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Taxes

2021-08-19 15:41:49
by Kate Michael
Van Hollen Wants ‘Equity of the Tax System’ To Pay for Infrastructure, Reconciliation Spending

WASHINGTON -- The Senate has passed both the $1.5 trillion bipartisan infrastructure bill and the framework of the $3.5 trillion... Read More

WASHINGTON -- The Senate has passed both the $1.5 trillion bipartisan infrastructure bill and the framework of the $3.5 trillion budget reconciliation bill made up largely of potential investments in social programs and climate policy. While these massive budgetary items... Read More

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.... Read More

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

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

WASHINGTON - A bipartisan bill aimed at increasing oversight for paid tax return preparers has garnered the support of the... Read More

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

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

WASHINGTON - Of all the uncertainties growing from the prolonged negotiations over President Joe Biden’s American Families plan, the most... Read More

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

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

LONDON — Finance Ministers from the Group of 7 have struck a landmark agreement to establish a 15% global minimum... Read More

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

NEW YORK (AP) — New York prosecutors have convened a special grand jury to consider evidence in a criminal investigation... Read More

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

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

WASHINGTON — Reps. Stephanie Murphy, D-Fla., and Rodney Davis, R-Ill., are sponsoring legislation that would expand a federal tax deduction... Read More

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

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

WASHINGTON — Some temporary tax changes are in effect as a result of President Biden’s ‘American Rescue Plan.’ The Earned... Read More

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

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

Just as corporations and tax practitioners are beginning to adjust to the 2017 Tax Cuts and Jobs Act, the Biden... Read More

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

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

WASHINGTON - The Internal Revenue Service is poised to give Americans extra time to file their taxes as a result... Read More

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

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

WASHINGTON - Rep. Abigail Spanberger, D-Va., is calling on the Internal Revenue Service to immediately extend the 2020 tax filing... Read More

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

NEW YORK (AP) — Manhattan District Attorney Cyrus R. Vance Jr. fought for a year and a half to get... Read More

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

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

WASHINGTON - The U.S. Supreme Court on Monday rejected an effort by former President Donald Trump to shield his income... Read More

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

SACRAMENTO, Calif. (AP) — Unemployment agencies across the country were bombarded with so many claims during the pandemic that many... Read More

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

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

CONCORD, N.H. — A collection of 14 states have now signed amicus briefs backing New Hampshire in the state’s appeal... Read More

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

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

WASHINGTON -- With Congress considering significant health care reforms, including creating a government-run health insurance plan called the public option,... Read More

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

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

WASHINGTON – Rep. Brad Schneider, D-Ill., revealed plans to fully repeal the cap on the state and local tax deduction... Read More

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

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

WASHINGTON - A federal appeals court ruled Wednesday that President Trump cannot block enforcement of a New York grand jury... Read More

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

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

TOPEKA, Kan. - As Congress continues to wrestle with how much it will give to states and cities in the... Read More

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

WASHINGTON — Nearly 25 years ago, President Bill Clinton vowed to “end welfare as we know it,” and Congress bought... Read More

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

WASHINGTON — Nashville City Councilman Bob Mendes tried unsuccessfully for two years to get his booming city to raise property... Read More

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

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

WASHINGTON - Rep. Mikie Sherrill, D-N.J., knew it would be a crippling blow to her constituents and the local economy.... Read More

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

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

WASHINGTON - The Trump administration announced Tuesday that individuals and businesses will be allowed to delay paying their 2019 tax... Read More

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

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

WASHINGTON - Congressional Democrats assailed the Trump administration’s 2017 corporate tax cut during a hearing Tuesday. They said the drop... Read More

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

CHICAGO — On a recent morning at John H. Stroger Hospital, hardly a seat was to be had in any... Read More

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

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

The United States and France agreed Thursday to proceed with talks that could result in a global rewrite of cross-border... Read More

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

2019-12-20 18:27:13
by Dan McCue
Restoration of Local Tax Breaks Illustrates Gottheimer’s Commitment to Working Families

WASHINGTON - House Democrats voted to lift a $10,000 limit on state and local tax deductions, known as SALT, repealing... Read More

WASHINGTON - House Democrats voted to lift a $10,000 limit on state and local tax deductions, known as SALT, repealing a deduction limit Republicans had imposed as part of their 2017 tax code overhaul. The bill, H.R.5377 , which was... Read More

2019-12-17 21:53:24
by Tom Ramstack
Bill to Modify State Tax Deduction Splits Opinions During House Hearing

WASHINGTON -- A congressional committee took a last look at a Democratic proposal to repeal a cap on state and... Read More

WASHINGTON -- A congressional committee took a last look at a Democratic proposal to repeal a cap on state and local taxes before a vote expected in the U.S. House this week. The cap is a $10,000 limit on state... Read More

House Democrats to Move on Temporary ‘SALT’ Cap Increase

WASHINGTON — The House Ways and Means Committee could take up legislation as early as next week that would increase... Read More

WASHINGTON — The House Ways and Means Committee could take up legislation as early as next week that would increase a limit on state and local tax deductions that has riled Democrats from high-cost regions, according to a senior panel... Read More

2019-12-04 00:04:33
by Dan McCue
Appeals Court Says Congress Entitled to Trump Bank Records

WASHINGTON  — The 2nd U.S. Circuit Court of Appeals on Tuesday ruled Congress is entitled to review President Donald Trump's... Read More

WASHINGTON  — The 2nd U.S. Circuit Court of Appeals on Tuesday ruled Congress is entitled to review President Donald Trump's banking records as it investigates possible foreign influence in U.S. elections, violations of the emoluments clause and other issues. The... Read More

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