Technology helps taxpayers, IRS to 'smooth' filing season

Article Abstract:

The Internal Revenue Service (IRS) reported its smoothest filing season ever in the year 2000. The agency, which has already processed 72% of the 115 million of the returns it received for the year as of Apr 21, 2000, cites the aid of technology for making the filing of income tax easier for the improvement. As of Apr 21, 2000, the IRS reported that a total of 34.9 million taxpayers have filed their income taxes online, a 20% increase compared to the 1999 level.

Government domestic functions, Internal Revenue Service

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Freddie Mac now buys mortgages held by Muslims

Article Abstract:

The Federal Home Loan Mortgage Corp (Freddie Mac) will start purchasing home loans of Muslims who follow the Koran's rule against paying or collecting interest. For years, observant Muslims have gone to a small number of Islamic financial institutions that structure mortgages without interest payments that usually accompany home financing. Freddie Mac says the Islamic mortgages could lead to as much as 50,000 home loans totaling $5 billion over five years.

Services introduction, Federal Home Loan Mortgage Corp, Freddie Mac

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Tax decline prompts look at loopholes

Article Abstract:

The US Congress is targeting tax loopholes as the government faces a rare drop in corporate income tax collections for fiscal 1999. A bill authored by Rep Lloyd Doggett (D-TX) would require companies to submit for review by the Internal Revenue Service any major transaction that could be considered a tax evasion. Critics, however, say the legislation will only put more red tape that could hamper legitimate businesses.

Taxes, Corporate Income Taxes

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