Taxes

Money in the Bank: Child Tax Credit Dollars Head to Parents
White House
Money in the Bank: Child Tax Credit Dollars Head to Parents

WASHINGTON (AP) — The child tax credit had always been an empty gesture to millions of parents like Tamika Daniel. That changes Thursday when the first payment of $1,000 hits Daniel's bank account — and dollars start flowing to the... Read More

CPAs Endorse Bipartisan Push to Regulate Tax Return Preparers
In The News
CPAs Endorse Bipartisan Push to Regulate Tax Return Preparers
2021-07-06 13:55:24
by Dan McCue

WASHINGTON - A bipartisan bill aimed at increasing oversight for paid tax return preparers has garnered the support of the American Institute of CPAs. The bill, the Taxpayer Protection and Preparer Proficiency Act, was introduced last month by Rep. Jimmy... Read More

Tax Increases Seen As Counterproductive to Growth, Job Creation
Taxes
Tax Increases Seen As Counterproductive to Growth, Job Creation
2021-06-21 20:49:29
by Dan McCue

WASHINGTON - Of all the uncertainties growing from the prolonged negotiations over President Joe Biden’s American Families plan, the most potentially vexing for the American businesses and the economy are several proposed changes to the U.S. tax code. Though much... Read More

G7 Ministers Reach Global Minimum Tax Agreement, But Some Say Deal is Too Minimal
Finance
G7 Ministers Reach Global Minimum Tax Agreement, But Some Say Deal is Too Minimal
2021-06-07 19:48:45
by Reece Nations

LONDON — Finance Ministers from the Group of 7 have struck a landmark agreement to establish a 15% global minimum tax rate, discouraging large multinational companies from shifting profits to offshore tax-havens. The deal, announced over the weekend, was struck... Read More

New Grand Jury Seated for Next Stage of Trump Investigation
Law
New Grand Jury Seated for Next Stage of Trump Investigation

NEW YORK (AP) — New York prosecutors have convened a special grand jury to consider evidence in a criminal investigation into former President Donald Trump's business dealings, a person familiar with the matter told The Associated Press on Tuesday. The... Read More

Murphy, Davis Want K-12 Tax Deduction Made Available to Athletic Coaches, Administrators
Taxes
Murphy, Davis Want K-12 Tax Deduction Made Available to Athletic Coaches, Administrators
2021-05-24 18:19:59
by Reece Nations

WASHINGTON — Reps. Stephanie Murphy, D-Fla., and Rodney Davis, R-Ill., are sponsoring legislation that would expand a federal tax deduction so K-12 athletic coaches and administrators are eligible for reimbursement should they pay out of pocket to buy equipment and... Read More

Advocates Make the Case for Permanent ARPA Earned Income Tax Credit Changes
Taxes
Advocates Make the Case for Permanent ARPA Earned Income Tax Credit Changes
2021-04-23 13:52:28
by Kate Michael

WASHINGTON — Some temporary tax changes are in effect as a result of President Biden’s ‘American Rescue Plan.’ The Earned Income Tax Credit is a tax benefit aimed at helping low- and moderate-income earners, but ARPA expands both the eligibility... Read More

‘Devil is in the Details’ of Corporate Tax Reform
Business
‘Devil is in the Details’ of Corporate Tax Reform
2021-04-09 14:32:23
by Victoria Turner

Just as corporations and tax practitioners are beginning to adjust to the 2017 Tax Cuts and Jobs Act, the Biden administration’s proposed changes would introduce further complexities into an already complicated system, according to three U.S.-based tax attorneys. Biden’s proposal... Read More

IRS Poised to Push Tax Deadline Back to May 17
Taxes
IRS Poised to Push Tax Deadline Back to May 17
2021-03-17 20:29:25
by TWN Staff

WASHINGTON - The Internal Revenue Service is poised to give Americans extra time to file their taxes as a result of the pandemic, according to a published report. Instead of the usual April 15 deadline, filers will have until May... Read More

Spanberger Calls on IRS to Extend Tax Filing Deadline to July 15
Taxes
Spanberger Calls on IRS to Extend Tax Filing Deadline to July 15
2021-03-15 20:41:08
by TWN Staff

