I.R.S. to Start Tax Season With Major Backlog

At least 10 million returns from last year remain unprocessed because of short-staffing at the tax collector, according to the national taxpayer advocate.

#child-tax-credits-and-stipends, #coronavirus-2019-ncov, #coronavirus-aid-relief-and-economic-security-act-2020, #federal-taxes-us, #internal-revenue-service, #tax-preparers-and-preparation, #taxpayer-advocate-service, #united-states-economy

The I.R.S. Warns of Messy Tax Filing Season

The agency, which has been hobbled by paperwork backlogs and short staffing, said tax filers should expect a lower level of service this year.

#coronavirus-2019-ncov, #federal-taxes-us, #income-tax, #internal-revenue-service, #stimulus-economic, #united-states-politics-and-government

Trump Fraud Inquiry Won’t Be Resolved When Vance’s Term Ends Next Week

After leading a three-year investigation into the former president, the Manhattan district attorney, Cyrus R. Vance Jr., will hand it to his successor.

#appraisals-and-valuation-property, #banking-and-financial-institutions, #bragg-alvin, #deutsche-bank-ag, #family-business, #federal-taxes-us, #frauds-and-swindling, #james-letitia, #manhattan-nyc, #pomerantz-mark-f, #tax-evasion, #trump-organization, #trump-donald-j, #united-states-politics-and-government, #vance-cyrus-r-jr, #weisselberg-allen

Behind Kentucky’s Tornado Recovery Plan

On states that bite the hand that feeds them.

#economic-conditions-and-trends, #economics-theory-and-philosophy, #federal-aid-us, #federal-taxes-us, #internal-sub-only-nl, #international-trade-and-world-market, #kentucky, #paul-rand, #united-states-economy, #urban-areas

Rift Between Wyden and Son Shows the Challenge of Taxing the Ultrarich

A dispute between Ron Wyden, the Democratic Senate Finance Committee chairman, and his hedge fund-manager son illustrates how the merely rich help the fabulously rich resist tax increases.

#biden-joseph-r-jr, #federal-taxes-us, #hedge-funds, #high-net-worth-individuals, #income-tax, #musk-elon, #senate-committee-on-finance, #tax-shelters, #united-states-politics-and-government, #wyden-ron

Local News Outlets May Reap $1.7 Billion in Build Back Better Aid

A small paper like The Storm Lake Times in Iowa would receive a big tax credit. So would Gannett, the nation’s largest news publisher.

#cullen-art-journalist, #federal-taxes-us, #gannett-company-inc, #law-and-legislation, #news-and-news-media, #newspapers, #tax-credits-deductions-and-exemptions, #united-states-politics-and-government

House Narrowly Passes Biden’s Social Safety Net and Climate Bill

The vote was months in the making for the roughly $2 trillion measure, one of the most consequential bills in decades. Now it faces a difficult path in the Senate.

#american-families-plan-2021, #biden-joseph-r-jr, #child-care, #congressional-budget-office, #corporate-taxes, #democratic-party, #federal-taxes-us, #health-insurance-and-managed-care, #house-of-representatives, #immigration-and-emigration, #law-and-legislation, #mccarthy-kevin-1965, #medicare, #national-debt-us, #pelosi-nancy, #tax-credits-deductions-and-exemptions, #united-states-economy, #united-states-politics-and-government

C.B.O. Finds Biden’s Spending Bill Not Fully Paid For

The White House and Congressional Budget Office are at odds over how much revenue the Internal Revenue Service could recoup from tax cheats.

#american-families-plan-2021, #american-jobs-plan-2021, #congressional-budget-office, #democratic-party, #federal-budget-us, #federal-taxes-us, #house-of-representatives, #internal-revenue-service, #tax-evasion, #united-states-politics-and-government

How Revenue for Biden’s Social Policy Bill Depends on the I.R.S.

The head of the Congressional Budget Office said on Monday that beefed-up tax enforcement would raise far less money than the White House projected.

#biden-joseph-r-jr, #congressional-budget-office, #debt-collection, #federal-budget-us, #federal-taxes-us, #internal-revenue-service, #rettig-charles-p, #tax-evasion, #taxation, #treasury-department, #united-states-politics-and-government

Supreme Court Looks at Puerto Rico’s Status in Case on Benefits

A federal law excludes residents of Puerto Rico from a Social Security program that provides monthly payments to needy people.

