Taxes

2024-03-26 16:00:10
by Dan McCue
Sen. Blumenthal Lauds Expansion of Tax Credit for Offshore Wind Projects

NEW LONDON, Conn. — Sen. Richard Blumenthal, D-Conn., visited State Pier in New London, Connecticut, on Monday to tout and... Read More

NEW LONDON, Conn. — Sen. Richard Blumenthal, D-Conn., visited State Pier in New London, Connecticut, on Monday to tout and celebrate the Biden administration’s decision to expand eligibility of federal tax credits for offshore wind projects. “This tax credit has... Read More

House Passes Bill to Enhance Child Tax Credit, Revive Tax Breaks for Businesses

WASHINGTON (AP) — The House accomplished something unusual Wednesday in passing with broad, bipartisan support a roughly $79 billion tax... Read More

WASHINGTON (AP) — The House accomplished something unusual Wednesday in passing with broad, bipartisan support a roughly $79 billion tax cut package that would enhance the child tax credit for millions of lower-income families and boost three tax breaks for... Read More

2023-12-08 20:07:59
by Tom Ramstack
Hunter Biden Indicted on Felony Charges Alleging Years of Tax Evasion

LOS ANGELES — A Los Angeles grand jury indicted Hunter Biden on tax charges Thursday. The nine-count indictment alleges Biden... Read More

LOS ANGELES — A Los Angeles grand jury indicted Hunter Biden on tax charges Thursday. The nine-count indictment alleges Biden failed to pay $1.4 million in taxes over four years. The Los Angeles indictment follows similar tax evasion charges this... Read More

2023-07-10 18:10:17
by Dan McCue
Feds Propose Change to Rules Governing Oil and Gas Decommissioning Costs

WASHINGTON — The Biden administration is proposing changes to the federal financial assurance requirements for oil and gas companies to... Read More

WASHINGTON — The Biden administration is proposing changes to the federal financial assurance requirements for oil and gas companies to protect taxpayers from the costs of decommissioning offshore oil wells and infrastructure no longer in use. By law, oil and... Read More

2023-06-26 21:15:47
by Jacquelyn Burrer
Supreme Court to Determine Scope of Congress’ Taxing Authority

WASHINGTON — The Supreme Court on Monday agreed to hear a challenge to a provision of the Trump-era Tax Cuts... Read More

WASHINGTON — The Supreme Court on Monday agreed to hear a challenge to a provision of the Trump-era Tax Cuts and Jobs Act that could dramatically alter the taxing powers of Congress. As is their custom, the justices did not... Read More

2023-06-09 17:32:45
by Jacquelyn Burrer
New Bipartisan Caucus Aims to Secure State and Local Tax Deduction

WASHINGTON —  Members of the recently-formed bipartisan State and Local Tax Caucus are urging their colleagues to support legislation removing... Read More

WASHINGTON —  Members of the recently-formed bipartisan State and Local Tax Caucus are urging their colleagues to support legislation removing the SALT deduction cap, arguing it will provide often neglected middle-class Americans with needed financial assistance.  The bill, the Securing... Read More

2023-02-09 16:58:36
by Dan McCue
Bipartisan Caucus Launches Renewed Battle for Middle-Class Tax Relief

WASHINGTON — Some familiar faces and a batch of newcomers to Capitol Hill are banding together to try to restore... Read More

WASHINGTON — Some familiar faces and a batch of newcomers to Capitol Hill are banding together to try to restore the state and local tax deduction and bring tax relief to millions of middle-class families. A controversial part of former... Read More

2023-01-25 21:52:43
by Dan McCue
War of Words Heats Up Over GOP Plan to Abolish Income Tax

WASHINGTON — Democratic leaders from the House and Senate on Wednesday blasted away at a GOP proposal to do away... Read More

WASHINGTON — Democratic leaders from the House and Senate on Wednesday blasted away at a GOP proposal to do away with all income and payroll taxes and replace the lost federal revenue with a massive hike in the sales tax.... Read More

2022-12-05 21:27:47
by TWN
Philip Morris International Taking Proactive Role to Help Consumers Know, Fight Illegal Trade

WASHINGTON — Illegal trade isn’t good. It’s not good for companies who depend on the revenue from their products to... Read More

WASHINGTON — Illegal trade isn’t good. It’s not good for companies who depend on the revenue from their products to expand and add jobs, and it’s certainly not good for the consumers who unknowingly shell out considerable sums of money... Read More

