U.S. Attorney's Office in Manhattan had said on Wednesday.The...

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Existing home sales rise to fastest pace in three years

WASHINGTON (Reuters) - Home resales rose sharply in November to their fastest pace in three years, a sign the recovery in the housing market is gaining steam.The National Association of Realtors said on Thursday that existing home sales climbed 5.9 percent last month to a seasonally adjusted annual rate of 5.04 million units.That was the fastest since November 2009, when a federal tax credit for...

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House Republicans eye limited fiscal cliff bill

WASHINGTON (Reuters) - With time running short before a Dec. 31 deadline, House of Representatives Speaker John Boehner will begin work on legislation that simply would extend current low income tax rates for all families with incomes below $1 million a year, according to an aide.Negotiations will continue with the White House on a broader tax and spending deal, the Boehner aide said.Boehner is presenting...

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Future of state estate taxes hangs on U.S. "fiscal cliff"

(Reuters) - Falling off the "fiscal cliff" is a bad thing, right?Not necessarily for some state governments that could begin collecting more in estate taxes on wealth left to heirs if the United States goes over the "cliff," allowing sharp tax increases and federal spending cuts to take effect in January.In an example of federal and state tax law interaction that gets little notice on Capitol Hill,...

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Exclusive: Profits up, but Britain gets less tax from big firms

LONDON (Reuters) - Big companies in Britain now pay less tax than they did 12 years ago despite a big jump in profitability, a Reuters analysis of official data shows. Tax campaigners say the trend is the clearest signal yet that tax avoidance has blossomed under a more business-friendly strategy at the UK tax authority Her Majesty's Revenue and Customs (HMRC).Large companies' payments of corporation...

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House sets Sunday session as "fiscal cliff" deadline nears

WASHINGTON (Reuters) - The House of Representatives will return to Washington on Sunday night, just over a day before income tax rates are set to spike higher, in a last-ditch chance to avert the year-end "fiscal cliff."Senior Republican aides confirmed that House Speaker John Boehner on Thursday told members to be back in Washington in time for a 6:30 p.m. EST (2330 GMT) legislative session on Sunday.The...

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Despite deal, taxes to rise for most Americans

While the tax package that Congress passed New Year's Day will protect 99 percent of Americans from an income tax increase, most of them will still end up paying more federal taxes in 2013.That's because the legislation did nothing to prevent a temporary reduction in the Social Security payroll tax from expiring. In 2012, that 2-percentage-point cut in the payroll tax was worth about $1,000 to a worker...

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Taxes rising for most people despite fiscal deal

WASHINGTON (AP) — While the tax package that Congress passed New Year's Day will protect 99 percent of Americans from an income tax increase, most of them will still end up paying more federal taxes in 2013.That's because the legislation did nothing to prevent a temporary reduction in the Social Security payroll tax from expiring. In 2012, that 2-percentage-point cut in the payroll tax was worth about...

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Global stocks, commodities rise on U.S. fiscal deal

NEW YORK (Reuters) - Global stocks jumped 2 percent or more and commodities rallied on Wednesday after U.S. legislators struck a deal to halt a round of automatic fiscal tightening that threatened to push the world's largest economy into recession.The deal reached on Tuesday to avert the "fiscal cliff" put off the immediate pain of income tax hikes for almost all U.S. households but did nothing to...

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Swiss bank to pay $57.8M in US tax evasion plea

NEW YORK (AP) — Switzerland's oldest bank became the first foreign bank to plead guilty in the United States to tax charges when it admitted Thursday that it helped American clients hide more than $1.2 billion from the Internal Revenue Service.Wegelin & Co., founded in 1741, entered the plea in federal court in Manhattan, agreeing to pay $20 million in restitution to the IRS, a $22 million fine...

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Grand Prairie Assisted Living to Host Balance ClassGrand Prairie of Macomb, a BMA affordable assisted living community, to host a Matter of Balance class designed to reduce the risk of falling. The class will be taught by a representative of the Western Illinois Area Agency on Aging. Bradley, Illinois (PRWEB) January 03, 2013 Grand Prairie of Macomb, a BMA affordable assisted living community in Macomb, Illinois, will be hosting a Matter of Balance Class led by Amy Griswold of the Western Illinois Area Agency on Aging. The class, which is designed to help participants reduce the risk of falling, will meet at Grand Prairie from 1:30 to 3 p.m. on Thursdays for eight weeks, beginning on Jan. 10. The class is open to the public as well as residents of Grand Prairie. A $10 donation is suggested for those attending the class. To register or for more information, call Sarah McDonald at 309-833-5000. Grand Prairie is located at 1307 Meadowlark Lane in Macomb, Illinois. "Grand Prairie is the only senior living community in McDonough County that is certified to operate through the Illinois Supportive Living program," says Andrea Keene, Administrator. "This gives us the opportunity to serve older adults of all incomes, including those on Medicaid, who need some help to maintain their independence." Keene adds, "we offer a wonderful alternative to a nursing home or to struggling alone at home." Residents live in private apartments and receive personal assistance and help with medications. Certified nursing assistants are on-duty 24 hours a day, seven days a week. Meals, housekeeping and laundry are among the included services. "Our focus is on providing residents with the love.compassion and dignity that they deserve in addition to the care and assistance that they need," says Keene. "Our emphasis is on helping residents to achieve and maintain as much independence as possible for as long as possible." In 2012, Grand Prairie launched a $4.8 million expansion project that will nearly double the number of apartments at the assisted living community. Reservations for the apartments, which are scheduled to be ready for occupancy in the Spring, are being accepted. Since March of 2010, Grand Prairie has been managed by BMA Management, Ltd., the largest provider of assisted living in Illinois. Based in Bradley, Illinois, BMA operates 36 senior living communities, housing more than 3,300 homes and apartments. Among the communities managed by BMA are the Heritage Woods affordable assisted living communities in Aledo and Moline, Illinois, and John Evans Supportive Living in Pekin, Illinois.