#constitution-us, #federal-taxes-us, #puerto-rico, #social-security-us, #supreme-court-us, #united-states-politics-and-government

Behind Elon Musk’s Twitter Poll Is a Tax Bill Coming Due

He asked whether he should sell 10 percent of his stock, and Twitter voters said yes. Stock options he was granted in 2012 are “a ticking tax time bomb,” one expert said.

#executive-compensation, #federal-taxes-us, #musk-elon, #stocks-and-bonds, #tesla-motors-inc

Democrats Employ Budget Gimmicks They Once Derided

Budget experts say true cost of legislation could be $4 trillion as lawmakers rely on sleights of hand to bring down the price tag.

#american-rescue-plan-2021, #corporate-taxes, #federal-budget-us, #federal-taxes-us, #income-tax, #law-and-legislation, #tax-cuts-and-jobs-act-2017, #taxation, #united-states-economy, #united-states-politics-and-government

Biden Finds Raising Corporate Tax Rates Easier Abroad Than at Home

As the Group of 20 seals a new global minimum tax for companies, the president has scaled back his plans to tax U.S. corporations more.

#biden-joseph-r-jr, #corporate-taxes, #corporations, #donohoe-paschal-1974, #europe, #federal-budget-us, #federal-taxes-us, #foreign-investments, #group-of-twenty, #house-of-representatives, #income, #income-tax, #internal-revenue-service, #national-assn-of-manufacturers, #organization-for-economic-cooperation-and-development, #patriotic-millionaires, #tax-cuts-and-jobs-act-2017, #tax-shelters, #treasury-department, #trump-donald-j, #united-states, #united-states-economy, #united-states-politics-and-government, #wages-and-salaries, #yellen-janet-l

How $2 Trillion in Tax Increases in Biden’s Bill Target Companies and the Rich

The proposal to fund the president’s sprawling spending plan mostly turns up the dial on more conventional tax policies, while trying to curb maneuvers that allow tax avoidance.

#biden-joseph-r-jr, #budgets-and-budgeting, #corporate-taxes, #corporations, #executive-compensation, #federal-budget-us, #federal-taxes-us, #high-net-worth-individuals, #income-tax, #internal-revenue-service, #stock-buybacks, #tax-credits-deductions-and-exemptions, #tax-shelters, #treasury-department, #united-states-politics-and-government

Billionaires Beat the Working Rich in Biden’s Spending Bill

One by one, tax proposals that would have slowed dynastic wealth have been tossed from the agreement.

#biden-joseph-r-jr, #capital-gains-tax, #federal-budget-us, #federal-taxes-us, #high-net-worth-individuals, #income-tax, #united-states-politics-and-government

Here’s What’s in Biden’s $1.85 Trillion Spending Plan

White House officials refused to say if all holdout Democrats in Congress had expressed support for the framework.

#biden-joseph-r-jr, #federal-taxes-us, #united-states, #united-states-politics-and-government

How Biden’s $2 Trillion in Tax Increases Target Companies and the Rich

The proposal to fund the president’s sprawling spending plan mostly turns up the dial on more conventional tax policies, while trying to curb maneuvers that allow tax avoidance.

#biden-joseph-r-jr, #budgets-and-budgeting, #corporate-taxes, #corporations, #executive-compensation, #federal-taxes-us, #high-net-worth-individuals, #income-tax, #internal-revenue-service, #stock-buybacks, #tax-credits-deductions-and-exemptions, #tax-shelters, #treasury-department, #united-states-politics-and-government

Democrats Rush to Rewrite U.S. Tax Code in Days

Lawmakers are racing to finalize legislation to pay for new spending initiatives. The process usually takes months, but they are trying to do it in days.

#capital-gains-tax, #corporate-taxes, #federal-taxes-us, #high-net-worth-individuals, #house-of-representatives, #income-tax, #senate, #tax-cuts-and-jobs-act-2017, #taxation

Shut Out on Budget Bill, Republicans Take Shots From the Sidelines

The party is stepping up its attacks on the safety net measure that Democrats are shaping entirely on their own.

#federal-taxes-us, #house-of-representatives, #law-and-legislation, #mcconnell-mitch, #republican-party, #senate, #united-states-politics-and-government

How Democrats Would Tax Billionaires to Pay for Their Agenda

The plan stakes out new territory by putting levies on unrealized gains in the value of billionaires’ liquid assets, such as stocks, bonds and cash.

