federal taxes Archive

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

Could Crypto Mining Taxes in The US Help Save The Planet, Or Is There an Easier Way?

TweetShareSharePin0 Shares Carbon emissions are overheating the planet, and Americans are feeling it this summer, with unprecedented wildfires, heat waves, floods, and droughts. The most significant source of planet-heating carbon emissions is burning fossil fuels for energy.  Policymakers looking to curb emissions are turning their attention to cryptocurrency mining (validating cryptocurrency transactions on a blockchain

Context, Heartbeats, and Investments | Tax Policy Center

TweetShareSharePin0 Shares TPC’s Bill Gale puts JCT’s score on the Inflation Reduction Act in context. Gale notes that the Joint Committee on Taxation analysis suggests that taxes would increase at nearly every income level. But Bill cautions that other factors should be considered before drawing conclusions about how the Manchin-Schumer compromise climate and tax bill

Australia Social Security Tax and Benefit System

TweetShareSharePin0 Shares Imagine that a government provides subsidies to single parents that actually increase tax rates on additional work. This is the case for an Australian single parent who earns less than the average wage. With an increase in pay of just AUD 983 more, he would face a 652 percent marginal tax rate. Therefore,

IRS Fights Major Biotech Firm Over $10.7 Billion Tax Bill

TweetShareSharePin0 Shares The Internal Revenue Service (IRS) is fighting major biotech firm, Amgen, over a $10.7 billion tax bill the company hasn’t paid after improperly shifting assets to a subsidiary based in Puerto Rico. The IRS alleges that the biotech giant transferred approximately $24 billion in profits between 2010 and 2015, leaving them with $10.7

The Weekly (Tax)Buzz – August 3rd, 2022

TweetShareSharePin0 Shares The Weekly (Tax)Buzz – August 3rd, 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

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