federal taxes Archive
Vegas Restaurant Owner Faces Tax Evasion Charges on $5.1 Million
August 8, 2022
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TweetShareSharePin0 Shares The owner of a popular Las Vegas restaurant chain is facing tax evasion charges for underreporting income by $5.1 million. Raul Gil, the owner and operator of three popular Casa Don Juan Mexican restaurant locations recently pleaded guilty to evading taxes between 2014 and 2018. As noted above, he underreported his establishments’ cash
Inflation Reduction Act Accelerated Depreciation & Book Tax: Analysis
August 5, 2022
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TweetShareSharePin0 Shares August 5, 2022 Cody Kallen, William McBride, Garrett Watson As the U.S. Senate races to consider the Inflation Reduction Act (IRA), a centerpiece of the proposed tax increases is the 15 percent minimum book tax on corporate income for firms earning over $1 billion, making up about 60 percent of the net revenue
Saturday… in the Park… | Tax Policy Center
August 5, 2022
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TweetShareSharePin0 Shares It wasn’t quite the Fourth of July… More like the sixth of August in the Senate. Senate Majority Leader Chuck Schumer announced yesterday that the Senate would vote tomorrow on beginning debate on the Inflation Reduction Act of 2022. If they vote to begin debate, lawmakers will have up to 20 hours to debate,
Sinema No Longer a Holdout, Reaches Deal With Schumer
August 5, 2022
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TweetShareSharePin0 Shares Senator Kyrsten Sinema (D-AZ) has reached a deal with Senator Chuck Schumer (D-NY), paving the way for the Inflation Reduction Act of 2022 to pass in Congress. Earlier this week, it was reported Capitol Hill Democrats were scrambling for Senator Sinema’s crucial vote on the bill following Senator Joe Manchin’s (D-WV) surprising support in late July. On Thursday, July 14, Senator Manchin and
IRS Alters Cryptocurrency Question For All Taxpayers
August 5, 2022
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TweetShareSharePin0 Shares The Internal Revenue Service (IRS) has officially changed its cryptocurrency question on personal tax return forms for all taxpayers. Bitcoin.com reports: The crypto question on the front page of Form 1040 now reads: “At any time during 2022, did you: (a) receive (as a reward, award, or compensation); or (b) sell, exchange, gift,
Not the Way to Raise Revenue
August 4, 2022
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TweetShareSharePin0 Shares In the rush to pass the Inflation Reduction Act, which features an ill-conceived tax on the book income of U.S. corporations, it is worth reminding policymakers of a well-established finding in the economic literature: that among all the major ways to raise revenue, increasing the corporate tax is the most economically destructive due
The Cost of Fighting Climate Change: More Drilling
August 4, 2022
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TweetShareSharePin0 Shares Last week’s surprise budget deal, which includes about $370 billion in measures to combat global climate change, was sealed with improved terms for US oil and gas exploitation. Subsidizing clean energy while promoting oil and gas drilling may be contradictory and inefficient, but it seems to be the only way the US can
“The Waiting [Remains] The Hardest Part…”*
August 4, 2022
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TweetShareSharePin0 Shares CBO: Manchin-Schumer compromise would decrease the deficit by $100 billion over ten years. The Congressional Budget Office estimates that the reconciliation bill would cut the deficit by far less than had been initially projected. Democrats earlier estimated the plan would cut the deficit by more than $300 billion, but CBO noted its estimate
New Legislation Would Tax Wire Transfers, Penalizing Illegal Immigrants
August 4, 2022
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TweetShareSharePin0 Shares In a bid to tackle illegal immigration in the United States, new proposed federal legislation would place a tax on person-to-person wire transfers. Per a Fox News report, the WIRED (Withholding Illegal Revenue Entering Drug Markets) Act, introduced by Representative Kevin Hern (R-OK) would ostensibly “discourage illegal immigration and combat cartel activity at the
Miami Accountants Face Organized Crime Charges After Stealing From Clients
August 4, 2022
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TweetShareSharePin0 Shares Two Miami accountants face organized crime charges and other federal charges after committing tax fraud. The duo allegedly stole tens of thousands of dollars from clients. Per Miami-Dade police records, Juan Carlos Mendieta, 50, of Miami Gardens and Leandro Machado Gonzalez, 26, operated a tax preparation firm called Famous Accounting, Inc. The duo reportedly