#capital-gains-tax, #democratic-party, #federal-taxes-us, #high-net-worth-individuals, #house-of-representatives, #income-inequality, #income-tax, #law-and-legislation, #senate, #sinema-kyrsten, #united-states-politics-and-government

Pastries and Persuasion: How a Global Tax Deal Got Done

Over Zoom calls from basements and a breakfast in Brussels, faltering negotiations to remake the world’s tax architecture were revived.

#corporate-taxes, #donohoe-paschal, #federal-taxes-us, #grinberg-itai, #kysar-rebecca, #tax-shelters, #united-states-economy, #united-states-international-relations, #yellen-janet-l

Democrats Hammer Out Novel Plan to Tax Billionaires and Corporate Giants

New proposals would fund social and climate programs by tapping billionaires’ unrealized gains and by ensuring that the biggest companies cannot avoid income taxes altogether.

#biden-joseph-r-jr, #corporate-taxes, #democratic-party, #federal-taxes-us, #high-net-worth-individuals, #house-of-representatives, #income-tax, #law-and-legislation, #manchin-joe-iii, #senate, #sinema-kyrsten, #tax-shelters, #united-states-politics-and-government

Proposed Tax on Billionaires Raises Question: What’s Income?

Democrats are homing in on unrealized capital gains raises as a way to help fund their social spending bill.

#biden-joseph-r-jr, #capital-gains-tax, #federal-taxes-us, #high-net-worth-individuals, #income-inequality, #income-tax, #united-states-politics-and-government, #wyden-ron

Tax Evasion and the Republican Party

By enabling resistance to lawful taxation, Republicans are undermining democracy.

#corporate-taxes, #democracy-theory-and-philosophy, #federal-taxes-us, #income-tax, #tax-evasion, #tax-shelters, #taxation

How Not to Let Corporations Kill Biden’s Agenda

Profit taxes should be increased, but it’s OK to borrow if they aren’t.

#corporate-taxes, #federal-budget-us, #federal-taxes-us, #lobbying-and-lobbyists, #national-debt-us, #sinema-kyrsten, #tax-cuts-and-jobs-act-2017, #united-states-politics-and-government

Democrats Back Away From Raising Tax Rates to Pay for Agenda

Responding to concerns from a key centrist, Senator Kyrsten Sinema of Arizona, the White House and leading Democrats are instead discussing a range of other taxes to pay for the plan.

#american-families-plan-2021, #biden-joseph-r-jr, #corporate-taxes, #democratic-party, #federal-taxes-us, #income-tax, #law-and-legislation, #manchin-joe-iii, #neal-richard-e, #senate, #sinema-kyrsten, #tax-cuts-and-jobs-act-2017, #united-states-politics-and-government

Democrats to Scale Back Proposal for Banks to Report Account Balances to IRS

Banks would have to provide data on accounts with annual deposits or withdrawals exceeding $10,000, not including payroll and beneficiary deposits, rather than $600.

#banking-and-financial-institutions, #democratic-party, #federal-taxes-us, #greene-marjorie-taylor-1974, #internal-revenue-service, #republican-party, #senate, #senate-committee-on-finance, #treasury-department, #united-states-politics-and-government, #warren-elizabeth, #wyden-ron, #yellen-janet-l

How Not to Reform the I.R.S.

The I.R.S. needs more resources. But it also needs to protect taxpayer rights.

#federal-taxes-us, #fines-penalties, #house-of-representatives, #internal-revenue-service, #law-and-legislation, #national-taxpayers-union, #senate, #united-states-politics-and-government

Biden’s Plans Raise Questions About What U.S. Can or Cannot Afford to Do

Democrats are debating whether doing nothing will cost more than doing something to deal with climate change, education, child care, prescription drugs and more.

#american-families-plan-2021, #american-jobs-plan-2021, #biden-joseph-r-jr, #federal-budget-us, #federal-taxes-us, #global-warming, #greenhouse-gas-emissions, #inflation-economics, #manchin-joe-iii, #united-states-economy, #united-states-politics-and-government

Democrats Weigh Carbon Tax After Manchin Rejects Key Climate Provision

Faced with the likely demise of a central pillar of President Biden’s agenda, the White House and outraged lawmakers are scrambling to find alternatives.

