Federal Tax Updates Archive
TweetShareSharePin0 Shares Google recently sent a payment of nearly $250,000 to an engineer who has never worked for the company. Sam Curry, who works as a staff security engineer at the cryptocurrency company Yuga Labs, received the payment about a month ago at this point. Last week, he shared details on his verified Twitter page.
TweetShareSharePin0 Shares When the Senate added a new corporate minimum tax to the Inflation Reduction Act (IRA), it almost added a clarification that private equity is a business that would be subject to the new tax. But two key Senators blocked the clarification. Now, as Treasury writes regulations to accompany the new law, it
TweetShareSharePin0 Shares Is a spending deal around the corner? Speaker Nancy Pelosi signaled this week that she could support an agreement to ease permitting requirements for energy projects if it’s included in a Senate bill funding the government. The agreement, part of a deal to win Sen. Joe Manchin’s vote on the Inflation Reduction Act,
TweetShareSharePin0 Shares The reluctant billionaire founder of clothing brand, Patagonia, has given away the company in an effort to fight climate change. Yvon Chouinard, who founded his brand — which has now become a staple for both serious outdoor enthusiasts and Greek Life participants from the SEC to the Big Ten — in 1973 in Ventura, California, has
TweetShareSharePin0 Shares Biden administration Treasury Secretary Janet Yellen has been spearheading the IRS’s modernization efforts and is now praising the tax agency. In mid-August, following the passage of the Democrat-backed Inflation Reduction Act, Yellen gave the Internal Revenue Service (IRS) a six-month timeframe to present a “modernization plan” that will improve the overall American taxpayer experience. At
TweetShareSharePin0 Shares After months of negotiations on Beacon Hill, Massachusetts families are set to receive approximately $3 billion in tax refunds this fall. In July and early August, state Congressional leaders found themselves at odds over a bill that would have provided middle-income households with $250 stimulus checks. Discussions were officially tabled the first week of
TweetShareSharePin0 Shares Following an IRS investigation, a former investment advisor has pled guilty to defrauding clients in a bid to fund his lavish lifestyle. The IRS Criminal Investigation division discovered that Shawn Edward Good, of Wilmington, NC, accepted investments totaling $7,246,300 from at least 12 victims between 2012 and 2022. Per an official release: Good executed a
TweetShareSharePin0 Shares Ernest S. Christian, Jr., (1937-2022) was one of the tax policy community’s most distinguished and influential experts, showing us how effective sound tax policy can be. He passed away on September 13th, leaving behind a legacy of tax reform. Ernie gave up a lucrative career in law and government to devote the last
TweetShareSharePin0 Shares IRS Whistleblower Office isn’t as “loud” as it used to be. A Senate Finance Committee report finds the IRS whistleblower program that rewards people for identifying tax cheats is strapped for cash. Since 2007, the program has generated $6.5 billion in tax collections and paid $1 billion in rewards. But congressional funding has
TweetShareSharePin0 Shares The Biden administration’s plan for broad-based student loan forgiveness of up to $20,000 per individual won’t affect borrowers’ federal tax bills, but it could have state tax implications for some. While many states will follow the federal lead and not treat forgiven student loans as earned income, some could take a different path.