Grand Prairie of Macomb, a BMA affordable assisted living community, to host a Matter of Balance class designed to reduce the risk of falling. The class will be taught by a representative of the Western Illinois Area Agency on Aging.Bradley, Illinois (PRWEB) January 03, 2013Grand Prairie of Macomb, a BMA affordable assisted living community in Macomb, Illinois, will be hosting a Matter of Balance...

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News Summary: US 30-yr mortgage rate at record low

RATES AT RECORD LOW: Average U.S. mortgage rates fell to fresh record lows this week, a trend that is boosting home sales.THE NUMBERS: Mortgage buyer Freddie Mac said the average 30-year loan rate dipped to 3.31 percent, the lowest on records dating back to 1971. The average on the 15-year fixed mortgage dropped to 2.63 percent, also a record.HOUSING RECOVERY: Home sales and construction are rising,...

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Retirement Savings Plan Reality: Save More

There's a buzz building in California over a state move to create a retirement savings plan for private employees with no workplace 401k. It might seem that everyone has plenty of access to a retirement savings plan, but at least a third of U.S. households get to retirement with just Social Security to back them up, reports MarketWatch.The "pioneering" part of such a retirement savings plan would...

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US pending home sales jump to nearly a 6-year high

An index measuring the number of Americans who signed contracts to buy homes in October jumped to nearly its highest level in almost six years. Steady job gains and record-low mortgage rates have made home buying more attractive.The National Association of Realtors said Thursday that its seasonally adjusted pending home sales index rose 5.2 percent to 104.8 in October. Excluding a few months when...

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US home sales jump to highest level in 3 years

U.S. sales of previously occupied homes jumped to their highest level in three years last month, bolstered by steady job gains and record-low mortgage rates.The National Association of Realtors said Thursday that sales rose 5.9 percent to a seasonally adjusted annual rate of 5.04 million in November. That's up from 4.76 million in October.Previously occupied home sales are on track for their best...

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US home sales surge to highest level in 3 years

U.S. sales of previously occupied homes jumped to their highest level in three years last month, bolstered by steady job gains and record-low mortgage rates. The report was the latest sign of a sustained recovery in the housing market.The National Association of Realtors said Thursday that sales rose 5.9 percent to a seasonally adjusted annual rate of 5.04 million in November. That's up from 4.76...

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Existing home sales rise to fastest pace in three years

WASHINGTON (Reuters) - Home resales rose sharply in November to their fastest pace in three years, a sign the recovery in the housing market is gaining steam.The National Association of Realtors said on Thursday that existing home sales climbed 5.9 percent last month to a seasonally adjusted annual rate of 5.04 million units.That was the fastest since November 2009, when a federal tax credit for...

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New York City should hike taxes on big business-comptroller

(Reuters) - New York City's top financial officer and possible contender for mayor in 2013, John Liu, proposed on Thursday tax hikes for big businesses and an end to Madison Square Garden's $15 million annual property tax exemption.The proposals by New York City Comptroller John Liu include tax hikes on private equity firms, which would help offset his plan for $500 million in tax breaks and lowered...

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Republicans push own "fiscal cliff" plan; talks frozen

WASHINGTON (Reuters) - Republicans in the Congress pushed ahead on Thursday with a "fiscal cliff" plan that stands no chance of becoming law as time runs short to reach a deal with President Barack Obama to avert a Washington-induced economic recession.House of Representatives Speaker John Boehner's "Plan B" to limit income-tax increases to the wealthiest sliver of the population appeared likely...

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Canada's seven-month budget gap narrows to C$10.6 billion

OTTAWA (Reuters) - Canada's federal budget deficit narrowed in the first seven months of the fiscal year to C$10.57 billion ($10.68 billion) from C$13.90 billion in the same period last year as personal and corporate income tax revenues rose and debt charges were lower.The monthly shortfall in October was C$1.68 billion, compared with a gap of C$2.13 billion a year earlier, the Department of Finance...

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