#alternative-and-renewable-energy, #biden-joseph-r-jr, #carbon-caps-and-emissions-trading-programs, #carbon-dioxide, #democratic-party, #federal-taxes-us, #global-warming, #greenhouse-gas-emissions, #manchin-joe-iii, #solar-energy, #wind-power

Biden’s Proposal to Empower I.R.S. Rattles Banks and Their Customers

To help fund its new initiatives, the Biden administration wants banks to report more customer information. Account holders aren’t happy.

#banking-and-financial-institutions, #biden-joseph-r-jr, #democratic-party, #federal-taxes-us, #house-of-representatives, #internal-revenue-service, #lobbying-and-lobbyists, #senate, #tax-evasion, #treasury-department, #united-states-politics-and-government

Will a Global Minimum Tax End the Tax Haven Race to the Bottom?

To crack down on tax havens, nations have agreed on a plan for a global minimum tax of 15 percent.

#corporate-taxes, #federal-taxes-us, #internal-sub-only, #organization-for-economic-cooperation-and-development, #tax-shelters

How ‘Opportunity Zones’ Became a Tax Loophole for the Rich

During his campaign, President Biden vowed to “reform opportunity zones to fulfill their promise,” but so far the administration hasn’t proposed anything.

#enterprise-zones, #federal-taxes-us, #high-net-worth-individuals, #united-states-economy

Biden Scales Back His Agenda in Hopes of Bringing Moderates Onboard

The president has conceded that his $3.5 trillion collection of spending programs and tax cuts will need to shrink to about $2 trillion or less.

#american-families-plan-2021, #american-jobs-plan-2021, #biden-joseph-r-jr, #democratic-party, #federal-taxes-us, #house-of-representatives, #infrastructure-public-works, #law-and-legislation, #manchin-joe-iii, #senate, #sinema-kyrsten, #united-states-politics-and-government

In Your Facebook Feed: Oil Industry Pushback Against Biden Climate Plans

The messages take aim at Democrats by name as part of a broad effort to undermine landmark climate legislation that now hangs in the balance in Congress.

#american-petroleum-institute, #exxon-mobil-corp, #facebook-inc, #federal-taxes-us, #global-warming, #greenhouse-gas-emissions, #houlahan-chrissy, #manchin-joe-iii, #oil-petroleum-and-gasoline, #online-advertising, #political-advertising, #tax-credits-deductions-and-exemptions, #united-states-chamber-of-commerce, #united-states-politics-and-government

Biden Presses Democrats to Embrace His Economic Agenda

The president canceled a trip to Chicago in an attempt to salvage a pair of bills containing trillions of dollars in spending on infrastructure, education, climate change and more.

#biden-joseph-r-jr, #democratic-party, #federal-taxes-us, #house-of-representatives, #infrastructure-public-works, #manchin-joe-iii, #senate, #sinema-kyrsten, #taxation, #united-states-politics-and-government

The I.R.S. Can Register Voters Just as Well as the D.M.V.

You should be able to join the voter rolls when you file your taxes.

#elections, #federal-taxes-us, #income-tax, #internal-revenue-service, #tax-preparers-and-preparation, #voting-rights-registration-and-requirements

U.S. Debt Limit Could Be Reached in Mid-October, Analysts Say

The analysis showed a narrower window during which the United States could default on its debt. The Treasury has said it has no official contingency plan if the debt limit is breached.

#bipartisan-policy-center, #federal-taxes-us, #national-debt-us, #treasury-department, #united-states-economy, #united-states-politics-and-government

Democrats Face Tough Choices as They Look to Shrink Safety Net Bill

With moderates insisting that the cost of the measure dip below $3.5 trillion, Democrats have a number of options for scaling back their plan. None of them are easy.

#biden-joseph-r-jr, #federal-taxes-us, #house-of-representatives, #law-and-legislation, #senate, #sinema-kyrsten, #united-states-politics-and-government

In Push to Tax the Rich, White House Spotlights Billionaires’ Tax Rates

A White House analysis using an unconventional methodology says the wealthiest Americans pay far less in taxes than others.

#biden-joseph-r-jr, #federal-budget-us, #federal-taxes-us, #high-net-worth-individuals, #income-tax, #taxation, #united-states-economy, #united-states-politics-and-government, #yagan-danny

It’s Not Really a ‘$3.5 Trillion’ Bill

The fiscal impact of the Biden spending plan would be smaller than that figure suggests.

