federal taxes Archive

Vegas Restaurant Owner Faces Tax Evasion Charges on $5.1 Million

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

Saturday… in the Park… | Tax Policy Center

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

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

TweetShareSharePin0 Shares The Internal Revenue Service (IRS) has officially changed its cryptocurrency question on personal tax return forms for all taxpayers. 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

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

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…”*

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

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

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

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