Month: June 2020

0 Comments
The Government Accountability Office (GAO) recently released a report revealing that almost a half-million taxpayers missed their total rebate payment due to complications over disbursing funds to non-filers with eligible dependents. Taxpayers who do not regularly file tax returns—usually those who do not owe tax because they earn lower incomes or who receive federal disbursements
0 Comments
The unprecedented fallout from the coronavirus pandemic has meant unprecedented concessions by the U.S. government in a number of respects. The CARES Act’s $2 trillion stimulus package represents perhaps the largest investment in this regard, but a number of U.S. government agencies have enacted other significant rule changes to help the citizenry get through these
0 Comments
Bug in the system, again; the category is fraudster; pit stop; and other highlights of recent tax fraud cases. Rocky Mount, North Carolina: Preparer Bertha Battle, a.k.a. “Bug,” 40, has pleaded guilty to conspiracy to prepare and file false returns. Battle conspired to file false returns for the 2013 through 2016 tax years for clients
0 Comments
A recent Brookings Institution study points out that “even before the COVID-19 crisis, housing affordability and instability were serious problems.” The study outlines a number of goals and strategies for increasing the supply of affordable housing, including federal subsidies, low-cost loans, and grants. These may well be viable solutions, but what is missing are policies
0 Comments
There is an opportunity in the marketplace to develop a profitable practice in exit planning. Countless books and articles on exit planning highlight today’s ideal conditions for advisors: the aging population of business owners, and the tremendous wealth that is trapped within these businesses. How that wealth will change hands when those business owners retire,
0 Comments
The Electronic Tax Administration Advisory Committee released its annual report to Congress on Wednesday, featuring recommendations that focus on the prevention of identity theft and refund fraud. ETAAC’s primary focus continues to be on the fight against ID theft-related tax refund fraud, improving cybersecurity and enabling electronic tax administration while protecting taxpayer information, the 2020
0 Comments
This is the beginning of a map series in which we’ll explore different types of excise taxes, starting with excise duties on wine. If you have ever wondered about the tax consequences of opening a bottle of wine—yes, there is a tax angle to everything—today’s map will provide you with some insights. As one might
0 Comments
Vricon 3D visualization of Damascus, Syria. Maxar Space and satellite imagery company Maxar Technologies is taking full ownership of a joint venture it has held with Swedish aerospace group Saab, which the U.S. company expects will further its analytics offering. Maxar announced after the market closed on Tuesday that it intends to acquire full ownership of 3D
0 Comments
After the 20007-2008 financial crisis, countries were pressed to tax the financial sector to compensate and partly recover the fiscal assistance governments offered to support the sector. However, in the wake of the coronavirus (COVID-19) crisis, some governments are seeking to cut bank taxes to enhance financial support to businesses and public investment projects. While
0 Comments
Whether you’re a self-appointed connoisseur or an occasional sipper of chardonnay, you may not have thought about the taxes that go into your wine purchase. But now you can quench your newly found thirst for excise tax info with this week’s map, which compares wine taxes among the 50 states, expressed in dollars per gallon.
0 Comments
Tax policy wonks often advocate for increases in refundable tax credits (e.g., Child Tax Credit, CTC and Earned Income Tax Credit, EITC) and nonrefundable tax credits (Child and Dependent Care Tax Credit, CDCTC) as one solution to help low-income Americans. Arguments in favor of expanding these tax credits appear during economic expansions and contractions alike.
0 Comments
The Labor Department has proposed a rule that could discourage retirement funds from making investments based on environmental, social and governance considerations. Labor Secretary Eugene Scalia, in an opinion article Wednesday in The Wall Street Journal, said the move “reminds plan providers that it is unlawful to sacrifice returns, or accept additional risk, through investments