WASHINGTON - Rep. Abigail Spanberger, D-Va., is calling on the Internal Revenue Service to immediately extend the 2020 tax filing deadline an additional three months — to July 15, 2021. Central Virginia taxpayers currently have until Thursday, April 15, 2021... Read More

What NY Prosecutors Could Learn from Trump's Tax Records
In The States
What NY Prosecutors Could Learn from Trump's Tax Records

NEW YORK (AP) — Manhattan District Attorney Cyrus R. Vance Jr. fought for a year and a half to get access to former President Donald Trump's tax records.Now, thanks to a U.S. Supreme Court ruling, he will soon have them.... Read More

Supreme Court Deals Blow to Trump
Supreme Court
Supreme Court Deals Blow to Trump
2021-02-22 21:15:31
by Dan McCue

WASHINGTON - The U.S. Supreme Court on Monday rejected an effort by former President Donald Trump to shield his income tax records from N.Y. prosecutors. The court’s action is the apparent culmination of a lengthy legal battle that had already... Read More

Surprise Tax Forms Reveal Extent of Unemployment Fraud in US
Employment
Surprise Tax Forms Reveal Extent of Unemployment Fraud in US

SACRAMENTO, Calif. (AP) — Unemployment agencies across the country were bombarded with so many claims during the pandemic that many struggled to distinguish the correct from the criminal. Now, simple tax forms — barely enough to fill a half-sheet of... Read More

Telecommute Taxation: States Take Sides Over Out-of-State Income Tax Dispute
State News
Telecommute Taxation: States Take Sides Over Out-of-State Income Tax Dispute
2021-01-13 20:59:09
by Reece Nations

CONCORD, N.H. — A collection of 14 states have now signed amicus briefs backing New Hampshire in the state’s appeal to the U.S. Supreme Court to determine whether jurisdictions may tax the income of remote workers who cannot commute to... Read More

New Government Run Health Insurance Option Could Be More Expensive Than Initial Projections, Study Shows
Health
New Government Run Health Insurance Option Could Be More Expensive Than Initial Projections, Study Shows
2020-11-05 22:10:36
by Sean Trambley

WASHINGTON -- With Congress considering significant health care reforms, including creating a government-run health insurance plan called the public option, a new study shows that it could be significantly more expensive than previously estimated. The study, released by Lanhee J.... Read More

Health Care Groups Dive Into California Property Tax Ballot Fight, Eyeing Public Health Money
State News
Health Care Groups Dive Into California Property Tax Ballot Fight, Eyeing Public Health Money

SACRAMENTO, Calif. — A November ballot initiative to raise property taxes on big-business owners in California is drawing unconventional political support from health care power players and public health leaders. They see Proposition 15 as a potential savior for chronically underfunded local health... Read More

Schneider Unveils Plan to Reinstate SALT Deduction
Taxes
Schneider Unveils Plan to Reinstate SALT Deduction
2020-10-15 20:38:27
by Reece Nations

WASHINGTON – Rep. Brad Schneider, D-Ill., revealed plans to fully repeal the cap on the state and local tax deduction that was included in the Republican-backed Tax Cuts and Jobs Act of 2017. The state and local tax deduction, also... Read More

Trump Can't Block Grand Jury Subpoena for Tax Returns, Appeals Court Rules
In The News
Trump Can't Block Grand Jury Subpoena for Tax Returns, Appeals Court Rules
2020-10-07 19:36:54
by Dan McCue

WASHINGTON - A federal appeals court ruled Wednesday that President Trump cannot block enforcement of a New York grand jury subpoena for eight years of his tax returns. The ruling, which affirmed a lower court decision, sets the stage for... Read More

President Trump Paid $750 in Income Taxes in 2016 and 2017, NYT Says
Taxes
President Trump Paid $750 in Income Taxes in 2016 and 2017, NYT Says

WASHINGTON — President Donald Trump paid just $750 in income taxes in both 2016 and 2017, reported losing millions of dollars from his golf courses and has hundreds of millions in debt that will come due in the next few... Read More

Despite Pandemic, Kansas Sees Windfall in Tax Collections
State News
Despite Pandemic, Kansas Sees Windfall in Tax Collections
2020-08-04 20:11:52
by Dan McCue

TOPEKA, Kan. - As Congress continues to wrestle with how much it will give to states and cities in the next coronavirus relief package, the state of Kansas says it has seen a dramatic increase in its tax collections, partly... Read More

