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Current Tax News
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Commissioner Danny Werfel said the IRS is “reversing situations that have long hampered the IRS and frustrated taxpayers.” Treasury and the IRS announced continued improvements in digital systems, attributing those to funding from the Inflation Reduction Act. [...]
Almost 16,000 entities will spend over 8.7 million hours seeking access to beneficial ownership information in the first year, FinCEN estimated in a new notice. [...]
The final regulations reflect changes to the required minimum distribution rules made by the SECURE Act and SECURE 2.0 and generally follow proposed regulations issued in 2022. [...]
The IRS is collecting on tax liabilities that were not “even in dispute,” Commissioner Danny Werfel said, but the IRS did not previously have the resources to pursue payment. [...]
The proposed regulations apply to overpayments of interest on erroneous refunds of COVID-19 credits paid on or after July 2. [...]
Next year, West Virginians will see an income tax cut thanks to revenue triggers in a 2023 law. The Mountain State joins 14 other states that have cut income taxes this year. [...]
As much as 98 percent of vaping products sold in the US are illicit. Most states levy an excise tax on vaping products, but these tax systems vary substantially. The result is a messy tax system covering largely illicit products, and no one knows whether taxes are being collected and remitted on most products sold nationwide. [...]
The real estate transaction tax is levied on the gross sales value of a property when it changes ownership, without deductions for investment or purchasing costs. This makes the tax particularly harmful to investment in buildings and structures. [...]
While both President Biden and Vice President Harris aim their proposed tax hikes on businesses and high earners, key differences between their tax ideas in the past reveal where Harris may take her tax policy platform in the 2024 campaign. [...]
Project Apollo achieved its clear objective to put a man on the moon. But not all government spending projects are so simple (that is, if you consider flying a spaceship to the moon simple). [...]
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