#budgets-and-budgeting, #center-on-budget-and-policy-priorities, #congressional-budget-office, #federal-budget-us, #federal-taxes-us, #internal-sub-only, #taxation

Trump Sues His Niece and The New York Times Over Leaked Tax Documents

Former President Donald J. Trump filed a lawsuit on Tuesday accusing Mary Trump and three Times reporters of conspiring to publish information about his tax records.

#federal-taxes-us, #new-york-times, #newspapers, #suits-and-litigation-civil, #trump-tax-returns, #trump-donald-j, #trump-mary-l

Sept. 18 Was No Jan. 6.

Sept. 18 was no Jan. 6.

#afghanistan-war-2001, #biden-joseph-r-jr, #democratic-party, #federal-taxes-us, #mcconnell-mitch, #met-gala, #ocasio-cortez-alexandria, #pelosi-nancy, #republican-party, #social-media, #storming-of-the-us-capitol-jan-2021, #tax-cuts-and-jobs-act-2017, #united-states-defense-and-military-forces, #united-states-politics-and-government

How Accounting Giants Craft Favorable Tax Rules From Inside Government

Lawyers from top accounting firms do brief stints in the Treasury Department, with the expectation of big raises when they return.

#accounting-and-accountants, #corporate-taxes, #deloitte-touche-tohmatsu-ltd, #ernstyoung, #ethics-and-official-misconduct, #federal-taxes-us, #internal-revenue-service, #kpmg, #lobbying-and-lobbyists, #pricewaterhousecoopers, #regulation-and-deregulation-of-industry, #rsm, #tax-credits-deductions-and-exemptions, #tax-cuts-and-jobs-act-2017, #tax-shelters, #taxation, #treasury-department, #united-states-politics-and-government

Hospitals and Health Care Workers, Overwhelmed by Covid

Burned-out health professionals and overwhelmed hospitals. Also: The child tax credit; counterterrorism; Democrats and taxes; “Medicare for all.”

#brown-sherrod, #child-tax-credits-and-stipends, #children-and-childhood, #coronavirus-2019-ncov, #democratic-party, #federal-taxes-us, #hospitals, #medicare, #parenting, #tax-credits-deductions-and-exemptions, #terrorism, #united-states-politics-and-government, #vaccination-and-immunization

Will Biden’s Spending Plan Create a Welfare State We Can’t Afford?

Biden’s $3.5 trillion spending plan raises larger questions about the kind of nation we want to be.

#american-families-plan-2021, #biden-joseph-r-jr, #federal-budget-us, #federal-taxes-us, #united-states-economy

Democratic Divisions Flare Over Tax Increases and Drug Pricing

In both the House and the Senate, Democrats are working to resolve their internal differences on a huge social policy measure that will require near-total unity to pass.

#democratic-party, #drugs-pharmaceuticals, #federal-budget-us, #federal-taxes-us, #house-committee-on-energy-and-commerce, #house-committee-on-ways-and-means, #house-of-representatives, #rice-kathleen, #sanders-bernard, #schumer-charles-e, #senate, #united-states-politics-and-government, #warren-elizabeth

House Bill Raises Chance for Global Pact to Curb Corporate Tax Havens

Several big details remain to be worked out before an international October deadline.

#biden-joseph-r-jr, #corporate-taxes, #federal-taxes-us, #group-of-twenty, #house-committee-on-ways-and-means, #law-and-legislation, #organization-for-economic-cooperation-and-development, #tax-shelters, #united-states-economy, #united-states-international-relations, #united-states-politics-and-government

How House Democrats Plan to Raise $2.9 Trillion for a Safety Net

Details of the legislation show higher taxes for companies and the wealthy, but key elements differ from the Senate and White House proposals.

#corporate-taxes, #federal-budget-us, #federal-taxes-us, #house-of-representatives, #internal-revenue-service, #united-states-politics-and-government

House Democrats’ Plan to Tax the Rich Leaves Vast Fortunes Unscathed

The House Ways and Means Committee’s proposal to pay for trillions in social spending leaves wealth gains and inheritances largely alone. It focuses instead on a more traditional target: income.

#biden-joseph-r-jr, #capital-gains-tax, #democratic-party, #federal-taxes-us, #high-net-worth-individuals, #house-committee-on-ways-and-means, #income-tax, #inheritance-and-estate-taxes, #law-and-legislation, #neal-richard-e, #senate-committee-on-finance, #taxation, #united-states-politics-and-government