2022-11-29 22:53:01
by Dan McCue
Treasury Dept. Clarifies Labor Rules for Green Energy Tax Credits

WASHINGTON — The U.S. Treasury Department has unveiled its initial guidance on the labor requirements that employers must meet in... Read More

WASHINGTON — The U.S. Treasury Department has unveiled its initial guidance on the labor requirements that employers must meet in order to qualify for bonus tax benefits for clean energy projects. The guidance announced Tuesday will be published in the... Read More

Trump Asks Justices to Keep Tax Returns From House Committee

WASHINGTON (AP) — Former President Donald Trump is going to the Supreme Court, again, this time to try to stop... Read More

WASHINGTON (AP) — Former President Donald Trump is going to the Supreme Court, again, this time to try to stop his tax returns from being handed to a congressional committee. In an emergency appeal filed Monday, Trump wants the court... Read More

US Sen. Warnock: Electric Car Tax Credit Needs 'Flexibility'

SAVANNAH, Ga. (AP) — U.S. Sen. Raphael Warnock, D, Ga., urged the U.S. Treasury secretary Friday to use “maximum flexibility”... Read More

SAVANNAH, Ga. (AP) — U.S. Sen. Raphael Warnock, D, Ga., urged the U.S. Treasury secretary Friday to use “maximum flexibility” in implementing a revised tax credit for Americans buying electric vehicles, a perk that Hyundai stands to lose as the... Read More

2022-09-06 20:04:43
by Tom Ramstack
DC Attorney General Sues Billionaire for Alleged Income Tax Evasion

WASHINGTON — Washington, D.C., is accusing billionaire corporate mogul Michael Saylor of evading $25 million in local income taxes in... Read More

WASHINGTON — Washington, D.C., is accusing billionaire corporate mogul Michael Saylor of evading $25 million in local income taxes in a whistleblower lawsuit filed last week. The District of Columbia’s attorney general says Saylor fraudulently claimed he lived in Florida... Read More

States Tapping Historic Surpluses for Tax Cuts and Rebates

JEFFERSON CITY, Mo. (AP) — Stoked by the largest surplus in state history, Missouri's Republican-led Legislature devised a $500 million... Read More

JEFFERSON CITY, Mo. (AP) — Stoked by the largest surplus in state history, Missouri's Republican-led Legislature devised a $500 million plan to send one-time tax refunds to millions of households. In a shock to some, GOP Gov. Mike Parson vetoed... Read More

Trump CFO’s Plea Deal Could Make Him a Prosecution Witness

NEW YORK (AP) — The chief financial officer of Donald Trump's company, Allen Weisselberg, is expected to plead guilty to tax violations... Read More

NEW YORK (AP) — The chief financial officer of Donald Trump's company, Allen Weisselberg, is expected to plead guilty to tax violations Thursday in a deal that would require him to testify about illicit business practices at the Trump Organization, two people... Read More

Companies Facing First Tax on Stock Buybacks in Biden Bill

WASHINGTON (AP) — Democrats have pulled off a quiet first in their just-passed legislation addressing climate change and health care:... Read More

WASHINGTON (AP) — Democrats have pulled off a quiet first in their just-passed legislation addressing climate change and health care: the creation of a tax on stock buybacks, a cherished tool of Corporate America that had long seemed untouchable. Under the bill... Read More

AP FACT CHECK: GOP Skews Budget Bill’s Impact on IRS, Taxes

Republican politicians and candidates are distorting how a major economic bill passed over the weekend by the Senate would reform the IRS... Read More

Republican politicians and candidates are distorting how a major economic bill passed over the weekend by the Senate would reform the IRS and affect taxes for the middle class. The “ Inflation Reduction Act,” which awaits a House vote after passing in the Senate on... Read More

Trump Says He's Testifying Wednesday in NY Investigation

WASHINGTON (AP) — Former President Donald Trump will be questioned under oath Wednesday in the New York attorney general’s long-running civil investigation into his... Read More

WASHINGTON (AP) — Former President Donald Trump will be questioned under oath Wednesday in the New York attorney general’s long-running civil investigation into his dealings as a real estate mogul, he confirmed in a post on his Truth Social account. Trump’s testimony comes amid... Read More

2022-08-09 20:13:36
by Dan McCue
Trump Can’t Keep Tax Returns From House Panel, DC Circuit Rules

