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Federal Tax Updates Archive

Net Operating Loss Tax Provisions (Deductions) in Europe, 2022

TweetShareSharePin0 Shares Loss carryover tax provisions allow businesses to either deduct current year losses against future profits (carryforwards) or current year losses against past profits (carrybacks). Many companies have investment projects with different risk profiles and operate in industries that fluctuate greatly with the business cycle. Carryover tax provisions help businesses “smooth” their risk and

Man Faces 52 Charges For $27 Million Fraud Scheme

TweetShareSharePin0 Shares In a case primarily investigated by the IRS Criminal Investigation division, an Indiana man has been indicted on 52 charges related to a $27 million bank fraud scheme. According to an official release, Tod Ray Keilholz, was arrested without incident at his Jefferson County, Indiana residence prior to his indictment and remains in federal

CO Residents Can Officially Pay Taxes With Cryptocurrency

TweetShareSharePin0 Shares In recent years, investing in cryptocurrency has become increasingly more commonplace. Now, Colorado residents can officially pay their state taxes using crypto. Axios Denver reported on the measure, noting that Governor Jared Polis (D) made good on a campaign promise when he announced that cryptocurrencies are now a valid form of tax payment. 

Federal Tax Collections & Inflation Surging

TweetShareSharePin0 Shares The latest inflation report confirms that prices for just about everything continue to rise, with the Consumer Price Index (CPI) up 8.3 percent over the last year and many categories up even higher, including food (11.4 percent) and energy (23.8 percent). While not part of the CPI, another measure of inflation (call it

Tax as a tool for racial justice: new report launched

TweetShareSharePin0 Shares The etymology of tax is “to fix”, and so…we ask ourselves “howcan tax help address racial wealth inequality [and] repair the harms of structural racism that are embedded into our economic system?” ~ Decolonising Economics, Tax as a Tool for Racial Justice report These are crucial questions. And it’s taken many of us

Delay Likely For The Spending Deal?

TweetShareSharePin0 Shares Sen. Markey opposes the Schumer-Manchin side deal. Sen. Ed Markey, joining Sen. Bernie Sanders, opposes including in a stopgap spending bill changes to the nation’s permitting system for fossil fuel extraction, a provision demanded by Sen. Joe Manchin. Disagreements also remain over coronavirus aid, disaster relief, and more, creating obstacles to a deal. 

Trump Returns to Mar-a-Lago Amid Possible Indictment

TweetShareSharePin0 Shares Former President Donald Trump has returned to his Mar-a-Lago residence following the August 8 FBI raid. According to a report from local ABC affiliate WPBF 25, “Dozens of supporters gathered along Southern Boulevard near former President Donald Trump’s Mar-a-Lago estate as his motorcade passed through Sunday night.” Ahead of his arrival, Trump took

NY Towns End Annual Property Tax Assessments

TweetShareSharePin0 Shares Two towns in New York State have ended annual property tax assessments as a result of skyrocketing tax rates. According to a report from Syracuse.com: After a big spike in property tax assessments caused an uproar this year, elected officials in two Onondaga County towns have decided not to put their residents through

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