Treasury Department Archive
Nonprofit Hospitals Under Fire For Tax Breaks, Lack of Charity Cases
July 25, 2022
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TweetShareSharePin0 Shares Every year, nonprofit hospitals receive millions of dollars in tax breaks in exchange for the care and medical support they provide to their local communities. However, according to a new Wall Street Journal report, these facilities are not actually as charitable as they are supposed to be. In fact, nonprofit hospitals — which
“Under-the-Rader” Tax Move Will Save Maine Seniors Millions
July 25, 2022
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TweetShareSharePin0 Shares An “under-the-radar” move in Maine will save senior citizens millions of dollars in property taxes. According to a report out of Augusta from the Bangor Daily News: A sweeping new program that aims to freeze property taxes for Maine seniors faces big questions from the local officials who will have to implement it
Unique Tips to Find a Competent Local Tax Preparer
July 25, 2022
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TweetShareSharePin0 Shares On November 13th, 1789, Benjamin Franklin wrote a letter to Jean-Baptiste Leroy, in which he said, “Our new Constitution is now established, and has an appearance that promises permanency; but in this world nothing can be said to be certain, except death and taxes.” The notion of death and taxes being the only
Apple Settles Lawsuit Against Chicago For “Netflix Tax”
July 25, 2022
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TweetShareSharePin0 Shares Iconic tech company, Apple, has settled its lawsuit against the city of Chicago regarding the local government’s “Netflix tax.” Apple, founded by Steve Jobs and Steve Wozniack on April 1, 1976, has become famous for its wide array of sleek, user-friendly tech products. The business was put on the map with Macintosh computers
Sometimes, Taxes Are Okay | Tax Policy Center
July 22, 2022
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TweetShareSharePin0 Shares Corporations are willing to pay a tax penalty for high executive compensation. The Wall Street Journal found (paywall) big corporations seem willing to pay a tax price to keep highly compensated executives happy. It found that 36 companies in the S&P 500 paid a combined $2.1 billion in taxes on nondeductible compensation over
4 Must-Read Tips For Reducing Retirement Taxes
July 22, 2022
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TweetShareSharePin0 Shares Whether you’re a current retiree or you’re approaching retirement age, retirement taxes are probably on your mind. Taxes can be complex at any stage of life, but retirement planning often doesn’t include tax preparation, which can make seniors feel overwhelmed when they file their returns with the IRS and the state. Here, you
IRS Threatens Iowa Couple Caught In CA Unemployment Scam
July 22, 2022
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TweetShareSharePin0 Shares The Internal Revenue Service (IRS) is threatening to garnish the wages of an Iowa couple who got caught in an employment scam in the State of California. The Des Moines-based couple, Steven and Gloria Clark, were getting ready to close on the purchase of a new home in July 2021 when they received
The IRS Pledges to Improve American Taxpayer Experience
July 22, 2022
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TweetShareSharePin0 Shares The Internal Revenue Service (IRS) has pledged to improve taxpayer administration and taxpayer services in the United States in a new 5-year plan. The government agency’s existing processes are infamously clunky, so this is good news for tax filers nationwide. In an official release, the IRS shared details about its goal to help
Chips Bill: Semiconductor Computer Chip Subsidies?
July 21, 2022
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TweetShareSharePin0 Shares The Senate has begun debate on the so-called Chips bill, which would provide $52 billion in grants and $24 billion in tax credits to supposedly strengthen the production of semiconductors in the U.S. If this measure passes, U.S. semiconductors will join wool, mohair, helium, soybeans, ethanol, steel, credit unions, and Amtrak as industries
Chips Ahoy And Revenue Roller Coasters…
July 21, 2022
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TweetShareSharePin0 Shares Senate closes in on a “chips-plus” bill. The Senate may agree today to vote on a semiconductor manufacturing grants and tax incentives bill. It now includes a multi-year 25 percent investment tax credit for semiconductor plants estimated to cost $24 billion annually. But it does not restore immediate expensing of research and development costs.
