tax Archive
Will the Biden Administration’s Student Loan Forgiveness Plan Impact Your Tax Bill?
August 24, 2022
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TweetShareSharePin0 Shares The Biden administration has formally announced a student loan forgiveness plan to eliminate $10,000 to $20,000 worth of debt for qualified borrowers. The news comes on the heels of the signing of the Inflation Reduction Act of 2022, a sweeping tax and climate bill that was passed along party lines without the support of
Amid PA Campaign, Dr. Oz Faces Huge New Tax Break Controversy In FL
August 24, 2022
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TweetShareSharePin0 Shares Dr. Mehmet Oz is facing a huge new tax break controversy in Florida amid his Pennsylvania political campaign, which has also drawn tax scrutiny. Oz, a retired cardiothoracic surgeon and Turkish-American television personality known for his series Dr. Oz, is set to receive a huge tax exemption on his Palm Beach County mansion. The
Tax Compliance Costs of IRS Regulations: Details & Analysis
August 23, 2022
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TweetShareSharePin0 Shares In a pattern that has become all too common in recent decades, the newly enacted Inflation Reduction Act (IRA) added yet another layer of tax complexity to an already complex and burdensome federal tax code. While the Inflation Reduction Act increased the Internal Revenue Service (IRS) budget by roughly $80 billion over 10
Wyden Excess Profits Tax Proposal
August 23, 2022
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TweetShareSharePin0 Shares In response to high oil prices, Sen. Ron Wyden (D-OR) has proposed raising taxes on oil and gas companies in three ways. His “Taxing Big Oil Profiteers Act” would create an additional 21 percent tax on so-called excess profits earned over 10 percent of revenues of oil companies with annual revenues over $1
TIGTA’s Annual Review of CDP Processing
August 23, 2022
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It’s the time of year when the Treasury Inspector General for Tax Administration (TIGTA) starts producing the annual reports required of it by the Restructuring and Reform Act of 1998. It recently produced its
Food Crisis, “Huge Risk of Profiteering” Lead to Call For Grain Windfall Tax
August 23, 2022
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TweetShareSharePin0 Shares Record profits and lack of transparency, resulting in a “huge risk of profiteering,” have led to calls for a grain industry windfall tax. This amid a global food crisis that has left hundreds of millions of people around the world wondering where their next meal is coming from. U.K. news outlet The Guardian
Attorney Sentenced For Wild $500,000 Tax Fraud Scheme Involving Rabbi
August 23, 2022
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TweetShareSharePin0 Shares San Diego attorney Elliot Adler has been sentenced for a $500,000 tax fraud scheme that involved former Former Chabad of Poway Rabbi Yisroel Goldstein. Adler, a founding partner of a boutique law firm in Southern California, will serve one year and one day for engaging in conspiracy to commit tax fraud with Rabbi Goldstein.
Missouri Legislature to Vote on Historic Tax Cuts In Special Session
August 23, 2022
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TweetShareSharePin0 Shares The Missouri legislature is convening for a special session to vote on historic income tax cuts proposed by Governor Mike Parson. Yesterday, August 22, 2022, the Governor’s office issued an official release regarding the upcoming vote: The General Assembly will meet in Jefferson City on September 6, 2022, at 12 p.m. to begin
The Fear Over IRS Funding
August 22, 2022
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One key aspect of the legislation known as the Inflation Reduction Act is its $80 billion in proposed new Internal Revenue Service funding over a ten-year period. There have been a number of excellent
AZ Supreme Court Says Voters Can’t Repeal Tax Cuts, Increases \
August 22, 2022
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TweetShareSharePin0 Shares In a new ruling, the Arizona Supreme Court says that voters cannot repeal tax cuts or increases, as measures enacted by the Legislature are not subject to the state’s referendum power. According to a FOX 10 Phoenix report, the state’s highest court has determined that tax cuts or increases enacted by the Legislature can
