federal taxes Archive

Gov. DeSantis Expected to Reach Agreement In Reedy Creek Debacle
September 26, 2022
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TweetShareSharePin0 Shares In recent months, Florida residents have found themselves embroiled in the battle over the Reedy Creek Improvement District. The District’s official website shares the following information about its operations: …[Reedy Creek is] a progressive form of government, created in 1967 by a special Act of the Florida Legislature, the purpose of which is

U.K. Prime Minister Defends Tax Cuts as Pound Falls to Historic Low
September 26, 2022
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TweetShareSharePin0 Shares U.K. Prime Minister Liz Truss is defending massive tax cuts as the British pound has hit a historic low. Last week, The Wall Street Journal reported on the sweeping tax relief package, noting that it will “cut payroll taxes, freeze corporation tax, ditch banker-bonus cap and spend billions to subsidize energy bills.” U.K. Chancellor of

Biden’s Corporate Minimum Tax Hits Amazon Hard
September 26, 2022
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TweetShareSharePin0 Shares Mega online retailer and media powerhouse, Amazon.com, is set to be among the hardest hit by the new corporate minimum tax in President Biden’s Inflation Reduction Act. The sweeping tax and climate bill, which passed with “unanimous Republican opposition,” as reported by People Magazine, was signed into law on August 16, 2022. In late July

Serial Scam Artist Father, Daughter Sentenced For Tax Fraud Scheme
September 26, 2022
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TweetShareSharePin0 Shares A serial scam artist father and his daughter have been sentenced for a tax fraud scheme that ran for four years. Both based in Georgia, Ezra Hatcher, Sr., of Hephzibah, and Sherry Hatcher, of Augusta, operated a tax preparation business. Between 2014 and 2018, the duo filed 21 fraudulent returns for clients. Per

IRS Granted New Court Order to Track Down Cryptocurrency Tax Evaders
September 26, 2022
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TweetShareSharePin0 Shares The Internal Revenue Service (IRS) has been granted a new court order that will help the U.S. tax agency track down cryptocurrency tax evaders. According to an official release from the Department of Justice, the IRS summons is related the case against crypto broker, sFOX. CNBC shared details about the situation, noting: The

How The House Is About To Make Social Security’s Finances Worse
September 23, 2022
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TweetShareSharePin0 Shares In just 13 years, Social Security trust funds will be unable to pay full promised benefits. Unfortunately, a House bill with broad bipartisan support could add to the fiscal imbalance by increasing benefits for about 5 million state and local government workers. The Social Security Fairness Act, with 301 cosponsors, would increase benefits
TIGTA Report on Government Contractor Tax Delinquency
September 23, 2022
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TweetShareSharePin0 Shares In 2014 Congress passed the Consolidated and Further Continuing Appropriations Act prohibiting federal agencies from using appropriated funds to award a contract or grant to a corporation owing any amount of delinquent federal taxes unless it considered suspension or disbarment. A regulation, which goes by the catchy name Federal Acquisition Regulation (FAR), provides

When Will The Senate Permit A Stopgap Deal? Or Might Congress Expand The CTC?
September 23, 2022
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TweetShareSharePin0 Shares Schumer sets up a Senate vote for next week on a stop-gap funding bill. Lawmakers still are squabbling over the stopgap funding bill to keep the government open until mid-December. The biggest hang-up continues to be language to ease the permitting process for energy projects, a gift to Sen Joe Manchin in return

U.K. Makes Biggest Tax Cuts Since 1970s, Pound Tumbles
September 23, 2022
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TweetShareSharePin0 Shares Government officials in the United Kingdom have approved the biggest tax cuts since the 1970s in a bid to brace for recession. As a result, the pound has tumbled. The Wall Street Journal reported on the sweeping tax relief package, noting that it will “cut payroll taxes, freeze corporation tax, ditch banker-bonus cap

Wheel Tax Officially Repealed, 500,000 Drivers Benefit
September 23, 2022
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TweetShareSharePin0 Shares Cook County, Illinois has officially repealed its wheel tax, benefitting about 500,000 drivers. Per a report from the Chicago Tribune, the Cook County Board voted to do away with the tax on Thursday, September 22. Most residents who were impacted by the local tax paid $80 or $100 annually depending on the size