Treasury Department Archive

Trump CFO Pleads Guilty, Turns State’s Witness
August 18, 2022
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TweetShareSharePin0 Shares As expected, former Trump Organization CFO Allen Weisselberg has pled guilty to tax crimes in New York City today, Thursday, August 18. Late last week, it was announced that Weisselberg’s trial would begin in Manhattan on October 24 after a motion for dismissal of the charges was denied. Bloomberg shared details at the time: Weisselberg and the

$36 Million In Unpaid Tax Refunds Can Be Claimed Until Oct. 6
August 18, 2022
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TweetShareSharePin0 Shares The State of Louisiana has $36 million in unpaid tax refunds that can be claimed by residents until October 6, 2022. According to a report by Baton Rouge news station WAFB 9, “The Louisiana Department of Revenue (LDR) sent letters to 20,400 individual and business taxpayers advising them to claim their refunds before

The IRA’s Green Energy Tax Credits Lose Their Punch Because They Try To Do Too Much
August 17, 2022
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TweetShareSharePin0 Shares The Inflation Reduction Act (IRA) just signed by President Biden includes more than $200 billion in energy-related tax subsidies over the next decade. It is, as its supporters say, the largest package of incentives aimed at slowing climate change ever enacted by Congress. But it also keeps the US on a relatively inefficient

Inflation Reduction Act IRS Tax Enforcement Provisions
August 17, 2022
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TweetShareSharePin0 Shares Perhaps one of the most controversial pieces of the Inflation Reduction Act (IRA) is the expansion of the Internal Revenue Service (IRS). There is a compelling case for strengthening the enforcement of existing taxes, rather than creating new ones, as a way to raise revenue. The economic costs of enforcing existing taxes are likely

FDA Ban on Flavored Cigars Could Cost $836M Excise Tax Revenue
August 17, 2022
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TweetShareSharePin0 Shares The FDA’s proposal to ban flavored cigars would be a disruptive force in the cigar market and would carry significant revenue implications for many state governments. Flavored cigars make up between one-third and one-half of all cigar sales. We estimate that the aggregate effect of a ban on flavored cigar sales in the

DOJ, IRS Target YouTube Star, Others Involved With Crypto Broker SFOX
August 17, 2022
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TweetShareSharePin0 Shares The Department of Justice (DOJ) and the Internal Revenue Service (IRS) are targeting at least ten clients of crypto broker, sFOX, for tax evasion. Targets include a YouTube star and someone “allegedly involved in a Ponzi scheme.” Decrypt.com reported on the ongoing situation, noting: A California court has given the U.S. Internal Revenue

Rudy Giuliani Slated to Face Grand Jury In Trump Investigation
August 17, 2022
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TweetShareSharePin0 Shares Former New York City Mayor Rudy Guiliani is slated to face an Atlanta grand jury as part of the investigation into Donald Trump’s 2020 Presidential campaign. Guiliani — who served as mayor of America’s most populous city from 1994 to 2001 — went on to found a security consulting business, Guiliani Partners, and an

IRS Must Present “Modernization Plan” Within Six Months
August 17, 2022
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TweetShareSharePin0 Shares The Internal Revenue Service (IRS) has been given a six-month timeframe to present a “modernization plan” that will improve the American taxpayer experience. Now that the Inflation Reduction Act of 2022 has been officially signed into law by President Joe Biden — providing the IRS with $80 billion in additional funding and resources

The Weekly (Tax)Buzz – August 17th, 2022
August 17, 2022
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TweetShareSharePin0 Shares The Weekly (Tax)Buzz – August 17th, 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

One Oregon Gubernatorial Candidate Won’t Hand Over Tax Returns
August 17, 2022
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TweetShareSharePin0 Shares Of the three candidates for Governor of Oregon this year, only one won’t hand over their tax returns. Willamette Week shared details about the publication’s attempt to secure tax return copies from all three candidates in this year’s race — Republican Christine Drazan, Democrat Tina Kotek, and Independent Betsy Johnson. Former Democratic state Senator Johnson, however,