Federal Tax Updates Archive
TweetShareSharePin0 Shares As noted in a Tax Foundation blog post last week, the Inflation Reduction Act (IRA) primarily uses carrots, not sticks, to incentivize reductions in carbon emissions. The Inflation Reduction Act creates or expands tax credits for various low- or no-emission technologies, rather than imposing a generalized penalty for emissions, such as a carbon tax.
TweetShareSharePin0 Shares In a landmark move, a federal appeals court has lifted the hold on records obtained during the FBI’s August 8 raid on Donald Trump’s Mar-a-Lago residence. This allows the United States Department of Justice to resume its ongoing criminal investigation into the 45th President. The Associated Press reported on the situation, noting: The
TweetShareSharePin0 Shares If you’re a bookworm who has finally made the jump from reader to author, congratulations are in order! This is no small feat, and you deserve to be proud of your accomplishment. Once you write a book, though, you might find yourself feeling a bit overwhelmed by the financial aspects of becoming an
TweetShareSharePin0 Shares Latin singer, Shakira, has finally broken her silence on her ongoing tax evasion court battle in Spain. The “La Tortura” singer is facing a tax trial in the European nation after rejecting prosecutors’ deal in July. Details of the plea deal that Shakira and her legal team turned down were not immediately available but, the Associated Press, shared that
TweetShareSharePin0 Shares Tracy Leonard, a private investigator involved in the high-profile Andrea Knabel missing persons case, is headed to federal prison for nine months for tax fraud. According to an official release from the Internal Revenue Service (IRS), Leonard operated a private investigation firm in Clarksville, Indiana, near Louisville. Between 2015 and 2019, the PI
TweetShareSharePin0 Shares Two Iowa towns failed to submit their budgets by the state’s required deadline, meaning that residents now do not have to pay property taxes. Per a report from Des Moines CBS affiliate KCCI 8, people who reside in Zearing and Le Roy will not pay property taxes this fiscal year due to city leaders’ error.
TweetShareSharePin0 Shares Wyden expands an investigation of tax avoidance through private placement life insurance (PPLI). TaxNotes reports (paywall) that Senate Finance Committee Chair Ron Wyden is expanding an investigation into PPLI abuses. They were intended as tax-advantaged savings vehicles for middle-income households. But they are being used to invest millions of dollars in hedge funds
TweetShareSharePin0 Shares Throughout the COVID-19 pandemic, many government agencies provided assistance to struggling families. The pandemic era changed life for everyone, with some families going from double incomes to single incomes due to company closures, and others facing personal crises like divorce. One government department that offered aid to families in need was the U.S. Department
TweetShareSharePin0 Shares Divisive Florida Governor Ron DeSantis has officially pitched his $1.1 billion tax break proposal, which he previously called the “largest” the state has ever seen. DeSantis — who has close ties to Donald Trump’s newly-hired attorney Chris Kimes — faces opponent Charlie Crist, a former Republic now running on the Democratic ticket, in the Florida Gubernatorial
TweetShareSharePin0 Shares The Weekly (Tax)Buzz – September 21st, 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