WASHINGTON — Former President Donald Trump cannot block Congress from obtaining his tax returns as part of a House investigation... Read More

WASHINGTON — Former President Donald Trump cannot block Congress from obtaining his tax returns as part of a House investigation into audits of sitting presidents by the IRS, a federal appeals court ruled Tuesday. The decision by the U.S. Court... Read More

2022-04-29 21:34:48
by Tom Ramstack
Justice Dept. Sues Trump Campaign Manager Saying He Hid $16M in Taxable Income

WEST PALM BEACH, Fla. — The Justice Department is suing Paul Manafort, the former presidential campaign manager of Donald Trump,... Read More

WEST PALM BEACH, Fla. — The Justice Department is suing Paul Manafort, the former presidential campaign manager of Donald Trump, after he allegedly hid taxable income he was paid as a consultant for business and political interests in Ukraine. Prosecutors... Read More

2022-03-30 17:58:14
by Madeline Hughes
FTC Sues Creators of TurboTax for Allegedly Misleading Consumers

WASHINGTON —The Federal Trade Commission is suing the makers of TurboTax, Intuit Inc., over an allegedly “deceptive” ad campaign offering... Read More

WASHINGTON —The Federal Trade Commission is suing the makers of TurboTax, Intuit Inc., over an allegedly “deceptive” ad campaign offering “free” services and then having charges appear as Americans file their taxes with the online software. “TurboTax is bombarding consumers... Read More

2022-01-28 22:11:46
by Dan McCue
Senators Seek Taxpayer Penalty Relief Amid IRS Backlog

WASHINGTON — Sens. Bob Menendez, D-N.J., and Bill Cassidy, R-La., are leading an effort to convince the U.S. Department of... Read More

WASHINGTON — Sens. Bob Menendez, D-N.J., and Bill Cassidy, R-La., are leading an effort to convince the U.S. Department of the Treasury and the Internal Revenue Service to provide penalty relief for taxpayers amid what they describe as the “extensive”... Read More

2021-12-17 22:19:45
by Reece Nations
Build Back Better Impasse Jeopardizes Child Tax Credit Benefits

SAN ANTONIO — Although the last Child Tax Credit payments were issued on Wednesday, social justice scholars like Rajni Shankar-Brown... Read More

SAN ANTONIO — Although the last Child Tax Credit payments were issued on Wednesday, social justice scholars like Rajni Shankar-Brown of Stetson University believe the program’s benefits far outweigh its costs. The Child Tax Credit was expanded earlier this year... Read More

2021-11-05 22:58:59
by Kate Michael
Money for Tech in Tax Compliance Initiative Could Combat Fraud, Prevent Frustration

WASHINGTON — As Congress finally looks ready to vote on infrastructure and spending bills, policy experts on both sides of... Read More

WASHINGTON — As Congress finally looks ready to vote on infrastructure and spending bills, policy experts on both sides of the aisle have focused on one key initiative that was put forward to pay for new government investments — tax... Read More

2021-11-05 14:48:09
by Dan McCue
In Win for Northeast Centrists, SALT Relief Included In Spending Bill

WASHINGTON — House Democrats agreed late Thursday night to modify the $1.85 trillion reconciliation bill to include a provision raising... Read More

WASHINGTON — House Democrats agreed late Thursday night to modify the $1.85 trillion reconciliation bill to include a provision raising the cap on the state and local tax deduction from $10,000 to $80,000. The measure, also known as the Build... Read More

Democrats Unveil Billionaires' Tax as Biden Plan Takes Shape

WASHINGTON (AP) — Pushing past skeptics, Senate Democrats on Wednesday unveiled a new billionaires' tax proposal, an entirely new entry... Read More

WASHINGTON (AP) — Pushing past skeptics, Senate Democrats on Wednesday unveiled a new billionaires' tax proposal, an entirely new entry in the tax code designed to help pay for President Joe Biden's sweeping domestic policy package and edge his party... Read More

EXPLAINER: What's a 'Wealth Tax' and How Would It Work?

To help pay for his big economic and social agenda, President Joe Biden is looking to go where the big... Read More

To help pay for his big economic and social agenda, President Joe Biden is looking to go where the big money is: billionaires. Biden never endorsed an outright "wealth tax" when campaigning last year. But his more conventional proposed rate... Read More

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

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