States Raid Fund Meant for Needy Families to Pay for Other Programs
In The News
States Raid Fund Meant for Needy Families to Pay for Other Programs

WASHINGTON — Nearly 25 years ago, President Bill Clinton vowed to “end welfare as we know it,” and Congress bought in, passing landmark legislation designed to help millions of low-income Americans find work and get off the rolls for good.... Read More

Tax Hikes in a Pandemic: Some States and Cities Say Yes
Taxes
Tax Hikes in a Pandemic: Some States and Cities Say Yes

WASHINGTON — Nashville City Councilman Bob Mendes tried unsuccessfully for two years to get his booming city to raise property taxes to address its growing municipal needs. Then came COVID-19. The City Council last month approved a 34% increase. What... Read More

‘Sin Taxes’ Could Help States in Pandemic Budget Slump — At Least a Little Bit
Economy
‘Sin Taxes’ Could Help States in Pandemic Budget Slump — At Least a Little Bit

WASHINGTON — Gas tax revenue plummeted this spring, income taxes won’t rebound anytime soon and some states are offering a property tax holiday because people can’t pay during the pandemic. But so-called sin taxes are rolling in as liquor stores... Read More

Trump Golf Club Asks Palm Beach County for Rent Relief
Taxes
Trump Golf Club Asks Palm Beach County for Rent Relief

PALM BEACH, Fla. — President Donald Trump’s golf club in West Palm Beach has asked Palm Beach County to defer some of the $88,338 monthly rent it pays to lease public land for the president’s the private golf club, citing... Read More

Trump Finds Skeptics Instead of Allies for Prize Payroll Tax Cut
Economy
Trump Finds Skeptics Instead of Allies for Prize Payroll Tax Cut

WASHINGTON — President Donald Trump has fixed his sights on getting a payroll tax cut in the next coronavirus stimulus bill, but it’s unclear whether he can get Republicans — much less Democrats — to go along with such a... Read More

Sherrill Fights for Local Families by Rolling Back Tax Deduction Caps
Economy
Sherrill Fights for Local Families by Rolling Back Tax Deduction Caps
2020-03-19 14:59:19
by Dan McCue

WASHINGTON - Rep. Mikie Sherrill, D-N.J., knew it would be a crippling blow to her constituents and the local economy. It had been bad enough when the Republican Tax Cut and Jobs Act enacted in 2017 capped the deduction middle... Read More

IRS Extends Tax Deadline 90 Days in Response to Coronavirus
In The News
IRS Extends Tax Deadline 90 Days in Response to Coronavirus
2020-03-17 21:57:58
by Dan McCue

WASHINGTON - The Trump administration announced Tuesday that individuals and businesses will be allowed to delay paying their 2019 tax bills for 90 days past the usual April 15 deadline to July 15. The extension is an effort to inject... Read More

Democrats Say Corporate Tax Rate Favors the Rich, Overlooks the Poor
Congress
Democrats Say Corporate Tax Rate Favors the Rich, Overlooks the Poor
2020-02-12 18:10:47
by Tom Ramstack

WASHINGTON - Congressional Democrats assailed the Trump administration’s 2017 corporate tax cut during a hearing Tuesday. They said the drop from 35 percent to 21 percent is adding to the national deficit while leaving less tax revenue for programs to... Read More

Some Nonprofit Hospitals Aren’t Earning Their Tax Breaks, Critics Say
Taxes
Some Nonprofit Hospitals Aren’t Earning Their Tax Breaks, Critics Say

CHICAGO — On a recent morning at John H. Stroger Hospital, hardly a seat was to be had in any of the first-floor clinic waiting rooms. Not in audiology. Not in heart and vascular. Not in the pharmacy or ophthalmology.... Read More

Davos Breakthrough: France, US Agree to Press Ahead With Global 'Digital Tax' Talks
Geopolitics
Davos Breakthrough: France, US Agree to Press Ahead With Global 'Digital Tax' Talks
2020-01-23 15:56:34
by Dan McCue

The United States and France agreed Thursday to proceed with talks that could result in a global rewrite of cross-border tax rules for the digital era. The agreement to temporarily set aside a brewing tariff war over France’s digital tax... Read More

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