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Federal Tax Updates Archive

IRS Must Present “Modernization Plan” Within Six Months

TweetShareSharePin0 Shares The Internal Revenue Service (IRS) has been given a six-month timeframe to present a “modernization plan” that will improve the American taxpayer experience. Now that the Inflation Reduction Act of 2022 has been officially signed into law by President Joe Biden — providing the IRS with $80 billion in additional funding and resources

The Weekly (Tax)Buzz – August 17th, 2022

TweetShareSharePin0 Shares The Weekly (Tax)Buzz – August 17th, 2022 If you feel like the news is tough to keep up with these days, you aren’t alone. Every week, we publish a curated list of some of the top articles in tax and finance. Tune in every Wednesday to read the latest thought leadership pieces from

One Oregon Gubernatorial Candidate Won’t Hand Over Tax Returns

TweetShareSharePin0 Shares Of the three candidates for Governor of Oregon this year, only one won’t hand over their tax returns. Willamette Week shared details about the publication’s attempt to secure tax return copies from all three candidates in this year’s race — Republican Christine Drazan, Democrat Tina Kotek, and Independent Betsy Johnson. Former Democratic state Senator Johnson, however,

New Buyback Excise Tax Snares Foreign Investors

TweetShareSharePin0 Shares The Inflation Reduction Act (IRA) approved by Congress last week included a new 1 percent stock buyback excise tax on US publicly traded corporations. Many of these companies now spend their excess cash to repurchase stock from their shareholders, rather than pay dividends or invest more in their firms. The new tax will

Does Your State Have a Marriage Penalty?

TweetShareSharePin0 Shares Today’s map zeroes in on states that have a “marriage penalty” in their individual income tax brackets. Under a graduated-rate income tax system, a taxpayer’s marginal income is subject to progressively higher tax rates. A marriage penalty or “marriage tax penalty” exists when a state’s income brackets for married taxpayers filing jointly are less than

Trump CFO Expected to Plead Guilty to Criminal Tax Charges

TweetShareSharePin0 Shares Former Trump Organization CFO Allen Weisselberg is expected to plead guilty to criminal tax charges in New York as early as Thursday, August 18. Late last week, it was announced that Weisselberg’s trial would begin in Manhattan on October 24 after a motion for dismissal of the charges was denied.  Bloomberg shared details: Weisselberg

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