federal taxes Archive

Bullitt County Leader Wants to Keep Controversial Bourbon Tax

TweetShareSharePin0 Shares A leader in Bullitt County, one of Kentucky’s top bourbon producers, wants the state to keep its controversial bourbon tax, which the distillery industry is pushing to axe. A report out of Louisville shared details about comments made by Jerry Summers, Bullitt County judge-elect: “I firmly believe this would be an undue burden

Idaho Flat Income Tax Proposal: Details & Analysis

TweetShareSharePin0 Shares Idaho Governor Brad Little (R) has called a special session for September 1, 2022, to consider another round of tax reform and relief legislation that would return surplus revenue to taxpayers while making the state’s tax code more economically competitive. House Bill 1 would move Idaho to a flat income tax structure, reduce the

Cutting Through the Misinformation About The IRS’s Plan To Spend $80 Billion

TweetShareSharePin0 Shares Understanding how the Inflation Reduction Act (IRA) will affect the Internal Revenue Service’s operations requires wading through a swamp of misinformation, disinformation, and no information. But to cut through much of the political noise, here are the facts we know and some key questions about how the IRS will spend the substantial new

New Mexico Business Tax Climate

TweetShareSharePin0 Shares A few weeks ago, I had the privilege of testifying before members of the New Mexico legislature regarding policies that could generate greater economic growth and promote more stable revenue streams for the state. That afternoon, I heard a particular comment raised more than once: there are many factors that influence why a

Men Headed to Prison After Targeting Senior Citizens In $20 Million Scam

TweetShareSharePin0 Shares Two men from Arizona and California, respectively, are headed to prison after conducting a dental franchise investment scam involving wire fraud and money laundering. The IRS Criminal Investigation division investigated the case. In an official release, the agency noted that from 2011 through 2017, David Alcorn of Scottsdale, AZ, and Aghee William Smith

DC Attorney General Sues Billionaire In $100 Million Tax Evasion Case

TweetShareSharePin0 Shares Washington DC Attorney General Karl Racine has sued tech billionaire Michael Saylor, alleging $25 million in tax evasion. The lawsuit, officially filed in DC Superior Court on August 22, names both Saylor and his company, MicroStrategy, as defendants. Racine and his office allege that the company, which Saylor co-founded, conspired to help the billionaire businessman in

San Fran Businesses Threaten Tax Strike If Homeless Population Is Not Removed

TweetShareSharePin0 Shares Businesses in a trendy San Francisco neighborhood are threatening a tax strike if homeless people are not removed from the area. The Castro Merchants Association, which describes itself as “a nonprofit association of businesses – large and small – that make the San Francisco’s iconic Castro district one of the world’s top destinations for

Mississippi Confirms Forgiven Student Loan Debt Will Be Taxed

TweetShareSharePin0 Shares In a departure from most states, the State of Mississippi has confirmed that forgiven student loan debt will be taxed. Per the official White House fact sheet for President Biden’s plan explains that the proposal will eradicate $10,000 in student loan debt for those who do not have Pell Grants and make under $250,000 per

Missouri Income Tax Reform: Details & Analysis

TweetShareSharePin0 Shares Gov. Mike Parson (R) has called the Missouri legislature into a special session beginning September 6th, with the goal of reducing the individual income tax from 5.4 percent to 4.8 percent and raising the standard deduction. An income tax reduction is a competitive move, especially in a rapidly changing tax landscape, but the

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